456 W Margaret St · Detroit, MI 48203

$40,000

2 bd · 1.0 ba · 748 sqft · SingleFamily public records · 40 Days on market

Built 1942 3,920 sqft lot $53/sqft · 19% above area Est $34k · 19% over ↓ 20% since listing

---

Why this score? — see what drove the C 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
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

LAND CONTRACT AVAILABLE. 8,000 down / 5% interest/ 1000 per month/ 50 months Beautiful ranch style home located in Highland Park, MI Move in ready DO no approach without an appointment. Alarm is active. Warranty deed will be provided at closing. Showings available

Key facts

• 3,920 sq ft lot
• Built 1942
• Listed 40 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $543 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 22.6% 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: 216 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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 33% 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 $277 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y ago; this cycle's ask has dropped $13k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.64% ✓
• Cap rate: 22.59%
• Cash-on-cash: 58.19%
• DSCR: 3.59
• GRM: 3.2

CMA / ARV

• ARV (median comp): $33,618
• List price: $40,000
• Delta: 18.98%
• Verdict: OVERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
456 W Margaret St	0.00mi	2/1.0	748 (0%)	0mo	$42,500	$57	100
17419 Wanda St	0.74mi	3/1.0 (+1)	777 (+4%)	24mo	$52,500	$68	34

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: 56.8%
• Equity multiple: 3.51×
• Total profit: $28,136
• Equity at exit: $5,964

10-year hold

• IRR: 61.7%
• Equity multiple: 7.17×
• Total profit: $69,147
• Equity at exit: $3,458

Cash invested: $11,200 (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: 216
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,057 high
• Mortgage (P&I): −$210
• Tax from tax record: −$66 /mo · $790/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $543

Break-even live

Break-even rent $370

Max offer price $40,000

Occupancy floor 44%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
885 Covington Dr Unit 412 Highland Park, MI	1.0	1.0	600	$1,045	$1.74	14d	1	0.52mi
885 Covington Dr Unit 102 Highland Park, MI	1.0	1.0	550	$1,050	$1.91	43d	1	0.52mi
885 Covington Dr Unit 312 Highland Park, MI	1.0	1.0	650	$1,045	$1.61	43d	1	0.52mi
885 Covington Dr Unit 304 Highland Park, MI	1.0	1.0	600	$1,010	$1.68	43d	1	0.52mi
931 Covington Dr Unit 204 Highland Park, MI	1.0	1.0	550	$1,100	$2.00	43d	1	0.54mi
931 Covington Dr Unit 205 Highland Park, MI	1.0	1.0	550	$1,070	$1.95	43d	1	0.54mi
931 Covington Dr Unit 214 Highland Park, MI	1.0	1.0	550	$930	$1.69	43d	1	0.54mi
931 Covington Dr Unit 206 Highland Park, MI	1.0	1.0	550	$1,095	$1.99	43d	1	0.54mi
931 Covington Dr Unit 201 Highland Park, MI	1.0	1.0	550	$1,110	$2.02	43d	1	0.54mi
931 Covington Dr Unit 210 Highland Park, MI	1.0	1.0	550	$1,090	$1.98	43d	1	0.54mi
931 Covington Dr Unit 216 Highland Park, MI	1.0	1.0	550	$1,125	$2.05	43d	1	0.54mi
931 Covington Dr Unit 202 Highland Park, MI	2.0	2.0	550	$1,400	$2.55	43d	1	0.54mi
17701 MANDERSON Detroit, MI	1.0	1.0	750	$925	$1.23	16d	9	0.59mi
17701 Manderson Rd Unit 202 Highland Park, MI	1.0	1.0	750	$900	$1.20	43d	1	0.59mi
17701 Manderson Rd Unit 104 Highland Park, MI	1.0	1.0	750	$950	$1.27	43d	1	0.59mi
17497 Manderson Rd Unit 17A Detroit, MI	1.0	1.0	700	$1,015	$1.45	24d	1	0.62mi
17497 Manderson Rd Unit 18A Detroit, MI	1.0	1.0	700	$91,015	$130.02	21d	1	0.62mi
17497 Manderson Rd Unit 17 Detroit, MI	1.0	1.0	700	$1,015	$1.45	21d	1	0.62mi
17461 Manderson Rd Unit 5 Detroit, MI	1.0	1.0	700	$1,015	$1.45	21d	1	0.63mi
17449 Manderson Rd Unit 3 Detroit, MI	1.0	1.0	700	$950	$1.36	2d	1	0.63mi
17449 Manderson Rd Unit 8 Detroit, MI	1.0	1.0	700	$950	$1.36	20d	1	0.63mi
17449 Manderson Rd Unit 3 Detroit, MI	1.0	1.0	700	$1,015	$1.45	24d	1	0.63mi
17449 Manderson Rd Unit 13 Detroit, MI	1.0	1.0	700	$1,015	$1.45	2d	1	0.63mi
17449 Manderson Rd Unit 16 Detroit, MI	1.0	1.0	700	$950	$1.36	24d	1	0.63mi
17449 Manderson Rd Unit 1 Detroit, MI	2.0	1.0	750	$1,150	$1.53	24d	1	0.63mi
10 Ferris St Highland Park, MI	1.0	1.0	700	$725	$1.04	12d	1	0.95mi
10 Ferris St Unit 208/209 Highland Park, MI	1.0	1.0	700	$725	$1.04	20d	1	0.95mi
1291 W State Fair Ave Detroit, MI	1.0–2.0	1.0	700	$950	$1.36	12d	2	1.06mi
2623 W McNichols Rd Unit 23106 Detroit, MI	1.0	1.0	750	$1,075	$1.43	43d	1	1.23mi

Listing history 19 events

1. 2026-05-31
   status $40,000 Pending 40 DOM
2. 2026-04-22
   price $45,000 264-char remark

   Show marketing remark (269 chars)

   LAND CONTRACT AVAILABLE. 8,000 down / 5% interest/ 1000 per month/ 50 months Beautiful ranch style home located in Highland Park, MI Move in ready DO no approach without an appointment. Alarm is active. Warranty deed will be provided at closing. Showings available

3. 2026-04-22
   price $45,000 269-char remark

   Show marketing remark (269 chars)

   LAND CONTRACT AVAILABLE. 8,000 down / 5% interest/ 1000 per month/ 50 months Beautiful ranch style home located in Highland Park, MI Move in ready DO no approach without an appointment. Alarm is active. Warranty deed will be provided at closing. Showings available

4. 2026-04-20
   listed $52,900 Active 269-char remark

   Show marketing remark (264 chars)

   LAND CONTRACT AVAILABLE. 8,000 down / 5% interest/ 1000 per month/ 50 months Beautiful ranch style home located in Highland Park, MI Move in ready DO no approach without an appointment. Alarm is active. Warranty deed will be provided at closing. Showings available

5. 2026-04-20
   listed $52,900 Active 264-char remark

   Show marketing remark (264 chars)

   LAND CONTRACT AVAILABLE. 8,000 down / 5% interest/ 1000 per month/ 50 months Beautiful ranch style home located in Highland Park, MI Move in ready DO no approach without an appointment. Alarm is active. Warranty deed will be provided at closing. Showings available

6. 2022-10-12
   soldstatus $30,000 Sold
7. 2022-10-12
   soldstatus $30,000 Closed
8. 2022-10-03
   status Pending
9. 2022-10-03
   status Pending
10. 2022-09-16
    price $39,900
11. 2022-09-16
    price $39,900
12. 2022-09-15
    status Active
13. 2022-09-15
    status Active
14. 2022-01-30
    historical
15. 2022-01-30
    historical
16. 2021-12-28
    price $45,000
17. 2021-12-28
    price $45,000
18. 2021-10-12
    listed $56,000 Active
19. 2021-10-12
    listed $56,000 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: $790 · $66/mo
• Projected year-2 tax: $790 · $66/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 2/10 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: $12,690
• − Mortgage interest: −$2,241
• − Property taxes: −$790
• − Insurance: −$200
• − Repairs & maintenance: −$1,015
• − Management: −$1,015
• − Depreciation: −$1,164
• Taxable income: $6,265
• Est. tax owed @ 24.0%: −$1,504
• After-tax cash flow: $5,014/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): 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

-19.6% since first listed

18 events — show timeline

• 2026-04-22 Price Changed $45,000 MiRealSource-MiMLS
• 2026-04-22 Price Changed $45,000 REALCOMP
• 2026-04-20 Listed $52,900 REALCOMP
• 2026-04-20 Listed $52,900 MiRealSource-MiMLS
• 2022-10-12 Sold (MLS) $30,000 MiRealSource-MiMLS
• 2022-10-12 Sold (MLS) $30,000 REALCOMP
• 2022-10-03 Pending — MiRealSource-MiMLS
• 2022-10-03 Pending — REALCOMP
• 2022-09-16 Price Changed $39,900 MiRealSource-MiMLS
• 2022-09-16 Price Changed $39,900 REALCOMP
• 2022-09-15 Relisted — MiRealSource-MiMLS
• 2022-09-15 Relisted — REALCOMP
• 2022-01-30 Listing Removed — REALCOMP
• 2022-01-30 Listing Removed — MiRealSource-MiMLS
• 2021-12-28 Price Changed $45,000 MiRealSource-MiMLS
• 2021-12-28 Price Changed $45,000 REALCOMP
• 2021-10-12 Listed $56,000 MiRealSource-MiMLS
• 2021-10-12 Listed $56,000 REALCOMP

Property tax history

-0.2%/yr

Latest (2025): $790 · -53.4% YoY. Source: county tax records.