4861 Farmbrook St · Detroit, MI 48224

$34,900

2 bd · 1.0 ba · 684 sqft · SingleFamily public records · 156 Days on market

Built 1940 4,792 sqft lot $51/sqft · 29% below area Est $50k · 31% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Calling all investors and first-time home buyers! This charming bungalow in Detroit’s desirable Cornerstone Village neighborhood is a great opportunity to add to a rental portfolio or create a personalized primary residence. Offering 2 bedrooms, 1 full bath, a basement, and a detached garage, this home has strong potential for value and income. Conveniently located near Balduck Park, Eastside Tennis, and ESH Ice Arena, with easy access to local amenities. Sold as-is. Don’t miss this solid investment in a prime Eastside location!

Key facts

• Near eastside tennis
• Near esh ice arena
• Near balduck park

Tags

• NEAR BALDUCK PARK
• NEAR EASTSIDE TENNIS
• NEAR ESH ICE ARENA
• EASY ACCESS TO LOCAL AMENITIES
• PRIME EASTSIDE LOCATION

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $580 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• Cap rate 26.3% 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 flat; 484 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $241 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 + 0.7% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y ago; this cycle's ask has dropped $15k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $30,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 3.11% ✓
• Cap rate: 26.25%
• Cash-on-cash: 71.28%
• DSCR: 4.17
• GRM: 2.7

CMA / ARV

• ARV (median comp): $50,301
• List price: $34,900
• Delta: -30.62%
• 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
4607 Radnor St	0.09mi	2/1.0	731 (+7%)	2mo	$50,000	$68	83
4811 Radnor St	0.06mi	2/1.0	719 (+5%)	10mo	$50,000	$70	80
5290 University Pl	0.32mi	2/1.0	721 (+5%)	5mo	$60,000	$83	72
5251 Neff Ave	0.41mi	2/1.0	720 (+5%)	2mo	$46,000	$64	71
5558 Radnor St	0.39mi	2/1.0	660 (-4%)	6mo	$18,000	$27	71
5298 Neff Ave	0.41mi	2/1.0	720 (+5%)	2mo	$46,000	$64	71
4528 Marseilles St	0.18mi	3/1.0 (+1)	637 (-7%)	7mo	$77,500	$122	69
5546 Neff Ave	0.47mi	2/1.0	720 (+5%)	14mo	$74,900	$104	58
5310 Lafontaine St	0.42mi	2/1.0	629 (-8%)	16mo	$69,900	$111	54
5220 Lafontaine St	0.40mi	2/1.0	604 (-12%)	14mo	$30,500	$50	50
4138 University Pl	0.37mi	3/1.0 (+1)	780 (+14%)	7mo	$77,500	$99	48
17197 Waveney St	0.56mi	3/1.0 (+1)	763 (+12%)	11mo	$79,500	$104	40

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 · 0.73% rent growth · sell at horizon

5-year hold

• IRR: 68.2%
• Equity multiple: 3.96×
• Total profit: $28,930
• Equity at exit: $5,204

10-year hold

• IRR: 71.7%
• Equity multiple: 7.49×
• Total profit: $63,447
• Equity at exit: $3,018

Cash invested: $9,772 (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 48224

• Rents YoY: 0.7%
• Active inventory: 484
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,086 high
• Mortgage (P&I): −$183
• Tax from tax record: −$80 /mo · $955/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $580

Break-even live

Break-even rent $351

Max offer price $34,900

Occupancy floor 42%

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: $8,725
• Closing costs: $1,047
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4837 Cadieux Rd Unit 9 Detroit, MI	2.0	1.0	650	$1,200	$1.85	43d	1	0.60mi
4865 Cadieux Rd Unit 11 Detroit, MI	2.0	1.0	630	$1,200	$1.90	43d	1	0.60mi
4811 Cadieux Rd Unit 10 Detroit, MI	2.0	1.0	663	$1,200	$1.81	43d	1	0.60mi
4811 Cadieux Rd Unit 11 Detroit, MI	2.0	1.0	663	$1,200	$1.81	21d	1	0.60mi
4811 Cadieux Rd Unit 2 Detroit, MI	1.0	1.0	600	$950	$1.58	43d	1	0.60mi
16927 Chandler Park Dr Unit 3_ Detroit, MI	1.0	1.0	600	$900	$1.50	14d	1	0.82mi
17161 Denver St Detroit, MI	1.0	1.0	700	$800	$1.14	12d	1	0.84mi
17161 Denver St Apt 10 Detroit, MI	1.0	1.0	700	$800	$1.14	10d	1	0.84mi
21301 Kingsville St Apt 108 Harper Woods, MI	1.0	1.0	700	$900	$1.29	3d	1	1.07mi
5284 Devonshire Rd Detroit, MI	2.0	1.0	650	$1,050	$1.62	24d	1	1.29mi
5284 Devonshire Rd Unit 2 Detroit, MI	1.0	1.0	750	$1,050	$1.40	14d	1	1.29mi
9140 Whittier Ave Unit 1 Detroit, MI	1.0	1.0	550	$700	$1.27	43d	1	1.31mi

Listing history 32 events

1. 2026-06-17
   days on market $34,900 Active 156 DOM
2. 2026-06-15
   days on market $34,900 Active 154 DOM
3. 2026-06-13
   days on market $34,900 Active 152 DOM
4. 2026-06-13
   days on market $34,900 Active 151 DOM
5. 2026-06-09
   days on market $34,900 Active 148 DOM
6. 2026-06-08
   days on market $34,900 Active 147 DOM
7. 2026-06-07
   days on market $34,900 Active 146 DOM
8. 2026-06-04
   days on market $34,900 Active 143 DOM
9. 2026-06-03
   days on market $34,900 Active 142 DOM
10. 2026-06-01
    days on market $34,900 Active 140 DOM
11. 2026-05-31
    days on market $34,900 Active 139 DOM
12. 2026-05-05
    price $39,500 546-char remark

    Show marketing remark (534 chars)

    Calling all investors and first-time home buyers! This charming bungalow in Detroit's desirable Cornerstone Village neighborhood is a great opportunity to add to a rental portfolio or create a personalized primary residence. Offering 2 bedrooms, 1 full bath, a basement, and a detached garage, this home has strong potential for value and income. Conveniently located near Balduck Park, Eastside Tennis, and ESH Ice Arena, with easy access to local amenities. Sold as-is. Don't miss this solid investment in a prime Eastside location!

13. 2026-05-05
    price $39,500 534-char remark

    Show marketing remark (534 chars)

    Calling all investors and first-time home buyers! This charming bungalow in Detroit's desirable Cornerstone Village neighborhood is a great opportunity to add to a rental portfolio or create a personalized primary residence. Offering 2 bedrooms, 1 full bath, a basement, and a detached garage, this home has strong potential for value and income. Conveniently located near Balduck Park, Eastside Tennis, and ESH Ice Arena, with easy access to local amenities. Sold as-is. Don't miss this solid investment in a prime Eastside location!

14. 2026-04-06
    price $39,999 546-char remark

    Show marketing remark (534 chars)

    Calling all investors and first-time home buyers! This charming bungalow in Detroit's desirable Cornerstone Village neighborhood is a great opportunity to add to a rental portfolio or create a personalized primary residence. Offering 2 bedrooms, 1 full bath, a basement, and a detached garage, this home has strong potential for value and income. Conveniently located near Balduck Park, Eastside Tennis, and ESH Ice Arena, with easy access to local amenities. Sold as-is. Don't miss this solid investment in a prime Eastside location!

15. 2026-04-06
    price $39,999 534-char remark

    Show marketing remark (534 chars)

    Calling all investors and first-time home buyers! This charming bungalow in Detroit's desirable Cornerstone Village neighborhood is a great opportunity to add to a rental portfolio or create a personalized primary residence. Offering 2 bedrooms, 1 full bath, a basement, and a detached garage, this home has strong potential for value and income. Conveniently located near Balduck Park, Eastside Tennis, and ESH Ice Arena, with easy access to local amenities. Sold as-is. Don't miss this solid investment in a prime Eastside location!

16. 2026-01-18
    price $44,999 546-char remark

    Show marketing remark (546 chars)

    Calling all investors and first-time home buyers! This charming bungalow in Detroit’s desirable Cornerstone Village neighborhood is a great opportunity to add to a rental portfolio or create a personalized primary residence. Offering 2 bedrooms, 1 full bath, a basement, and a detached garage, this home has strong potential for value and income. Conveniently located near Balduck Park, Eastside Tennis, and ESH Ice Arena, with easy access to local amenities. Sold as-is. Don’t miss this solid investment in a prime Eastside location!

17. 2026-01-17
    price $44,999 534-char remark

    Show marketing remark (534 chars)

    Calling all investors and first-time home buyers! This charming bungalow in Detroit's desirable Cornerstone Village neighborhood is a great opportunity to add to a rental portfolio or create a personalized primary residence. Offering 2 bedrooms, 1 full bath, a basement, and a detached garage, this home has strong potential for value and income. Conveniently located near Balduck Park, Eastside Tennis, and ESH Ice Arena, with easy access to local amenities. Sold as-is. Don't miss this solid investment in a prime Eastside location!

18. 2026-01-12
    listed $49,999 Active 534-char remark

    Show marketing remark (546 chars)

    Calling all investors and first-time home buyers! This charming bungalow in Detroit’s desirable Cornerstone Village neighborhood is a great opportunity to add to a rental portfolio or create a personalized primary residence. Offering 2 bedrooms, 1 full bath, a basement, and a detached garage, this home has strong potential for value and income. Conveniently located near Balduck Park, Eastside Tennis, and ESH Ice Arena, with easy access to local amenities. Sold as-is. Don’t miss this solid investment in a prime Eastside location!

19. 2026-01-12
    listed $49,999 Active 546-char remark

    Show marketing remark (546 chars)

    Calling all investors and first-time home buyers! This charming bungalow in Detroit’s desirable Cornerstone Village neighborhood is a great opportunity to add to a rental portfolio or create a personalized primary residence. Offering 2 bedrooms, 1 full bath, a basement, and a detached garage, this home has strong potential for value and income. Conveniently located near Balduck Park, Eastside Tennis, and ESH Ice Arena, with easy access to local amenities. Sold as-is. Don’t miss this solid investment in a prime Eastside location!

20. 2020-01-15
    status Pending
21. 2020-01-14
    historical
22. 2020-01-14
    historical
23. 2020-01-03
    status Active
24. 2019-12-19
    status Pending
25. 2019-12-13
    price $20,000
26. 2019-11-30
    price $24,900
27. 2019-11-20
    price $26,900
28. 2019-07-26
    price $27,000
29. 2019-07-12
    price $28,000
30. 2019-06-27
    price $29,000
31. 2019-05-21
    listed $30,000 Active
32. 2019-05-21
    listed $20,000

ⓘ 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: $955 · $80/mo
• Projected year-2 tax: $955 · $80/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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,028
• − Mortgage interest: −$1,955
• − Property taxes: −$955
• − Insurance: −$174
• − Repairs & maintenance: −$1,042
• − Management: −$1,042
• − Depreciation: −$1,015
• Taxable income: $6,843
• Est. tax owed @ 24.0%: −$1,642
• After-tax cash flow: $5,323/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): 39,668
• Household income: $44,856
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 2515.0

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 8% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Iranian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · 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: ▼ -226.38%
• Current HPI: 161.886
• Rent YoY: ▲ 0.73%
• 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

+31.7% since first listed

21 events — show timeline

• 2026-05-05 Price Changed $39,500 MiRealSource-MiMLS
• 2026-05-05 Price Changed $39,500 REALCOMP
• 2026-04-06 Price Changed $39,999 MiRealSource-MiMLS
• 2026-04-06 Price Changed $39,999 REALCOMP
• 2026-01-18 Price Changed $44,999 MiRealSource-MiMLS
• 2026-01-17 Price Changed $44,999 REALCOMP
• 2026-01-12 Listed $49,999 REALCOMP
• 2026-01-12 Listed $49,999 MiRealSource-MiMLS
• 2020-01-15 Pending — MiRealSource-MiMLS
• 2020-01-14 Listing Removed — REALCOMP
• 2020-01-14 Listing Removed — MiRealSource-MiMLS
• 2020-01-03 Relisted — MiRealSource-MiMLS
• 2019-12-19 Pending — MiRealSource-MiMLS
• 2019-12-13 Price Changed $20,000 MiRealSource-MiMLS
• 2019-11-30 Price Changed $24,900 MiRealSource-MiMLS
• 2019-11-20 Price Changed $26,900 MiRealSource-MiMLS
• 2019-07-26 Price Changed $27,000 MiRealSource-MiMLS
• 2019-07-12 Price Changed $28,000 MiRealSource-MiMLS
• 2019-06-27 Price Changed $29,000 MiRealSource-MiMLS
• 2019-05-21 Listed $20,000 REALCOMP
• 2019-05-21 Listed $30,000 MiRealSource-MiMLS

Property tax history

-1.4%/yr

Latest (2025): $955 · -53.7% YoY. Source: county tax records.