5798 Oldtown St · Detroit, MI 48224

$49,000

2 bd · 1.0 ba · 805 sqft · SingleFamily public records · 20 Days on market

Built 1941 3,485 sqft lot Est $52k · at est.

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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 +9.7/15.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investors special!!! Discover this charming diamond 2 bedroom, 1 bath brick ranch located in the desirable location in Detroit. Convenient access to I-94 freeway. Extra space in the basement for storage. Must see property!

Key facts

• Brick ranch
• 3,485 sq ft lot
• Built 1941

Tags

• BRICK RANCH
• EXTRA SPACE IN THE BASEMENT

Property features AI

Finance

• Other: Lot approx. 0.08 acres (35 x 105); Subdivision: PASCHKE; Directions: North of Chandler Park Dr and east of Cadieux Rd

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One level; Ground-level entry with steps; Brick construction; Facing direction not specified
• Construction: Asphalt roof; Block foundation
• Exterior features: Porch; Paved road access

Interior

• Kitchen: No appliances listed
• Bedrooms: Total of 4 rooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; No cooling
• Interior features: Unfurnished; Unfinished basement
• Laundry & utility: Has heating

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $49k.

Deal economics

• At list price, monthly cash flow is $624 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Recommended offer: $48k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.6% vs local median 10.2% 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 flat; 484 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 34% of the median local income ($45k/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 $339 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 + 0.7% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 4y ago; this cycle's ask has dropped $8k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $48,265 (1.5% below list)

Questions for the listing agent

1. Built in 1941 — 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: 2.56% ✓
• Cap rate: 21.58%
• Cash-on-cash: 54.60%
• DSCR: 3.43
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $51,520
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5955 Guilford St	0.11mi	3/1.0 (+1)	802 (-0%)	6mo	$43,000	$54	85
5243 Neff Ave	0.36mi	2/1.0	816 (+1%)	6mo	$85,000	$104	76
5745 Marseilles St	0.41mi	2/1.0	835 (+4%)	10mo	$46,000	$55	67
5298 Neff Ave	0.34mi	2/1.0	720 (-11%)	2mo	$46,000	$64	65
5251 Neff Ave	0.35mi	2/1.0	720 (-11%)	2mo	$46,000	$64	64
6183 Woodhall St	0.26mi	3/1.0 (+1)	720 (-11%)	1mo	$32,000	$44	64
6015 Hereford St	0.30mi	2/1.0	886 (+10%)	6mo	$85,000	$96	64
5203 Marseilles St	0.53mi	3/1.0 (+1)	816 (+1%)	7mo	$77,500	$95	62
5290 University Pl	0.45mi	2/1.0	721 (-10%)	5mo	$60,000	$83	57
6156 Lodewyck St	0.52mi	3/1.0 (+1)	900 (+12%)	1mo	$51,000	$57	50
6303 Neff Ave	0.34mi	3/1.0 (+1)	910 (+13%)	9mo	$50,000	$55	50
9366 Sanilac St	0.57mi	3/1.0 (+1)	901 (+12%)	10mo	$81,500	$90	40

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 · 0.73% rent growth · sell at horizon

5-year hold

• IRR: 50.2%
• Equity multiple: 3.12×
• Total profit: $29,049
• Equity at exit: $7,306

10-year hold

• IRR: 54.7%
• Equity multiple: 5.78×
• Total profit: $65,640
• Equity at exit: $4,237

Cash invested: $13,720 (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 48224

• Rents YoY: 0.7%
• Active inventory: 484
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,256 high
• Mortgage (P&I): −$257
• Tax from tax record: −$91 /mo · $1,089/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $624

Break-even live

Break-even rent $466

Max offer price $49,000

Occupancy floor 45%

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5955 Guilford St Detroit, MI	3.0	1.0	802	$1,400	$1.75	17d	1	0.10mi
16927 Chandler Park Dr Unit 3_ Detroit, MI	1.0	1.0	600	$900	$1.50	15d	1	0.19mi
5786 Neff Ave Detroit, MI	3.0	1.5	1100	$1,225	$1.11	16d	1	0.23mi
6304 Bluehill St Detroit, MI	3.0	1.0	1088	$1,500	$1.38	43d	1	0.27mi
6181 Neff Ave Detroit, MI	3.0	1.0	1102	$1,299	$1.18	17d	1	0.29mi
5783 Yorkshire Rd Detroit, MI	2.0	1.0	1040	$1,200	$1.15	43d	1	0.32mi
6325 Neff Ave Detroit, MI	3.0	1.0	1000	$1,500	$1.50	2d	1	0.34mi
6175 Marseilles St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	43d	1	0.46mi
5915 Farmbrook St Detroit, MI	3.0	1.5	1000	$1,250	$1.25	24d	1	0.51mi
17710 Chester St Detroit, MI	2.0	1.0	984	$1,250	$1.27	43d	1	0.51mi
17720 Chester St Detroit, MI	2.0	1.0	986	$1,250	$1.27	43d	1	0.52mi
6301 Lodewyck St Detroit, MI	3.0	1.0	1084	$1,300	$1.20	12d	1	0.53mi
9140 Whittier Ave Unit 1 Detroit, MI	1.0	1.0	550	$700	$1.27	43d	1	0.56mi
4865 Cadieux Rd Unit 11 Detroit, MI	2.0	1.0	630	$1,200	$1.90	43d	1	0.57mi
4837 Cadieux Rd Unit 9 Detroit, MI	2.0	1.0	650	$1,200	$1.85	43d	1	0.59mi
10037 Grayton St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	3d	1	0.60mi
4811 Cadieux Rd Unit 11 Detroit, MI	2.0	1.0	663	$1,200	$1.81	21d	1	0.61mi
4811 Cadieux Rd Unit 10 Detroit, MI	2.0	1.0	663	$1,200	$1.81	43d	1	0.61mi
4811 Cadieux Rd Unit 2 Detroit, MI	1.0	1.0	600	$950	$1.58	43d	1	0.61mi
10177 Boleyn St Detroit, MI	3.0	1.0	767	$1,250	$1.63	43d	1	0.64mi
16530 E Warren Ave Unit 209 Detroit, MI	1.0	1.0	850	$1,292	$1.52	43d	1	0.65mi
17137 Ontario St Unit 1 Detroit, MI	2.0	1.0	982	$1,123	$1.14	24d	1	0.65mi
10370 Britain St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	43d	1	0.66mi
10542 Lanark St Detroit, MI	3.0	1.0	1023	$1,250	$1.22	43d	1	0.67mi
10400 Britain St Detroit, MI	3.0	1.0	890	$1,100	$1.24	43d	1	0.69mi
10692 Meuse St Detroit, MI	3.0	1.0	955	$1,250	$1.31	12d	1	0.73mi
5284 Devonshire Rd Detroit, MI	2.0	1.0	650	$1,050	$1.62	24d	1	0.79mi
5284 Devonshire Rd Unit 2 Detroit, MI	1.0	1.0	750	$1,050	$1.40	15d	1	0.79mi
5028 Bedford St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	5d	1	0.83mi
10404 Somerset Ave Detroit, MI	3.0	1.0	1108	$1,475	$1.33	3d	1	0.84mi
5031 Bedford St Detroit, MI	2.0	1.0	876	$1,870	$2.13	1d	1	0.85mi
5112 Haverhill St Unit 1 Detroit, MI	2.0	1.0	1000	$1,100	$1.10	43d	1	0.88mi
10985 Peerless St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	5d	1	0.92mi
19203 Edgefield St Harper Woods, MI	2.0	1.0	1100	$1,100	$1.00	24d	1	0.94mi
21401 Kingsville St Harper Woods, MI	2.0	1.0	944	$1,200	$1.27	24d	1	0.95mi
21301 Kingsville St Apt 108 Harper Woods, MI	1.0	1.0	700	$900	$1.29	3d	1	0.95mi
22144 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,350	$1.65	17d	1	1.02mi
22144 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,350	$1.65	2d	1	1.02mi
4627 Bedford St Unit 1 Detroit, MI	2.0	1.0	1050	$945	$0.90	20d	1	1.02mi
22148 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,250	$1.53	17d	1	1.02mi

Listing history 13 events

1. 2026-06-18
   days on market $49,000 Active 20 DOM
2. 2026-06-17
   days on market $49,000 Active 19 DOM
3. 2026-06-15
   days on market $49,000 Active 17 DOM
4. 2026-06-13
   days on market $49,000 Active 15 DOM
5. 2026-06-13
   days on market $49,000 Active 14 DOM
6. 2026-06-09
   days on market $49,000 Active 11 DOM
7. 2026-06-08
   days on market $49,000 Active 10 DOM
8. 2026-06-07
   pricedays on market $49,000 Active 9 DOM
9. 2026-06-04
   days on market $56,900 Active 6 DOM
10. 2026-06-03
    days on market $56,900 Active 5 DOM
11. 2026-06-02
    days on market $56,900 Active 4 DOM
12. 2026-06-01
    days on market $56,900 Active 3 DOM
13. 2026-05-31
    days on market $56,900 Active 2 DOM

ⓘ 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: $1,089 · $91/mo
• Projected year-2 tax: $1,089 · $91/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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,074
• − Mortgage interest: −$2,745
• − Property taxes: −$1,089
• − Insurance: −$245
• − Repairs & maintenance: −$1,206
• − Management: −$1,206
• − Depreciation: −$1,425
• Taxable income: $7,158
• Est. tax owed @ 24.0%: −$1,718
• After-tax cash flow: $5,773/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): 39,668
• Household income: $44,856
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 2515.0

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 (88%)
• Race & ethnicity: Black 88% White 8% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Iranian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -226.38%
• Current HPI: 161.886
• Rent YoY: ▲ 0.73%
• 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

+26.7% since first listed

26 events — show timeline

• 2026-05-29 Listed $56,900 REALCOMP
• 2026-05-29 Listed $56,900 MiRealSource-MiMLS
• 2026-02-07 Listing Removed — REALCOMP
• 2026-02-07 Listing Removed — MiRealSource-MiMLS
• 2025-11-05 Listed $59,900 MiRealSource-MiMLS
• 2025-11-05 Listed $59,900 REALCOMP
• 2025-01-01 Listing Removed — REALCOMP
• 2025-01-01 Listing Removed — MiRealSource-MiMLS
• 2024-12-03 Price Changed $79,900 MiRealSource-MiMLS
• 2024-11-15 Price Changed $84,900 MiRealSource-MiMLS
• 2024-10-29 Price Changed $89,900 MiRealSource-MiMLS
• 2024-06-13 Listed $99,900 MiRealSource-MiMLS
• 2024-06-13 Listed $79,900 REALCOMP
• 2024-06-12 Listing Removed — MiRealSource-MiMLS
• 2024-06-12 Listing Removed — REALCOMP
• 2023-11-03 Listed $109,900 MiRealSource-MiMLS
• 2023-11-03 Listed $109,900 REALCOMP
• 2023-05-09 Listing Removed — MiRealSource-MiMLS
• 2023-05-09 Listing Removed — REALCOMP
• 2022-07-23 Listing Removed — REALCOMP
• 2022-07-23 Listing Removed — MiRealSource-MiMLS
• 2022-07-23 Listed $39,900 REALCOMP
• 2022-07-22 Listed $39,900 MiRealSource-MiMLS
• 2022-07-05 Price Changed $39,900 MiRealSource-MiMLS
• 2022-06-14 Listed $39,900 REALCOMP
• 2022-06-14 Listed $44,900 MiRealSource-MiMLS

Property tax history

-4.8%/yr

Latest (2025): $1,089 · -53.8% YoY. Source: county tax records.