451 Miller Ave #211 · Rochester, MI 48307

$146,000

2 bd · 1.0 ba · 751 sqft · Condo public records · 27 Days on market

Built 1966 $194/sqft · 10% below area Est $162k · 10% under $320/mo HOA · 21% of rent

---

Why this score? — see what drove the D+ 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 +12.2/30.0
• ARV discount +11.8/15.0
• Schools +5.9/10.0
• 1% rule +5.7/10.0
• Livability +3.8/5.0
• DSCR +3.6/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this charming 2-bedroom, 1-bath end-unit condo, filled with natural light. Tucked in a peaceful, serene setting, this condo is just moments from the heart of downtown Rochester. Step inside to find beautiful hardwood floors and a warm, inviting layout that feels both comfortable and bright. The primary bedroom features brand-new carpet. Recent updates include fresh neutral paint, new dining light fixture, a granite bath countertop, and an updated electrical panel, offering a move-in-ready experience with a modern touch. Enjoy the best of both worlds with this ideal location. You're a short walk from the Paint Creek Trail and Clinton River Trail, perfect for morning strolls or weekend bike rides. Also, only two blocks from Main Street, where you'll find an array of restaurants, bars, boutique shops, and cozy coffee spots. Additional highlights include on-site storage, a designated carport, and an extra unassigned parking space. This unit offers the flexibility to be used as a rental, making it a great opportunity for both homeowners and investors. Located within the award-winning Rochester Schools, this condo offers comfort, convenience, and a place that truly feels like home. For added peace of mind, the seller is offering a one-year home warranty with America's Preferred.

Key facts

• On-site storage
• End-unit condo
• Designated carport

Tags

• END-UNIT CONDO
• HARDWOOD FLOORS
• GRANITE BATH COUNTERTOP
• UPDATED ELECTRICAL PANEL
• ON-SITE STORAGE
• DESIGNATED CARPORT

Property features AI

Finance

• HOA & community: Homeowners association with monthly fee of $320; HOA fee covers gas, grounds maintenance, sewer, snow removal, trash and water

Exterior

• Parking: No garage; Carport
• Utilities: Public water; Public sewer
• Home design: Condominium (residential); One level; Upper-level entry with steps; Brick construction
• Construction: Brick exterior; Unfinished basement
• Exterior features: Paved road access; Pets allowed

Interior

• Kitchen: Dishwasher, Disposal, Free‑standing gas oven, Free‑standing refrigerator
• Bedrooms: Total of 5 rooms (includes bedrooms and living areas)
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating (natural gas); Ceiling fan(s), Wall cooling unit(s)
• Interior features: Dishwasher, Disposal, Free‑standing gas oven, Free‑standing refrigerator; Ceiling fans and wall cooling units; Baseboard heating (natural gas); Unfinished basement
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $146k.

Deal economics

• At list price, monthly cash flow is $-29 ($-352/yr) — negative.
• To cash-flow at today's rent, offer at most $141k (3.6% below list).
• Meets the 1% rule at list price ($2k rent vs $146k).
• Recommended offer: $141k (3.6% below list) — sets the bar for cash-flow.
• Cap rate 6.1% vs local median 2.2% in Rochester — 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 76/100 on livability (#150 in MI, #3,744 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D+, amenities D, health & safety D.
• Rochester Community School District (suburban): math 60% / reading 69% proficiency, ranked #21 of 540 in MI (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.8%/yr); 208 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent is only 18% of the median local income ($107k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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.
• Oakland County population projected at +10% 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 ($144k) is reasonable based on typical stale-listing flexibility.
• 7 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.
• Current owner paid $95k; list at $146k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $140,814 (3.6% 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 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.07% ✓
• Cap rate: 6.05%
• Cash-on-cash: -0.86%
• DSCR: 0.96
• GRM: 7.8

CMA / ARV

• ARV (median comp): $161,567
• List price: $146,000
• Delta: -9.64%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.78% rent growth · sell at horizon

5-year hold

• IRR: -19.3%
• Equity multiple: 0.33×
• Total profit: $-27,240
• Equity at exit: $21,769

10-year hold

• IRR: -15.1%
• Equity multiple: 0.19×
• Total profit: $-32,973
• Equity at exit: $12,623

Cash invested: $40,880 (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 48307

• Rents YoY: 1.8%
• Active inventory: 208
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,559 high
• Mortgage (P&I): −$766
• Tax from tax record: −$114 /mo · $1,372/yr
• Insurance: −$61
• HOA: −$320
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $-29

Break-even live

Break-even rent $1,596

Max offer price $140,814

Occupancy floor 97%

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: $36,500
• Closing costs: $4,380
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
480 Baldwin Ave #20 Rochester, MI	2.0	1.0	839	$1,400	$1.67	43d	1	0.10mi
440 Baldwin Ave Rochester, MI	2.0	1.0	1050	$1,350	$1.29	43d	1	0.11mi
430 Baldwin Ave #75 Rochester, MI	2.0	1.0	997	$1,450	$1.45	43d	1	0.12mi
701 Green Cir Rochester, MI	1.0–3.0	1.0–2.5	1133	$2,030	$1.79	1d	48	0.30mi
801 Plate St Rochester, MI	1.0–2.0	1.0	627	$1,400	$2.23	43d	2	0.36mi
803 Plate St #207 Rochester, MI	1.0	1.0	627	$1,050	$1.67	43d	1	0.39mi
805 Plate St #103 Rochester, MI	1.0	1.0	670	$1,025	$1.53	23d	1	0.39mi
454 Romeo St Rochester, MI	2.0	1.0	817	$1,500	$1.84	17d	1	0.43mi
500 Romeo Rd #114 Rochester, MI	1.0	1.0	618	$1,200	$1.94	43d	1	0.46mi
112 Walnut Blvd Rochester, MI	1.0–3.0	1.0–2.0	1171	$2,650	$2.26	43d	3	0.56mi
112 Walnut Blvd Rochester, MI	1.0–2.0	1.0–2.0	966	$3,270	$3.39	14d	6	0.56mi
133 Terry Ave Unit 2 Rochester, MI	1.0	1.0	650	$975	$1.50	4d	1	0.58mi
120 Campbell St Unit 1 Rochester, MI	1.0	1.0	850	$1,085	$1.28	43d	1	0.70mi
329 1st St Rochester, MI	2.0	2.0	1100	$1,850	$1.68	43d	1	0.73mi
1454 N Rochester Rd Rochester Hills, MI	1.0–2.0	1.0–2.0	954	$2,745	$2.88	1d	3	0.92mi
930 W 3rd St Rochester, MI	2.0	1.0	977	$2,200	$2.25	2d	1	1.01mi
1685 Bedford Square Dr Rochester Hills, MI	1.0–2.0	1.0–2.0	950	$1,825	$1.92	1d	13	1.31mi

HOA detail condo

• Monthly dues: $320 · $3,840/yr
• Likely covers: electricparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-10
   status $146,000 Pending 27 DOM
2. 2026-06-09
   days on market $146,000 Active 27 DOM

   Show marketing remark (1309 chars)

   Welcome home to this charming 2-bedroom, 1-bath end-unit condo, filled with natural light. Tucked in a peaceful, serene setting, this condo is just moments from the heart of downtown Rochester. Step inside to find beautiful hardwood floors and a warm, inviting layout that feels both comfortable and bright. The primary bedroom features brand-new carpet. Recent updates include fresh neutral paint, new dining light fixture, a granite bath countertop, and an updated electrical panel, offering a move-in-ready experience with a modern touch. Enjoy the best of both worlds with this ideal location. You're a short walk from the Paint Creek Trail and Clinton River Trail, perfect for morning strolls or weekend bike rides. Also, only two blocks from Main Street, where you'll find an array of restaurants, bars, boutique shops, and cozy coffee spots. Additional highlights include on-site storage, a designated carport, and an extra unassigned parking space. This unit offers the flexibility to be used as a rental, making it a great opportunity for both homeowners and investors. Located within the award-winning Rochester Schools, this condo offers comfort, convenience, and a place that truly feels like home. For added peace of mind, the seller is offering a one-year home warranty with America's Preferred.

3. 2026-06-08
   days on market $146,000 Active 26 DOM
4. 2026-06-07
   days on market $146,000 Active 25 DOM
5. 2026-06-04
   days on market $146,000 Active 22 DOM
6. 2026-06-03
   days on market $146,000 Active 21 DOM
7. 2026-06-02
   days on market $146,000 Active 20 DOM
8. 2026-06-01
   days on market $146,000 Active 19 DOM
9. 2026-05-31
   days on market $146,000 Active 18 DOM
10. 2026-05-13
    listed $146,000 Active 1309-char remark

    Show marketing remark (1309 chars)

    Welcome home to this charming 2-bedroom, 1-bath end-unit condo, filled with natural light. Tucked in a peaceful, serene setting, this condo is just moments from the heart of downtown Rochester. Step inside to find beautiful hardwood floors and a warm, inviting layout that feels both comfortable and bright. The primary bedroom features brand-new carpet. Recent updates include fresh neutral paint, new dining light fixture, a granite bath countertop, and an updated electrical panel, offering a move-in-ready experience with a modern touch. Enjoy the best of both worlds with this ideal location. You're a short walk from the Paint Creek Trail and Clinton River Trail, perfect for morning strolls or weekend bike rides. Also, only two blocks from Main Street, where you'll find an array of restaurants, bars, boutique shops, and cozy coffee spots. Additional highlights include on-site storage, a designated carport, and an extra unassigned parking space. This unit offers the flexibility to be used as a rental, making it a great opportunity for both homeowners and investors. Located within the award-winning Rochester Schools, this condo offers comfort, convenience, and a place that truly feels like home. For added peace of mind, the seller is offering a one-year home warranty with America's Preferred.

11. 2026-05-13
    historical

    Show marketing remark (1309 chars)

    Welcome home to this charming 2-bedroom, 1-bath end-unit condo, filled with natural light. Tucked in a peaceful, serene setting, this condo is just moments from the heart of downtown Rochester. Step inside to find beautiful hardwood floors and a warm, inviting layout that feels both comfortable and bright. The primary bedroom features brand-new carpet. Recent updates include fresh neutral paint, new dining light fixture, a granite bath countertop, and an updated electrical panel, offering a move-in-ready experience with a modern touch. Enjoy the best of both worlds with this ideal location. You're a short walk from the Paint Creek Trail and Clinton River Trail, perfect for morning strolls or weekend bike rides. Also, only two blocks from Main Street, where you'll find an array of restaurants, bars, boutique shops, and cozy coffee spots. Additional highlights include on-site storage, a designated carport, and an extra unassigned parking space. This unit offers the flexibility to be used as a rental, making it a great opportunity for both homeowners and investors. Located within the award-winning Rochester Schools, this condo offers comfort, convenience, and a place that truly feels like home. For added peace of mind, the seller is offering a one-year home warranty with America's Preferred.

12. 2026-05-13
    historical

    Show marketing remark (1309 chars)

    Welcome home to this charming 2-bedroom, 1-bath end-unit condo, filled with natural light. Tucked in a peaceful, serene setting, this condo is just moments from the heart of downtown Rochester. Step inside to find beautiful hardwood floors and a warm, inviting layout that feels both comfortable and bright. The primary bedroom features brand-new carpet. Recent updates include fresh neutral paint, new dining light fixture, a granite bath countertop, and an updated electrical panel, offering a move-in-ready experience with a modern touch. Enjoy the best of both worlds with this ideal location. You're a short walk from the Paint Creek Trail and Clinton River Trail, perfect for morning strolls or weekend bike rides. Also, only two blocks from Main Street, where you'll find an array of restaurants, bars, boutique shops, and cozy coffee spots. Additional highlights include on-site storage, a designated carport, and an extra unassigned parking space. This unit offers the flexibility to be used as a rental, making it a great opportunity for both homeowners and investors. Located within the award-winning Rochester Schools, this condo offers comfort, convenience, and a place that truly feels like home. For added peace of mind, the seller is offering a one-year home warranty with America's Preferred.

13. 2026-05-13
    listed $146,000 Active

    Show marketing remark (1309 chars)

    Welcome home to this charming 2-bedroom, 1-bath end-unit condo, filled with natural light. Tucked in a peaceful, serene setting, this condo is just moments from the heart of downtown Rochester. Step inside to find beautiful hardwood floors and a warm, inviting layout that feels both comfortable and bright. The primary bedroom features brand-new carpet. Recent updates include fresh neutral paint, new dining light fixture, a granite bath countertop, and an updated electrical panel, offering a move-in-ready experience with a modern touch. Enjoy the best of both worlds with this ideal location. You're a short walk from the Paint Creek Trail and Clinton River Trail, perfect for morning strolls or weekend bike rides. Also, only two blocks from Main Street, where you'll find an array of restaurants, bars, boutique shops, and cozy coffee spots. Additional highlights include on-site storage, a designated carport, and an extra unassigned parking space. This unit offers the flexibility to be used as a rental, making it a great opportunity for both homeowners and investors. Located within the award-winning Rochester Schools, this condo offers comfort, convenience, and a place that truly feels like home. For added peace of mind, the seller is offering a one-year home warranty with America's Preferred.

14. 2026-04-23
    listed $154,000 Active
15. 2026-04-23
    listed $154,000 Active
16. 2026-04-23
    historical
17. 2026-04-23
    historical
18. 2026-04-08
    listed $154,000 Active
19. 2026-04-08
    listed $154,000 Active
20. 2003-02-14
    soldstatus $95,000
21. 2000-01-25
    soldstatus $78,000
22. 1996-10-24
    soldstatus $62,810

ⓘ 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: $1,372 · $114/mo
• Projected year-2 tax: $1,810 · $151/mo
• Expected delta: +$438/yr (+$37/mo · 31.9%)

ⓘ 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 · 16 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: $18,705
• − Mortgage interest: −$8,178
• − Property taxes: −$1,372
• − Insurance: −$730
• − Repairs & maintenance: −$1,496
• − Management: −$1,496
• − HOA: −$3,840
• − Depreciation: −$4,247
• Taxable loss: −$2,655
• Est. tax savings @ 24.0%: +$637
• After-tax cash flow: $285/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: Rochester Community School District
• NCES district ID: 2629940
• Math proficiency: 60% ▼ -9.00%
• Reading proficiency: 69% ▼ -4.00%
• Median HH income: $89,242
• Composite: 58.53/100
• National rank: #994
• State rank: #21 of 540 in MI

Livability — Rochester

• Score: 76/100
• State rank: #150
• US rank: #3744

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rochester, MI
• County: Oakland County · 1,009,092 people
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 44,714
• Household income: $106,576
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 926.0

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 (74%)
• Race & ethnicity: White 74% Asian 14% Two or more races 6% Black 4% Hispanic / Latino 4%
• Common ancestry: Romanian 9% Lithuanian 3% Slovak 2%
• Foreign-born: 19% · Canada, China, South Korea
• Languages at home: 76% English-only · Other Indo-European 9% Spanish 3% Arabic 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: ▼ -339.13%
• Current HPI: 188.8794
• Rent YoY: ▲ 1.78%
• 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

+132.4% since first listed

17 events — show timeline

• 2026-06-09 Pending — MiRealSource-MiMLS
• 2026-06-09 Pending — REALCOMP
• 2026-06-02 Relisted — REALCOMP
• 2026-06-02 Listing Removed — REALCOMP
• 2026-05-13 Listing Removed — REALCOMP
• 2026-05-13 Listing Removed — MiRealSource-MiMLS
• 2026-05-13 Listed $146,000 REALCOMP
• 2026-05-13 Listed $146,000 MiRealSource-MiMLS
• 2026-04-23 Listed $154,000 REALCOMP
• 2026-04-23 Listing Removed — REALCOMP
• 2026-04-23 Listing Removed — MiRealSource-MiMLS
• 2026-04-23 Listed $154,000 MiRealSource-MiMLS
• 2026-04-08 Listed $154,000 REALCOMP
• 2026-04-08 Listed $154,000 MiRealSource-MiMLS
• 2003-02-14 Sold (Public Records) $95,000 Public Records
• 2000-01-25 Sold (Public Records) $78,000 Public Records
• 1996-10-24 Sold (Public Records) $62,810 Public Records

Property tax history

+6.1%/yr

Latest (2025): $1,372 · +2.9% YoY. Source: county tax records.