1203 W Mcnichols Rd · Highland Park, MI 48203

$122,000

4 bd · 1.0 ba · 1,815 sqft · SingleFamily public records · 66 Days on market

Built 1916 3,049 sqft lot $67/sqft · 19% below area Est $150k · 19% 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 +27.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +7.8/10.0
• Schools +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

RENTED HOME IN GOOD CONDITION BEING SOLD AS A PACKAGE WITH HOME NEXT DOOR

Key facts

• 3,049 sq ft lot
• Built 1916
• Listed 66 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $122k.

Deal economics

• At list price, monthly cash flow is $362 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $122k).
• Recommended offer: $115k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 14.2% in Highland Park — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 73/100 on livability (#214 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools F, crime F, employment F.
• Market conditions: 216 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $1,567/mo this rent would consume 49% of the median local household income ($38k/yr) (locally 1192% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $843 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 + 3.0% rent growth), your $34k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $8k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,680 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 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 1916 — 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 F-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: 1.28% ✓
• Cap rate: 9.85%
• Cash-on-cash: 12.71%
• DSCR: 1.57
• GRM: 6.5

CMA / ARV

• ARV (median comp): $150,244
• List price: $122,000
• Delta: -18.80%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
156 Hill St	0.05mi	3/1.5 (-1)	1,639 (-10%)	11mo	$154,000	$94	66
16570 Princeton St	0.59mi	4/1.5	1,839 (+1%)	9mo	$135,000	$73	61
16239 La Salle Ave	0.52mi	3/2.5 (-1)	1,783 (-2%)	2mo	$240,000	$135	60
161 Eason St	0.57mi	3/2.0 (-1)	1,848 (+2%)	8mo	$138,000	$75	55
16219 Normandy St	0.58mi	3/1.5 (-1)	1,860 (+2%)	10mo	$162,000	$87	54
163 Moss St	0.62mi	3/1.0 (-1)	1,678 (-8%)	4mo	$191,000	$114	50
16125 Linwood St	0.68mi	3/1.5 (-1)	1,927 (+6%)	1mo	$178,900	$93	50
44 Grove St	0.45mi	3/1.0 (-1)	1,646 (-9%)	10mo	$8,000	$5	50
123 Florence St	0.51mi	3/1.5 (-1)	1,900 (+5%)	14mo	$92,500	$49	50
16651 Lawton St	0.65mi	4/1.5	1,656 (-9%)	5mo	$90,000	$54	49
225 Moss St	0.58mi	3/1.5 (-1)	1,654 (-9%)	14mo	$65,000	$39	40
16147 Normandy St	0.62mi	3/1.5 (-1)	2,082 (+15%)	2mo	$189,000	$91	38

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.5%
• Equity multiple: 1.10×
• Total profit: $3,321
• Equity at exit: $18,191

10-year hold

• IRR: 12.1%
• Equity multiple: 1.96×
• Total profit: $32,745
• Equity at exit: $10,548

Cash invested: $34,160 (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 48203

• Home prices YoY: -23.3%
• Active inventory: 216
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,567 high
• Mortgage (P&I): −$640
• Tax from tax record: −$185 /mo · $2,224/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $362

Break-even live

Break-even rent $1,109

Max offer price $122,000

Occupancy floor 72%

Sensitivity live

Price	-10% $431	-5% $396	+0% $362	+5% $327	+10% $293
Rent	-10% $238	-5% $300	+0% $362	+5% $424	+10% $486
Rate	-1.0pp $423	-0.5pp $393	base $362	+0.5pp $330	+1.0pp $298

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: $30,500
• Closing costs: $3,660
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
326 Eason St Highland Park, MI	3.0	1.0	1256	$1,300	$1.04	18d	1	0.40mi
106 Geneva St Highland Park, MI	5.0	1.0	1920	$1,450	$0.76	11d	1	0.46mi
16503 Linwood St Detroit, MI	4.0	2.0	2415	$1,800	$0.75	4d	1	0.60mi
574 W Golden Gate Highland Park, MI	3.0	1.0	1315	$1,300	$0.99	44d	1	0.92mi
16582 Santa Rosa Dr Detroit, MI	3.0	1.0	1314	$1,399	$1.06	18d	1	1.28mi
17163 Prairie St Unit 1B Detroit, MI	3.0	1.5	1317	$1,350	$1.03	44d	1	1.41mi

Listing history 21 events

1. 2026-06-18
   days on market $122,000 Active 66 DOM
2. 2026-06-17
   days on market $122,000 Active 65 DOM
3. 2026-06-16
   days on market $122,000 Active 64 DOM
4. 2026-06-15
   days on market $122,000 Active 63 DOM
5. 2026-06-13
   days on market $122,000 Active 61 DOM
6. 2026-06-09
   days on market $122,000 Active 57 DOM
7. 2026-06-08
   days on market $122,000 Active 56 DOM
8. 2026-06-07
   days on market $122,000 Active 55 DOM
9. 2026-06-04
   days on market $122,000 Active 52 DOM
10. 2026-06-03
    days on market $122,000 Active 51 DOM
11. 2026-06-02
    days on market $122,000 Active 50 DOM
12. 2026-06-02
    remarks 186-char remark
13. 2026-06-01
    days on market $122,000 Active 49 DOM
14. 2026-05-31
    days on market $122,000 Active 48 DOM
15. 2026-05-12
    price $122,000 73-char remark

    Show marketing remark (73 chars)

    RENTED HOME IN GOOD CONDITION BEING SOLD AS A PACKAGE WITH HOME NEXT DOOR

16. 2026-05-11
    price $122,000 73-char remark

    Show marketing remark (73 chars)

    RENTED HOME IN GOOD CONDITION BEING SOLD AS A PACKAGE WITH HOME NEXT DOOR

17. 2026-05-11
    price $122,000

    Show marketing remark (73 chars)

    RENTED HOME IN GOOD CONDITION BEING SOLD AS A PACKAGE WITH HOME NEXT DOOR

18. 2026-04-13
    listed $130,000 Active 73-char remark

    Show marketing remark (73 chars)

    RENTED HOME IN GOOD CONDITION BEING SOLD AS A PACKAGE WITH HOME NEXT DOOR

19. 2026-04-13
    listed $130,000 Active 73-char remark

    Show marketing remark (73 chars)

    RENTED HOME IN GOOD CONDITION BEING SOLD AS A PACKAGE WITH HOME NEXT DOOR

20. 2026-04-13
    listed $130,000 Active

    Show marketing remark (73 chars)

    RENTED HOME IN GOOD CONDITION BEING SOLD AS A PACKAGE WITH HOME NEXT DOOR

21. 2023-07-31
    soldstatus $116,250

ⓘ 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: $2,224 · $185/mo
• Projected year-2 tax: $2,224 · $185/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 X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 6 d/yr ≥97°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,802
• − Mortgage interest: −$6,834
• − Property taxes: −$2,224
• − Insurance: −$610
• − Repairs & maintenance: −$1,504
• − Management: −$1,504
• − Depreciation: −$3,549
• Taxable income: $2,577
• Est. tax owed @ 24.0%: −$618
• After-tax cash flow: $3,724/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)

No district data.

Livability — Highland Park

• Score: 73/100
• State rank: #214
• US rank: #5271

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Highland Park, MI
• County: Wayne County · 1,562,939 people
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 20,049
• Household income: $38,404
• Rent vs Own: 48.7% rent · 51.3% own
• Severe rent burden: 1192.0

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 (85%)
• Race & ethnicity: Black 85% White 8% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% French/Haitian/Cajun 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: ▼ -90.13%
• Current HPI: 297.0176
• Rent YoY: —
• 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

+4.9% since first listed

7 events — show timeline

• 2026-05-12 Price Changed $122,000 MiRealSource-MiMLS
• 2026-05-11 Price Changed $122,000 REALCOMP
• 2026-05-11 Price Changed $122,000 SW Michigan MLS
• 2026-04-13 Listed $130,000 REALCOMP
• 2026-04-13 Listed $130,000 SW Michigan MLS
• 2026-04-13 Listed $130,000 MiRealSource-MiMLS
• 2023-07-31 Sold (Public Records) $116,250 Public Records

Property tax history

+2.8%/yr

Latest (2025): $2,224 · -18.5% YoY. Source: county tax records.