199 Waverly · Highland Park, MI 48203

$35,000

3 bd · 1.5 ba · 1,324 sqft · SingleFamily public records · 138 Days on market

Built 1910 3,485 sqft lot $26/sqft · 32% below area Est $51k · 32% under

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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

Welcome to 199 Waverly Street, an exceptional value and exciting opportunity in Highland Park! This 3-bed, 1-bath colonial home offers approximately 1,324 sq. ft. of living space on a 3,485 sq. ft. lot, built in 1910 and full of potential for both homeowners and investors alike. Classic in style and nestled in a neighborhood with easy access to Midtown and Downtown Detroit, this property features a detached * * one-car garage, full basement, and generous room sizes * * ready for your vision. This home is a rare find at its price point.

Key facts

• 3,485 sq ft lot
• Garage
• Built 1910

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $826 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• Cap rate 34.6% 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: 218 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 43% of the median local income ($38k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts 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 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $30,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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: 3.92% ✓
• Cap rate: 34.61%
• Cash-on-cash: 101.12%
• DSCR: 5.50
• GRM: 2.1

CMA / ARV

• ARV (median comp): $51,440
• List price: $35,000
• Delta: -31.96%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
199 Waverly St	0.00mi	3/1.0	1,324 (0%)	11mo	$35,000	$26	89
134 Tyler St	0.13mi	4/1.0 (+1)	1,280 (-3%)	4mo	$28,000	$22	78
213 Avalon St	0.18mi	3/2.5	1,404 (+6%)	1mo	$139,000	$99	77
186 Tyler St	0.04mi	3/1.5	1,428 (+8%)	19mo	$91,000	$64	69
1568 Highland St	0.57mi	4/2.0 (+1)	1,344 (+2%)	6mo	$65,000	$48	59
1689 Tyler St	0.60mi	3/1.5	1,260 (-5%)	6mo	$77,300	$61	59
1563 W Buena Vista St	0.46mi	2/1.0 (-1)	1,312 (-1%)	18mo	$52,000	$40	55
114 E E Grand	0.62mi	3/2.0	1,323 (-0%)	20mo	$131,000	$99	52
189 Tuxedo St	0.70mi	3/1.0	1,425 (+8%)	4mo	$25,000	$18	50
64 Glendale St	0.34mi	4/1.0 (+1)	1,464 (+11%)	22mo	$37,000	$25	41
1721 W Buena Vista St	0.64mi	3/1.0	1,217 (-8%)	22mo	$22,000	$18	37
371 Highland St	0.50mi	4/1.0 (+1)	1,128 (-15%)	14mo	$55,000	$49	33

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 5.79×
• Total profit: $46,953
• Equity at exit: $5,219

10-year hold

• IRR: —
• Equity multiple: 12.09×
• Total profit: $108,731
• Equity at exit: $3,026

Cash invested: $9,800 (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: 218
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,371 high
• Mortgage (P&I): −$184
• Tax from tax record: −$59 /mo · $706/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $826

Break-even live

Break-even rent $325

Max offer price $35,000

Occupancy floor 35%

Sensitivity live

Price	-10% $846	-5% $836	+0% $826	+5% $816	+10% $806
Rent	-10% $718	-5% $772	+0% $826	+5% $880	+10% $934
Rate	-1.0pp $843	-0.5pp $835	base $826	+0.5pp $817	+1.0pp $807

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
64 Glendale St Highland Park, MI	4.0	1.0	1464	$1,500	$1.02	11d	1	0.35mi
27 Pasadena St Highland Park, MI	2.0	1.0	900	$825	$0.92	45d	1	0.38mi
1926 Clements St Detroit, MI	3.0	1.0	1150	$1,150	$1.00	6d	1	0.67mi
1926 Clements St Unit 1926 Detroit, MI	3.0	1.0	1150	$1,250	$1.09	21d	1	0.67mi
101 Colorado St Unit NA Highland Park, MI	4.0	1.5	1695	$1,780	$1.05	0d	1	0.68mi
168 Beresford St Highland Park, MI	4.0	1.0	1541	$1,475	$0.96	18d	1	0.73mi
165 Rhode Island St Highland Park, MI	4.0	1.5	1639	$1,200	$0.73	18d	1	0.82mi
2285 Cortland St Detroit, MI	2.0	1.0	900	$1,000	$1.11	18d	1	0.97mi
2023 Tuxedo St Detroit, MI	2.0	1.0	950	$1,050	$1.11	25d	1	1.03mi
326 Eason St Highland Park, MI	3.0	1.0	1256	$1,300	$1.04	18d	1	1.04mi
2474 Fullerton St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	16d	1	1.05mi
1427 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,750	$1.59	45d	1	1.08mi
1427 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,850	$1.68	25d	1	1.08mi
520 Englewood St Detroit, MI	4.0	1.5	1086	$1,725	$1.59	25d	1	1.13mi
242 Ferris St Highland Park, MI	3.0	1.0	1192	$1,275	$1.07	0d	1	1.18mi
9844 Woodrow Wilson St Detroit, MI	3.0	1.0	1187	$1,300	$1.10	13d	1	1.18mi
101 Stevens St Highland Park, MI	3.0	1.5	1152	$1,600	$1.39	18d	1	1.19mi
1929 Calvert Ave Unit 2 Detroit, MI	3.0	1.0	1414	$1,199	$0.85	16d	1	1.22mi
2676 Sturtevant St Unit 1 Detroit, MI	2.0	1.0	1000	$1,000	$1.00	25d	1	1.27mi
2638 Richton St Unit 2638 Richton Upper Detroit, MI	2.0	1.0	1000	$900	$0.90	45d	1	1.27mi
2045 Calvert St Detroit, MI	2.0	2.0	1400	$1,600	$1.14	45d	1	1.28mi
613 Belmont St Detroit, MI	3.0	1.0	1100	$1,350	$1.23	19d	1	1.37mi
17550 2nd Ave Detroit, MI	2.0	1.0	1350	$1,150	$0.85	0d	1	1.43mi
17550 2nd Ave Detroit, MI	2.0	1.0	1350	$1,150	$0.85	19d	1	1.43mi
2634 Lawrence St Detroit, MI	3.0	1.5	1388	$1,600	$1.15	3d	1	1.45mi
3209 W Grand St Detroit, MI	3.0	1.0	1550	$1,103	$0.71	45d	1	1.46mi

Listing history 11 events

1. 2026-05-31
   days on market $35,000 Active 138 DOM
2. 2026-01-13
   listed $35,000 Active 545-char remark

   Show marketing remark (545 chars)

   Welcome to 199 Waverly Street, an exceptional value and exciting opportunity in Highland Park! This 3-bed, 1-bath colonial home offers approximately 1,324 sq. ft. of living space on a 3,485 sq. ft. lot, built in 1910 and full of potential for both homeowners and investors alike. Classic in style and nestled in a neighborhood with easy access to Midtown and Downtown Detroit, this property features a detached * * one-car garage, full basement, and generous room sizes * * ready for your vision. This home is a rare find at its price point.

3. 2026-01-13
   listed $35,000 Active 545-char remark

   Show marketing remark (545 chars)

   Welcome to 199 Waverly Street, an exceptional value and exciting opportunity in Highland Park! This 3-bed, 1-bath colonial home offers approximately 1,324 sq. ft. of living space on a 3,485 sq. ft. lot, built in 1910 and full of potential for both homeowners and investors alike. Classic in style and nestled in a neighborhood with easy access to Midtown and Downtown Detroit, this property features a detached * * one-car garage, full basement, and generous room sizes * * ready for your vision. This home is a rare find at its price point.

4. 2026-01-13
   listed $35,000 Active

   Show marketing remark (545 chars)

   Welcome to 199 Waverly Street, an exceptional value and exciting opportunity in Highland Park! This 3-bed, 1-bath colonial home offers approximately 1,324 sq. ft. of living space on a 3,485 sq. ft. lot, built in 1910 and full of potential for both homeowners and investors alike. Classic in style and nestled in a neighborhood with easy access to Midtown and Downtown Detroit, this property features a detached * * one-car garage, full basement, and generous room sizes * * ready for your vision. This home is a rare find at its price point.

5. 2025-07-30
   soldstatus $35,000 Closed
6. 2025-07-30
   soldstatus $35,000 Closed
7. 2025-07-22
   status Pending
8. 2025-07-22
   status Pending
9. 2025-07-10
   listed $35,000 Active
10. 2025-07-10
    listed $35,000 Active
11. 1994-10-21
    soldstatus $8,500

ⓘ 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: $706 · $59/mo
• Projected year-2 tax: $706 · $59/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: $16,447
• − Mortgage interest: −$1,961
• − Property taxes: −$706
• − Insurance: −$175
• − Repairs & maintenance: −$1,316
• − Management: −$1,316
• − Depreciation: −$1,018
• Taxable income: $9,955
• Est. tax owed @ 24.0%: −$2,389
• After-tax cash flow: $7,520/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

+311.8% since first listed

10 events — show timeline

• 2026-01-13 Listed $35,000 SW Michigan MLS
• 2026-01-13 Listed $35,000 REALCOMP
• 2026-01-13 Listed $35,000 MiRealSource-MiMLS
• 2025-07-30 Sold (MLS) $35,000 REALCOMP
• 2025-07-30 Sold (MLS) $35,000 MiRealSource-MiMLS
• 2025-07-22 Pending — MiRealSource-MiMLS
• 2025-07-22 Pending — REALCOMP
• 2025-07-10 Listed $35,000 REALCOMP
• 2025-07-10 Listed $35,000 MiRealSource-MiMLS
• 1994-10-21 Sold (Public Records) $8,500 Public Records

Property tax history

-3.1%/yr

Latest (2025): $706 · -18.5% YoY. Source: county tax records.