4030 Lemay St · Detroit, MI 48214

$48,990

4 bd · 1.5 ba · 1,564 sqft · SingleFamily public records · 154 Days on market

Built 1917 3,920 sqft lot $31/sqft · at area comps Est $50k · at est. ↓ 45% since listing

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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 +8.7/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into the charm and potential of this classic 1917 Detroit bungalow, offering just over 1,500 square feet of living space on a . 09-acre lot, plus an adjacent vacant . 09-acre parcel included in the sale. This property presents a rare opportunity to restore and reimagine a piece of Detroit history while benefiting from additional land next door. The home features the solid bones and timeless character typical of early 20th-century construction, with a layout that provides ample space for renovation and customization. With the right vision and updates, this bungalow can be transformed into a standout residence or investment property. The included vacant lot offers endless possibilities--expand outdoor living space, create a garden, build an additional structure (buyer to verify), or hold for future development. This property is ideal for investors, renovators, or owner-occupants looking to bring a home to its full potential.

Key facts

• Solid bones
• 3,920 sq ft lot
• Built 1917

Tags

• CLASSIC 1917 BUNGALOW
• ADJACENT VACANT PARCEL
• SOLID BONES
• AMPLE SPACE FOR RENOVATION
• EXPAND OUTDOOR LIVING SPACE

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $49k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $49k).
• Recommended offer: $43k (12.0% below list) — sets the bar for market timing.
• Cap rate 31.3% 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: 298 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).
• At $1,703/mo this rent would consume 61% of the median local household income ($34k/yr) (locally 1364% 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 $338 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 154 days — a 12% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $40k (45%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,111 (12.0% below list)

Questions for the listing agent

1. It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 3.48% ✓
• Cap rate: 31.31%
• Cash-on-cash: 89.35%
• DSCR: 4.98
• GRM: 2.4

CMA / ARV

• ARV (median comp): $50,307
• List price: $48,990
• Delta: -2.62%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3893 Beniteau St	0.19mi	4/2.5	1,622 (+4%)	17mo	$64,500	$40	67
4688 French Rd	0.39mi	4/2.0	1,458 (-7%)	4mo	$170,000	$117	65
4780 Hurlbut St	0.51mi	4/2.0	1,489 (-5%)	2mo	$155,000	$104	64
2931 Garland St	0.67mi	4/3.0	1,558 (-0%)	1mo	$215,000	$138	61
2918 Garland St	0.67mi	4/3.0	1,546 (-1%)	1mo	$205,000	$133	60
4791 Saint Clair St	0.43mi	4/1.0	1,494 (-4%)	17mo	$30,000	$20	57
4735 Garland St	0.43mi	3/1.5 (-1)	1,528 (-2%)	19mo	$12,500	$8	55
3054 Cadillac Blvd	0.68mi	3/1.0 (-1)	1,554 (-1%)	11mo	$159,000	$102	51
2991 Garland St	0.63mi	4/2.0	1,755 (+12%)	2mo	$125,000	$71	47
5137 Saint Clair St	0.61mi	3/1.0 (-1)	1,728 (+10%)	3mo	$30,000	$17	45
4829 Hurlbut St	0.55mi	4/2.0	1,700 (+9%)	19mo	$160,000	$94	42
5113 Bewick St	0.64mi	3/2.0 (-1)	1,368 (-12%)	13mo	$60,000	$44	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: 90.0%
• Equity multiple: 5.17×
• Total profit: $57,133
• Equity at exit: $7,305

10-year hold

• IRR: 93.0%
• Equity multiple: 10.74×
• Total profit: $133,587
• Equity at exit: $4,236

Cash invested: $13,717 (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 48214

• Active inventory: 298
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,703 high
• Mortgage (P&I): −$257
• Tax from tax record: −$47 /mo · $562/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $1,021

Break-even live

Break-even rent $410

Max offer price $48,990

Occupancy floor 35%

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: $12,248
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4487 French Rd Detroit, MI	4.0	2.0	1280	$1,800	$1.41	44d	1	0.22mi
4667 Beniteau St Detroit, MI	5.0	2.0	1396	$1,700	$1.22	44d	1	0.42mi
5045 Fairview St Detroit, MI	3.0	1.0	1303	$1,200	$0.92	44d	1	0.47mi
5342 Cooper St Detroit, MI	3.0	1.0	1125	$1,200	$1.07	24d	1	0.87mi
8843 E Canfield St Detroit, MI	4.0	2.0	1200	$2,400	$2.00	44d	1	0.88mi
4169 Burns St Detroit, MI	4.0	2.5	1326	$2,300	$1.73	24d	1	1.05mi
5858 Seneca St Detroit, MI	3.0	1.0	1348	$999	$0.74	18d	1	1.44mi
4811 Seyburn St Detroit, MI	3.0	1.0	1196	$1,037	$0.87	17d	1	1.50mi

Listing history 21 events

1. 2026-06-18
   days on market $48,990 Active 154 DOM
2. 2026-06-17
   days on market $48,990 Active 153 DOM
3. 2026-06-15
   days on market $48,990 Active 151 DOM
4. 2026-06-13
   days on market $48,990 Active 149 DOM
5. 2026-06-13
   days on market $48,990 Active 148 DOM
6. 2026-06-09
   days on market $48,990 Active 145 DOM
7. 2026-06-08
   days on market $48,990 Active 144 DOM
8. 2026-06-07
   days on market $48,990 Active 143 DOM
9. 2026-06-04
   days on market $48,990 Active 140 DOM
10. 2026-06-03
    days on market $48,990 Active 139 DOM
11. 2026-06-01
    days on market $48,990 Active 137 DOM
12. 2026-05-31
    days on market $48,990 Active 136 DOM
13. 2026-04-15
    price $48,990 941-char remark

    Show marketing remark (941 chars)

    Step into the charm and potential of this classic 1917 Detroit bungalow, offering just over 1,500 square feet of living space on a . 09-acre lot, plus an adjacent vacant . 09-acre parcel included in the sale. This property presents a rare opportunity to restore and reimagine a piece of Detroit history while benefiting from additional land next door. The home features the solid bones and timeless character typical of early 20th-century construction, with a layout that provides ample space for renovation and customization. With the right vision and updates, this bungalow can be transformed into a standout residence or investment property. The included vacant lot offers endless possibilities--expand outdoor living space, create a garden, build an additional structure (buyer to verify), or hold for future development. This property is ideal for investors, renovators, or owner-occupants looking to bring a home to its full potential.

14. 2026-04-14
    price $48,990 941-char remark

    Show marketing remark (941 chars)

    Step into the charm and potential of this classic 1917 Detroit bungalow, offering just over 1,500 square feet of living space on a . 09-acre lot, plus an adjacent vacant . 09-acre parcel included in the sale. This property presents a rare opportunity to restore and reimagine a piece of Detroit history while benefiting from additional land next door. The home features the solid bones and timeless character typical of early 20th-century construction, with a layout that provides ample space for renovation and customization. With the right vision and updates, this bungalow can be transformed into a standout residence or investment property. The included vacant lot offers endless possibilities--expand outdoor living space, create a garden, build an additional structure (buyer to verify), or hold for future development. This property is ideal for investors, renovators, or owner-occupants looking to bring a home to its full potential.

15. 2026-04-14
    price $48,990

    Show marketing remark (941 chars)

    Step into the charm and potential of this classic 1917 Detroit bungalow, offering just over 1,500 square feet of living space on a . 09-acre lot, plus an adjacent vacant . 09-acre parcel included in the sale. This property presents a rare opportunity to restore and reimagine a piece of Detroit history while benefiting from additional land next door. The home features the solid bones and timeless character typical of early 20th-century construction, with a layout that provides ample space for renovation and customization. With the right vision and updates, this bungalow can be transformed into a standout residence or investment property. The included vacant lot offers endless possibilities--expand outdoor living space, create a garden, build an additional structure (buyer to verify), or hold for future development. This property is ideal for investors, renovators, or owner-occupants looking to bring a home to its full potential.

16. 2026-02-28
    price $63,990 941-char remark

    Show marketing remark (941 chars)

    Step into the charm and potential of this classic 1917 Detroit bungalow, offering just over 1,500 square feet of living space on a . 09-acre lot, plus an adjacent vacant . 09-acre parcel included in the sale. This property presents a rare opportunity to restore and reimagine a piece of Detroit history while benefiting from additional land next door. The home features the solid bones and timeless character typical of early 20th-century construction, with a layout that provides ample space for renovation and customization. With the right vision and updates, this bungalow can be transformed into a standout residence or investment property. The included vacant lot offers endless possibilities--expand outdoor living space, create a garden, build an additional structure (buyer to verify), or hold for future development. This property is ideal for investors, renovators, or owner-occupants looking to bring a home to its full potential.

17. 2026-02-27
    price $63,990 941-char remark

    Show marketing remark (941 chars)

    Step into the charm and potential of this classic 1917 Detroit bungalow, offering just over 1,500 square feet of living space on a . 09-acre lot, plus an adjacent vacant . 09-acre parcel included in the sale. This property presents a rare opportunity to restore and reimagine a piece of Detroit history while benefiting from additional land next door. The home features the solid bones and timeless character typical of early 20th-century construction, with a layout that provides ample space for renovation and customization. With the right vision and updates, this bungalow can be transformed into a standout residence or investment property. The included vacant lot offers endless possibilities--expand outdoor living space, create a garden, build an additional structure (buyer to verify), or hold for future development. This property is ideal for investors, renovators, or owner-occupants looking to bring a home to its full potential.

18. 2026-02-27
    price $63,990

    Show marketing remark (941 chars)

    Step into the charm and potential of this classic 1917 Detroit bungalow, offering just over 1,500 square feet of living space on a . 09-acre lot, plus an adjacent vacant . 09-acre parcel included in the sale. This property presents a rare opportunity to restore and reimagine a piece of Detroit history while benefiting from additional land next door. The home features the solid bones and timeless character typical of early 20th-century construction, with a layout that provides ample space for renovation and customization. With the right vision and updates, this bungalow can be transformed into a standout residence or investment property. The included vacant lot offers endless possibilities--expand outdoor living space, create a garden, build an additional structure (buyer to verify), or hold for future development. This property is ideal for investors, renovators, or owner-occupants looking to bring a home to its full potential.

19. 2026-01-16
    listed $89,000 Active 941-char remark

    Show marketing remark (941 chars)

    Step into the charm and potential of this classic 1917 Detroit bungalow, offering just over 1,500 square feet of living space on a . 09-acre lot, plus an adjacent vacant . 09-acre parcel included in the sale. This property presents a rare opportunity to restore and reimagine a piece of Detroit history while benefiting from additional land next door. The home features the solid bones and timeless character typical of early 20th-century construction, with a layout that provides ample space for renovation and customization. With the right vision and updates, this bungalow can be transformed into a standout residence or investment property. The included vacant lot offers endless possibilities--expand outdoor living space, create a garden, build an additional structure (buyer to verify), or hold for future development. This property is ideal for investors, renovators, or owner-occupants looking to bring a home to its full potential.

20. 2026-01-15
    listed $89,000 Active 941-char remark

    Show marketing remark (941 chars)

    Step into the charm and potential of this classic 1917 Detroit bungalow, offering just over 1,500 square feet of living space on a . 09-acre lot, plus an adjacent vacant . 09-acre parcel included in the sale. This property presents a rare opportunity to restore and reimagine a piece of Detroit history while benefiting from additional land next door. The home features the solid bones and timeless character typical of early 20th-century construction, with a layout that provides ample space for renovation and customization. With the right vision and updates, this bungalow can be transformed into a standout residence or investment property. The included vacant lot offers endless possibilities--expand outdoor living space, create a garden, build an additional structure (buyer to verify), or hold for future development. This property is ideal for investors, renovators, or owner-occupants looking to bring a home to its full potential.

21. 2026-01-15
    listed $89,000 Active

    Show marketing remark (941 chars)

    Step into the charm and potential of this classic 1917 Detroit bungalow, offering just over 1,500 square feet of living space on a . 09-acre lot, plus an adjacent vacant . 09-acre parcel included in the sale. This property presents a rare opportunity to restore and reimagine a piece of Detroit history while benefiting from additional land next door. The home features the solid bones and timeless character typical of early 20th-century construction, with a layout that provides ample space for renovation and customization. With the right vision and updates, this bungalow can be transformed into a standout residence or investment property. The included vacant lot offers endless possibilities--expand outdoor living space, create a garden, build an additional structure (buyer to verify), or hold for future development. This property is ideal for investors, renovators, or owner-occupants looking to bring a home to its full potential.

ⓘ 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: $562 · $47/mo
• Projected year-2 tax: $658 · $55/mo
• Expected delta: +$96/yr (+$8/mo · 17.2%)

ⓘ 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: $20,438
• − Mortgage interest: −$2,744
• − Property taxes: −$562
• − Insurance: −$245
• − Repairs & maintenance: −$1,635
• − Management: −$1,635
• − Depreciation: −$1,425
• Taxable income: $12,192
• Est. tax owed @ 24.0%: −$2,926
• After-tax cash flow: $9,331/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): 18,595
• Household income: $33,544
• Rent vs Own: 59.0% rent · 41.0% own
• Severe rent burden: 1364.0

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 (79%)
• Race & ethnicity: Black 79% White 16% Two or more races 4%
• Common ancestry: Romanian 1% Iranian 1% Lithuanian 1%
• Foreign-born: 3% · Canada, Jamaica
• 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: ▼ -367.43%
• Current HPI: 102.0969
• 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

-45.0% since first listed

9 events — show timeline

• 2026-04-15 Price Changed $48,990 MiRealSource-MiMLS
• 2026-04-14 Price Changed $48,990 REALCOMP
• 2026-04-14 Price Changed $48,990 SW Michigan MLS
• 2026-02-28 Price Changed $63,990 MiRealSource-MiMLS
• 2026-02-27 Price Changed $63,990 REALCOMP
• 2026-02-27 Price Changed $63,990 SW Michigan MLS
• 2026-01-16 Listed $89,000 REALCOMP
• 2026-01-15 Listed $89,000 SW Michigan MLS
• 2026-01-15 Listed $89,000 MiRealSource-MiMLS

Property tax history

+1.2%/yr

Latest (2025): $562 · -35.2% YoY. Source: county tax records.