388 N Perry St · Pontiac, MI 48342

$129,900

3 bd · 1.0 ba · 1,556 sqft · SingleFamily public records · 30 Days on market

Built 1920 6,970 sqft lot $83/sqft · 13% above area Est $131k · at est.

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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 +27.8/30.0
• DSCR +9.8/10.0
• ARV discount +7.7/15.0
• 1% rule +6.9/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

An enduring presence at 388 N Perry ST, Pontiac, MI, USA, this single family residence, constructed in 1920, presents an exceptional opportunity for a new chapter, offering a foundation for a cherished existence. This home offers 3 bedroom, 2 full bath and partially finished basement. This property also includes two adjacent vacant lots, offering additional space and possibilities. Don't miss this opportunity to own a Fantastic home with extra land included and great location. BBATVAI. Basement appliances are excluded from the sale. Adjacent vacant lots: Parcel ID 1428108002 – Lot size: 54' x 116' Parcel ID 1428108004 – Lot size: 30' x 44'

Key facts

• Adjacent vacant lots
• Great location
• 6,970 sq ft lot

Tags

• ADJACENT VACANT LOTS
• PARTIALLY FINISHED BASEMENT
• GREAT LOCATION

Property features AI

Finance

• Other: Located in the Ellwood & Belangers Add subdivision; Directions: North of University Dr, west of Paddock St, south of Chamberlain St, east of N Saginaw St

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Ground-level entry with steps
• Construction: Aluminum siding; Block foundation; Home warranty included
• Exterior features: Paved road access; Lot approximately 0.16 acre (45.75 x 150)

Interior

• Bedrooms: Total of 6 rooms (includes bedrooms and living spaces)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Ceiling fan cooling; no central air
• Interior features: Unfinished basement; Ceiling fans

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $394 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 6.7% in Pontiac — 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 64/100 on livability (#499 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety D, schools F, crime F.
• Pontiac City School District (urban): math 8% / reading 17% proficiency, ranked #514 of 540 in MI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 87 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 17 sale attempts since 23y 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,951 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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 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?
4. 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?
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: 1.19% ✓
• Cap rate: 9.93%
• Cash-on-cash: 13.01%
• DSCR: 1.58
• GRM: 7.0

CMA / ARV

• ARV (median comp): $130,520
• List price: $129,900
• Delta: 1.90%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
50 Lewis St	0.31mi	3/1.0	1,614 (+4%)	10mo	$62,500	$39	72
54 Nelson St	0.25mi	4/1.5 (+1)	1,558 (+0%)	12mo	$149,900	$96	72
68 Kimball St	0.70mi	3/2.0	1,564 (+0%)	3mo	$141,000	$90	60
320 Cesar E Chavez Ave	0.71mi	3/2.0	1,530 (-2%)	1mo	$170,000	$111	59
103 N Roselawn St	0.61mi	3/2.0	1,487 (-4%)	10mo	$105,000	$71	52
93 Poplar Ave	0.56mi	3/1.5	1,344 (-14%)	1mo	$191,500	$142	48
73 Poplar Ave	0.52mi	3/2.5	1,367 (-12%)	3mo	$130,000	$95	48
51 Forest St	0.46mi	3/2.5	1,361 (-12%)	11mo	$135,000	$99	42
55 N Roselawn Street St	0.68mi	3/2.5	1,400 (-10%)	8mo	$180,000	$129	39
53 N Roselawn St	0.69mi	3/2.5	1,400 (-10%)	8mo	$180,000	$129	39
107 Hamilton St	0.65mi	3/2.5	1,350 (-13%)	11mo	$135,000	$100	32
21 Bellevue St	0.57mi	4/2.0 (+1)	1,344 (-14%)	12mo	$69,900	$52	31

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: 2.9%
• Equity multiple: 1.11×
• Total profit: $4,037
• Equity at exit: $19,369

10-year hold

• IRR: 12.4%
• Equity multiple: 1.98×
• Total profit: $35,762
• Equity at exit: $11,231

Cash invested: $36,372 (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 48342

• Home prices YoY: -33.8%
• Active inventory: 87
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,546 high
• Mortgage (P&I): −$681
• Tax from tax record: −$92 /mo · $1,103/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$325
• Net cashflow: $394

Break-even live

Break-even rent $1,047

Max offer price $129,900

Occupancy floor 70%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
49 Oakhill St Pontiac, MI	3.0	1.0	1200	$1,575	$1.31	24d	1	0.11mi
90 Marquette St Pontiac, MI	3.0	1.0	1886	$1,800	$0.95	43d	1	0.42mi
264 Nelson St Pontiac, MI	3.0	1.0	1478	$1,590	$1.08	43d	1	0.52mi
16 Victory Dr Unit 18 Pontiac, MI	2.0	1.0	1114	$1,150	$1.03	24d	1	0.64mi
16 Victory Dr Unit 18 Pontiac, MI	2.0	1.0	1118	$1,150	$1.03	43d	1	0.64mi
188 Vernon Dr Pontiac, MI	3.0	1.0	1100	$1,500	$1.36	24d	1	0.66mi
107 N Sanford St Pontiac, MI	4.0	1.5	1467	$1,750	$1.19	43d	1	0.76mi
38 N Shirley St Pontiac, MI	3.0	1.0	1174	$1,425	$1.21	43d	1	0.77mi
23 Henry Clay Ave Unit 1 Pontiac, MI	3.0	1.0	1200	$1,450	$1.21	18d	1	1.19mi
128 S Edith St Pontiac, MI	2.0–3.0	2.0	1155	$1,700	$1.47	17d	1	1.21mi

Listing history 50 events

1. 2026-06-18
   days on market $129,900 Active 30 DOM
2. 2026-06-17
   days on market $129,900 Active 29 DOM
3. 2026-06-16
   days on market $129,900 Active 28 DOM
4. 2026-06-15
   days on market $129,900 Active 27 DOM
5. 2026-06-13
   days on market $129,900 Active 25 DOM
6. 2026-06-13
   days on market $129,900 Active 24 DOM
7. 2026-06-09
   days on market $129,900 Active 21 DOM
8. 2026-06-08
   days on market $129,900 Active 20 DOM
9. 2026-06-07
   days on market $129,900 Active 19 DOM
10. 2026-06-04
    days on market $129,900 Active 16 DOM
11. 2026-06-03
    days on market $129,900 Active 15 DOM
12. 2026-06-02
    days on market $129,900 Active 14 DOM
13. 2026-06-01
    days on market $129,900 Active 13 DOM
14. 2026-05-31
    days on market $129,900 Active 12 DOM
15. 2026-05-19
    listed $129,900 Active 685-char remark

    Show marketing remark (685 chars)

    An enduring presence at 388 N Perry ST, Pontiac, MI, USA, this single family residence, constructed in 1920, presents an exceptional opportunity for a new chapter, offering a foundation for a cherished existence. This home offers 3 bedroom, 2 full bath and partially finished basement. This property also includes two adjacent vacant lots, offering additional space and possibilities. Don't miss this opportunity to own a Fantastic home with extra land included and great location. BBATVAI. Basement appliances are excluded from the sale. Adjacent vacant lots: Parcel ID 1428108002 – Lot size: 54' x 116' Parcel ID 1428108004 – Lot size: 30' x 44'

16. 2026-05-19
    listed $129,900 Active 665-char remark

    Show marketing remark (685 chars)

    An enduring presence at 388 N Perry ST, Pontiac, MI, USA, this single family residence, constructed in 1920, presents an exceptional opportunity for a new chapter, offering a foundation for a cherished existence. This home offers 3 bedroom, 2 full bath and partially finished basement. This property also includes two adjacent vacant lots, offering additional space and possibilities. Don't miss this opportunity to own a Fantastic home with extra land included and great location. BBATVAI. Basement appliances are excluded from the sale. Adjacent vacant lots: Parcel ID 1428108002 – Lot size: 54' x 116' Parcel ID 1428108004 – Lot size: 30' x 44'

17. 2026-05-18
    historical
18. 2026-05-15
    price $130,000
19. 2026-05-15
    price $130,000
20. 2026-05-06
    status Active
21. 2026-05-05
    historical
22. 2026-04-16
    price $133,000
23. 2026-04-16
    price $133,000
24. 2026-04-07
    listed $134,999 Active
25. 2026-04-07
    listed $134,999 Active
26. 2026-04-06
    historical
27. 2026-03-31
    listed $135,000 Active
28. 2026-03-31
    listed $135,000 Active
29. 2026-03-24
    historical
30. 2026-03-24
    historical
31. 2026-03-03
    listed $149,000 Active
32. 2026-03-03
    listed $149,000 Active
33. 2026-03-03
    historical
34. 2026-03-03
    historical
35. 2025-10-06
    price $149,900
36. 2025-10-06
    price $149,900
37. 2025-10-04
    status Active
38. 2025-10-03
    historical
39. 2025-10-02
    price $150,000
40. 2025-10-02
    price $150,000
41. 2025-08-29
    listed $159,000 Active
42. 2025-08-29
    listed $159,000 Active
43. 2025-08-26
    historical
44. 2024-10-30
    soldstatus $115,000
45. 2024-10-25
    soldstatus $115,000 Sold
46. 2024-10-25
    soldstatus $115,000 Closed
47. 2024-10-12
    status Pending
48. 2024-10-12
    status Pending
49. 2024-09-06
    listed $139,900 Active
50. 2024-09-06
    listed $139,900 Active

ⓘ 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: $1,103 · $92/mo
• Projected year-2 tax: $1,552 · $129/mo
• Expected delta: +$449/yr (+$37/mo · 40.7%)

ⓘ 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 7 d/yr ≥96°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: $18,553
• − Mortgage interest: −$7,276
• − Property taxes: −$1,103
• − Insurance: −$650
• − Repairs & maintenance: −$1,484
• − Management: −$1,484
• − Depreciation: −$3,779
• Taxable income: $2,777
• Est. tax owed @ 24.0%: −$667
• After-tax cash flow: $4,064/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: Pontiac City School District
• NCES district ID: 2628740
• Math proficiency: 8% ▼ -5.00%
• Reading proficiency: 17% ▼ -3.00%
• Median HH income: $33,888
• Composite: 10.12/100
• National rank: #9802
• State rank: #514 of 540 in MI

Livability — Pontiac

• Score: 64/100
• State rank: #499
• US rank: #14703

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pontiac, MI
• City population: 44,593
• Population (ZIP): 17,227

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 57% Hispanic / Latino 19% White 13% Two or more races 13% Asian 4%
• Hispanic origin (detail): Mexican 11% Puerto Rican 2%
• Common ancestry: Romanian 1% Lithuanian 1% Italian 1%
• Foreign-born: 10% · Canada, Vietnam
• Languages at home: 79% English-only · Spanish 15% Other Asian/Pacific 4% Other Indo-European 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: ▼ -109.18%
• Current HPI: 214.3258
• Rent YoY: —
• Metro: —
• 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

+173.5% since first listed

43 events — show timeline

• 2026-05-19 Listed $129,900 REALCOMP
• 2026-05-19 Listed $129,900 MiRealSource-MiMLS
• 2026-05-18 Listing Removed — MiRealSource-MiMLS
• 2026-05-15 Price Changed $130,000 MiRealSource-MiMLS
• 2026-05-15 Price Changed $130,000 REALCOMP
• 2026-05-06 Relisted — REALCOMP
• 2026-05-05 Listing Removed — REALCOMP
• 2026-04-16 Price Changed $133,000 MiRealSource-MiMLS
• 2026-04-16 Price Changed $133,000 REALCOMP
• 2026-04-07 Listed $134,999 REALCOMP
• 2026-04-07 Listed $134,999 MiRealSource-MiMLS
• 2026-04-06 Listing Removed — MiRealSource-MiMLS
• 2026-03-31 Listed $135,000 MiRealSource-MiMLS
• 2026-03-31 Listed $135,000 REALCOMP
• 2026-03-24 Listing Removed — MiRealSource-MiMLS
• 2026-03-24 Listing Removed — REALCOMP
• 2026-03-03 Listing Removed — REALCOMP
• 2026-03-03 Listed $149,000 MiRealSource-MiMLS
• 2026-03-03 Listed $149,000 REALCOMP
• 2026-03-03 Listing Removed — MiRealSource-MiMLS
• 2025-10-06 Price Changed $149,900 MiRealSource-MiMLS
• 2025-10-06 Price Changed $149,900 REALCOMP
• 2025-10-04 Relisted — REALCOMP
• 2025-10-03 Listing Removed — REALCOMP
• 2025-10-02 Price Changed $150,000 MiRealSource-MiMLS
• 2025-10-02 Price Changed $150,000 REALCOMP
• 2025-08-29 Listed $159,000 MiRealSource-MiMLS
• 2025-08-29 Listed $159,000 REALCOMP
• 2025-08-26 Coming Soon — MiRealSource-MiMLS
• 2024-10-30 Sold (Public Records) $115,000 Public Records
• 2024-10-25 Sold (MLS) $115,000 MiRealSource-MiMLS
• 2024-10-25 Sold (MLS) $115,000 REALCOMP
• 2024-10-12 Pending — MiRealSource-MiMLS
• 2024-10-12 Pending — REALCOMP
• 2024-09-06 Listed $139,900 MiRealSource-MiMLS
• 2024-09-06 Listed $139,900 REALCOMP
• 2019-09-03 Sold (Public Records) $38,750 Public Records
• 2010-12-17 Listing Removed — MiRealSource-MiMLS
• 2010-12-17 Listing Removed — REALCOMP
• 2010-06-29 Listed $27,500 MiRealSource-MiMLS
• 2010-06-29 Listed $27,500 REALCOMP
• 2003-12-08 Sold (MLS) $42,000 REALCOMP
• 2003-11-18 Listed $47,500 REALCOMP

Property tax history

+4.8%/yr

Latest (2025): $1,103 · -1.0% YoY. Source: county tax records.