3028 Webb St · Detroit, MI 48206

$84,900

6 bd · 4.0 ba · 3,828 sqft · Townhouse public records · 87 Days on market

Built 1926 4,792 sqft lot $22/sqft · 77% below area ↓ 15% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This Multi Family property offers a strong opportunity for investors seeking both immediate upside and long term value, featuring two generously sized units, each with three bedrooms and one bathroom, designed to appeal to a broad tenant base. Whether pursuing a renovation to increase market value or holding the property to generate steady rental income, it provides the flexibility to support a range of investment strategies while benefiting from solid fundamentals and future appreciation potential, making it a valuable addition to any well positioned real estate portfolio. * Property has been boarded up - Pictures are available *

Key facts

• 4,792 sq ft lot
• Built 1926
• Listed 86 days

🏷️ Possibly a rental listed for sale. The $84,900 price doesn't fit this home's estimated sale value (~$365,781) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6-bed/4.0-bath townhouse listed at $85k.

Deal economics

• At list price, monthly cash flow is $928 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.4% vs local median 10.1% in Detroit — 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 (#218 in MI) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools F, crime F, employment F.
• Detroit Public Schools Community District (urban): math 10% / reading 24% proficiency, ranked #499 of 540 in MI (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 90% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.2%/yr); 273 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $1,933/mo this rent would consume 51% of the median local household income ($45k/yr) (locally 646% 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 $587 of loan paydown is wiped out by about $3k 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 + 5.2% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y 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 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — 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: 2.28% ✓
• Cap rate: 19.40%
• Cash-on-cash: 46.83%
• DSCR: 3.08
• GRM: 3.7

CMA / ARV

• ARV (median comp): $365,781
• List price: $84,900
• Delta: -76.79%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.2% rent growth · sell at horizon

5-year hold

• IRR: 46.7%
• Equity multiple: 3.09×
• Total profit: $49,733
• Equity at exit: $12,659

10-year hold

• IRR: 53.4%
• Equity multiple: 6.82×
• Total profit: $138,303
• Equity at exit: $7,341

Cash invested: $23,772 (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 48206

• Rents YoY: 5.2%
• Active inventory: 273
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,933 medium
• Mortgage (P&I): −$445
• Tax from tax record: −$119 /mo · $1,426/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $928

Break-even live

Break-even rent $759

Max offer price $84,900

Occupancy floor 47%

Sensitivity live

Price	-10% $976	-5% $952	+0% $928	+5% $904	+10% $880
Rent	-10% $775	-5% $851	+0% $928	+5% $1,004	+10% $1,080
Rate	-1.0pp $970	-0.5pp $949	base $928	+0.5pp $906	+1.0pp $883

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2509 Gladstone St Unit NA Detroit, MI	6.0	3.0	3008	$2,000	$0.66	11d	1	1.01mi

Listing history 24 events

1. 2026-06-21
   days on market $84,900 Active 87 DOM
2. 2026-06-18
   days on market $84,900 Active 84 DOM
3. 2026-06-17
   days on market $84,900 Active 83 DOM
4. 2026-06-15
   days on market $84,900 Active 81 DOM
5. 2026-06-13
   days on market $84,900 Active 79 DOM
6. 2026-06-13
   days on market $84,900 Active 78 DOM
7. 2026-06-09
   days on market $84,900 Active 75 DOM
8. 2026-06-08
   days on market $84,900 Active 74 DOM
9. 2026-06-07
   days on market $84,900 Active 73 DOM
10. 2026-06-04
    days on market $84,900 Active 70 DOM
11. 2026-06-03
    days on market $84,900 Active 69 DOM
12. 2026-06-02
    days on market $84,900 Active 68 DOM
13. 2026-06-01
    days on market $84,900 Active 67 DOM
14. 2026-05-31
    days on market $84,900 Active 66 DOM
15. 2026-03-26
    listed $84,900 Active 638-char remark

    Show marketing remark (638 chars)

    This Multi Family property offers a strong opportunity for investors seeking both immediate upside and long term value, featuring two generously sized units, each with three bedrooms and one bathroom, designed to appeal to a broad tenant base. Whether pursuing a renovation to increase market value or holding the property to generate steady rental income, it provides the flexibility to support a range of investment strategies while benefiting from solid fundamentals and future appreciation potential, making it a valuable addition to any well positioned real estate portfolio. * Property has been boarded up - Pictures are available *

16. 2026-03-26
    listed $84,900 Active 638-char remark

    Show marketing remark (638 chars)

    This Multi Family property offers a strong opportunity for investors seeking both immediate upside and long term value, featuring two generously sized units, each with three bedrooms and one bathroom, designed to appeal to a broad tenant base. Whether pursuing a renovation to increase market value or holding the property to generate steady rental income, it provides the flexibility to support a range of investment strategies while benefiting from solid fundamentals and future appreciation potential, making it a valuable addition to any well positioned real estate portfolio. * Property has been boarded up - Pictures are available *

17. 2024-05-16
    historical
18. 2024-05-16
    historical
19. 2024-02-16
    status Active
20. 2024-02-16
    status Active
21. 2024-01-18
    status Pending
22. 2024-01-18
    status Pending
23. 2023-11-21
    listed $100,000 Active
24. 2023-11-21
    listed $100,000 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: $1,426 · $119/mo
• Projected year-2 tax: $1,426 · $119/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 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: $23,196
• − Mortgage interest: −$4,756
• − Property taxes: −$1,426
• − Insurance: −$424
• − Repairs & maintenance: −$1,856
• − Management: −$1,856
• − Depreciation: −$2,470
• Taxable income: $10,409
• Est. tax owed @ 24.0%: −$2,498
• After-tax cash flow: $8,634/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: Detroit Public Schools Community District
• NCES district ID: 2601103
• Math proficiency: 10% ▼ -2.00%
• Reading proficiency: 24% ▲ 6.00%
• Median HH income: $25,815
• Composite: 13.06/100
• National rank: #9564
• State rank: #499 of 540 in MI

Livability — Detroit

• Score: 73/100
• State rank: #218
• US rank: #5427

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Detroit, MI
• County: Wayne County · 1,562,939 people
• City population: 572,865
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 15,227
• Household income: $45,046
• Rent vs Own: 46.4% rent · 53.6% own
• Severe rent burden: 646.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 3% Romanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 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: ▼ -139.60%
• Current HPI: 130.9545
• Rent YoY: ▲ 5.20%
• 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

-15.1% since first listed

10 events — show timeline

• 2026-03-26 Listed $84,900 REALCOMP
• 2026-03-26 Listed $84,900 MiRealSource-MiMLS
• 2024-05-16 Listing Removed — MiRealSource-MiMLS
• 2024-05-16 Listing Removed — REALCOMP
• 2024-02-16 Relisted — MiRealSource-MiMLS
• 2024-02-16 Relisted — REALCOMP
• 2024-01-18 Pending — MiRealSource-MiMLS
• 2024-01-18 Pending — REALCOMP
• 2023-11-21 Listed $100,000 MiRealSource-MiMLS
• 2023-11-21 Listed $100,000 REALCOMP

Property tax history

-3.7%/yr

Latest (2025): $1,426 · -49.4% YoY. Source: county tax records.