21555 Panama Ave · Warren, MI 48091

$144,500

3 bd · 1.0 ba · 1,768 sqft · SingleFamily · 27 Days on market

Built 1948 Average condition 4,792 sqft lot Est $173k · 17% 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 +19.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +5.3/10.0
• Livability +3.7/5.0
• Rent growth +3.1/5.0
• Condition / age +2.8/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well Maintained and Updated Bungalow offers open floor plan - Living Rm to Dining Rm to Renovated Kitchen- all Appliances included, Hardwood floors under carpet, Nice Size First Floor Bedrooms, Spacious 2nd flr Primary Bedroom, Renovated Bathroom, Programmable Thermostat, Copper & PEX Plumbing, Roof 2026, Thermal Windows, Newer Furnace/CA/Water Heater, Partially finished basement -Full Size Pool Table will stay. Fenced Yard -No FHA

Key facts

• Open floor plan
• Renovated bathroom
• Copper plumbing

Tags

• OPEN FLOOR PLAN
• RENOVATED KITCHEN
• HARDWOOD FLOORS
• RENOVATED BATHROOM
• PROGRAMMABLE THERMOSTAT
• COPPER PLUMBING

Property features AI

Finance

• Other: Pets allowed
• HOA & community: Sidewalks

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories; Ground-level entry with steps
• Construction: Aluminum and vinyl siding; Block foundation; Asphalt roof; Built with above-grade and below-grade finished areas
• Exterior features: Porch; Back yard fencing; Shed(s)

Interior

• Kitchen: Oven; Self-cleaning oven; Free-standing electric oven; Gas water heater; Dishwasher; Disposal; Microwave; Free-standing refrigerator
• Bedrooms: Total of 7 rooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Forced air heating (natural gas)
• Interior features: Ceiling fans; Humidifier; Partial finished basement (full, partially finished); Lighting
• Laundry & utility: Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $144k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $144k).
• Recommended offer: $142k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 5.2% in Warren — 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 74/100 on livability (#171 in MI, #4,491 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D, amenities D, employment D.
• Fitzgerald Public Schools (urban): math 8% / reading 23% proficiency, ranked #503 of 540 in MI (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.4%/yr); 169 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).
• This rent runs 33% of the median local income ($54k/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 $999 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($142k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $142,332 (1.5% below list)

Questions for the listing agent

1. Built in 1948 — 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. 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?
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: 1.03% ✓
• Cap rate: 7.75%
• Cash-on-cash: 5.21%
• DSCR: 1.23
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $173,264
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21535 Syracuse Ave	0.12mi	3/1.0	1,800 (+2%)	7mo	$135,000	$75	86
21417 Syracuse Ave	0.19mi	3/1.5	1,782 (+1%)	10mo	$165,000	$93	80
21486 Syracuse Ave	0.16mi	3/1.5	1,728 (-2%)	12mo	$185,000	$107	76
22847 Panama Ave	0.46mi	3/1.0	1,748 (-1%)	6mo	$160,000	$92	72
22600 Audrey Ave	0.44mi	3/1.0	1,750 (-1%)	10mo	$207,000	$118	69
21554 Atlantic Ave	0.18mi	2/1.0 (-1)	1,560 (-12%)	3mo	$145,000	$93	64
21505 Audrey Ave	0.28mi	3/1.5	1,982 (+12%)	4mo	$200,000	$101	62
21137 Curie Ave	0.28mi	4/2.0 (+1)	1,600 (-10%)	2mo	$215,000	$134	60
21426 Syracuse Ave	0.19mi	4/2.0 (+1)	1,944 (+10%)	11mo	$155,000	$80	56
20797 Albany St	0.43mi	3/2.0	1,651 (-7%)	11mo	$162,000	$98	56
22610 Karam Ct	0.49mi	3/2.0	1,874 (+6%)	10mo	$183,000	$98	55
20811 Doepfer Rd	0.51mi	3/1.5	1,940 (+10%)	9mo	$182,000	$94	51

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 · 2.35% rent growth · sell at horizon

5-year hold

• IRR: -8.9%
• Equity multiple: 0.67×
• Total profit: $-13,174
• Equity at exit: $21,545

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-890
• Equity at exit: $12,494

Cash invested: $40,460 (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 48091

• Rents YoY: 2.4%
• Active inventory: 169
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,486 high
• Mortgage (P&I): −$758
• Tax est. 1.5%: −$181 /mo · $2,168/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $176

Break-even live

Break-even rent $1,264

Max offer price $144,500

Occupancy floor 83%

Sensitivity live

Price	-10% $275	-5% $226	+0% $176	+5% $126	+10% $76
Rent	-10% $58	-5% $117	+0% $176	+5% $234	+10% $293
Rate	-1.0pp $248	-0.5pp $212	base $176	+0.5pp $138	+1.0pp $100

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: $36,125
• Closing costs: $4,335
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20058 Bloom St Detroit, MI	4.0	1.0	1350	$1,450	$1.07	17d	1	0.80mi
7044 Hudson Ave Warren, MI	3.0	1.5	1730	$1,700	$0.98	25d	1	0.92mi
3951 Los Angeles Ave Warren, MI	3.0	1.0	1258	$1,500	$1.19	25d	1	1.08mi
7568 Hudson Ave Unit 1 Warren, MI	3.0	1.0	1415	$1,100	$0.78	6d	1	1.11mi
7568 Hudson Ave Unit 2 Warren, MI	2.0	1.0	1415	$900	$0.64	6d	1	1.11mi
20042 Rogge St Detroit, MI	4.0	2.0	1232	$1,394	$1.13	44d	1	1.29mi
7256 Ready Ave Warren, MI	3.0	2.0	1300	$1,500	$1.15	25d	1	1.31mi
19458 Binder St Detroit, MI	3.0	1.5	1550	$1,500	$0.97	4d	1	1.41mi

Listing history 16 events

1. 2026-06-17
   status $144,500 Pending 27 DOM
2. 2026-06-17
   days on market $144,500 Active 27 DOM
3. 2026-06-16
   days on market $144,500 Active 26 DOM
4. 2026-06-15
   days on market $144,500 Active 25 DOM
5. 2026-06-13
   days on market $144,500 Active 23 DOM
6. 2026-06-13
   statusdays on market $144,500 Active 22 DOM
7. 2026-06-09
   days on market $144,500 Active Under Contract 19 DOM
8. 2026-06-08
   days on market $144,500 Active Under Contract 18 DOM
9. 2026-06-07
   days on market $144,500 Active Under Contract 17 DOM
10. 2026-06-04
    days on market $144,500 Active Under Contract 14 DOM
11. 2026-06-03
    days on market $144,500 Active Under Contract 13 DOM
12. 2026-06-02
    statusdays on market $144,500 Active Under Contract 12 DOM
13. 2026-06-01
    days on market $144,500 Active 11 DOM
14. 2026-05-31
    days on market $144,500 Active 10 DOM
15. 2026-05-21
    listed $149,500 Active 441-char remark

    Show marketing remark (441 chars)

    Well Maintained and Updated Bungalow offers open floor plan - Living Rm to Dining Rm to Renovated Kitchen- all Appliances included, Hardwood floors under carpet, Nice Size First Floor Bedrooms, Spacious 2nd flr Primary Bedroom, Renovated Bathroom, Programmable Thermostat, Copper & PEX Plumbing, Roof 2026, Thermal Windows, Newer Furnace/CA/Water Heater, Partially finished basement -Full Size Pool Table will stay. Fenced Yard -No FHA

16. 2026-05-21
    listed $149,500 Active

    Show marketing remark (441 chars)

    Well Maintained and Updated Bungalow offers open floor plan - Living Rm to Dining Rm to Renovated Kitchen- all Appliances included, Hardwood floors under carpet, Nice Size First Floor Bedrooms, Spacious 2nd flr Primary Bedroom, Renovated Bathroom, Programmable Thermostat, Copper & PEX Plumbing, Roof 2026, Thermal Windows, Newer Furnace/CA/Water Heater, Partially finished basement -Full Size Pool Table will stay. Fenced Yard -No FHA

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $17,836
• − Mortgage interest: −$8,094
• − Property taxes: −$2,168
• − Insurance: −$722
• − Repairs & maintenance: −$1,427
• − Management: −$1,427
• − Depreciation: −$4,204
• Taxable loss: −$205
• Est. tax savings @ 24.0%: +$49
• After-tax cash flow: $2,157/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.

Condition & rehab AI · 17 photos

Average 55/100 Moderate rehab

A moderately rehabbed bungalow with average condition, requiring some cosmetic updates to enhance its resale and rental value.

Repairs flagged

• Minor Kitchen cabinets — Light wear
• Minor Bathroom vanity — Light wear

Value-add opportunities

• Both Paint interior walls — Enhances curb appeal and interior aesthetics
• Both Replace carpet with hardwood — Improves durability and adds value
• Both Upgrade HVAC system — Improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Light wear	Minor	$500–3,000
Bathroom vanity · Light wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Replace carpet with hardwood — Improves durability and adds value ↑
• Both Upgrade HVAC system — Improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Fitzgerald Public Schools
• NCES district ID: 2614460
• Math proficiency: 8% ▼ -8.00%
• Reading proficiency: 23% ▼ -11.00%
• Median HH income: $34,828
• Composite: 12.67/100
• National rank: #9608
• State rank: #503 of 540 in MI

Livability — Warren

• Score: 74/100
• State rank: #171
• US rank: #4491

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warren, MI
• County: Macomb County · 638,552 people
• City population: 114,937
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 30,696
• Household income: $54,230
• Rent vs Own: 35.1% rent · 64.9% own
• Severe rent burden: 1296.0

Population outlook (Macomb County) Hauer SSP2

• Today (2025): 925,296 people
• By 2030: 948,226 · +2.5%
• By 2040: 983,961 · +6.3%
• By 2050: 1,010,200 · +9.2%
• By 2075: 1,076,222 · +16.3%
• By 2100: 1,077,065 · +16.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 47% Black 25% Asian 19% Two or more races 5% Hispanic / Latino 3% Native American 2%
• Common ancestry: Romanian 7% Lithuanian 2% Slovak 1%
• Foreign-born: 16% · Canada
• Languages at home: 77% English-only · Other Indo-European 14% Other Asian/Pacific 3% Russian/Polish/Slavic 2%

Political lean MEDSL · Macomb

• 2024 margin: R (+13.7) · D 42.2% · R 55.9% · Other 1.9%
• 2008→2024 swing: -22.3pp toward R · 2008: 8.6pp · 2024: -13.7pp
• All cycles: 2024: R+13.7 2020: R+8.1 2016: R+11.6 2012: D+4.0 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -199.66%
• Current HPI: 177.9273
• Rent YoY: ▲ 2.35%
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-21 Listed $149,500 REALCOMP
• 2026-05-21 Listed $149,500 MiRealSource-MiMLS