20924 Ridgemont Rd · Harper Woods, MI 48225

$145,000

3 bd · 1.0 ba · 950 sqft · SingleFamily public records · 80 Days on market

Built 1947 3,920 sqft lot $153/sqft · at area comps Est $139k · at est.

---

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 +24.6/30.0
• DSCR +7.9/10.0
• 1% rule +5.9/10.0
• Schools +5.7/10.0
• ARV discount +5.6/15.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cash flowing investment property with a current rent of $1,500 /month. Professionally managed rental. Cash tenant. Photos are from before move-in. No showings allowed without an accepted offer first. Do not approach the property or request a showing.

Key facts

• 3,920 sq ft lot
• Built 1947
• Listed 80 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $300 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#199 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, health & safety D+, schools D-.
• Grosse Pointe Public Schools (suburban): math 56% / reading 68% proficiency, ranked #24 of 540 in MI (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.1%/yr); 133 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 31% of the median local income ($62k/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 $1k of loan paydown is wiped out by about $4k 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 + 5.1% rent growth), your $41k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 19y 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 $22k; list at $145k implies a 559% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $136,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.09% ✓
• Cap rate: 8.78%
• Cash-on-cash: 8.87%
• DSCR: 1.39
• GRM: 7.7

CMA / ARV

• ARV (median comp): $139,083
• List price: $145,000
• Delta: 4.25%
• 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
20842 Ridgemont Rd	0.07mi	3/1.0	1,001 (+5%)	3mo	$85,000	$85	86
20871 Van Antwerp St	0.29mi	2/1.5 (-1)	950 (0%)	3mo	$170,000	$179	77
20631 Chalon St	0.35mi	3/1.0	1,001 (+5%)	1mo	$255,000	$255	74
2126 Ridgemont Rd	0.17mi	2/1.0 (-1)	892 (-6%)	6mo	$150,000	$168	72
1793 Roslyn Rd	0.49mi	3/1.0	925 (-3%)	2mo	$260,000	$281	71
21813 Rosedale St	0.65mi	3/1.0	948 (-0%)	4mo	$138,000	$146	66
20625 Avalon St	0.63mi	3/1.0	1,000 (+5%)	1mo	$161,445	$161	61
2138 Ridgemont Rd	0.15mi	2/1.0 (-1)	809 (-15%)	2mo	$135,000	$167	61
20624 Sunnyside St	0.55mi	3/1.0	1,025 (+8%)	5mo	$199,000	$194	57
20672 Fleetwood Dr	0.54mi	3/1.0	1,031 (+8%)	6mo	$115,000	$112	55
20688 Fleetwood Dr	0.54mi	3/1.0	1,053 (+11%)	3mo	$173,000	$164	54
1552 Brys Dr	0.73mi	2/2.0 (-1)	988 (+4%)	3mo	$136,000	$138	48

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 · 5.1% rent growth · sell at horizon

5-year hold

• IRR: -0.6%
• Equity multiple: 0.98×
• Total profit: $-987
• Equity at exit: $21,620

10-year hold

• IRR: 11.0%
• Equity multiple: 1.94×
• Total profit: $38,282
• Equity at exit: $12,537

Cash invested: $40,600 (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 48225

• Rents YoY: 5.1%
• Active inventory: 133
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,577 high
• Mortgage (P&I): −$760
• Tax from tax record: −$124 /mo · $1,494/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $300

Break-even live

Break-even rent $1,197

Max offer price $145,000

Occupancy floor 76%

Sensitivity live

Price	-10% $382	-5% $341	+0% $300	+5% $259	+10% $218
Rent	-10% $176	-5% $238	+0% $300	+5% $362	+10% $425
Rate	-1.0pp $373	-0.5pp $337	base $300	+0.5pp $263	+1.0pp $224

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2175 Ridgemont Rd Grosse Pointe Woods, MI	2.0	1.0	1100	$1,300	$1.18	44d	1	0.12mi
1992 Hawthorne Rd Grosse Pointe Woods, MI	3.0	2.0	1071	$2,100	$1.96	10d	1	0.31mi
2037 Vernier Rd Grosse Pointe Woods, MI	2.0	1.0	850	$1,350	$1.59	44d	1	0.38mi
22126 Alger St Saint Clair Shores, MI	2.0	1.5	1060	$1,750	$1.65	11d	1	0.72mi
20600 Balfour St Harper Woods, MI	1.0–2.0	1.0–2.0	971	$1,671	$1.72	2d	12	0.72mi
20015 Lochmoor St Harper Woods, MI	3.0	1.0	1006	$1,500	$1.49	17d	1	0.87mi
22307 Greater Mack Ave St Clair Shores, MI	2.0	1.0	806	$1,195	$1.48	3d	1	0.88mi
20625 Elizabeth St Saint Clair Shores, MI	3.0	2.0	1074	$1,895	$1.76	44d	1	0.96mi
22411 Oconnor St Saint Clair Shores, MI	2.0	1.0	950	$1,250	$1.32	44d	1	1.22mi
22617 Oconnor St Saint Clair Shores, MI	3.0	1.0	923	$2,000	$2.17	2d	1	1.28mi

Listing history 42 events

1. 2026-06-18
   days on market $145,000 Active 80 DOM
2. 2026-06-17
   days on market $145,000 Active 79 DOM
3. 2026-06-16
   days on market $145,000 Active 78 DOM
4. 2026-06-15
   days on market $145,000 Active 77 DOM
5. 2026-06-13
   days on market $145,000 Active 75 DOM
6. 2026-06-13
   days on market $145,000 Active 74 DOM
7. 2026-06-09
   days on market $145,000 Active 71 DOM
8. 2026-06-08
   days on market $145,000 Active 70 DOM
9. 2026-06-07
   days on market $145,000 Active 69 DOM
10. 2026-06-04
    days on market $145,000 Active 66 DOM
11. 2026-06-03
    days on market $145,000 Active 65 DOM
12. 2026-06-02
    days on market $145,000 Active 64 DOM
13. 2026-06-01
    days on market $145,000 Active 63 DOM
14. 2026-05-31
    days on market $145,000 Active 62 DOM
15. 2026-03-30
    listed $145,000 Active 250-char remark

    Show marketing remark (250 chars)

    Cash flowing investment property with a current rent of $1,500 /month. Professionally managed rental. Cash tenant. Photos are from before move-in. No showings allowed without an accepted offer first. Do not approach the property or request a showing.

16. 2026-03-30
    listed $145,000 Active 250-char remark

    Show marketing remark (250 chars)

    Cash flowing investment property with a current rent of $1,500 /month. Professionally managed rental. Cash tenant. Photos are from before move-in. No showings allowed without an accepted offer first. Do not approach the property or request a showing.

17. 2015-08-29
    soldstatus $22,000 Sold
18. 2015-08-29
    soldstatus $22,000 Closed
19. 2015-08-04
    historical
20. 2015-08-04
    status Pending
21. 2015-07-24
    listed $29,900 Active
22. 2015-07-24
    listed $29,900 Active
23. 2011-06-17
    soldstatus $22,000
24. 2011-06-17
    soldstatus $22,000
25. 2011-06-12
    historical
26. 2011-05-19
    listed $24,900
27. 2011-05-19
    listed $24,900
28. 2009-04-17
    historical
29. 2009-04-17
    historical
30. 2009-03-04
    listed $49,900
31. 2009-03-04
    listed $49,900
32. 2007-12-18
    soldstatus $38,000
33. 2007-12-18
    soldstatus $38,000
34. 2007-12-17
    historical
35. 2007-11-28
    listed $39,500
36. 2007-11-28
    listed $39,500
37. 2007-11-28
    historical
38. 2007-11-28
    historical
39. 2007-09-24
    listed $49,900
40. 2007-09-20
    historical
41. 2007-05-21
    listed $49,900
42. 2007-05-21
    listed $55,900

ⓘ 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: $1,494 · $124/mo
• Projected year-2 tax: $1,863 · $155/mo
• Expected delta: +$370/yr (+$31/mo · 24.7%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,919
• − Mortgage interest: −$8,122
• − Property taxes: −$1,494
• − Insurance: −$725
• − Repairs & maintenance: −$1,513
• − Management: −$1,513
• − Depreciation: −$4,218
• Taxable income: $1,333
• Est. tax owed @ 24.0%: −$320
• After-tax cash flow: $3,282/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: Grosse Pointe Public Schools
• NCES district ID: 2625740
• Math proficiency: 56% ▼ -2.00%
• Reading proficiency: 68% ▲ 2.00%
• Median HH income: $89,975
• Composite: 56.51/100
• National rank: #1152
• State rank: #24 of 540 in MI

Livability — Harper Woods

• Score: 73/100
• State rank: #199
• US rank: #5054

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harper Woods, MI
• County: Wayne County · 1,562,939 people
• City population: 16,098
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 16,098
• Household income: $61,750
• Rent vs Own: 33.8% rent · 66.2% own
• Severe rent burden: 410.0

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 (65%)
• Race & ethnicity: Black 65% White 28% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Romanian 4% Lithuanian 1% German 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Arabic 2% Spanish 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: ▼ -150.40%
• Current HPI: 181.4961
• Rent YoY: ▲ 5.10%
• 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

+190.6% since first listed

28 events — show timeline

• 2026-03-30 Listed $145,000 REALCOMP
• 2026-03-30 Listed $145,000 MiRealSource-MiMLS
• 2015-08-29 Sold (MLS) $22,000 MiRealSource-MiMLS
• 2015-08-29 Sold (MLS) $22,000 REALCOMP
• 2015-08-04 Listing Removed — REALCOMP
• 2015-08-04 Pending — MiRealSource-MiMLS
• 2015-07-24 Listed $29,900 MiRealSource-MiMLS
• 2015-07-24 Listed $29,900 REALCOMP
• 2011-06-17 Sold (MLS) $22,000 REALCOMP
• 2011-06-17 Sold (MLS) $22,000 MiRealSource-MiMLS
• 2011-06-12 Listing Removed — MiRealSource-MiMLS
• 2011-05-19 Listed $24,900 REALCOMP
• 2011-05-19 Listed $24,900 MiRealSource-MiMLS
• 2009-04-17 Listing Removed — MiRealSource-MiMLS
• 2009-04-17 Listing Removed — REALCOMP
• 2009-03-04 Listed $49,900 MiRealSource-MiMLS
• 2009-03-04 Listed $49,900 REALCOMP
• 2007-12-18 Sold (MLS) $38,000 MiRealSource-MiMLS
• 2007-12-18 Sold (MLS) $38,000 REALCOMP
• 2007-12-17 Listing Removed — MiRealSource-MiMLS
• 2007-11-28 Listing Removed — REALCOMP
• 2007-11-28 Listing Removed — MiRealSource-MiMLS
• 2007-11-28 Listed $39,500 MiRealSource-MiMLS
• 2007-11-28 Listed $39,500 REALCOMP
• 2007-09-24 Listed $49,900 REALCOMP
• 2007-09-20 Listing Removed — REALCOMP
• 2007-05-21 Listed $55,900 REALCOMP
• 2007-05-21 Listed $49,900 MiRealSource-MiMLS

Property tax history

+2.0%/yr

Latest (2025): $1,494 · -63.6% YoY. Source: county tax records.