22118 Ulster St · Detroit, MI 48219

$54,000

2 bd · 1.0 ba · 657 sqft · SingleFamily public records · 15 Days on market

Built 1920 5,663 sqft lot Est $41k · 33% over ↓ 18% since listing

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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
• Rent growth +4.5/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Attention investors!! Here is your next acquisition, this property was previously fully updated in 2021, with just a TLC can be ready to move in again (might need paint, new carpet, etc. ). Features 2 bedrooms, bathroom with ceramic tile on walls and flooring, kitchen with wood cabinets and countertop. The property has a rear access for better convenience. Unfinished basement. Rents in the area around the $900 for a property like this one. Ideal for investor looking for a good ROI. Conveniently located in the Riverdale neighborhood, with easy access from McNichols Rd and Grand River Ave, just one block away from Crowell Recreation Center and two minutes away from Meijer supermarket.

Key facts

• 5,663 sq ft lot
• Built 1920
• Listed 15 days

Property features AI

Exterior

• Utilities: Public water; Natural gas; Forced air heating
• Home design: Residential, single-story; Built in 1920; Entry-level living spaces; Below-grade area present (657 below-grade sq. ft.)
• Construction: Vinyl siding; Basement foundation
• Exterior features: Paved street access; Frontage approx. 36 feet

Interior

• Kitchen: Entry-level kitchen (approx. 7 x 10)
• Bedrooms: Two entry-level bedrooms (10 x 10 and 9 x 10)
• Bathrooms: One full bathroom (entry level, approx. 6 x 5)
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: 5 total rooms; Unfinished basement
• Laundry & utility: Basement present (unfinished)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $54k.

Deal economics

• At list price, monthly cash flow is $362 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($960 rent vs $54k).
• Recommended offer: $53k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.3% 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 rising fast (+8.0%/yr); 305 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $373 of loan paydown is wiped out by about $2k 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 + 8.0% rent growth), your $15k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $26k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $53,190 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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: 1.78% ✓
• Cap rate: 14.34%
• Cash-on-cash: 28.75%
• DSCR: 2.28
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $40,734
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16816 Lamphere St	0.23mi	2/1.0	732 (+11%)	3mo	$54,000	$74	68
15341 Bramell St	0.69mi	2/1.0	644 (-2%)	7mo	$12,000	$19	58
16746 Bramell St	0.28mi	2/1.0	755 (+15%)	7mo	$30,000	$40	57
17185 Bentler St	0.52mi	2/1.0	690 (+5%)	13mo	$43,000	$62	56
15777 Chatham	0.39mi	2/1.0	696 (+6%)	21mo	$10,000	$14	54
16105 Chatham St	0.28mi	3/1.0 (+1)	704 (+7%)	21mo	$35,000	$50	52
15853 Beaverland St	0.43mi	3/1.0 (+1)	727 (+11%)	12mo	$60,000	$83	47
22503 Argus	0.41mi	2/1.0	744 (+13%)	21mo	$62,500	$84	41

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 28.8%
• Equity multiple: 2.28×
• Total profit: $19,423
• Equity at exit: $8,052

10-year hold

• IRR: 39.1%
• Equity multiple: 5.62×
• Total profit: $69,819
• Equity at exit: $4,669

Cash invested: $15,120 (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 48219

• Home prices YoY: -10.3%
• Rents YoY: 8.0%
• Active inventory: 305
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $960 high
• Mortgage (P&I): −$283
• Tax from tax record: −$90 /mo · $1,081/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$201
• Net cashflow: $362

Break-even live

Break-even rent $501

Max offer price $54,000

Occupancy floor 57%

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: $13,500
• Closing costs: $1,620
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16700 Lahser Rd Apt 18 Detroit, MI	2.0	1.0	750	$900	$1.20	43d	1	0.18mi
16854 Lahser Rd Detroit, MI	1.0	1.0	680	$885	$1.30	12d	1	0.29mi
16885 Lahser Rd Apt 3A Detroit, MI	1.0	1.0	700	$750	$1.07	43d	1	0.30mi
16885 Lahser Rd Unit 1A Detroit, MI	1.0	1.0	650	$750	$1.15	5d	1	0.31mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$850	$1.21	43d	2	0.63mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$838	$1.20	24d	2	0.63mi
17274 Bentler St #46 Detroit, MI	2.0	1.0	700	$850	$1.21	16d	1	0.63mi
17270 Bentler St Detroit, MI	2.0	1.0	650	$850	$1.31	43d	1	0.63mi
17644 Lahser Rd Unit 7 Detroit, MI	1.0	1.0	600	$995	$1.66	24d	1	0.72mi
18045 Lahser Rd Detroit, MI	1.0	1.0	670	$960	$1.43	5d	2	0.77mi
24244 Dale St Unit 211 Detroit, MI	1.0	1.0	550	$800	$1.45	24d	1	0.80mi
18025 Bentler St Detroit, MI	3.0	1.0	728	$1,250	$1.72	24d	1	0.83mi
16194 Fielding St Unit 2 Detroit, MI	2.0	1.0	750	$950	$1.27	15d	1	0.88mi
18350 Lahser Rd Detroit, MI	1.0	1.0	600	$950	$1.58	43d	1	0.93mi
18400 Lahser Rd Detroit, MI	1.0	1.0	620	$950	$1.53	24d	1	0.97mi
18450 Lahser Rd Apt 1 Detroit, MI	1.0	1.0	650	$820	$1.26	5d	1	1.00mi
16581 Wormer St Detroit, MI	2.0	1.0	720	$1,100	$1.53	43d	1	1.01mi
24235 W McNichols Rd Detroit, MI	1.0	1.0	700	$800	$1.14	43d	4	1.02mi
18274 Fielding St Detroit, MI	2.0	1.0	700	$1,200	$1.71	16d	1	1.27mi
24651 W McNichols Rd Detroit, MI	1.0	1.0	700	$800	$1.14	43d	4	1.29mi
15143 Evergreen Rd Detroit, MI	2.0	1.0	653	$875	$1.34	21d	1	1.33mi
15143 Evergreen Rd Detroit, MI	2.0	1.0	653	$875	$1.34	24d	1	1.33mi

Listing history 13 events

1. 2026-06-18
   days on market $54,000 Active 15 DOM
2. 2026-06-17
   days on market $54,000 Active 14 DOM
3. 2026-06-16
   days on market $54,000 Active 13 DOM
4. 2026-06-15
   days on market $54,000 Active 12 DOM
5. 2026-06-13
   days on market $54,000 Active 10 DOM
6. 2026-06-13
   days on market $54,000 Active 9 DOM
7. 2026-06-09
   days on market $54,000 Active 6 DOM
8. 2026-06-08
   days on market $54,000 Active 5 DOM
9. 2026-06-07
   days on market $54,000 Active 4 DOM
10. 2026-06-04
    statusdays on marketlisting id $54,000 Active 1 DOM
11. 2026-06-03
    days on market $54,000 Coming Soon 2 DOM
12. 2026-06-02
    remarks 691-char remark
13. 2026-06-02
    listed $54,000 Coming Soon 1 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: $1,081 · $90/mo
• Projected year-2 tax: $1,081 · $90/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,514
• − Mortgage interest: −$3,025
• − Property taxes: −$1,081
• − Insurance: −$270
• − Repairs & maintenance: −$921
• − Management: −$921
• − Depreciation: −$1,571
• Taxable income: $3,726
• Est. tax owed @ 24.0%: −$894
• After-tax cash flow: $3,453/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): 47,208
• Household income: $43,655
• Rent vs Own: 45.1% rent · 54.9% own
• Severe rent burden: 3584.0

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 5% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% 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: ▼ -65.06%
• Current HPI: 563.3263
• Rent YoY: ▲ 8.04%
• 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

-18.1% since first listed

6 events — show timeline

• 2026-06-02 Coming Soon $54,000 MiRealSource-MiMLS
• 2025-10-01 Listing Removed — MiRealSource-MiMLS
• 2025-10-01 Listing Removed — REALCOMP
• 2025-04-18 Listed $80,000 MiRealSource-MiMLS
• 2025-04-18 Listed $80,000 REALCOMP
• 2021-03-16 Sold (Public Records) $65,900 Public Records

Property tax history

+3.6%/yr

Latest (2025): $1,081 · -8.5% YoY. Source: county tax records.