24500 Cornell Ave · Woodhaven, MI 48183

$265,000

4 bd · 2.0 ba · 2,011 sqft · SingleFamily public records · 40 Days on market

Built 1978 10,019 sqft lot $132/sqft · 6% below area Est $431k · 38% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +14.0/30.0
• DSCR +4.2/10.0
• Livability +4.2/5.0
• 1% rule +3.6/10.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

THIS IS A HUD HOME. BEING SOLD AS IS. THIS IS AN EXCLUSIVE LISTING. OWNER OCCUPANT BIDS ONLY FOR THE FIRST 15 DAYS ON MARKET. SOLID BI-LEVEL HOME WITH UPDATES THROUGHOUT. READY TO MOVE IN. HARDWOOD FLOORS THROUGHOUT. UPDATED BATHS WITH CERAMIC TILE. UPDATED KITCHEN. ATTACHED 2 CAR GARAGE. HUGE BACKYARD DECK. WOODHAVEN SCHOOL SYSTEM. BUYER TO ORDER FINAL WATER READING PRIOR TO CLOSING. BUYER TO ORDER FINAL WATER READING PRIOR TO CLOSING.

Key facts

• 0.23 acre lot
• 2 garage spots
• Built 1978

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $34 ($412/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (14.4% below list).
• Recommended offer: $227k (14.4% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.7% in Woodhaven — 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 83/100 on livability (#49 in MI, #1,017 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Woodhaven-Brownstown School District (suburban): math 32% / reading 49% proficiency, ranked #189 of 540 in MI (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 171 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 33% of the median local income ($84k/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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 28y ago; this cycle's ask has dropped $29k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $226,876 (14.4% 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 14% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.86% ✗
• Cap rate: 6.45%
• Cash-on-cash: 0.55%
• DSCR: 1.02
• GRM: 9.7

CMA / ARV

• ARV (median comp): $430,553
• List price: $265,000
• Delta: -38.45%
• 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
24407 Westpointe St	0.07mi	3/1.5 (-1)	2,155 (+7%)	1mo	$297,119	$138	77
24272 Charles Dr	0.26mi	3/2.0 (-1)	1,909 (-5%)	5mo	$340,000	$178	71
24231 Wilson Dr	0.23mi	4/2.5	1,908 (-5%)	12mo	$397,000	$208	69
23601 Oakleigh Ave	0.66mi	3/2.5 (-1)	2,028 (+1%)	1mo	$408,000	$201	60
24550 Colonial Dr	0.51mi	4/2.5	2,141 (+6%)	7mo	$289,900	$135	57
22534 Provincial St	0.61mi	3/2.5 (-1)	2,125 (+6%)	2mo	$285,000	$134	54
24864 Christina Dr	0.74mi	4/2.5	1,996 (-1%)	11mo	$390,000	$195	53
24688 Emily Dr	0.39mi	3/3.5 (-1)	1,848 (-8%)	5mo	$350,000	$189	53
24401 Christian Dr	0.15mi	3/3.5 (-1)	1,726 (-14%)	7mo	$331,000	$192	52
24840 Cabot Dr	0.60mi	4/1.5	2,234 (+11%)	4mo	$290,000	$130	48
24435 Heritage Dr	0.75mi	3/2.5 (-1)	2,296 (+14%)	0mo	$280,000	$122	34
24465 Manchester Dr	0.70mi	4/2.0	2,304 (+15%)	12mo	$77,700	$34	32

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: -15.4%
• Equity multiple: 0.45×
• Total profit: $-40,767
• Equity at exit: $39,512

10-year hold

• IRR: -6.9%
• Equity multiple: 0.56×
• Total profit: $-32,730
• Equity at exit: $22,912

Cash invested: $74,200 (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 48183

• Active inventory: 171
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,269 medium
• Mortgage (P&I): −$1,390
• Tax from tax record: −$258 /mo · $3,095/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $34

Break-even live

Break-even rent $2,225

Max offer price $265,000

Occupancy floor 93%

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23501 Van Horn Rd Woodhaven, MI	4.0	2.0	1568	$1,599	$1.02	1d	1	0.40mi
23840 Brentwood Dr Trenton, MI	4.0	3.5	2706	$3,450	$1.27	43d	1	0.43mi

Listing history 38 events

1. 2026-05-04
   status Pending 440-char remark

   Show marketing remark (440 chars)

   THIS IS A HUD HOME. BEING SOLD AS IS. THIS IS AN EXCLUSIVE LISTING. OWNER OCCUPANT BIDS ONLY FOR THE FIRST 15 DAYS ON MARKET. SOLID BI-LEVEL HOME WITH UPDATES THROUGHOUT. READY TO MOVE IN. HARDWOOD FLOORS THROUGHOUT. UPDATED BATHS WITH CERAMIC TILE. UPDATED KITCHEN. ATTACHED 2 CAR GARAGE. HUGE BACKYARD DECK. WOODHAVEN SCHOOL SYSTEM. BUYER TO ORDER FINAL WATER READING PRIOR TO CLOSING. BUYER TO ORDER FINAL WATER READING PRIOR TO CLOSING.

2. 2026-05-04
   status Pending 440-char remark

   Show marketing remark (440 chars)

   THIS IS A HUD HOME. BEING SOLD AS IS. THIS IS AN EXCLUSIVE LISTING. OWNER OCCUPANT BIDS ONLY FOR THE FIRST 15 DAYS ON MARKET. SOLID BI-LEVEL HOME WITH UPDATES THROUGHOUT. READY TO MOVE IN. HARDWOOD FLOORS THROUGHOUT. UPDATED BATHS WITH CERAMIC TILE. UPDATED KITCHEN. ATTACHED 2 CAR GARAGE. HUGE BACKYARD DECK. WOODHAVEN SCHOOL SYSTEM. BUYER TO ORDER FINAL WATER READING PRIOR TO CLOSING. BUYER TO ORDER FINAL WATER READING PRIOR TO CLOSING.

3. 2026-04-30
   price $265,000 440-char remark

   Show marketing remark (440 chars)

   THIS IS A HUD HOME. BEING SOLD AS IS. THIS IS AN EXCLUSIVE LISTING. OWNER OCCUPANT BIDS ONLY FOR THE FIRST 15 DAYS ON MARKET. SOLID BI-LEVEL HOME WITH UPDATES THROUGHOUT. READY TO MOVE IN. HARDWOOD FLOORS THROUGHOUT. UPDATED BATHS WITH CERAMIC TILE. UPDATED KITCHEN. ATTACHED 2 CAR GARAGE. HUGE BACKYARD DECK. WOODHAVEN SCHOOL SYSTEM. BUYER TO ORDER FINAL WATER READING PRIOR TO CLOSING. BUYER TO ORDER FINAL WATER READING PRIOR TO CLOSING.

4. 2026-04-30
   price $265,000 440-char remark

   Show marketing remark (440 chars)

   THIS IS A HUD HOME. BEING SOLD AS IS. THIS IS AN EXCLUSIVE LISTING. OWNER OCCUPANT BIDS ONLY FOR THE FIRST 15 DAYS ON MARKET. SOLID BI-LEVEL HOME WITH UPDATES THROUGHOUT. READY TO MOVE IN. HARDWOOD FLOORS THROUGHOUT. UPDATED BATHS WITH CERAMIC TILE. UPDATED KITCHEN. ATTACHED 2 CAR GARAGE. HUGE BACKYARD DECK. WOODHAVEN SCHOOL SYSTEM. BUYER TO ORDER FINAL WATER READING PRIOR TO CLOSING. BUYER TO ORDER FINAL WATER READING PRIOR TO CLOSING.

5. 2026-03-25
   listed $294,000 Active 440-char remark

   Show marketing remark (440 chars)

   THIS IS A HUD HOME. BEING SOLD AS IS. THIS IS AN EXCLUSIVE LISTING. OWNER OCCUPANT BIDS ONLY FOR THE FIRST 15 DAYS ON MARKET. SOLID BI-LEVEL HOME WITH UPDATES THROUGHOUT. READY TO MOVE IN. HARDWOOD FLOORS THROUGHOUT. UPDATED BATHS WITH CERAMIC TILE. UPDATED KITCHEN. ATTACHED 2 CAR GARAGE. HUGE BACKYARD DECK. WOODHAVEN SCHOOL SYSTEM. BUYER TO ORDER FINAL WATER READING PRIOR TO CLOSING. BUYER TO ORDER FINAL WATER READING PRIOR TO CLOSING.

6. 2026-03-25
   listed $294,000 Active 440-char remark

   Show marketing remark (440 chars)

   THIS IS A HUD HOME. BEING SOLD AS IS. THIS IS AN EXCLUSIVE LISTING. OWNER OCCUPANT BIDS ONLY FOR THE FIRST 15 DAYS ON MARKET. SOLID BI-LEVEL HOME WITH UPDATES THROUGHOUT. READY TO MOVE IN. HARDWOOD FLOORS THROUGHOUT. UPDATED BATHS WITH CERAMIC TILE. UPDATED KITCHEN. ATTACHED 2 CAR GARAGE. HUGE BACKYARD DECK. WOODHAVEN SCHOOL SYSTEM. BUYER TO ORDER FINAL WATER READING PRIOR TO CLOSING. BUYER TO ORDER FINAL WATER READING PRIOR TO CLOSING.

7. 2022-11-10
   soldstatus $270,000
8. 2022-11-04
   soldstatus $270,000 Sold
9. 2022-11-04
   soldstatus $270,000 Closed
10. 2022-09-26
    status Pending
11. 2022-09-26
    status Pending
12. 2022-08-25
    listed $294,900 Active
13. 2022-08-25
    listed $294,900 Active
14. 2014-01-08
    soldstatus $72,000
15. 2014-01-08
    soldstatus $72,000
16. 2013-11-11
    listed $79,900
17. 2013-11-11
    listed $79,900
18. 2004-05-14
    soldstatus $165,000
19. 2004-03-09
    soldstatus $165,000
20. 2004-03-09
    soldstatus $165,000
21. 2004-02-07
    historical
22. 2003-11-20
    listed $167,900
23. 2003-11-20
    listed $167,900
24. 2001-11-27
    soldstatus $156,500
25. 2001-03-28
    soldstatus $156,500
26. 2001-03-26
    soldstatus $156,500
27. 2001-03-26
    soldstatus $156,500
28. 2001-03-23
    historical
29. 2001-03-23
    historical
30. 2000-12-20
    listed $158,610
31. 2000-12-20
    listed $158,610
32. 2000-12-20
    listed $158,610
33. 2000-09-23
    listed $164,900
34. 2000-09-23
    listed $164,900
35. 1998-10-05
    soldstatus $139,900
36. 1998-10-05
    soldstatus $139,900
37. 1998-05-12
    listed $136,900
38. 1998-05-12
    listed $136,900

ⓘ 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: $3,095 · $258/mo
• Projected year-2 tax: $3,588 · $299/mo
• Expected delta: +$493/yr (+$41/mo · 15.9%)

ⓘ 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 (shaded) · 0% 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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,225
• − Mortgage interest: −$14,844
• − Property taxes: −$3,095
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,178
• − Management: −$2,178
• − Depreciation: −$7,709
• Taxable loss: −$4,104
• Est. tax savings @ 24.0%: +$985
• After-tax cash flow: $1,397/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: Woodhaven-Brownstown School District
• NCES district ID: 2636485
• Math proficiency: 32% ▼ -11.00%
• Reading proficiency: 49% ▼ -7.00%
• Median HH income: $58,200
• Composite: 35.63/100
• National rank: #4885
• State rank: #189 of 540 in MI

Livability — Woodhaven

• Score: 83/100
• State rank: #49
• US rank: #1017

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Wayne County · 1,562,939 people
• City population: 41,765
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 41,765
• Household income: $83,508
• Rent vs Own: 23.8% rent · 76.2% own
• Severe rent burden: 836.0

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 White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 6% Black 5% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 15% Lithuanian 4% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Other Indo-European 3% 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: ▼ -222.34%
• Current HPI: 216.3623
• 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

+93.6% since first listed

38 events — show timeline

• 2026-05-04 Pending — MiRealSource-MiMLS
• 2026-05-04 Pending — REALCOMP
• 2026-04-30 Price Changed $265,000 MiRealSource-MiMLS
• 2026-04-30 Price Changed $265,000 REALCOMP
• 2026-03-25 Listed $294,000 REALCOMP
• 2026-03-25 Listed $294,000 MiRealSource-MiMLS
• 2022-11-10 Sold (Public Records) $270,000 Public Records
• 2022-11-04 Sold (MLS) $270,000 MiRealSource-MiMLS
• 2022-11-04 Sold (MLS) $270,000 REALCOMP
• 2022-09-26 Pending — MiRealSource-MiMLS
• 2022-09-26 Pending — REALCOMP
• 2022-08-25 Listed $294,900 MiRealSource-MiMLS
• 2022-08-25 Listed $294,900 REALCOMP
• 2014-01-08 Sold (MLS) $72,000 MiRealSource-MiMLS
• 2014-01-08 Sold (MLS) $72,000 REALCOMP
• 2013-11-11 Listed $79,900 MiRealSource-MiMLS
• 2013-11-11 Listed $79,900 REALCOMP
• 2004-05-14 Sold (Public Records) $165,000 Public Records
• 2004-03-09 Sold (MLS) $165,000 REALCOMP
• 2004-03-09 Sold (MLS) $165,000 MiRealSource-MiMLS
• 2004-02-07 Listing Removed — MiRealSource-MiMLS
• 2003-11-20 Listed $167,900 REALCOMP
• 2003-11-20 Listed $167,900 MiRealSource-MiMLS
• 2001-11-27 Sold (Public Records) $156,500 Public Records
• 2001-03-28 Sold (MLS) $156,500 REALCOMP
• 2001-03-26 Sold (MLS) $156,500 MiRealSource-MiMLS
• 2001-03-26 Sold (MLS) $156,500 REALCOMP
• 2001-03-23 Listing Removed — REALCOMP
• 2001-03-23 Listing Removed — MiRealSource-MiMLS
• 2000-12-20 Listed $158,610 MiRealSource-MiMLS
• 2000-12-20 Listed $158,610 REALCOMP
• 2000-12-20 Listed $158,610 REALCOMP
• 2000-09-23 Listed $164,900 REALCOMP
• 2000-09-23 Listed $164,900 MiRealSource-MiMLS
• 1998-10-05 Sold (MLS) $139,900 MiRealSource-MiMLS
• 1998-10-05 Sold (MLS) $139,900 REALCOMP
• 1998-05-12 Listed $136,900 MiRealSource-MiMLS
• 1998-05-12 Listed $136,900 REALCOMP

Property tax history

+1.0%/yr

Latest (2025): $3,095 · -48.5% YoY. Source: county tax records.