247 Midland St · Highland Park, MI 48203

$40,000

8 bd · 4.0 ba · 3,840 sqft · SingleFamily public records · 114 Days on market

Built 1925 5,227 sqft lot $10/sqft · 46% below area Est $74k · 46% under ↓ 47% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 with strong potential. Property features four units - two upper and two lower - with identical floor plans, totaling 3,840 SQFT plus a full basement. Conveniently located near Woodward Ave and M-8 for easy access to major roads and amenities. Schedule a showing today! BTVAI

Key facts

• Four units
• Full basement
• 5,227 sq ft lot

Tags

• FOUR UNITS
• FULL BASEMENT
• EASY ACCESS TO MAJOR ROADS

What this means for you Summary

Snapshot

• This is a 8-bed/4.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $36k (9.0% below list) — sets the bar for market timing.
• Cap rate 36.7% 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: 216 active listings in the ZIP; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $1,634/mo this rent would consume 51% 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 $277 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 4y ago; this cycle's ask has dropped $35k (47%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $36,400 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — 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: 4.09% ✓
• Cap rate: 36.73%
• Cash-on-cash: 108.71%
• DSCR: 5.84
• GRM: 2.0

CMA / ARV

• ARV (median comp): $73,553
• List price: $40,000
• Delta: -45.62%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 6.19×
• Total profit: $58,167
• Equity at exit: $5,964

10-year hold

• IRR: —
• Equity multiple: 12.96×
• Total profit: $133,965
• Equity at exit: $3,458

Cash invested: $11,200 (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: 2.0×

Monthly cashflow live

• Estimated rent: $1,634 medium
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $1,015

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 33%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $40,000 Active 114 DOM
2. 2026-06-17
   days on market $40,000 Active 113 DOM
3. 2026-06-16
   days on market $40,000 Active 112 DOM
4. 2026-06-15
   days on market $40,000 Active 111 DOM
5. 2026-06-13
   days on market $40,000 Active 109 DOM
6. 2026-06-09
   days on market $40,000 Active 105 DOM
7. 2026-06-08
   days on market $40,000 Active 104 DOM
8. 2026-06-07
   days on market $40,000 Active 103 DOM
9. 2026-06-04
   days on market $40,000 Active 100 DOM
10. 2026-06-03
    days on market $40,000 Active 99 DOM
11. 2026-06-02
    pricedays on market $40,000 Active 98 DOM
12. 2026-06-01
    days on market $49,900 Active 97 DOM
13. 2026-05-31
    days on market $49,900 Active 96 DOM
14. 2026-05-08
    price $49,900 291-char remark

    Show marketing remark (291 chars)

    Investor special with strong potential. Property features four units - two upper and two lower - with identical floor plans, totaling 3,840 SQFT plus a full basement. Conveniently located near Woodward Ave and M-8 for easy access to major roads and amenities. Schedule a showing today! BTVAI

15. 2026-05-07
    price $49,900 291-char remark

    Show marketing remark (291 chars)

    Investor special with strong potential. Property features four units - two upper and two lower - with identical floor plans, totaling 3,840 SQFT plus a full basement. Conveniently located near Woodward Ave and M-8 for easy access to major roads and amenities. Schedule a showing today! BTVAI

16. 2026-04-25
    price $54,900 291-char remark

    Show marketing remark (291 chars)

    Investor special with strong potential. Property features four units - two upper and two lower - with identical floor plans, totaling 3,840 SQFT plus a full basement. Conveniently located near Woodward Ave and M-8 for easy access to major roads and amenities. Schedule a showing today! BTVAI

17. 2026-04-25
    price $54,900 291-char remark

    Show marketing remark (291 chars)

    Investor special with strong potential. Property features four units - two upper and two lower - with identical floor plans, totaling 3,840 SQFT plus a full basement. Conveniently located near Woodward Ave and M-8 for easy access to major roads and amenities. Schedule a showing today! BTVAI

18. 2026-04-02
    price $64,900 291-char remark

    Show marketing remark (291 chars)

    Investor special with strong potential. Property features four units - two upper and two lower - with identical floor plans, totaling 3,840 SQFT plus a full basement. Conveniently located near Woodward Ave and M-8 for easy access to major roads and amenities. Schedule a showing today! BTVAI

19. 2026-04-01
    price $64,900 291-char remark

    Show marketing remark (291 chars)

    Investor special with strong potential. Property features four units - two upper and two lower - with identical floor plans, totaling 3,840 SQFT plus a full basement. Conveniently located near Woodward Ave and M-8 for easy access to major roads and amenities. Schedule a showing today! BTVAI

20. 2026-02-24
    listed $74,900 Active 291-char remark

    Show marketing remark (291 chars)

    Investor special with strong potential. Property features four units - two upper and two lower - with identical floor plans, totaling 3,840 SQFT plus a full basement. Conveniently located near Woodward Ave and M-8 for easy access to major roads and amenities. Schedule a showing today! BTVAI

21. 2026-02-24
    listed $74,900 Active 291-char remark

    Show marketing remark (291 chars)

    Investor special with strong potential. Property features four units - two upper and two lower - with identical floor plans, totaling 3,840 SQFT plus a full basement. Conveniently located near Woodward Ave and M-8 for easy access to major roads and amenities. Schedule a showing today! BTVAI

22. 2025-12-27
    historical
23. 2025-12-27
    historical
24. 2025-09-06
    price $80,000
25. 2025-09-05
    price $80,000
26. 2025-07-01
    price $100,000
27. 2025-06-30
    price $90,000
28. 2025-06-30
    price $90,000
29. 2025-05-12
    price $100,000
30. 2025-05-12
    price $100,000
31. 2025-01-03
    listed $120,000 Active
32. 2025-01-03
    listed $120,000 Active
33. 2023-10-10
    soldstatus $45,300 Sold
34. 2023-10-10
    soldstatus $45,300 Closed
35. 2023-09-26
    status Pending
36. 2023-09-26
    status Pending
37. 2023-07-13
    historical
38. 2023-07-13
    listed $48,000 Active
39. 2023-07-13
    listed $48,000 Active
40. 2023-07-13
    historical
41. 2023-06-22
    price $58,000
42. 2023-06-22
    listed $50,000 Active
43. 2023-06-22
    historical
44. 2023-06-22
    listed $58,000 Active
45. 2023-06-22
    historical
46. 2023-05-19
    historical
47. 2023-05-19
    listed $74,000 Active
48. 2023-05-19
    listed $74,000 Active
49. 2023-05-19
    historical
50. 2022-11-16
    listed $94,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,611
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,569
• − Management: −$1,569
• − Depreciation: −$1,164
• Taxable income: $12,269
• Est. tax owed @ 24.0%: −$2,945
• After-tax cash flow: $9,231/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

-46.9% since first listed

38 events — show timeline

• 2026-05-08 Price Changed $49,900 MiRealSource-MiMLS
• 2026-05-07 Price Changed $49,900 REALCOMP
• 2026-04-25 Price Changed $54,900 MiRealSource-MiMLS
• 2026-04-25 Price Changed $54,900 REALCOMP
• 2026-04-02 Price Changed $64,900 MiRealSource-MiMLS
• 2026-04-01 Price Changed $64,900 REALCOMP
• 2026-02-24 Listed $74,900 REALCOMP
• 2026-02-24 Listed $74,900 MiRealSource-MiMLS
• 2025-12-27 Listing Removed — REALCOMP
• 2025-12-27 Listing Removed — MiRealSource-MiMLS
• 2025-09-06 Price Changed $80,000 MiRealSource-MiMLS
• 2025-09-05 Price Changed $80,000 REALCOMP
• 2025-07-01 Price Changed $100,000 MiRealSource-MiMLS
• 2025-06-30 Price Changed $90,000 MiRealSource-MiMLS
• 2025-06-30 Price Changed $90,000 REALCOMP
• 2025-05-12 Price Changed $100,000 MiRealSource-MiMLS
• 2025-05-12 Price Changed $100,000 REALCOMP
• 2025-01-03 Listed $120,000 REALCOMP
• 2025-01-03 Listed $120,000 MiRealSource-MiMLS
• 2023-10-10 Sold (MLS) $45,300 MiRealSource-MiMLS
• 2023-10-10 Sold (MLS) $45,300 REALCOMP
• 2023-09-26 Pending — MiRealSource-MiMLS
• 2023-09-26 Pending — REALCOMP
• 2023-07-13 Listing Removed — MiRealSource-MiMLS
• 2023-07-13 Listed $48,000 MiRealSource-MiMLS
• 2023-07-13 Listed $48,000 REALCOMP
• 2023-07-13 Listing Removed — REALCOMP
• 2023-06-22 Price Changed $58,000 REALCOMP
• 2023-06-22 Listing Removed — MiRealSource-MiMLS
• 2023-06-22 Listed $58,000 MiRealSource-MiMLS
• 2023-06-22 Listing Removed — REALCOMP
• 2023-06-22 Listed $50,000 REALCOMP
• 2023-05-19 Listing Removed — MiRealSource-MiMLS
• 2023-05-19 Listed $74,000 MiRealSource-MiMLS
• 2023-05-19 Listed $74,000 REALCOMP
• 2023-05-19 Listing Removed — REALCOMP
• 2022-11-16 Listed $94,000 MiRealSource-MiMLS
• 2022-11-16 Listed $94,000 REALCOMP

Property tax history

+4.7%/yr

Latest (2025): $5,194 · -18.5% YoY. Source: county tax records.