4204 Hipp St · Dearborn Heights, MI 48125

$124,900

4 bd · 1.0 ba · 1,296 sqft · SingleFamily public records · 6 Days on market

Built 1925 5,227 sqft lot Est $172k · 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 +28.3/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity knocks!! Great potential! Four bedroom bungalow with a huge, extra deep garage at a really great price!! Harwood floors and oak kitchen. 2 bedrooms, a large sitting room and full bath up. Price reflects needed repairs and or updates. Being sold strictly as-is. .. seller will do no cleanout nor any repairs. No FHA or VA offers please. All sizes shown are strictly estimates. Information contained in this listing is deemed reliable but not guaranteed. .. .. .buyer or buyer's agent to verify all information. Seller will not consider offers where purchaser has not viewed the property first. Taxes are currently non-homestead but will be rated at a lower millage for an owner occupant buyer. Purchaser to order any required city inspection and perform city repairs after closing at purchaser's expense. Current inspection list in documents/disclosures. Owner is a licensed broker in the state of Michigan. A licensed agent must be physically present for all showings…NO EXCEPTIONS.

Key facts

• 5,227 sq ft lot
• 2 garage spots
• Built 1925

Property features AI

Exterior

• Parking: Detached garage; Approximately 2.5 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories; Ground-level entry with steps; Vinyl siding
• Construction: Block foundation
• Exterior features: Covered porch; Paved road access

Interior

• Kitchen: No kitchen appliance list provided
• Bedrooms: Total of 7 rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Ceiling fan(s); No central cooling
• Interior features: Gas water heater; Unfinished basement
• Laundry & utility: Has heating

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $-61 ($-736/yr) — negative.
• To cash-flow at today's rent, offer at most $114k (8.7% below list).
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $114k (8.7% below list) — sets the bar for cash-flow.
• Cap rate 10.1% vs local median 5.5% in Dearborn Heights — 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 79/100 on livability (#82 in MI, #1,885 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools C-, crime D+, employment D+.
• Dearborn Heights School District #7 (suburban): math 13% / reading 26% proficiency, ranked #466 of 540 in MI (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.0%/yr); 137 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 36% of the median local income ($60k/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 $864 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.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 15y 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 $25k; list at $125k implies a 400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; flood insurance adds $460/mo; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $114,060 (8.7% 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 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is D 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: 1.44% ✓
• Cap rate: 10.13%
• Cash-on-cash: 13.69%
• DSCR: 1.61
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $172,368
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4204 Hipp St	0.00mi	4/1.0	1,296 (0%)	0mo	$95,000	$73	100
4204 Hipp St	0.00mi	4/1.0	1,296 (0%)	0mo	$95,000	$73	100
4670 Pelham St	0.45mi	4/1.0	1,272 (-2%)	0mo	$120,000	$94	76
20616 Powers Ave	0.41mi	3/1.0 (-1)	1,288 (-1%)	3mo	$150,000	$116	72
4196 Clippert St	0.38mi	3/1.0 (-1)	1,243 (-4%)	2mo	$189,500	$152	69
4475 Ziegler St	0.37mi	3/1.0 (-1)	1,200 (-7%)	2mo	$200,000	$167	64
3465 Byrd St	0.70mi	4/1.0	1,268 (-2%)	2mo	$217,000	$171	62
4433 Mayfair St	0.18mi	3/1.5 (-1)	1,475 (+14%)	1mo	$196,000	$133	61
4994 Campbell St	0.51mi	3/1.0 (-1)	1,422 (+10%)	1mo	$167,000	$117	54
4428 Bedford St	0.69mi	3/2.0 (-1)	1,370 (+6%)	4mo	$158,000	$115	46
4928 Culver St	0.71mi	3/2.0 (-1)	1,407 (+9%)	2mo	$205,000	$146	42
3238 Harding St	0.65mi	3/2.0 (-1)	1,173 (-10%)	3mo	$220,000	$188	42

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 · 2.03% rent growth · sell at horizon

5-year hold

• IRR: -21.3%
• Equity multiple: 0.27×
• Total profit: $-25,481
• Equity at exit: $18,623

10-year hold

• IRR: -18.3%
• Equity multiple: 0.07×
• Total profit: $-32,573
• Equity at exit: $10,799

Cash invested: $34,972 (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 48125

• Rents YoY: 2.0%
• Active inventory: 137
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,804 high
• Mortgage (P&I): −$655
• Tax from tax record: −$319 /mo · $3,833/yr
• Insurance: −$52
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $-61

Break-even live

Break-even rent $1,882

Max offer price $114,060

Occupancy floor 98%

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20728 Carlysle St Dearborn, MI	3.0	1.0	1087	$1,850	$1.70	1d	1	0.32mi
4638 Gertrude St Dearborn Heights, MI	3.0	1.0	1020	$1,700	$1.67	5d	1	0.37mi
4704 Jackson St Dearborn Heights, MI	3.0	1.0	1000	$1,500	$1.50	22d	1	0.39mi
4631 Ziegler St Dearborn Heights, MI	3.0	1.0	1050	$1,650	$1.57	43d	1	0.42mi
4810 Campbell St Dearborn Heights, MI	3.0	1.0	1000	$1,700	$1.70	1d	1	0.44mi
4757 Dudley St Dearborn Heights, MI	3.0	1.0	995	$1,350	$1.36	11d	1	0.56mi
3620 Monroe St Dearborn, MI	3.0	2.0	1100	$1,800	$1.64	10d	1	0.72mi
2631 Woodside St Dearborn, MI	3.0	1.0	894	$1,650	$1.85	1d	1	0.83mi
4934 McKinley St Dearborn Heights, MI	3.0	1.0	1051	$1,700	$1.62	1d	1	0.84mi
5371 Culver St Dearborn Heights, MI	3.0	1.0	980	$1,500	$1.53	11d	1	0.84mi
5371 Culver St Dearborn Heights, MI	3.0	1.0	980	$1,450	$1.48	2d	1	0.84mi
21337 Audette St Dearborn, MI	3.0	1.0	964	$1,850	$1.92	43d	1	0.88mi
4565 Fleming St Dearborn Heights, MI	3.0	1.0	1200	$1,600	$1.33	10d	1	0.91mi
3901 Academy St Dearborn Heights, MI	4.0	2.0	1400	$2,100	$1.50	1d	1	1.28mi
2823 Queen St Dearborn, MI	3.0	2.0	1400	$1,599	$1.14	18d	1	1.42mi
1829 Walnut St Dearborn, MI	3.0	1.5	1752	$1,800	$1.03	22d	1	1.43mi

Listing history 11 events

1. 2026-05-18
   status Pending 1014-char remark

   Show marketing remark (1014 chars)

   Opportunity knocks!! Great potential! Four bedroom bungalow with a huge, extra deep garage at a really great price!! Harwood floors and oak kitchen. 2 bedrooms, a large sitting room and full bath up. Price reflects needed repairs and or updates. Being sold strictly as-is. .. seller will do no cleanout nor any repairs. No FHA or VA offers please. All sizes shown are strictly estimates. Information contained in this listing is deemed reliable but not guaranteed. .. .. .buyer or buyer's agent to verify all information. Seller will not consider offers where purchaser has not viewed the property first. Taxes are currently non-homestead but will be rated at a lower millage for an owner occupant buyer. Purchaser to order any required city inspection and perform city repairs after closing at purchaser's expense. Current inspection list in documents/disclosures. Owner is a licensed broker in the state of Michigan. A licensed agent must be physically present for all showings…NO EXCEPTIONS.

2. 2026-05-18
   status Pending

   Show marketing remark (1014 chars)

   Opportunity knocks!! Great potential! Four bedroom bungalow with a huge, extra deep garage at a really great price!! Harwood floors and oak kitchen. 2 bedrooms, a large sitting room and full bath up. Price reflects needed repairs and or updates. Being sold strictly as-is. .. seller will do no cleanout nor any repairs. No FHA or VA offers please. All sizes shown are strictly estimates. Information contained in this listing is deemed reliable but not guaranteed. .. .. .buyer or buyer's agent to verify all information. Seller will not consider offers where purchaser has not viewed the property first. Taxes are currently non-homestead but will be rated at a lower millage for an owner occupant buyer. Purchaser to order any required city inspection and perform city repairs after closing at purchaser's expense. Current inspection list in documents/disclosures. Owner is a licensed broker in the state of Michigan. A licensed agent must be physically present for all showings…NO EXCEPTIONS.

3. 2026-05-12
   listed $124,900 Active 1014-char remark

   Show marketing remark (1014 chars)

   Opportunity knocks!! Great potential! Four bedroom bungalow with a huge, extra deep garage at a really great price!! Harwood floors and oak kitchen. 2 bedrooms, a large sitting room and full bath up. Price reflects needed repairs and or updates. Being sold strictly as-is. .. seller will do no cleanout nor any repairs. No FHA or VA offers please. All sizes shown are strictly estimates. Information contained in this listing is deemed reliable but not guaranteed. .. .. .buyer or buyer's agent to verify all information. Seller will not consider offers where purchaser has not viewed the property first. Taxes are currently non-homestead but will be rated at a lower millage for an owner occupant buyer. Purchaser to order any required city inspection and perform city repairs after closing at purchaser's expense. Current inspection list in documents/disclosures. Owner is a licensed broker in the state of Michigan. A licensed agent must be physically present for all showings…NO EXCEPTIONS.

4. 2026-05-12
   listed $124,900 Active

   Show marketing remark (1014 chars)

   Opportunity knocks!! Great potential! Four bedroom bungalow with a huge, extra deep garage at a really great price!! Harwood floors and oak kitchen. 2 bedrooms, a large sitting room and full bath up. Price reflects needed repairs and or updates. Being sold strictly as-is. .. seller will do no cleanout nor any repairs. No FHA or VA offers please. All sizes shown are strictly estimates. Information contained in this listing is deemed reliable but not guaranteed. .. .. .buyer or buyer's agent to verify all information. Seller will not consider offers where purchaser has not viewed the property first. Taxes are currently non-homestead but will be rated at a lower millage for an owner occupant buyer. Purchaser to order any required city inspection and perform city repairs after closing at purchaser's expense. Current inspection list in documents/disclosures. Owner is a licensed broker in the state of Michigan. A licensed agent must be physically present for all showings…NO EXCEPTIONS.

5. 2012-02-28
   soldstatus $25,000 277-char remark

   Show marketing remark (277 chars)

   This adorable cape cod has great potential! Hardwood floors, 4 bedroom, living room and family room. Priced below market value. All measurements appx. This is a Fannie Mae Homepath property. Check Homepath website special offers for more details. Eligibility restrictions apply

6. 2012-02-28
   soldstatus $25,000

   Show marketing remark (277 chars)

   This adorable cape cod has great potential! Hardwood floors, 4 bedroom, living room and family room. Priced below market value. All measurements appx. This is a Fannie Mae Homepath property. Check Homepath website special offers for more details. Eligibility restrictions apply

7. 2012-02-21
   historical 277-char remark

   Show marketing remark (277 chars)

   This adorable cape cod has great potential! Hardwood floors, 4 bedroom, living room and family room. Priced below market value. All measurements appx. This is a Fannie Mae Homepath property. Check Homepath website special offers for more details. Eligibility restrictions apply

8. 2012-02-21
   historical

   Show marketing remark (277 chars)

   This adorable cape cod has great potential! Hardwood floors, 4 bedroom, living room and family room. Priced below market value. All measurements appx. This is a Fannie Mae Homepath property. Check Homepath website special offers for more details. Eligibility restrictions apply

9. 2011-12-05
   listed $27,000 277-char remark

   Show marketing remark (277 chars)

   This adorable cape cod has great potential! Hardwood floors, 4 bedroom, living room and family room. Priced below market value. All measurements appx. This is a Fannie Mae Homepath property. Check Homepath website special offers for more details. Eligibility restrictions apply

10. 2011-12-05
    listed $27,000

    Show marketing remark (277 chars)

    This adorable cape cod has great potential! Hardwood floors, 4 bedroom, living room and family room. Priced below market value. All measurements appx. This is a Fannie Mae Homepath property. Check Homepath website special offers for more details. Eligibility restrictions apply

11. 2003-07-08
    soldstatus $84,800

ⓘ 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: $3,833 · $319/mo
• Projected year-2 tax: $3,833 · $319/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 AE · 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 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,653
• − Mortgage interest: −$6,996
• − Property taxes: −$3,833
• − Insurance: −$6,150
• − Repairs & maintenance: −$1,732
• − Management: −$1,732
• − Depreciation: −$3,633
• Taxable loss: −$2,424
• Est. tax savings @ 24.0%: +$582
• After-tax cash flow: $-155/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 Heights School District #7
• NCES district ID: 2611610
• Math proficiency: 13% ▼ -10.00%
• Reading proficiency: 26% ▼ -7.00%
• Median HH income: $47,468
• Composite: 17.21/100
• National rank: #9101
• State rank: #466 of 540 in MI

Livability — Dearborn Heights

• Score: 79/100
• State rank: #82
• US rank: #1885

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dearborn Heights, MI
• County: Wayne County · 1,562,939 people
• City population: 61,771
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 22,125
• Household income: $60,195
• Rent vs Own: 32.1% rent · 67.9% own
• Severe rent burden: 654.0

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 (76%)
• Race & ethnicity: White 76% Black 10% Two or more races 9% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 11% Arab 3% Slovak 2%
• Foreign-born: 11% · Canada
• Languages at home: 82% English-only · Arabic 13% Spanish 3% Russian/Polish/Slavic 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: ▼ -214.70%
• Current HPI: 218.4698
• Rent YoY: ▲ 2.03%
• 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

+47.3% since first listed

11 events — show timeline

• 2026-05-18 Pending — MiRealSource-MiMLS
• 2026-05-18 Pending — REALCOMP
• 2026-05-12 Listed $124,900 REALCOMP
• 2026-05-12 Listed $124,900 MiRealSource-MiMLS
• 2012-02-28 Sold (MLS) $25,000 MiRealSource-MiMLS
• 2012-02-28 Sold (MLS) $25,000 REALCOMP
• 2012-02-21 Listing Removed — MiRealSource-MiMLS
• 2012-02-21 Listing Removed — REALCOMP
• 2011-12-05 Listed $27,000 MiRealSource-MiMLS
• 2011-12-05 Listed $27,000 REALCOMP
• 2003-07-08 Sold (Public Records) $84,800 Public Records

Property tax history

+5.1%/yr

Latest (2025): $3,833 · -5.8% YoY. Source: county tax records.