256 W Chicago Ave · Pontiac, MI 48340

$159,900

3 bd · 3.0 ba · 2,580 sqft · SingleFamily public records · 11 Days on market

Built 1967 5,227 sqft lot $62/sqft · 19% below area Est $203k · 21% 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 +21.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +6.3/10.0
• Rent growth +3.7/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't delay on this two story 4 bedroom, 2.2 bath home. A little clean up and sweet equity will go a long ways. Property offers 4 large bedrooms along with the primary bed and bathroom on the main level along with a finished lower level with additional bathroom.

Key facts

• 5,227 sq ft lot
• Built 1967
• Listed 11 days

Property features AI

Exterior

• Parking: Driveway, no garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two stories; Ground-level entry
• Construction: Brick veneer exterior; Block foundation
• Exterior features: Covered porch

Interior

• Bathrooms: 2 full bathrooms; 2 half bathrooms
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Full, partially finished basement; 8 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $238 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Cap rate 8.1% vs local median 6.7% in Pontiac — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Rents rising fast (+4.7%/yr); 83 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• At $1,802/mo this rent would consume 45% of the median local household income ($48k/yr) (locally 1460% 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 $1k of loan paydown is wiped out by about $5k 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 24y 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.

Recommended offer $159,900

Questions for the listing agent

1. Built in 1967 — 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: 1.13% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.37%
• DSCR: 1.28
• GRM: 7.4

CMA / ARV

• ARV (median comp): $202,511
• List price: $159,900
• Delta: -21.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
256 W Chicago Ave	0.00mi	4/3.0 (+1)	2,640 (+2%)	1mo	$190,000	$72	91
343 W Newport Ave	0.23mi	3/2.0	2,265 (-12%)	19mo	$253,500	$112	49
1622 Prairie Dr	0.67mi	4/2.5 (+1)	2,517 (-2%)	21mo	$278,000	$110	40
1649 Marshbank Dr	0.63mi	3/3.5	2,224 (-14%)	9mo	$335,000	$151	38
490 Moonlight Dr	0.69mi	3/2.0	2,424 (-6%)	23mo	$230,000	$95	34

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 · 4.73% rent growth · sell at horizon

5-year hold

• IRR: -4.4%
• Equity multiple: 0.83×
• Total profit: $-7,511
• Equity at exit: $23,842

10-year hold

• IRR: 7.3%
• Equity multiple: 1.60×
• Total profit: $26,819
• Equity at exit: $13,825

Cash invested: $44,772 (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 48340

• Rents YoY: 4.7%
• Active inventory: 83
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,802 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$280 /mo · $3,366/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $238

Break-even live

Break-even rent $1,501

Max offer price $159,900

Occupancy floor 82%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1554 Meadow Ridge Dr Pontiac, MI	4.0	2.5	2616	$2,500	$0.96	18d	1	0.73mi

Listing history 28 events

1. 2026-05-04
   status Pending 262-char remark

   Show marketing remark (262 chars)

   Don't delay on this two story 4 bedroom, 2.2 bath home. A little clean up and sweet equity will go a long ways. Property offers 4 large bedrooms along with the primary bed and bathroom on the main level along with a finished lower level with additional bathroom.

2. 2026-05-04
   status Pending 268-char remark

   Show marketing remark (262 chars)

   Don't delay on this two story 4 bedroom, 2.2 bath home. A little clean up and sweet equity will go a long ways. Property offers 4 large bedrooms along with the primary bed and bathroom on the main level along with a finished lower level with additional bathroom.

3. 2026-04-23
   listed $159,900 Active 268-char remark

   Show marketing remark (262 chars)

   Don't delay on this two story 4 bedroom, 2.2 bath home. A little clean up and sweet equity will go a long ways. Property offers 4 large bedrooms along with the primary bed and bathroom on the main level along with a finished lower level with additional bathroom.

4. 2026-04-23
   listed $159,900 Active 262-char remark

   Show marketing remark (262 chars)

   Don't delay on this two story 4 bedroom, 2.2 bath home. A little clean up and sweet equity will go a long ways. Property offers 4 large bedrooms along with the primary bed and bathroom on the main level along with a finished lower level with additional bathroom.

5. 2025-07-09
   historical
6. 2025-07-09
   historical
7. 2025-06-14
   listed $265,000 Active
8. 2025-06-14
   listed $265,000 Active
9. 2025-06-07
   historical
10. 2020-03-16
    soldstatus $176,000
11. 2020-03-02
    soldstatus $175,000
12. 2020-03-02
    soldstatus $175,000
13. 2019-12-28
    listed $175,000
14. 2019-12-28
    listed $175,000
15. 2019-12-18
    historical
16. 2019-12-18
    historical
17. 2019-09-19
    listed $172,833
18. 2019-09-19
    listed $172,833
19. 2019-04-15
    soldstatus $72,500
20. 2019-04-09
    soldstatus $72,500 Sold
21. 2019-04-09
    soldstatus $72,500 Closed
22. 2019-02-13
    status Pending
23. 2019-02-13
    status Pending
24. 2019-02-12
    listed $75,000 Active
25. 2019-02-12
    listed $75,000 Active
26. 2003-05-29
    soldstatus $128,000
27. 2003-04-30
    soldstatus $128,000
28. 2002-09-04
    listed $129,000

ⓘ 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: $3,366 · $280/mo
• Projected year-2 tax: $3,366 · $280/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 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: $21,619
• − Mortgage interest: −$8,957
• − Property taxes: −$3,366
• − Insurance: −$800
• − Repairs & maintenance: −$1,730
• − Management: −$1,730
• − Depreciation: −$4,652
• Taxable income: $386
• Est. tax owed @ 24.0%: −$93
• After-tax cash flow: $2,759/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
• County: Oakland County · 1,009,092 people
• City population: 44,593
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 25,669
• Household income: $47,891
• Rent vs Own: 54.3% rent · 45.7% own
• Severe rent burden: 1460.0

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: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: Black 31% Hispanic / Latino 31% White 29% Two or more races 22% Asian 4%
• Hispanic origin (detail): Mexican 18% Puerto Rican 7%
• Common ancestry: Lithuanian 2% Romanian 2% Serbian 1%
• Foreign-born: 11% · Canada, China
• Languages at home: 74% English-only · Spanish 23% Other Asian/Pacific 2% Chinese 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: ▼ -295.80%
• Current HPI: 177.961
• Rent YoY: ▲ 4.73%
• 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

+47.3% since first listed

31 events — show timeline

• 2026-06-03 Sold (MLS) $190,000 REALCOMP
• 2026-06-03 Sold (MLS) $190,000 MiRealSource-MiMLS
• 2026-05-04 Pending — MiRealSource-MiMLS
• 2026-05-04 Pending — REALCOMP
• 2026-05-03 Listing Removed — REALCOMP
• 2026-04-23 Listed $159,900 REALCOMP
• 2026-04-23 Listed $159,900 MiRealSource-MiMLS
• 2025-07-09 Listing Removed — REALCOMP
• 2025-07-09 Listing Removed — MiRealSource-MiMLS
• 2025-06-14 Listed $265,000 MiRealSource-MiMLS
• 2025-06-14 Listed $265,000 REALCOMP
• 2025-06-07 Coming Soon — MiRealSource-MiMLS
• 2020-03-16 Sold (Public Records) $176,000 Public Records
• 2020-03-02 Sold (MLS) $175,000 MiRealSource-MiMLS
• 2020-03-02 Sold (MLS) $175,000 REALCOMP
• 2019-12-28 Listed $175,000 MiRealSource-MiMLS
• 2019-12-28 Listed $175,000 REALCOMP
• 2019-12-18 Listing Removed — MiRealSource-MiMLS
• 2019-12-18 Listing Removed — REALCOMP
• 2019-09-19 Listed $172,833 MiRealSource-MiMLS
• 2019-09-19 Listed $172,833 REALCOMP
• 2019-04-15 Sold (Public Records) $72,500 Public Records
• 2019-04-09 Sold (MLS) $72,500 MiRealSource-MiMLS
• 2019-04-09 Sold (MLS) $72,500 REALCOMP
• 2019-02-13 Pending — MiRealSource-MiMLS
• 2019-02-13 Pending — REALCOMP
• 2019-02-12 Listed $75,000 MiRealSource-MiMLS
• 2019-02-12 Listed $75,000 REALCOMP
• 2003-05-29 Sold (Public Records) $128,000 Public Records
• 2003-04-30 Sold (MLS) $128,000 REALCOMP
• 2002-09-04 Listed $129,000 REALCOMP

Property tax history

+8.4%/yr

Latest (2025): $3,366 · +89.4% YoY. Source: county tax records.