147 Church St · Highland Park, MI 48203

$24,900

3 bd · 1.0 ba · 816 sqft · SingleFamily public records · 320 Days on market

Built 1939 5,227 sqft lot $31/sqft · 41% below area Est $42k · 41% 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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

INVESTOR SPECIAL! SQUATTER ON PROPERTY – BUYER RESPONSIBLE FOR EVICTION. SOLD AS-IS. FIX & FLIP OR FIX & HOLD

Key facts

• 5,227 sq ft lot
• Built 1939
• Listed 319 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $705 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• Cap rate 40.3% vs local median 14.2% in Highland Park — 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 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: 218 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 37% of the median local income ($38k/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 $172 of loan paydown is wiped out by about $747 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 320 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $3k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $25k implies a 149% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.3% of price; built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $21,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 320 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 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: 4.75% ✓
• Cap rate: 40.25%
• Cash-on-cash: 121.29%
• DSCR: 6.40
• GRM: 1.8

CMA / ARV

• ARV (median comp): $42,500
• List price: $24,900
• Delta: -41.41%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17419 Wanda St	0.30mi	3/1.0	777 (-5%)	24mo	$52,500	$68	58
709 E Margaret St	0.68mi	3/1.5	913 (+12%)	7mo	$15,000	$16	41
124 Geneva St	0.57mi	3/1.0	936 (+15%)	12mo	$8,000	$9	39

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: —
• Equity multiple: 6.87×
• Total profit: $40,902
• Equity at exit: $3,713

10-year hold

• IRR: —
• Equity multiple: 14.43×
• Total profit: $93,629
• Equity at exit: $2,153

Cash invested: $6,972 (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 48203

• Home prices YoY: -23.3%
• Active inventory: 218
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,183 high
• Mortgage (P&I): −$131
• Tax from tax record: −$89 /mo · $1,069/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $705

Break-even live

Break-even rent $291

Max offer price $24,900

Occupancy floor 35%

Sensitivity live

Price	-10% $719	-5% $712	+0% $705	+5% $698	+10% $691
Rent	-10% $611	-5% $658	+0% $705	+5% $751	+10% $798
Rate	-1.0pp $717	-0.5pp $711	base $705	+0.5pp $698	+1.0pp $692

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: $6,225
• Closing costs: $747
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
730 Whitmore Rd Detroit, MI	1.0–2.0	1.0	850	$850	$1.00	44d	3	0.78mi
27 Pasadena St Highland Park, MI	2.0	1.0	900	$825	$0.92	44d	1	0.87mi
941 Merton Rd Highland Park, MI	2.0	1.0	850	$1,000	$1.18	44d	1	0.89mi
17449 Manderson Rd Unit 1 Detroit, MI	2.0	1.0	750	$1,150	$1.53	25d	1	0.94mi
406 W Goldengate St Detroit, MI	2.0	1.0	1050	$1,100	$1.05	44d	1	0.96mi
404 W Golden Gate Highland Park, MI	2.0	1.0	1050	$1,100	$1.05	44d	1	0.96mi
931 Covington Dr Unit 202 Highland Park, MI	2.0	2.0	550	$1,400	$2.55	44d	1	0.97mi
17765 Manderson Rd Unit 14 Highland Park, MI	2.0	1.0	1000	$1,175	$1.18	44d	1	1.12mi
17765 Manderson Rd Unit 8 Highland Park, MI	2.0	1.0	1000	$1,215	$1.22	2d	1	1.12mi
18551 Saint Aubin St Detroit, MI	3.0	1.0	962	$1,200	$1.25	17d	1	1.17mi
13929 Arlington St Unit 2 Hamtramck, MI	2.0	1.0	700	$950	$1.36	44d	1	1.18mi
127 W Buena Vista St Unit 129 Highland Park, MI	2.0	1.0	800	$1,000	$1.25	44d	1	1.23mi
18084 Goddard St Detroit, MI	2.0	1.5	790	$1,050	$1.33	17d	1	1.25mi
18882 Marx St Highland Park, MI	2.0	1.0	1000	$1,300	$1.30	44d	1	1.25mi
16927 Inverness St Detroit, MI	2.0	1.0	897	$1,650	$1.84	17d	1	1.30mi
18629 Fleming St Detroit, MI	3.0	1.5	900	$1,150	$1.28	25d	1	1.31mi

Listing history 19 events

1. 2026-06-21
   days on market $24,900 Active 320 DOM
2. 2026-06-18
   days on market $24,900 Active 317 DOM
3. 2026-06-17
   days on market $24,900 Active 316 DOM
4. 2026-06-16
   days on market $24,900 Active 315 DOM
5. 2026-06-15
   days on market $24,900 Active 314 DOM
6. 2026-06-13
   days on market $24,900 Active 312 DOM
7. 2026-06-09
   days on market $24,900 Active 308 DOM
8. 2026-06-08
   days on market $24,900 Active 307 DOM
9. 2026-06-07
   days on market $24,900 Active 306 DOM
10. 2026-06-04
    days on market $24,900 Active 303 DOM
11. 2026-06-03
    days on market $24,900 Active 302 DOM
12. 2026-06-02
    days on market $24,900 Active 301 DOM
13. 2026-06-01
    days on market $24,900 Active 300 DOM
14. 2026-05-31
    days on market $24,900 Active 299 DOM
15. 2025-09-16
    price $24,900 140-char remark

    Show marketing remark (127 chars)

    INVESTOR SPECIAL! SQUATTER ON PROPERTY – BUYER RESPONSIBLE FOR EVICTION. SOLD AS-IS. FIX & FLIP OR FIX & HOLD

16. 2025-09-16
    price $24,900 127-char remark

    Show marketing remark (127 chars)

    INVESTOR SPECIAL! SQUATTER ON PROPERTY – BUYER RESPONSIBLE FOR EVICTION. SOLD AS-IS. FIX & FLIP OR FIX & HOLD

17. 2025-07-30
    listed $28,000 Active 140-char remark

    Show marketing remark (127 chars)

    INVESTOR SPECIAL! SQUATTER ON PROPERTY – BUYER RESPONSIBLE FOR EVICTION. SOLD AS-IS. FIX & FLIP OR FIX & HOLD

18. 2025-07-30
    listed $28,000 Active 127-char remark

    Show marketing remark (127 chars)

    INVESTOR SPECIAL! SQUATTER ON PROPERTY – BUYER RESPONSIBLE FOR EVICTION. SOLD AS-IS. FIX & FLIP OR FIX & HOLD

19. 2002-10-04
    soldstatus $10,000

ⓘ 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: $1,069 · $89/mo
• Projected year-2 tax: $1,069 · $89/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 1/10 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: $14,199
• − Mortgage interest: −$1,395
• − Property taxes: −$1,069
• − Insurance: −$124
• − Repairs & maintenance: −$1,136
• − Management: −$1,136
• − Depreciation: −$724
• Taxable income: $8,614
• Est. tax owed @ 24.0%: −$2,067
• After-tax cash flow: $6,389/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
• City population: 572,865
• 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

+149.0% since first listed

5 events — show timeline

• 2025-09-16 Price Changed $24,900 MiRealSource-MiMLS
• 2025-09-16 Price Changed $24,900 REALCOMP
• 2025-07-30 Listed $28,000 REALCOMP
• 2025-07-30 Listed $28,000 MiRealSource-MiMLS
• 2002-10-04 Sold (Public Records) $10,000 Public Records

Property tax history

-0.8%/yr

Latest (2025): $1,069 · -37.8% YoY. Source: county tax records.