Land-Contract Analyzer · Private Sale

The Theron Murray House

30943 Halsted Rd, Farmington Hills, MI 48331 · Greek Revival, c.1833 · Local Historic Site #6 · on Minnow Pond

Owner asking$1,650,000
TermsLand Contract
Redfin Est.$853K
Builtc.1833
Size3,888 sq ft
Lot2.75 ac
Bed / Bath6 / 5
Taxes$8,797 → uncaps
OwnerLavigne, 17 yrs
Contract Price$1,650,000
Down Payment$330,000
Land Contract Rate6.00%
Amortization20 yrs
BalloonNone
Primary residence (homestead)
 
 
01

Why it has to be a land contract

The owner's opening number is $1,650,000 — well above the ~$853K Redfin estimate — and he'll carry a land contract. That pairing is the whole point: at roughly 2× the automated value, a bank won't lend, so a land contract (the seller keeps legal title until you pay it off) is essentially the only way this closes. Adjust the terms above.

Option A
All Cash
Why not a bank
Conventional Loan
02

Your monthly, all-in

▶Show yearly amortization (land contract)
YearPaymentPrincipalInterestBalanceEquity
03

Risks & notes

01

What it really costs

Two things dominate a deal at this price: the premium you're paying over any independent valuation, and the property-tax uncapping the year after you buy. Numbers update live with the controls above.

02

The tax-uncapping shock

Michigan's Proposal A caps taxable value while an owner holds, then resets it to the State Equalized Value the year after a sale. The Lavignes' taxable value is far below market after 17 years; yours won't be.

Michigan assesses at 50% of a home's true cash value (market), not your contract price — so paying above market does not proportionally raise taxes. This model caps the post-sale assessment near the top of the home's market range (~$491K SEV) rather than 50% of an above-market price. Verify with the City of Farmington Hills Assessor before relying on it.

03

The appraisal gap is the real risk

On $/sqft against ordinary 48331 homes this looks expensive — but it isn't a $/sqft house (2.75 acres, a pond, three historic structures, a state landmark). The harder problem is the gap between the contract price and what any lender will value it at.

A 193-year-old house does not trade like a new colonial
Farmington Hills sold 25 homes built before 1927 in the last three years. Every one of them was a 1920s bungalow. Median $244K. The highest $510K. None of them was a pioneer homestead. The one that is — the Boorn-Halsted House, 1827, two and a half miles south on the same road, also a designated historic site — sold for $655,000. That is the market for a house like this. $1.65M is not.
$655K
Boorn-Halsted, 1827 · same road · Jul 2022
$244K
Median of 25 FH homes built ≤1926 (3 yr)
$525K
1865 Fruit Ridge Farms, Novi · 4,100 sf · 1.5 ac
$1.65M
Owner ask — 2.5× the sister house on Halsted
01

Year built vs. what actually sold

Each dot is a house built before 1927 that sold (or is the closest analog). The gold star is this estate at the $1.65M ask; the navy star is the $1.15M offer. The 1920s bungalow cloud at right is the entire Farmington Hills “100-year-old” market. The 19th-century farmhouses sit in the middle. Nothing in this picture clears $1.3M except a 19-acre Northville farm.

FH 1920s bungalow 19th-c farm on acreage Downtown Northville historic Same-road historic (Boorn-Halsted)
Read it this way: age is not a premium in this market — it is a discount, unless you also have walkable downtown Northville. Halsted has the age. It does not have the downtown.
02

The house on the same road

The Boorn-Halsted House at 28325 Halsted is the controlling analog: same corridor, same ordinance, same century. James Boorn bought 160 acres from the U.S. government in 1827. The house sold in July 2022 as a restored historic homestead on 1.89 acres with a pond and a pool — for $655,000.

Sold price gold line = $1.15M offer  ·  dashed = $1.65M ask
Fruit Ridge Farms (Novi, 1865) is the other honest farmhouse: 7 bedrooms, 4,100 sf, 1.5 acres, homesteaded the same decade the Murrays raised this barn. It sold December 2024 for $525,000. The only 19th-century farm that broke $1M did it with 19 acres (10434 7 Mile, Northville, 1850, $1.30M).
03

Four different old-house markets

Lumping “old” with “luxury” is how you get to $1.65M. Split the market the way buyers actually do and the ask sits in empty air.

04

Make the right argument

The disciplined version — so a listing agent can't turn it around on you

Do not argue from $1.5M+ luxury DOM. A good agent will say this isn't a luxury subdivision house, it's a landmark, and they will be right about the category and wrong about the price. The defensible claim is narrower and colder: when 100-year-old houses sell in Farmington Hills, they sell as 1920s bungalows at a $244K median. When 19th-century farmhouses on a few acres sell in Novi and Northville, they sell at $375K–$840K. The one on this road sold at $655K. Downtown Northville restorations can clear $1M because they sit on a restaurant street, not a county road next to Country Ridge. $1.15M already pays a downtown-historic price for a farmhouse that is not downtown. $1.65M is a number this category has never printed.

05

Every old-house comparable, with the receipts

Featured sales: the same-road historic house, 19th-century farms on acreage, and restored downtown Northville. The Farmington Hills ≤1926 bungalow set (n=25, last 3 years) is summarized in the band table below — click any address for the live Redfin listing.

Year-built is the assessor / MLS figure (the same “1910” artifact this house carries). Boorn-Halsted and Theron Murray are dated from the Michigan historical markers (1827 / c.1833), not the assessor. Lot acres from Redfin. “Downtown” = walkable Northville historic district, a different product.

FH ≤1926 band is every Redfin-reported house sale in Farmington Hills with year-built ≤1926 in the last ~36 months (25 sales, pulled 2026-09-18). Nearby 19th-c farm and downtown Northville sales are a hand-checked set from the same pull plus adjacent-city matches — not an MLS dump of every old house in Oakland County.

01

The case to the owner

Mr. Lavigne has named $1,650,000 and is open to a land contract. He's owned the estate since 2008 and likely holds it free and clear — so he can carry the paper cleanly, keep legal title until payoff, and turn an illiquid landmark into income. Here's how that compares to listing it the traditional way.

If he lists it
Traditional Sale
02

The pitch

03

Structuring the land contract

A Greek Revival pioneer homestead raised from hand-hewn poplar and wooden pegs around 1833 — one of the oldest standing structures in Farmington Hills, and the only landmark of its kind quietly hidden inside a 1980s subdivision.

In 1831, Oakland County pioneers Theron and Rebecca Murray bought eighty acres from the U.S. government — a federal land patent that included this site. Around 1835 they raised a Greek Revival house and a barn of hand-hewn poplar beams joined with wooden pegs. Nearly two centuries later, both still stand.

From 1942 to 1958, owner Charles W. Malpass also held a forty-acre pasture directly across Halsted Road and used it as a landing strip for private planes. He nicknamed the house "Upson Downs."

"This Greek Revival house and the barn, constructed around 1835, were built of hand-hewn poplar beams with wooden pegs."
— Michigan State historical marker, erected 1989

Today the estate sits on the surviving 2.75-acre core of that original farm — a wooded island ringed by the Country Ridge subdivision (built ~1987). It is a formally designated landmark: Historic Site #6 in the City of Farmington Hills, established by Ordinance C‑1‑2009 under Michigan's Local Historic Districts Act.

Minnow Pond

The pond at the estate's edge is itself historically marked. A 1983 marker records a glacial valley some 12,000 years old and a Potawatomi camping ground of centuries past — stone tools and artifacts found nearby, an 1817 map showing an Indian trail around the water, and the local legend of "The Potawatomi Curtain." Halsted Road here flooded for over a century until a 2018 reconstruction (an APWA Project-of-the-Year) finally tamed it; the parcel's own flood risk now rates a 1 of 10.

Property of Record

NameTheron Murray House
Builtc.1833 (Greek Revival)
Main house3,088 sf · 4 bd / 4 ba
Guest house800 sf · 2 bd / 1 ba
Outbuildings3-story barn · 972 sf garage
Lot2.75 ac · 227 × 484 ft · pond
Parcel22-23-06-277-001
SchoolsWalled Lake Consolidated
OwnerEugene J. Lavigne Rev. Trust
DesignationLocal Historic Site #6
State markerErected 1989 · HMDB #163778
01

A price that never held

For two decades the open market never validated this home near today's ask. That history is the buyer's strongest anchor in any land-contract negotiation.

02

A protected landmark

As Historic Site #6, the exterior is governed by the Farmington Hills Historic District Commission. This is a real, working process — not a plaque.