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1824 Garfield St
Ferndale, MI

1824 Garfield St

$210,000
2 bd • 1 ba • 878 sf

This analysis was generated by artificial intelligence on 1/31/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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List Price

$210,000

Price/Sq.Ft

$239

Year Built

1948

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• Move-in ready condition: The property has undergone a full interior upgrade, making it completely move-in ready. The new kitchen with granite countertops and sleek cabinetry, along with new flooring and fresh paint throughout, reduces the need for immediate renovations. • Updated exterior: The exterior has been freshly painted, enhancing the home's curb appeal and reducing the need for exterior maintenance. • Modern kitchen appliances: The inclusion of a free-standing gas range, refrigerator, and microwave provides essential modern amenities and reduces immediate replacement costs. • Large fenced-in backyard: The large fenced-in backyard provides a private outdoor space suitable for outdoor activities, pets, and entertaining. This is a desirable feature for families and individuals who enjoy outdoor living. The median lot size in Ferndale is about 0.15 acres, meaning this property likely has a larger lot than most. • Central air and forced air heating: The presence of central air and forced air heating systems ensures year-round comfort and reduces the need for additional climate control upgrades. This is an important feature given the seasonal weather in Michigan. • Proximity to Ferndale amenities: The property is located in Ferndale, a desirable city with a vibrant downtown, various restaurants, shops, and parks. This location appeals to buyers looking for an active urban environment. The median income of $74,090 in Ferndale is higher than the state average, indicating a desirable community.

The Bad

• Small living space: At 878 square feet, the home is smaller than many single-family residences, potentially limiting appeal to buyers needing more space, especially for families or remote workers needing a home office. The average single-family home is over 1500 square feet, making this home significantly smaller than the average. • Poor school ratings: The nearby public schools, Webb Elementary (2/10), Hazel Park Junior High (1/10), and Hazel Park High School (3/10), have low ratings. This could be a significant concern for buyers with children and may affect the resale value of the property. The ratings are significantly below the state average of 6/10. • Lack of detailed room information: The listing lacks specific details about the rooms, such as room dimensions or layouts. This makes it difficult for buyers to assess the suitability of the space without an in-person tour. More detail should be available for such an older property. • Potential for limited parking: The listing does not mention a driveway or garage, which means street parking may be the only option. This can be challenging, especially during peak times and events in Ferndale. • High cost per square foot: At $239.18 per square foot, the price point may be higher than average for the area, especially given the relatively small size of the home. Buyers should compare this to other similar homes in Ferndale to ensure they are getting fair value. The median price per square foot in Ferndale is closer to $200 per square foot.

The Ugly

• Moderate flood risk (3/10) and potential for basement flooding: The property's moderate flood risk and the history of basement flooding in Ferndale is a major concern. This could lead to expensive repairs and the need for flood insurance. The FEMA Zone X_UNSHADED designation, while not the highest risk, still requires careful consideration and a sewer line inspection. • Older Property (1948): The age of the home means that the plumbing, electrical, and insulation systems may be outdated, and could require significant upgrades. This can lead to unexpected costs and maintenance issues. Buyers must be prepared for potential repairs and renovations. • High property taxes: Ferndale has relatively high property taxes compared to surrounding areas, which will contribute to the overall cost of ownership. The property tax history should be investigated to understand the potential for future tax increases. • Potential for limited parking: The reliance on street parking may be a major inconvenience for buyers, especially during events and peak times. The absence of a driveway or garage can be a significant drawback and may impact the property's resale value. • Low school ratings: The low school ratings of the nearby public schools are a major concern for families with children. This can negatively affect the property's desirability and resale value. • Long Days on Market (211): The property's long days on the market (211) is a red flag that it could be over priced and may be a hard sell. This could lead to further price reductions or a long wait for a buyer.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• First-time homebuyers seeking a move-in ready property: The home’s recent interior and exterior upgrades, including a new kitchen with granite countertops, new flooring, and fresh paint, reduce the need for immediate renovations, making it ideal for buyers looking for a hassle-free start. • Buyers comfortable with a smaller home: At 878 square feet, this home appeals to those who prefer a cozy, manageable living space. The two bedrooms and one bathroom are sufficient for individuals, couples, or small families who prioritize convenience and lower maintenance over larger square footage. • Buyers who value a fenced-in backyard: The large, fenced-in backyard offers a private outdoor space suitable for pet owners, small families, or those who enjoy outdoor activities and entertaining. This is a valuable feature in a densely populated area like Ferndale where private outdoor space is not always standard. • Buyers who are seeking a home with modern amenities: The inclusion of a free-standing gas range, refrigerator, microwave, gas water heater, central air, and forced air heating system provides essential modern comforts and reduces the need for immediate appliance replacements.

Not For

• Buyers seeking large living spaces: The 878 square feet of living space may be insufficient for buyers looking for multiple living areas, large bedrooms, or ample storage. This property would not suit families needing a three or four bedroom home. • Buyers with very young children: The poor school ratings for the nearby Webb Elementary (2/10), Hazel Park Junior High (1/10) and Hazel Park High School (3/10) may be a deterrent for buyers who prioritize high-quality public schools for their young children. Families with school aged children should consider alternative options or private schooling. • Buyers needing off-street parking: The property description doesn't specifically mention a driveway or garage. The older homes in Ferndale often rely on street parking, which can be difficult, especially during events. Buyers who need guaranteed off-street parking will find this challenging. • Buyers who prefer a quiet environment: Ferndale's vibrant downtown area can be noisy, especially near Nine Mile and Woodward. This property may not be ideal for buyers who prefer a quieter living environment. Also, the proximity to train tracks could be a noise issue.
Demographics
Area Median Income

$74,090

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Risk Assessment

Climate Risks

floodMODERATE

FEMA Zone: X_UNSHADED

Insurance: Recommended

airMODERATE

3 bad air quality days per year

heatMODERATE

7 extreme heat days per year

98th percentile: 97°F

windMINOR

Insurance: Recommended

fireMINIMAL

Insurance: Optional

Risk Analysis

• Moderate flood risk (3/10): While the risk is not high, it is still a concern. The FEMA Zone X_UNSHADED designation means flood insurance is recommended, which will add to the monthly costs. The history of basement flooding in Ferndale should be a major concern for the buyer and a sewer line inspection should be conducted before purchase. • Older housing stock: The home was built in 1948, meaning potential issues with plumbing, electrical, insulation, or foundation. A thorough inspection is critical. The older infrastructure will likely require ongoing maintenance and potential upgrades. • High property taxes: Ferndale has relatively high property taxes, which will add to the overall cost of ownership. The property tax history should be investigated to understand the potential for future tax increases. • Competitive real estate market: Ferndale is a desirable city with a competitive real estate market. Buyers should be prepared to act quickly and possibly offer above the asking price, which may lead to overpaying. The long average days on market for this property (211) could be a red flag for overpricing. • Limited greenspace in some areas: While Ferndale has parks, some neighborhoods may have limited greenspace. If having a large yard or easy access to nature is important, buyers should carefully consider the location of the property. • Potential for ongoing maintenance: Older homes often require ongoing maintenance and repairs. Buyers should be prepared for potential expenses related to plumbing, electrical, and other systems, especially with a 75 year old property.
Insurance
Annual Cost

$756

$63 per month

Financials

Monthly Costs

Price History

Property Taxes

$1,628
2024 Tax Assessment
3.5%from previous year
Assessed Value$76,020
Tax Rate2.14%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$100,724

-52.0% below list price

Median Price

$149,900

Based on 6 recent sales

Price per Sq.Ft

$113

Comparable Properties

63 E Hudson, Madison Heights, MI 48071
Price: $1,750
Sq.Ft: 826
Beds/Baths: 2/1
$/Sq.Ft:
$299.1%
Sale Date: 12/30/2024
2318 MCDOWELL Street, Ferndale, MI 48220
Price: $1,695
Sq.Ft: 900
Beds/Baths: 3/1
$/Sq.Ft:
$299.2%
Sale Date: 11/12/2024
62 ANDRESEN, Hazel Park, MI 48030
Price: $185,000
Sq.Ft: 891
Beds/Baths: 2/1
$/Sq.Ft:
$20813.2%
Sale Date: 11/7/2024
1845 Pilgrim Street, Ferndale, MI 48220
Price: $160,000
Sq.Ft: 865
Beds/Baths: 2/1
$/Sq.Ft:
$18522.7%
Sale Date: 11/6/2024
316 W GOULSON Avenue, Hazel Park, MI 48030
Price: $149,900
Sq.Ft: 1,000
Beds/Baths: 3/1
$/Sq.Ft:
$15037.3%
Sale Date: 12/20/2024
70 W MAPLEDALE Avenue, Hazel Park, MI 48030
Price: $106,000
Sq.Ft: 793
Beds/Baths: 3/1
$/Sq.Ft:
$13444.1%
Sale Date: 12/4/2024

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