201 Winona St · Highland Park, MI 48203

$40,000

3 bd · 1.5 ba · 1,428 sqft · SingleFamily public records · 12 Days on market

Built 1916 4,356 sqft lot Est $56k · 28% 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 +15.0/15.0
• 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

Large, Historic brick home in Highland Park offering tremendous rehab potential - requires full renovation

Key facts

• Historic brick home
• 4,356 sq ft lot
• Built 1916

Tags

• HISTORIC BRICK HOME

Property features AI

Exterior

• Parking: Driveway (no garage)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Ground-level entry; Brick construction
• Construction: Brick construction; Block foundation
• Exterior features: Paved road access; Lot roughly 35 x 120 (0.1 acre)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Radiant heat; No cooling
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $867 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Cap rate 32.3% 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: 218 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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).
• At $1,455/mo this rent would consume 45% of the median local household income ($38k/yr) (locally 1192% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $40,000

Questions for the listing agent

1. Built in 1916 — 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: 3.64% ✓
• Cap rate: 32.31%
• Cash-on-cash: 92.91%
• DSCR: 5.13
• GRM: 2.3

CMA / ARV

• ARV (on-the-fly): $55,692
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
225 Farrand Park	0.14mi	3/1.0	1,458 (+2%)	2mo	$20,000	$14	86
202 Farrand Park	0.17mi	3/1.0	1,482 (+4%)	4mo	$40,000	$27	80
137 Rhode Island St	0.37mi	3/2.0	1,405 (-2%)	12mo	$47,000	$33	68
193 Massachusetts St	0.43mi	3/1.5	1,548 (+8%)	4mo	$59,900	$39	63
194 Farrand Park	0.17mi	4/2.0 (+1)	1,610 (+13%)	5mo	$189,000	$117	60
207 Connecticut St	0.57mi	3/1.0	1,472 (+3%)	9mo	$35,000	$24	58
535 Woodland St	0.70mi	3/2.0	1,472 (+3%)	2mo	$170,000	$115	58
114 E E Grand	0.24mi	3/2.0	1,323 (-7%)	20mo	$131,000	$99	58
134 Tyler St	0.65mi	4/1.0 (+1)	1,280 (-10%)	4mo	$28,000	$22	42
63 Tyler St	0.52mi	3/2.0	1,610 (+13%)	14mo	$220,000	$137	40
53 Richton St	0.69mi	3/1.0	1,602 (+12%)	16mo	$20,000	$12	32
29 Tennyson St	0.72mi	4/1.0 (+1)	1,596 (+12%)	16mo	$165,000	$103	26

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: 93.7%
• Equity multiple: 5.35×
• Total profit: $48,773
• Equity at exit: $5,964

10-year hold

• IRR: 96.5%
• Equity multiple: 11.15×
• Total profit: $113,690
• Equity at exit: $3,458

Cash invested: $11,200 (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 48203

• Home prices YoY: -23.3%
• Active inventory: 218
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,455 high
• Mortgage (P&I): −$210
• Tax from tax record: −$56 /mo · $667/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $867

Break-even live

Break-even rent $357

Max offer price $40,000

Occupancy floor 35%

Sensitivity live

Price	-10% $890	-5% $878	+0% $867	+5% $856	+10% $845
Rent	-10% $752	-5% $810	+0% $867	+5% $925	+10% $982
Rate	-1.0pp $887	-0.5pp $877	base $867	+0.5pp $857	+1.0pp $846

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
168 Beresford St Highland Park, MI	4.0	1.0	1541	$1,475	$0.96	18d	1	0.06mi
101 Colorado St Unit NA Highland Park, MI	4.0	1.5	1695	$1,780	$1.05	0d	1	0.37mi
165 Rhode Island St Highland Park, MI	4.0	1.5	1639	$1,200	$0.73	18d	1	0.39mi
27 Pasadena St Highland Park, MI	2.0	1.0	900	$825	$0.92	44d	1	0.50mi
64 Glendale St Highland Park, MI	4.0	1.0	1464	$1,500	$1.02	11d	1	0.57mi
242 Ferris St Highland Park, MI	3.0	1.0	1192	$1,275	$1.07	0d	1	0.82mi
520 Englewood St Detroit, MI	4.0	1.5	1086	$1,725	$1.59	25d	1	0.83mi
613 Belmont St Detroit, MI	3.0	1.0	1100	$1,350	$1.23	19d	1	1.05mi
101 Stevens St Highland Park, MI	3.0	1.5	1152	$1,600	$1.39	18d	1	1.05mi
505 Westminster St Detroit, MI	3.0	1.0	1700	$1,400	$0.82	18d	1	1.31mi
9429 Brush St Unit 1B Detroit, MI	2.0	1.0	1500	$1,523	$1.02	44d	1	1.36mi
2315 Yemans St Hamtramck, MI	2.0	2.5	1328	$1,600	$1.20	18d	1	1.43mi
326 Eason St Highland Park, MI	3.0	1.0	1256	$1,300	$1.04	18d	1	1.45mi
1926 Clements St Unit 1926 Detroit, MI	3.0	1.0	1150	$1,250	$1.09	21d	1	1.47mi
1926 Clements St Detroit, MI	3.0	1.0	1150	$1,150	$1.00	6d	1	1.47mi
156 Leicester Ct Apt 2 Detroit, MI	3.0	1.0	1000	$1,250	$1.25	44d	1	1.49mi

Listing history 8 events

1. 2026-06-21
   days on market $40,000 Active 12 DOM
2. 2026-06-18
   days on market $40,000 Active 9 DOM
3. 2026-06-17
   days on market $40,000 Active 8 DOM
4. 2026-06-16
   days on market $40,000 Active 7 DOM
5. 2026-06-15
   days on market $40,000 Active 6 DOM
6. 2026-06-13
   days on market $40,000 Active 4 DOM
7. 2026-06-10
   remarks 106-char remark
8. 2026-06-10
   listed $40,000 Active 1 DOM

ⓘ 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: $667 · $56/mo
• Projected year-2 tax: $667 · $56/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: $17,455
• − Mortgage interest: −$2,241
• − Property taxes: −$667
• − Insurance: −$200
• − Repairs & maintenance: −$1,396
• − Management: −$1,396
• − Depreciation: −$1,164
• Taxable income: $10,391
• Est. tax owed @ 24.0%: −$2,494
• After-tax cash flow: $7,912/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

• 2026-06-09 Listed $40,000 REALCOMP

Property tax history

-1.9%/yr

Latest (2025): $667 · -21.7% YoY. Source: county tax records.