31236 Leelane · Farmington Hills, MI 48336

$238,000

3 bd · 1.0 ba · 888 sqft · SingleFamily public records · 9 Days on market

Built 1957 Est $210k · 13% over

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Why this score? — see what drove the F 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 +10.9/30.0
• Rent growth +5.0/5.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• DSCR +3.2/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• ARV discount +1.6/15.0
• Appreciation +0.0/10.0

Listing remarks

Prime Location, desirable neighborhood. Close to highways, shopping centers, schools. Brick ranch 3 bd. , 1 bath, 912 sq. ft. , double lot 63 x 235, big private fenced backyard, 1.5 Car Garage, no basement. Nice, cozy, clean, updated plumbing, new floor, freshly painted inside, garage new roof. .. Needs light maintenance& amp; cleaning inside& amp; outside - Seller will compensate reasonable amount. .. House has great potential to build additional rooms. ..

Key facts

• Prime location
• Close to highways
• Built 1957

Tags

• PRIME LOCATION
• DESIRABLE NEIGHBORHOOD
• CLOSE TO HIGHWAYS
• BIG PRIVATE FENCED BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $238k.

Deal economics

• At list price, monthly cash flow is $-106 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $219k (7.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $183k (23.3% below list).
• Recommended offer: $183k (23.3% 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: Rents rising fast (+10.8%/yr); 157 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 28y 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 $130k; list at $238k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $182,611 (23.3% 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 1957 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.77% ✗
• Cap rate: 5.76%
• Cash-on-cash: -1.90%
• DSCR: 0.92
• GRM: 10.9

CMA / ARV

• ARV (on-the-fly): $210,456
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23277 Hawthorne St	0.44mi	3/1.0	926 (+4%)	15mo	$205,000	$221	60
23158 Tuck Rd	0.68mi	3/1.0	918 (+3%)	12mo	$240,000	$261	52
23241 Lilac St	0.44mi	2/1.0 (-1)	956 (+8%)	19mo	$180,000	$188	46
23086 Floral St	0.56mi	2/1.0 (-1)	912 (+3%)	23mo	$245,000	$269	45
23162 Springbrook Dr	0.65mi	2/1.0 (-1)	856 (-4%)	17mo	$155,000	$181	45
23069 Violet St	0.57mi	3/1.0	1,000 (+13%)	12mo	$245,000	$245	43
22810 Lilac St	0.66mi	2/1.0 (-1)	1,012 (+14%)	12mo	$240,000	$237	31

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -14.3%
• Equity multiple: 0.46×
• Total profit: $-35,684
• Equity at exit: $35,487

10-year hold

• IRR: 0.7%
• Equity multiple: 1.06×
• Total profit: $4,048
• Equity at exit: $20,578

Cash invested: $66,640 (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

• Rents YoY: 10.8%
• Active inventory: 157
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,826 medium
• Mortgage (P&I): −$1,248
• Tax from tax record: −$201 /mo · $2,414/yr
• Insurance: −$99
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $-106

Break-even live

Break-even rent $1,960

Max offer price $219,316

Occupancy floor —

Sensitivity live

Price	-10% $29	-5% $-38	+0% $-106	+5% $-173	+10% $-240
Rent	-10% $-250	-5% $-178	+0% $-106	+5% $-34	+10% $38
Rate	-1.0pp $14	-0.5pp $-45	base $-106	+0.5pp $-167	+1.0pp $-230

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: $59,500
• Closing costs: $7,140
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23611 Bicking Ct Farmington, MI	3.0	1.0	1117	$2,100	$1.88	44d	1	0.57mi
23085 Floral St Farmington, MI	2.0	1.0	950	$1,495	$1.57	12d	1	0.58mi
23237 Tulane Ave Farmington Hills, MI	3.0	1.5	1104	$2,000	$1.81	12d	1	0.92mi
33203 N Manor Dr Farmington, MI	1.0–2.0	1.0	855	$1,459	$1.71	0d	13	1.50mi

Listing history 7 events

1. 2026-06-21
   days on market $238,000 Active 9 DOM
2. 2026-06-18
   days on market $238,000 Active 6 DOM
3. 2026-06-17
   days on market $238,000 Active 5 DOM
4. 2026-06-16
   days on market $238,000 Active 4 DOM
5. 2026-06-15
   days on market $238,000 Active 3 DOM
6. 2026-06-13
   remarks 461-char remark
7. 2026-06-13
   listed $238,000 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: $2,414 · $201/mo
• Projected year-2 tax: $3,039 · $253/mo
• Expected delta: +$626/yr (+$52/mo · 25.9%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,913
• − Mortgage interest: −$13,332
• − Property taxes: −$2,414
• − Insurance: −$1,190
• − Repairs & maintenance: −$1,753
• − Management: −$1,753
• − Depreciation: −$6,924
• Taxable loss: −$5,452
• Est. tax savings @ 24.0%: +$1,308
• After-tax cash flow: $39/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
• County: Oakland County · 1,009,092 people
• City population: 67,612
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 26,432
• Household income: $88,938
• Rent vs Own: 28.8% rent · 71.2% own
• Severe rent burden: 733.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 13% Two or more races 7% Asian 6% Hispanic / Latino 4%
• Common ancestry: Romanian 10% Slovak 3% Lithuanian 3%
• Foreign-born: 12% · Canada, China, South Korea
• Languages at home: 85% English-only · Other Indo-European 5% Arabic 2% Spanish 2%

Political lean MEDSL · Oakland

• 2024 margin: D (+10.6) · D 54.4% · R 43.8% · Other 1.9%
• 2008→2024 swing: -3.9pp toward R · 2008: 14.5pp · 2024: 10.6pp
• All cycles: 2024: D+10.6 2020: D+14.1 2016: D+8.1 2012: D+8.1 2008: D+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -273.86%
• Current HPI: 177.4299
• Rent YoY: ▲ 10.83%
• 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

+140.6% since first listed

11 events — show timeline

• 2026-06-13 Listed $238,000 FSBO.com
• 2014-11-07 Listing Removed — MiRealSource-MiMLS
• 2014-11-07 Listed $114,900 MiRealSource-MiMLS
• 2014-11-07 Listing Removed — MiRealSource-MiMLS
• 2014-11-07 Listing Removed — REALCOMP
• 2014-11-07 Listed $114,900 REALCOMP
• 2014-05-14 Listed $1,150 MiRealSource-MiMLS
• 2002-08-06 Sold (Public Records) $130,000 Public Records
• 1998-09-10 Sold (Public Records) $91,200 Public Records
• 1998-05-26 Sold (MLS) $91,200 REALCOMP
• 1998-03-09 Listed $98,900 REALCOMP

Property tax history

+3.7%/yr

Latest (2025): $2,414 · +3.1% YoY. Source: county tax records.