22324 Charter St · Southfield, MI 48033

$249,900

3 bd · 2.0 ba · 1,672 sqft · SingleFamily public records · 36 Days on market

Built 1940 0.48 ac lot $149/sqft · 18% below area Est $305k · 18% under

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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 +15.3/30.0
• ARV discount +15.0/15.0
• DSCR +4.7/10.0
• Livability +3.6/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks

22324 Charter Street, Southfield Ranch home on half-acre corner lot with 3 bedrooms, 2 full baths, 2.5-car garage, hardwood floors, fireplace, and circular driveway—prime location near shopping and dining. Spacious. Bright. Move-in ready. This 3-bedroom, 2 full bath ranch sits on a rare half-acre corner lot and checks all the boxes. Step into a sun-filled living room with hardwood floors, a cozy fireplace, and oversized windows that make the whole space feel open and inviting. The kitchen offers tons of cabinet space and room to cook, host, and gather. Outside, enjoy a circular driveway (hello, easy parking), a 2.5-car garage with extra storage, and a huge yard with endless potential

Key facts

• Huge yard
• Half-acre corner lot
• Cozy fireplace

Tags

• HALF-ACRE CORNER LOT
• CIRCULAR DRIVEWAY
• HUGE YARD
• SUN-FILLED LIVING ROOM
• COZY FIREPLACE
• TONS OF CABINET SPACE

Property features AI

Exterior

• Parking: Detached oversized garage with garage door opener (2.5 car capacity)
• Utilities: Public water; Sewer available
• Home design: Single-family residence; One story; Ground-level entry; Vinyl siding
• Construction: Asphalt roof
• Exterior features: Paved road access

Interior

• Kitchen: Dishwasher
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Ceiling fans; No central air
• Interior features: Gas water heater; Fireplace in family room (wood burning); 6 total rooms; Crawl space basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $93 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (20.9% below list).
• Recommended offer: $198k (20.9% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 4.4% in Southfield — 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 72/100 on livability (#248 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D, health & safety D, crime F.
• Southfield Public School District (urban): math 17% / reading 37% proficiency, ranked #392 of 540 in MI (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents soft (-2.0%/yr); 80 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); 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent runs 39% of the median local income ($61k/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 $2k of loan paydown is wiped out by about $7k 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 36 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 25y 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 $92k; list at $250k implies a 170% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $197,773 (20.9% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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: 0.79% ✗
• Cap rate: 6.74%
• Cash-on-cash: 1.60%
• DSCR: 1.07
• GRM: 10.5

CMA / ARV

• ARV (median comp): $305,297
• List price: $249,900
• Delta: -18.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25811 Briarbank Ave	0.12mi	4/2.0 (+1)	1,665 (-0%)	10mo	$323,000	$194	80
25220 Code Rd	0.12mi	4/2.0 (+1)	1,860 (+11%)	11mo	$285,000	$153	61
25611 Mulroy Dr	0.68mi	3/2.0	1,634 (-2%)	7mo	$295,500	$181	58
25822 Acacia St	0.64mi	3/1.5	1,855 (+11%)	1mo	$261,000	$141	49
25789 Code Rd	0.19mi	3/1.0	1,445 (-14%)	22mo	$192,000	$133	46
24697 Pembrooke Dr	0.53mi	4/2.5 (+1)	1,850 (+11%)	11mo	$400,000	$216	41
24390 Green Valley St	0.58mi	4/2.5 (+1)	1,900 (+14%)	6mo	$375,000	$197	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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.42×
• Total profit: $-40,488
• Equity at exit: $37,261

10-year hold

• IRR: -14.2%
• Equity multiple: 0.28×
• Total profit: $-50,541
• Equity at exit: $21,607

Cash invested: $69,972 (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 48033

• Rents YoY: -2.0%
• Active inventory: 80
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,978 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$55 /mo · $656/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $93

Break-even live

Break-even rent $1,860

Max offer price $249,900

Occupancy floor 90%

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22700 Civic Center Dr Southfield, MI	1.0–2.0	1.0–2.0	1025	$2,078	$2.03	1d	1	0.25mi
22266 Civic Center Dr Southfield, MI	1.0–2.0	1.0–2.0	1050	$1,505	$1.43	10d	8	0.29mi
23344 Park Place Dr Southfield, MI	1.0–2.0	1.0–2.0	1031	$2,080	$2.02	1d	13	0.53mi
23638 Civic Center Dr Southfield, MI	1.0–2.0	1.0–2.0	970	$1,230	$1.27	43d	1	0.67mi
21642 Hidden Rivers Dr N Southfield, MI	3.0	2.5	1754	$1,975	$1.13	2d	1	0.77mi
21727 Hidden Rivers Dr N Southfield, MI	4.0	3.5	1850	$2,300	$1.24	1d	1	0.78mi
23741 Pond Rd Southfield, MI	1.0–2.0	1.0–2.0	1189	$1,786	$1.50	1d	13	0.78mi
21642 Hidden Rivers Dr S #27 Southfield, MI	3.0	2.5	1354	$2,100	$1.55	43d	1	0.83mi
20800 Knob Woods Dr Southfield, MI	1.0–3.0	1.0–2.5	1625	$2,515	$1.55	1d	9	0.90mi
26717 Berg Rd Southfield, MI	2.0	1.0–2.0	795	$1,060	$1.33	43d	1	1.01mi
23404 Plum Hollow St Southfield, MI	3.0	1.5	1050	$2,000	$1.90	24d	1	1.03mi
20300 Civic Center Dr Southfield, MI	4.0	1.0–2.0	1200	$1,986	$1.65	1d	12	1.04mi
25582 Saint James Southfield, MI	3.0	2.5	1539	$2,600	$1.69	21d	1	1.12mi
25582 Saint James Southfield, MI	3.0	2.5	1539	$2,600	$1.69	24d	1	1.12mi
23275 Riverside Dr Southfield, MI	2.0–3.0	2.0–2.5	2088	$2,362	$1.13	1d	30	1.16mi
22419 Fairway Dr Southfield, MI	3.0	1.0	1262	$1,850	$1.47	24d	1	1.49mi

Listing history 37 events

1. 2026-06-09
   days on market $249,900 Active 36 DOM
2. 2026-06-08
   days on market $249,900 Active 35 DOM
3. 2026-06-07
   days on market $249,900 Active 34 DOM
4. 2026-06-04
   days on market $249,900 Active 31 DOM
5. 2026-06-03
   days on market $249,900 Active 30 DOM
6. 2026-06-02
   days on market $249,900 Active 29 DOM
7. 2026-06-01
   days on market $249,900 Active 28 DOM
8. 2026-05-31
   days on market $249,900 Active 27 DOM
9. 2026-05-04
   listed $249,900 Active 963-char remark
10. 2026-05-04
    listed $249,900 Active 988-char remark
11. 2015-06-04
    listed $1,200
12. 2013-06-30
    historical
13. 2013-05-22
    listed $1,100
14. 2013-02-28
    historical
15. 2013-01-04
    historical
16. 2012-05-08
    listed $49,900
17. 2012-05-08
    listed $49,900
18. 2011-12-30
    historical
19. 2011-12-30
    historical
20. 2011-01-05
    listed $88,700
21. 2011-01-05
    listed $88,700
22. 2010-05-28
    historical
23. 2010-05-08
    historical
24. 2009-12-07
    listed $89,500
25. 2009-12-07
    listed $89,900
26. 2008-10-27
    historical
27. 2008-03-26
    listed $139,900
28. 2008-03-26
    historical
29. 2007-11-19
    listed $139,900
30. 2007-11-19
    historical
31. 2007-07-19
    listed $144,900
32. 2005-02-08
    historical
33. 2004-05-19
    listed $199,900
34. 2002-03-13
    soldstatus $92,500
35. 2002-02-28
    soldstatus $277,500
36. 2001-11-30
    listed $95,000
37. 1994-09-16
    soldstatus $70,000

ⓘ 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: $656 · $55/mo
• Projected year-2 tax: $2,252 · $188/mo
• Expected delta: +$1,596/yr (+$133/mo · 243.3%)

ⓘ 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 · 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: $23,733
• − Mortgage interest: −$13,998
• − Property taxes: −$656
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,899
• − Management: −$1,899
• − Depreciation: −$7,270
• Taxable loss: −$3,238
• Est. tax savings @ 24.0%: +$777
• After-tax cash flow: $1,895/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: Southfield Public School District
• NCES district ID: 2632310
• Math proficiency: 17% ▼ -3.00%
• Reading proficiency: 37% ▲ 1.00%
• Median HH income: $51,400
• Composite: 23.77/100
• National rank: #7814
• State rank: #392 of 540 in MI

Livability — Southfield

• Score: 72/100
• State rank: #248
• US rank: #6175

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Southfield, MI
• County: Oakland County · 1,009,092 people
• City population: 54,914
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 17,277
• Household income: $61,016
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 1166.0

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 Black (68%)
• Race & ethnicity: Black 68% White 24% Two or more races 6% Asian 2% Hispanic / Latino 1%
• Common ancestry: Romanian 3% Scotch-Irish 1% Slovak 1%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 1% Arabic 1% Russian/Polish/Slavic 1%

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: ▼ -175.44%
• Current HPI: 187.5011
• Rent YoY: ▼ -1.96%
• 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

+257.0% since first listed

30 events — show timeline

• 2026-06-09 Listing Removed — MiRealSource-MiMLS
• 2026-05-04 Listed $249,900 MiRealSource-MiMLS
• 2026-05-04 Listed $249,900 REALCOMP
• 2015-06-04 Listed $1,200 MiRealSource-MiMLS
• 2013-06-30 Listing Removed — MiRealSource-MiMLS
• 2013-05-22 Listed $1,100 MiRealSource-MiMLS
• 2013-02-28 Listing Removed — MiRealSource-MiMLS
• 2013-01-04 Listing Removed — REALCOMP
• 2012-05-08 Listed $49,900 REALCOMP
• 2012-05-08 Listed $49,900 MiRealSource-MiMLS
• 2011-12-30 Listing Removed — REALCOMP
• 2011-12-30 Listing Removed — MiRealSource-MiMLS
• 2011-01-05 Listed $88,700 REALCOMP
• 2011-01-05 Listed $88,700 MiRealSource-MiMLS
• 2010-05-28 Listing Removed — REALCOMP
• 2010-05-08 Listing Removed — MiRealSource-MiMLS
• 2009-12-07 Listed $89,900 MiRealSource-MiMLS
• 2009-12-07 Listed $89,500 REALCOMP
• 2008-10-27 Listing Removed — REALCOMP
• 2008-03-26 Listing Removed — REALCOMP
• 2008-03-26 Listed $139,900 REALCOMP
• 2007-11-19 Listing Removed — REALCOMP
• 2007-11-19 Listed $139,900 REALCOMP
• 2007-07-19 Listed $144,900 REALCOMP
• 2005-02-08 Listing Removed — REALCOMP
• 2004-05-19 Listed $199,900 REALCOMP
• 2002-03-13 Sold (Public Records) $92,500 Public Records
• 2002-02-28 Sold (MLS) $277,500 REALCOMP
• 2001-11-30 Listed $95,000 REALCOMP
• 1994-09-16 Sold (Public Records) $70,000 Public Records

Property tax history

-12.0%/yr

Latest (2025): $656 · -80.0% YoY. Source: county tax records.