22851 Colgate St · Farmington Hills, MI 48336 3621

$215,000

4 bd · 2.0 ba · 1,578 sqft · SingleFamily public records · 5 Days on market

Built 1947 7,405 sqft lot $136/sqft · 17% below area Est $259k · 17% under

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Why this score? — see what drove the C- 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).

• ARV discount +15.0/15.0
• Cash flow +11.0/30.0
• Appreciation +5.0/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• 1% rule +3.9/10.0
• DSCR +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to 22851 Colgate St in Farmington, Michigan—a beautifully remodeled, move-in-ready gem that perfectly blends modern updates with timeless charm. This inviting 3-bedroom, 2-bathroom home offers approximately 1,578 square feet of comfortable living space and features a spacious primary suite with its own private full bathroom, creating a true retreat at the end of the day. Step inside to fresh new carpet, crisp paint, and bright, open living areas that feel clean and welcoming from the moment you enter. The thoughtfully designed layout includes separate family and living rooms, making it ideal for both relaxed everyday living and effortless entertaining. Outside, enjoy the convenience of front and rear porches—perfect for morning coffee or unwinding in the evening. The home sits on a generous corner lot with a fully fenced backyard, providing privacy and ample room for pets, play, gardening, or outdoor gatherings. With its turnkey condition, stylish updates, and fantastic outdoor space, this home is ready for you to move right in and start making memories. Don't miss your chance—schedule a showing today!

Key facts

• Remodeled
• Move in ready
• 7,405 sq ft lot

Tags

• REMODELED
• MOVE IN READY
• SPACIOUS PRIMARY SUITE
• PRIVATE FULL BATHROOM
• FRONT AND REAR PORCHES
• FULLY FENCED BACKYARD

Property features AI

Exterior

• Utilities: Public water
• Home design: Residential 2-story home; Built in 1947; Frontage of 60 feet
• Construction: Crawlspace foundation
• Exterior features: Wood exterior; Deck; Fenced yard; Porch; Paved street frontage

Interior

• Kitchen: Kitchen located on entry level, approximately 10 x 14
• Bedrooms: Primary bedroom on second floor, approximately 20 x 14; Second bedroom on second floor, approximately 12 x 11; Third bedroom on second floor, approximately 11
• Bathrooms: Two full bathrooms; One bathroom at entry level; One bathroom on second floor
• Heating & cooling: Forced air heating; Natural gas fuel; Gas water heater
• Interior features: Total of 9 rooms; Entry-level living room; Entry-level family room; Entry-level kitchen; Entry-level laundry room
• Laundry & utility: Laundry room on entry level, approximately 8 x 10

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $-91 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (7.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $191k (11.2% below list).
• Recommended offer: $191k (11.2% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 3.4% in Farmington Hills — 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 81/100 on livability (#64 in MI, #1,364 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, crime A; Watch: amenities D, health & safety F.
• Farmington Public School District (urban): math 45% / reading 58% proficiency, ranked #78 of 540 in MI (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: 1 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($1k loan paydown + $6k appreciation (3.0% local appreciation)).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 27 sale attempts since 29y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $165k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $191,008 (11.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.89% ✗
• Cap rate: 5.78%
• Cash-on-cash: -1.82%
• DSCR: 0.92
• GRM: 9.4

CMA / ARV

• ARV (median comp): $258,751
• List price: $215,000
• Delta: -16.91%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23101 Purdue Ave	0.10mi	3/1.5 (-1)	1,626 (+3%)	7mo	$196,700	$121	77
22952 Tuck Rd	0.30mi	3/1.5 (-1)	1,619 (+3%)	1mo	$260,000	$161	74
30223 Astor St	0.25mi	3/1.5 (-1)	1,515 (-4%)	4mo	$245,000	$162	72
23372 Larkshire St	0.32mi	4/1.5	1,655 (+5%)	6mo	$294,000	$178	70
22723 Middlebelt Rd	0.17mi	3/1.5 (-1)	1,788 (+13%)	0mo	$235,000	$131	62
22440 Hawthorne St	0.61mi	3/1.5 (-1)	1,600 (+1%)	4mo	$336,250	$210	59
21615 Colgate St	0.68mi	3/2.0 (-1)	1,564 (-1%)	4mo	$240,000	$153	59
23330 Canfield Ave	0.50mi	4/2.0	1,750 (+11%)	1mo	$313,000	$179	58
23096 Hawthorne St	0.56mi	4/2.5	1,705 (+8%)	2mo	$273,800	$161	57
22706 Elmgrove St	0.62mi	3/2.0 (-1)	1,685 (+7%)	2mo	$316,500	$188	54
28750 W 9 Mile Rd	0.54mi	3/2.0 (-1)	1,722 (+9%)	3mo	$335,000	$195	52
22534 Karen Ct	0.41mi	3/1.0 (-1)	1,406 (-11%)	4mo	$248,500	$177	51

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: 5.8%
• Equity multiple: 1.34×
• Total profit: $20,183
• Equity at exit: $96,673

10-year hold

• IRR: 8.8%
• Equity multiple: 2.33×
• Total profit: $80,171
• Equity at exit: $148,985

Cash invested: $60,200 (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 48336 3621

• Active inventory: 1
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,910 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$383 /mo · $4,598/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $-91

Break-even live

Break-even rent $2,026

Max offer price $198,870

Occupancy floor 100%

Sensitivity live

Price	-10% $30	-5% $-30	+0% $-91	+5% $-152	+10% $-213
Rent	-10% $-242	-5% $-167	+0% $-91	+5% $-16	+10% $60
Rate	-1.0pp $17	-0.5pp $-37	base $-91	+0.5pp $-147	+1.0pp $-204

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22650 Glenmoor Hts Farmington Hills, MI	3.0	1.5	1515	$1,800	$1.19	25d	1	0.12mi
23237 Tulane Ave Farmington Hills, MI	3.0	1.5	1104	$2,000	$1.81	12d	1	0.25mi
29359 Hemlock Dr Farmington Hills, MI	4.0	1.5	1914	$2,495	$1.30	0d	1	1.08mi
20862 Kenwood St Farmington Hills, MI	3.0	1.5	1700	$1,995	$1.17	44d	1	1.20mi
23611 Bicking Ct Farmington, MI	3.0	1.0	1117	$2,100	$1.88	44d	1	1.33mi

Listing history 50 events

1. 2026-06-21
   days on market $215,000 Active 5 DOM
2. 2026-06-18
   days on market $215,000 Active 2 DOM
3. 2026-06-17
   days on marketlisting id $215,000 Active 1 DOM
4. 2026-05-06
   listed $215,000 Active 892-char remark
5. 2026-05-06
   listed $215,000 Active 892-char remark
6. 2026-05-06
   listed $215,000 Active
7. 2026-05-01
   historical
8. 2026-04-30
   price $215,000
9. 2026-04-30
   price $215,000
10. 2026-04-30
    price $215,000
11. 2026-04-30
    historical
12. 2026-03-26
    price $220,000
13. 2026-03-26
    price $220,000
14. 2026-03-26
    price $220,000
15. 2025-12-06
    price $225,000
16. 2025-12-05
    price $225,000
17. 2025-12-05
    price $225,000
18. 2025-10-31
    listed $235,000 Active
19. 2025-10-31
    listed $235,000 Active
20. 2024-01-01
    historical
21. 2024-01-01
    historical
22. 2023-07-07
    price $189,900
23. 2023-07-06
    price $189,900
24. 2023-05-31
    price $190,000
25. 2023-05-30
    price $190,000
26. 2023-05-08
    status Active
27. 2023-05-08
    status Active
28. 2023-05-01
    status Pending
29. 2023-05-01
    status Pending
30. 2023-02-04
    price $195,000
31. 2023-02-04
    price $195,000
32. 2023-01-27
    price $199,900
33. 2023-01-26
    price $199,900
34. 2022-12-28
    price $209,000
35. 2022-12-27
    price $209,000
36. 2022-12-01
    listed $239,900 Active
37. 2022-12-01
    listed $239,900 Active
38. 2021-07-02
    soldstatus $165,000
39. 2019-08-02
    soldstatus $100,000
40. 2019-07-29
    soldstatus $100,000 Sold
41. 2019-07-29
    soldstatus $100,000 Closed
42. 2019-07-09
    status Pending
43. 2019-07-09
    status Pending
44. 2019-06-21
    price $118,000
45. 2019-06-20
    price $118,000
46. 2019-05-22
    status Active
47. 2019-05-22
    status Active
48. 2019-05-20
    historical
49. 2019-05-20
    historical
50. 2019-05-03
    price $121,900

ⓘ 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: $4,598 · $383/mo
• Projected year-2 tax: $4,598 · $383/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 2/10 Low 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,921
• − Mortgage interest: −$12,043
• − Property taxes: −$4,598
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,834
• − Management: −$1,834
• − Depreciation: −$6,255
• Taxable loss: −$4,718
• Est. tax savings @ 24.0%: +$1,132
• After-tax cash flow: $37/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)

• District: Farmington Public School District
• NCES district ID: 2614070
• Math proficiency: 45% ▼ -5.00%
• Reading proficiency: 58% ▼ -1.00%
• Median HH income: $72,846
• Composite: 46.17/100
• National rank: #2497
• State rank: #78 of 540 in MI

Livability — Farmington Hills

• Score: 81/100
• State rank: #64
• US rank: #1364

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmington Hills, MI

Population outlook (Oakland County) Hauer SSP2

• Today (2025): 1,335,747 people
• By 2030: 1,375,100 · +2.9%
• By 2040: 1,435,385 · +7.5%
• By 2050: 1,469,250 · +10.0%
• By 2075: 1,531,946 · +14.7%
• By 2100: 1,450,485 · +8.6%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

+198.6% since first listed

83 events — show timeline

• 2026-06-16 Listed $215,000 REALCOMP
• 2026-06-16 Listed $215,000 MiRealSource-MiMLS
• 2026-05-29 Listing Removed — MiRealSource-MiMLS
• 2026-05-29 Listing Removed — REALCOMP
• 2026-05-06 Listed $215,000 REALCOMP
• 2026-05-06 Listed $215,000 MiRealSource-MiMLS
• 2026-05-01 Listing Removed — MiRealSource-MiMLS
• 2026-04-30 Price Changed $215,000 MiRealSource-MiMLS
• 2026-04-30 Price Changed $215,000 REALCOMP
• 2026-04-30 Price Changed $215,000 SW Michigan MLS
• 2026-04-30 Listing Removed — REALCOMP
• 2026-03-26 Price Changed $220,000 MiRealSource-MiMLS
• 2026-03-26 Price Changed $220,000 REALCOMP
• 2026-03-26 Price Changed $220,000 SW Michigan MLS
• 2025-12-06 Price Changed $225,000 MiRealSource-MiMLS
• 2025-12-05 Price Changed $225,000 REALCOMP
• 2025-12-05 Price Changed $225,000 SW Michigan MLS
• 2025-10-31 Listed $235,000 REALCOMP
• 2025-10-31 Listed $235,000 MiRealSource-MiMLS
• 2024-01-01 Listing Removed — MiRealSource-MiMLS
• 2024-01-01 Listing Removed — REALCOMP
• 2023-07-07 Price Changed $189,900 MiRealSource-MiMLS
• 2023-07-06 Price Changed $189,900 REALCOMP
• 2023-05-31 Price Changed $190,000 MiRealSource-MiMLS
• 2023-05-30 Price Changed $190,000 REALCOMP
• 2023-05-08 Relisted — MiRealSource-MiMLS
• 2023-05-08 Relisted — REALCOMP
• 2023-05-01 Pending — MiRealSource-MiMLS
• 2023-05-01 Pending — REALCOMP
• 2023-02-04 Price Changed $195,000 MiRealSource-MiMLS
• 2023-02-04 Price Changed $195,000 REALCOMP
• 2023-01-27 Price Changed $199,900 MiRealSource-MiMLS
• 2023-01-26 Price Changed $199,900 REALCOMP
• 2022-12-28 Price Changed $209,000 MiRealSource-MiMLS
• 2022-12-27 Price Changed $209,000 REALCOMP
• 2022-12-01 Listed $239,900 MiRealSource-MiMLS
• 2022-12-01 Listed $239,900 REALCOMP
• 2021-07-02 Sold (Public Records) $165,000 Public Records
• 2019-08-02 Sold (Public Records) $100,000 Public Records
• 2019-07-29 Sold (MLS) $100,000 MiRealSource-MiMLS
• 2019-07-29 Sold (MLS) $100,000 REALCOMP
• 2019-07-09 Pending — MiRealSource-MiMLS
• 2019-07-09 Pending — REALCOMP
• 2019-06-21 Price Changed $118,000 MiRealSource-MiMLS
• 2019-06-20 Price Changed $118,000 REALCOMP
• 2019-05-22 Relisted — MiRealSource-MiMLS
• 2019-05-22 Relisted — REALCOMP
• 2019-05-20 Listing Removed — REALCOMP
• 2019-05-20 Listing Removed — MiRealSource-MiMLS
• 2019-05-03 Price Changed $121,900 MiRealSource-MiMLS
• 2019-05-03 Price Changed $121,900 REALCOMP
• 2019-04-24 Listed $129,900 MiRealSource-MiMLS
• 2019-04-24 Listed $129,900 REALCOMP
• 2019-04-15 Listing Removed — REALCOMP
• 2019-04-14 Listing Removed — MiRealSource-MiMLS
• 2019-03-11 Price Changed $139,900 MiRealSource-MiMLS
• 2019-03-11 Price Changed $139,900 REALCOMP
• 2019-01-14 Listed $149,900 MiRealSource-MiMLS
• 2019-01-14 Listed $149,900 REALCOMP
• 2009-12-03 Listing Removed — REALCOMP
• 2009-10-27 Listed $99,000 REALCOMP
• 2009-10-23 Listing Removed — REALCOMP
• 2009-04-23 Listed $110,000 REALCOMP
• 2008-12-31 Listing Removed — REALCOMP
• 2008-10-22 Listed $119,000 REALCOMP
• 2008-10-21 Listing Removed — REALCOMP
• 2008-04-21 Listed $119,000 REALCOMP
• 2008-04-09 Listing Removed — REALCOMP
• 2007-06-29 Listed $129,900 REALCOMP
• 2003-04-04 Sold (Public Records) $124,000 Public Records
• 2002-02-14 Sold (MLS) $124,000 REALCOMP
• 2001-11-13 Listed $140,900 REALCOMP
• 2001-11-10 Listing Removed — REALCOMP
• 2001-08-10 Listed $141,500 REALCOMP
• 2001-08-02 Listing Removed — REALCOMP
• 2001-06-01 Listed $146,900 REALCOMP
• 2001-05-30 Listing Removed — REALCOMP
• 2001-04-02 Listed $153,900 REALCOMP
• 2000-09-01 Listing Removed — REALCOMP
• 2000-05-01 Listed $149,000 REALCOMP
• 1997-03-14 Listing Removed — REALCOMP
• 1997-01-16 Listed $138,000 REALCOMP
• 1993-12-02 Sold (Public Records) $72,000 Public Records

Property tax history

+10.6%/yr

Latest (2025): $4,598 · +3.1% YoY. Source: county tax records.