206 Colorado St · Highland Park, MI 48203

$49,500

3 bd · 1.5 ba · 1,488 sqft · SingleFamily public records · 1 Days on market

Built 1912 Est $58k · 15% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +14.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

The house has a strong structure. 3-year-old roof. Needs plumbing and electrical work. Complete rehab. Has a back garage and a new wood fence surronding house. Selling house, & acirc; & euro; & oelig; AS IS & acirc; & euro; �.

Key facts

• Back garage
• New wood fence
• 3 year old roof

Tags

• 3 YEAR OLD ROOF
• BACK GARAGE
• NEW WOOD FENCE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $774 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Cap rate 25.0% vs local median 14.2% in Highland Park — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 73/100 on livability (#214 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools F, crime F, employment F.
• Market conditions: 216 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 45% of the median local income ($38k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $342 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,500

Questions for the listing agent

1. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.89% ✓
• Cap rate: 25.05%
• Cash-on-cash: 66.99%
• DSCR: 3.98
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $58,032
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
202 Farrand Park	0.14mi	3/1.0	1,482 (-0%)	4mo	$40,000	$27	87
193 Massachusetts St	0.12mi	3/1.5	1,548 (+4%)	4mo	$59,900	$39	84
225 Farrand Park	0.18mi	3/1.0	1,458 (-2%)	2mo	$20,000	$14	84
207 Connecticut St	0.26mi	3/1.0	1,472 (-1%)	9mo	$35,000	$24	76
535 Woodland St	0.39mi	3/2.0	1,472 (-1%)	2mo	$170,000	$115	76
137 Rhode Island St	0.14mi	3/2.0	1,405 (-6%)	12mo	$47,000	$33	72
194 Farrand Park	0.14mi	4/2.0 (+1)	1,610 (+8%)	5mo	$189,000	$117	68
227 Massachusetts St	0.13mi	4/2.0 (+1)	1,664 (+12%)	7mo	$130,000	$78	62
600 Harmon St	0.61mi	4/1.0 (+1)	1,375 (-8%)	6mo	$57,000	$41	47
97 Tennyson St	0.39mi	4/1.5 (+1)	1,700 (+14%)	8mo	$27,000	$16	47
63 Tyler St	0.60mi	3/2.0	1,610 (+8%)	14mo	$220,000	$137	44
134 Tyler St	0.73mi	4/1.0 (+1)	1,280 (-14%)	4mo	$28,000	$22	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 66.3%
• Equity multiple: 3.98×
• Total profit: $41,285
• Equity at exit: $7,381

10-year hold

• IRR: 70.6%
• Equity multiple: 8.18×
• Total profit: $99,525
• Equity at exit: $4,280

Cash invested: $13,860 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 48203

• Home prices YoY: -23.3%
• Active inventory: 216
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,431 high
• Mortgage (P&I): −$260
• Tax from tax record: −$76 /mo · $916/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $774

Break-even live

Break-even rent $451

Max offer price $49,500

Occupancy floor 41%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $12,375
• Closing costs: $1,485
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
165 Rhode Island St Highland Park, MI	4.0	1.5	1639	$1,200	$0.73	17d	1	0.11mi
101 Colorado St Unit NA Highland Park, MI	4.0	1.5	1695	$1,500	$0.88	24d	1	0.21mi
168 Beresford St Highland Park, MI	4.0	1.0	1541	$1,475	$0.96	17d	1	0.32mi
520 Englewood St Detroit, MI	4.0	1.5	1086	$1,725	$1.59	24d	1	0.51mi
64 Glendale St Highland Park, MI	4.0	1.0	1464	$1,500	$1.02	10d	1	0.55mi
27 Pasadena St Highland Park, MI	2.0	1.0	900	$825	$0.92	43d	1	0.69mi
613 Belmont St Detroit, MI	3.0	1.0	1100	$1,350	$1.23	17d	1	0.74mi
505 Westminster St Detroit, MI	3.0	1.0	1700	$1,400	$0.82	17d	1	0.99mi
9429 Brush St Unit 1B Detroit, MI	2.0	1.0	1500	$1,523	$1.02	43d	1	1.05mi
156 Leicester Ct Apt 2 Detroit, MI	3.0	1.0	1000	$1,250	$1.25	43d	1	1.18mi
2315 Yemans St Hamtramck, MI	2.0	2.5	1328	$1,600	$1.20	17d	1	1.19mi
70 Clairmount Ave Unit 2B Detroit, MI	2.0	1.0	955	$1,400	$1.47	2d	1	1.27mi
2716 Belmont St Unit B Hamtramck, MI	2.0	1.0	965	$775	$0.80	20d	1	1.31mi
1427 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,850	$1.68	24d	1	1.33mi
1427 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,750	$1.59	43d	1	1.33mi
2297 Florian St Unit 2297 Hamtramck, MI	2.0	1.0	1500	$1,250	$0.83	24d	1	1.36mi
101 Stevens St Highland Park, MI	3.0	1.5	1152	$1,600	$1.39	17d	1	1.37mi
419 King St Detroit, MI	3.0	1.0	1668	$2,300	$1.38	10d	1	1.38mi
9844 Woodrow Wilson St Detroit, MI	3.0	1.0	1187	$1,300	$1.10	12d	1	1.47mi
557 Hague St Detroit, MI	2.0	1.0	1250	$1,400	$1.12	43d	1	1.50mi

Listing history 1 events

1. 2026-05-26
   listed $49,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $916 · $76/mo
• Projected year-2 tax: $916 · $76/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,168
• − Mortgage interest: −$2,773
• − Property taxes: −$916
• − Insurance: −$248
• − Repairs & maintenance: −$1,373
• − Management: −$1,373
• − Depreciation: −$1,440
• Taxable income: $9,045
• Est. tax owed @ 24.0%: −$2,171
• After-tax cash flow: $7,113/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

No district data.

Livability — Highland Park

• Score: 73/100
• State rank: #214
• US rank: #5271

Category grades

Amenities B Commute A+ Cost of living A+ Crime F Employment F Housing A+ Health & safety C+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Highland Park, MI
• County: Wayne County · 1,562,939 people
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 20,049
• Household income: $38,404
• Rent vs Own: 48.7% rent · 51.3% own
• Severe rent burden: 1192.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 1,675,273 people
• By 2030: 1,620,300 · -3.3%
• By 2040: 1,502,341 · -10.3%
• By 2050: 1,384,039 · -17.4%
• By 2075: 1,124,592 · -32.9%
• By 2100: 881,193 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (85%)
• Race & ethnicity: Black 85% White 8% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% French/Haitian/Cajun 1%

Political lean MEDSL · Wayne

• 2024 margin: Strong D (+29.0) · D 62.7% · R 33.7% · Other 3.6%
• 2008→2024 swing: -20.5pp toward R · 2008: 49.5pp · 2024: 29.0pp
• All cycles: 2024: D+29.0 2020: D+38.1 2016: D+37.3 2012: D+46.9 2008: D+49.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.13%
• Current HPI: 297.0176
• Rent YoY: —
• Metro: Detroit-Warren-Dearborn, MI
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

1 event — show timeline

• 2026-05-26 Listed $49,500 FSBO.com

Property tax history

-4.5%/yr

Latest (2025): $916 · -18.5% YoY. Source: county tax records.