18041 Pelkey St · Detroit, MI 48205

$145,000

5 bd · 2.5 ba · 2,534 sqft · Other public records · 5 Days on market

Built 1927

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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 +25.4/30.0
• DSCR +8.4/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

LOCATED 8 MINUTES FROM THE HISTORIC EAST ENGLISH VILLAGE DISTRICT, YOU WILL FIND 18041 PELKEY NESTLED ON A 5,227 SQUARE FOOT LOT IN A QUIET NEIGHBORHOOD OF HOMEOWNERS. THIS CROWN JEWEL BOASTS A BRAND NEW ROOF TO ENSURE REPEAT DIVIDENDS FOR MANY YEARS TO COME. YOUR APARTMENT COMPLEX CONSISTS OF 3 RECENTLY REMODELED 3 BEDROOM AND 1 BED UNITS. EACH UNIT HAS BEEN UPGRADED AND HAS ENTIRELY BRAND NEW ELECTRICAL AND PLUMBING TO INSURE MAINTENANCE FREE CASH FLOW. FURTHERMORE THE ENTIRE COMPLEX HAS NEW ELECTRICAL AND PLUMBING FROM TOP TO BOTTOM. EACH SPACIOUS UNIT HAS FRESHLY ROLLED PAINT AND ONE WITH BRAND NEW CARPET WITH TOP OF THE LINE UNDERLAYMENT. THIS BEAUTY HAS JUST BEEN RENTED WITH 3 SECTION 8 TENANTS AND THE MONTHLY DIVIDENDS OF 3613 PAID IN FULL BY THE GOVERNMENT. TENANTS COVER ALL THE UTILITIES WITH ROI OF JUST UNDER 20 PERCNT. THE TAXES HAVE BEEN REDUCED TO ROUGHLY 75 PER MONTH. THIS DIAMOND WILL WRAPPED AROUND A LUCKY OWNER'S FINGER SOON! NO SHOWINGS WITHOUT ACCEPTED FULL LIST OFFER. LET'S CLOSE!

Key facts

• Located near schools
• Built 1927
• Listed 5 days

Tags

• LOCATED NEAR SCHOOLS
• LOCATED NEAR SHOPPING
• LOCATED NEAR MAJOR ROADWAYS
• LOCATED NEAR LOCAL AMENITIES

Property features AI

Exterior

• Home design: Built in 1927
• Construction: Original construction from 1927
• Exterior features: Located in the Osborn subdivision

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath other listed at $145k.

Deal economics

• At list price, monthly cash flow is $333 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).

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 (+1.3%/yr); 373 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $1,917/mo this rent would consume 59% of the median local household income ($39k/yr) (locally 2121% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 19 sale attempts since 9y ago 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: property tax is 3.0% of price; built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,000

Questions for the listing agent

1. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.32% ✓
• Cap rate: 9.05%
• Cash-on-cash: 9.84%
• DSCR: 1.44
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.33% rent growth · sell at horizon

5-year hold

• IRR: -3.6%
• Equity multiple: 0.87×
• Total profit: $-5,311
• Equity at exit: $21,620

10-year hold

• IRR: 3.9%
• Equity multiple: 1.26×
• Total profit: $10,686
• Equity at exit: $12,537

Cash invested: $40,600 (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 48205

• Home prices YoY: -28.1%
• Rents YoY: 1.3%
• Active inventory: 373
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,917 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$360 /mo · $4,325/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $333

Break-even live

Break-even rent $1,495

Max offer price $145,000

Occupancy floor 78%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18080 Westphalia St Detroit, MI	5.0	3.0	2131	$2,500	$1.17	44d	1	0.30mi

Listing history 4 events

1. 2026-06-18
   days on market $145,000 Active 5 DOM
2. 2026-06-17
   days on market $145,000 Active 4 DOM
3. 2026-06-15
   remarks 603-char remark
4. 2026-06-15
   listed $145,000 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: $4,325 · $360/mo
• Projected year-2 tax: $4,325 · $360/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 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,002
• − Mortgage interest: −$8,122
• − Property taxes: −$4,325
• − Insurance: −$725
• − Repairs & maintenance: −$1,840
• − Management: −$1,840
• − Depreciation: −$4,218
• Taxable income: $1,931
• Est. tax owed @ 24.0%: −$464
• After-tax cash flow: $3,533/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): 34,187
• Household income: $38,966
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 2121.0

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 (93%)
• Race & ethnicity: Black 93% White 3% Two or more races 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▼ -91.80%
• Current HPI: 235.0926
• Rent YoY: ▲ 1.33%
• 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

+935.7% since first listed

65 events — show timeline

• 2026-06-14 Listed $145,000 FSBO.com
• 2024-11-18 Sold (Public Records) $175,000 Public Records
• 2024-11-15 Sold (MLS) $188,700 MiRealSource-MiMLS
• 2024-11-15 Sold (MLS) $188,700 MiRealSource-MiMLS
• 2024-11-15 Sold (MLS) $188,700 MiRealSource-MiMLS
• 2024-11-15 Sold (MLS) $188,700 REALCOMP
• 2024-11-15 Sold (MLS) $188,700 REALCOMP
• 2024-08-31 Listing Removed — MiRealSource-MiMLS
• 2024-08-31 Relisted — MiRealSource-MiMLS
• 2024-08-30 Price Changed $188,700 MiRealSource-MiMLS
• 2024-08-30 Price Changed $188,700 MiRealSource-MiMLS
• 2024-08-30 Price Changed $188,700 MiRealSource-MiMLS
• 2024-08-30 Price Changed $188,700 REALCOMP
• 2024-08-30 Price Changed $188,700 REALCOMP
• 2024-08-17 Listing Removed — MiRealSource-MiMLS
• 2024-08-17 Relisted — MiRealSource-MiMLS
• 2024-08-16 Listing Removed — MiRealSource-MiMLS
• 2024-08-16 Relisted — MiRealSource-MiMLS
• 2024-08-16 Price Changed $199,990 MiRealSource-MiMLS
• 2024-08-15 Price Changed $199,990 MiRealSource-MiMLS
• 2024-08-15 Price Changed $199,990 MiRealSource-MiMLS
• 2024-08-15 Price Changed $199,990 REALCOMP
• 2024-08-15 Price Changed $199,990 REALCOMP
• 2024-08-15 Relisted — REALCOMP
• 2024-08-15 Relisted — REALCOMP
• 2024-08-15 Relisted — MiRealSource-MiMLS
• 2024-08-15 Relisted — MiRealSource-MiMLS
• 2024-08-08 Listing Removed — MiRealSource-MiMLS
• 2024-08-08 Listing Removed — MiRealSource-MiMLS
• 2024-08-08 Listing Removed — MiRealSource-MiMLS
• 2024-08-08 Listing Removed — REALCOMP
• 2024-08-08 Listing Removed — REALCOMP
• 2024-08-07 Listed $250,000 MiRealSource-MiMLS
• 2024-08-07 Listed $250,000 MiRealSource-MiMLS
• 2024-08-07 Listed $250,000 MiRealSource-MiMLS
• 2024-08-07 Listed $250,000 REALCOMP
• 2024-08-07 Listed $250,000 REALCOMP
• 2024-04-19 Sold (MLS) $40,000 MiRealSource-MiMLS
• 2024-04-19 Sold (MLS) $40,000 REALCOMP
• 2024-04-16 Pending — MiRealSource-MiMLS
• 2024-04-16 Pending — REALCOMP
• 2024-04-13 Contingent — MiRealSource-MiMLS
• 2024-04-13 Contingent — REALCOMP
• 2024-03-26 Price Changed $49,900 MiRealSource-MiMLS
• 2024-03-26 Price Changed $49,900 REALCOMP
• 2024-03-07 Price Changed $54,900 MiRealSource-MiMLS
• 2024-03-07 Price Changed $54,900 REALCOMP
• 2023-12-28 Listed $60,000 MiRealSource-MiMLS
• 2023-12-28 Listed $60,000 REALCOMP
• 2019-01-04 Sold (MLS) $9,000 MiRealSource-MiMLS
• 2019-01-04 Sold (MLS) $9,000 REALCOMP
• 2018-10-16 Pending — MiRealSource-MiMLS
• 2018-10-16 Pending — REALCOMP
• 2018-06-13 Listed $14,000 MiRealSource-MiMLS
• 2018-06-13 Listed $14,000 REALCOMP
• 2018-04-16 Listing Removed — REALCOMP
• 2018-04-05 Pending — MiRealSource-MiMLS
• 2018-04-05 Pending — REALCOMP
• 2018-04-04 Listing Removed — MiRealSource-MiMLS
• 2018-04-03 Price Changed $10,000 MiRealSource-MiMLS
• 2018-04-02 Price Changed $10,000 REALCOMP
• 2018-01-28 Price Changed $12,000 MiRealSource-MiMLS
• 2018-01-27 Price Changed $12,000 REALCOMP
• 2017-07-12 Listed $14,000 MiRealSource-MiMLS
• 2017-07-12 Listed $14,000 REALCOMP

Property tax history

+11.1%/yr

Latest (2025): $4,325 · +160.2% YoY. Source: county tax records.