23147 Cleveland St · Dearborn, MI 48124

$175,000

3 bd · 1.0 ba · 1,092 sqft · SingleFamily public records · 3 Days on market

Built 1944 5,227 sqft lot $160/sqft · 7% below area Est $187k · 7% 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).

• Cash flow +20.2/30.0
• ARV discount +10.4/15.0
• DSCR +6.4/10.0
• 1% rule +5.1/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming bungalow with great curb appeal and eye-catching presentation! This home offers a functional layout with 2 bedrooms on the main floor and a spacious upper-level bedroom, perfect for a primary suite, home office, or flex space. The living areas feel bright and inviting, and the overall condition of the home has been well maintained. The full bathroom and kitchen retain their original character, offering a great opportunity for buyers to update and customize to their own style and preferences. Whether you're looking to move in and make improvements over time or invest in a renovation, this home provides solid potential. The unfinished basement offers additional storage or the possibility to expand your living space in the future. With its appealing look, practical layout, and opportunity to add value, this is a home you won't want to miss!

Key facts

• 5,227 sq ft lot
• Built 1944
• Listed 3 days

Property features AI

Exterior

• Parking: Driveway; No garage
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: Public water; Public sewer; Cable available; Public utilities
• Home design: Single family residence; One and one-half stories; Ground-level entry with steps; Aluminum siding
• Construction: Asphalt roof; Block foundation; Built with aluminum siding; Unfinished basement
• Exterior features: Awning(s); Exterior lighting; Covered patio and porch; Patio; Porch; Back yard fencing; Fenced yard; Paved road

Interior

• Kitchen: Free-standing gas range; Free-standing refrigerator; Disposal
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Ceiling fan(s); Forced air heating; Natural gas heating
• Interior features: High-speed internet; Unfurnished
• Laundry & utility: Washer; Dryer; Washer hookup; Gas dryer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $222 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 7.8% vs local median 4.3% in Dearborn — 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 80/100 on livability (#84 in MI, #1,904 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D, schools D-.
• Dearborn City School District (urban): math 26% / reading 39% proficiency, ranked #325 of 540 in MI (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.6%/yr); 148 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 25y 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 $111k; list at $175k implies a 58% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,000

Questions for the listing agent

1. Built in 1944 — 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 D-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. 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.
5. 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.
6. 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: 1.01% ✓
• Cap rate: 7.81%
• Cash-on-cash: 5.43%
• DSCR: 1.24
• GRM: 8.2

CMA / ARV

• ARV (median comp): $187,194
• List price: $175,000
• Delta: -6.51%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22923 Columbia St	0.17mi	3/3.0	1,100 (+1%)	1mo	$229,000	$208	82
23127 Beech St	0.18mi	3/1.0	1,029 (-6%)	4mo	$205,000	$199	79
1820 Geneva St	0.31mi	3/1.0	1,162 (+6%)	1mo	$235,000	$202	74
2819 Geneva St	0.40mi	3/2.0	1,050 (-4%)	1mo	$208,000	$198	70
23000 Columbia St	0.12mi	2/1.5 (-1)	1,200 (+10%)	2mo	$182,000	$152	69
2839 Vassar St	0.35mi	3/2.0	1,134 (+4%)	7mo	$242,999	$214	67
3131 Mckinley St	0.60mi	3/1.0	1,110 (+2%)	2mo	$200,000	$180	67
2829 Bennett St	0.31mi	3/1.0	1,244 (+14%)	1mo	$209,900	$169	62
23132 Park St	0.30mi	3/2.0	1,192 (+9%)	6mo	$225,000	$189	62
23840 Oxford St	0.47mi	2/2.0 (-1)	1,050 (-4%)	6mo	$196,000	$187	58
2931 Katherine St	0.66mi	3/2.0	1,197 (+10%)	2mo	$262,500	$219	48
24342 Scott St	0.75mi	3/2.0	1,200 (+10%)	7mo	$243,500	$203	39

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 · 3.57% rent growth · sell at horizon

5-year hold

• IRR: -7.2%
• Equity multiple: 0.73×
• Total profit: $-13,196
• Equity at exit: $26,093

10-year hold

• IRR: 3.0%
• Equity multiple: 1.22×
• Total profit: $10,971
• Equity at exit: $15,131

Cash invested: $49,000 (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 48124

• Rents YoY: 3.6%
• Active inventory: 148
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,770 high
• Mortgage (P&I): −$918
• Tax from tax record: −$185 /mo · $2,224/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $222

Break-even live

Break-even rent $1,489

Max offer price $175,000

Occupancy floor 82%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2825 Queen St Dearborn, MI	2.0	1.0	1000	$1,299	$1.30	44d	1	0.32mi
2823 Queen St Dearborn, MI	3.0	2.0	1400	$1,599	$1.14	18d	1	0.32mi
22700 Garrison St Dearborn, MI	1.0–2.0	1.0	780	$1,550	$1.99	44d	2	0.65mi
1008 S Military St Dearborn, MI	2.0	1.5	1500	$2,295	$1.53	44d	1	0.71mi
22340 Park St Dearborn, MI	2.0	1.0	1056	$1,350	$1.28	5d	1	0.74mi
21337 Audette St Dearborn, MI	3.0	1.0	964	$1,850	$1.92	44d	1	0.77mi
3620 Monroe St Dearborn, MI	3.0	2.0	1100	$1,800	$1.64	10d	1	0.89mi
24720 Michigan Ave Dearborn, MI	2.0	1.0	900	$1,350	$1.50	44d	1	0.99mi
3901 Academy St Dearborn Heights, MI	4.0	2.0	1400	$2,100	$1.50	2d	1	1.01mi
24738 New York St Dearborn, MI	3.0	1.0	1296	$1,800	$1.39	3d	1	1.10mi
24442 Union St Dearborn, MI	3.0	1.5	1000	$1,900	$1.90	2d	1	1.13mi
24154 Dartmouth St Dearborn, MI	2.0	1.0	950	$1,275	$1.34	15d	1	1.19mi
21954 Morley Ave #108 Dearborn, MI	2.0	1.0	1000	$1,750	$1.75	24d	1	1.19mi
20728 Carlysle St Dearborn, MI	3.0	1.0	1087	$1,850	$1.70	2d	1	1.27mi
24601 Andover Dr Dearborn Heights, MI	3.0	1.5	1092	$1,700	$1.56	2d	1	1.37mi
4481 Westpoint St Dearborn Heights, MI	3.0	2.0	768	$1,549	$2.02	15d	1	1.39mi

Listing history 14 events

1. 2026-05-04
   status Pending 858-char remark

   Show marketing remark (858 chars)

   Charming bungalow with great curb appeal and eye-catching presentation! This home offers a functional layout with 2 bedrooms on the main floor and a spacious upper-level bedroom, perfect for a primary suite, home office, or flex space. The living areas feel bright and inviting, and the overall condition of the home has been well maintained. The full bathroom and kitchen retain their original character, offering a great opportunity for buyers to update and customize to their own style and preferences. Whether you're looking to move in and make improvements over time or invest in a renovation, this home provides solid potential. The unfinished basement offers additional storage or the possibility to expand your living space in the future. With its appealing look, practical layout, and opportunity to add value, this is a home you won't want to miss!

2. 2026-05-04
   status Pending 864-char remark

   Show marketing remark (858 chars)

   Charming bungalow with great curb appeal and eye-catching presentation! This home offers a functional layout with 2 bedrooms on the main floor and a spacious upper-level bedroom, perfect for a primary suite, home office, or flex space. The living areas feel bright and inviting, and the overall condition of the home has been well maintained. The full bathroom and kitchen retain their original character, offering a great opportunity for buyers to update and customize to their own style and preferences. Whether you're looking to move in and make improvements over time or invest in a renovation, this home provides solid potential. The unfinished basement offers additional storage or the possibility to expand your living space in the future. With its appealing look, practical layout, and opportunity to add value, this is a home you won't want to miss!

3. 2026-05-01
   listed $175,000 Active 858-char remark

   Show marketing remark (858 chars)

   Charming bungalow with great curb appeal and eye-catching presentation! This home offers a functional layout with 2 bedrooms on the main floor and a spacious upper-level bedroom, perfect for a primary suite, home office, or flex space. The living areas feel bright and inviting, and the overall condition of the home has been well maintained. The full bathroom and kitchen retain their original character, offering a great opportunity for buyers to update and customize to their own style and preferences. Whether you're looking to move in and make improvements over time or invest in a renovation, this home provides solid potential. The unfinished basement offers additional storage or the possibility to expand your living space in the future. With its appealing look, practical layout, and opportunity to add value, this is a home you won't want to miss!

4. 2026-05-01
   listed $175,000 Active 864-char remark

   Show marketing remark (858 chars)

   Charming bungalow with great curb appeal and eye-catching presentation! This home offers a functional layout with 2 bedrooms on the main floor and a spacious upper-level bedroom, perfect for a primary suite, home office, or flex space. The living areas feel bright and inviting, and the overall condition of the home has been well maintained. The full bathroom and kitchen retain their original character, offering a great opportunity for buyers to update and customize to their own style and preferences. Whether you're looking to move in and make improvements over time or invest in a renovation, this home provides solid potential. The unfinished basement offers additional storage or the possibility to expand your living space in the future. With its appealing look, practical layout, and opportunity to add value, this is a home you won't want to miss!

5. 2026-04-30
   historical $175,000 858-char remark

   Show marketing remark (858 chars)

   Charming bungalow with great curb appeal and eye-catching presentation! This home offers a functional layout with 2 bedrooms on the main floor and a spacious upper-level bedroom, perfect for a primary suite, home office, or flex space. The living areas feel bright and inviting, and the overall condition of the home has been well maintained. The full bathroom and kitchen retain their original character, offering a great opportunity for buyers to update and customize to their own style and preferences. Whether you're looking to move in and make improvements over time or invest in a renovation, this home provides solid potential. The unfinished basement offers additional storage or the possibility to expand your living space in the future. With its appealing look, practical layout, and opportunity to add value, this is a home you won't want to miss!

6. 2004-04-02
   soldstatus $111,000
7. 2004-01-21
   soldstatus $111,000
8. 2003-11-14
   listed $119,000
9. 2003-11-14
   historical
10. 2003-09-26
    historical
11. 2003-07-31
    listed $120,000
12. 2003-07-31
    listed $129,900
13. 2001-04-27
    soldstatus $90,900
14. 2001-02-05
    listed $101,900

ⓘ 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: $2,224 · $185/mo
• Projected year-2 tax: $2,460 · $205/mo
• Expected delta: +$235/yr (+$20/mo · 10.6%)

ⓘ 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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,234
• − Mortgage interest: −$9,803
• − Property taxes: −$2,224
• − Insurance: −$875
• − Repairs & maintenance: −$1,699
• − Management: −$1,699
• − Depreciation: −$5,091
• Taxable loss: −$156
• Est. tax savings @ 24.0%: +$37
• After-tax cash flow: $2,701/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: Dearborn City School District
• NCES district ID: 2611600
• Math proficiency: 26% ▼ -14.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $46,884
• Composite: 27.93/100
• National rank: #6864
• State rank: #325 of 540 in MI

Livability — Dearborn

• Score: 80/100
• State rank: #84
• US rank: #1904

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dearborn, MI
• County: Wayne County · 1,562,939 people
• City population: 86,476
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 34,479
• Household income: $81,796
• Rent vs Own: 18.1% rent · 81.9% own
• Severe rent burden: 444.0

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 White (84%)
• Race & ethnicity: White 84% Two or more races 7% Hispanic / Latino 5% Black 4%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 12% Lithuanian 4% Slovak 3%
• Foreign-born: 10% · Canada
• Languages at home: 82% English-only · Arabic 12% Spanish 2% Other Indo-European 2%

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: ▼ -278.39%
• Current HPI: 204.5229
• Rent YoY: ▲ 3.57%
• 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

+71.7% since first listed

14 events — show timeline

• 2026-05-04 Pending — MiRealSource-MiMLS
• 2026-05-04 Pending — REALCOMP
• 2026-05-01 Listed $175,000 MiRealSource-MiMLS
• 2026-05-01 Listed $175,000 REALCOMP
• 2026-04-30 Coming Soon $175,000 MiRealSource-MiMLS
• 2004-04-02 Sold (Public Records) $111,000 Public Records
• 2004-01-21 Sold (MLS) $111,000 REALCOMP
• 2003-11-14 Listing Removed — REALCOMP
• 2003-11-14 Listed $119,000 REALCOMP
• 2003-09-26 Listing Removed — REALCOMP
• 2003-07-31 Listed $129,900 REALCOMP
• 2003-07-31 Listed $120,000 REALCOMP
• 2001-04-27 Sold (MLS) $90,900 REALCOMP
• 2001-02-05 Listed $101,900 REALCOMP

Property tax history

+0.8%/yr

Latest (2025): $2,224 · +2.3% YoY. Source: county tax records.