12609 Kelly Rd · Detroit, MI 48224

$25,000

2 bd · 1.5 ba · 1,200 sqft · Townhouse public records · 136 Days on market

Built 1943 3,485 sqft lot $21/sqft · 42% below area

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Brick duplex!! This side features a spacious 2-bedroom, 1.5-bath unit. Unit also has its own private basement. Subject address is included as part of a 2 property bundle sale totaling $25,000. Addresses included are: 12605 & 12609 Kelly. Homes will NOT be sold separately, No Exceptions! The property is vacant and ready for renovation. Located in Mapleridge with easy access to Gratiot, Kelly, & I-94. Zoned for residential use, this property offers strong potential for redevelopment or a new residential project. The parcels are government-owned and included in the Detroit Land Bank Authority (DLBA) program. The DLBA recommends reviewing relevant Neighborhood Framework Plans from the City of Detroit’s Planning and Development Department for additional context about the neighborhood. How to Apply: Interested buyers must submit a proposal that includes: 1. Project Proposal (intended use of structure + timeline) 2. Proof of Funds (bank statement or lender letter) 3. Scope of Work (breakdown of renovation costs) 4. Proof of Previous Projects: (include addresses and photos) Important Note: Sale is contingent on execution of a DLBA Renovation/Development Agreement. The Detroit Land Bank Authority is entitled to a tax recapture for the five (5) tax years following transfer of ownership. This may be incompatible with certain abatements or lot combinations. Waiver requests will be considered on a case-by-case basis and may require a payment in lieu of taxes, determined after review of the development pro forma and financing.

Key facts

• Easy access to kelly
• Private basement
• Easy access to i-94

Tags

• PRIVATE BASEMENT
• ZONED FOR RESIDENTIAL USE
• EASY ACCESS TO GRATIOT
• EASY ACCESS TO KELLY
• EASY ACCESS TO I-94

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath townhouse listed at $25k.

Deal economics

• At list price, monthly cash flow is $812 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• Cap rate 45.3% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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).
• This rent runs 33% of the median local income ($45k/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 $173 of loan paydown is wiped out by about $750 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y 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.
• Current owner paid $3k; list at $25k implies a 733% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $22,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 136 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 1943 — 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. 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?
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: 4.99% ✓
• Cap rate: 45.27%
• Cash-on-cash: 139.19%
• DSCR: 7.19
• GRM: 1.7

CMA / ARV

• ARV (median comp): $51,761
• List price: $25,000
• Delta: -51.70%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.73% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.41×
• Total profit: $44,898
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 14.55×
• Total profit: $94,848
• Equity at exit: $2,162

Cash invested: $7,000 (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: 1.7×

Monthly cashflow live

• Estimated rent: $1,246 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $812

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 30%

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15000 Mayfield St Detroit, MI	3.0	1.0	1146	$970	$0.85	17d	1	0.28mi
15010 Cedargrove St Detroit, MI	3.0	1.5	1018	$1,350	$1.33	43d	1	0.32mi
15494 Mapleridge St Detroit, MI	3.0	1.0	937	$1,275	$1.36	43d	1	0.42mi
11018 Whitehill St Detroit, MI	3.0	1.0	1146	$1,450	$1.27	10d	1	0.43mi
10813 Whitehill St Detroit, MI	3.0	1.0	1392	$1,350	$0.97	17d	1	0.49mi
10724 Whitehill St Detroit, MI	3.0	3.0	1425	$1,550	$1.09	17d	1	0.55mi
10644 Stratman St Detroit, MI	2.0	1.0	1000	$1,200	$1.20	17d	1	0.57mi
11689 Wayburn St Detroit, MI	3.0	1.0	1142	$1,350	$1.18	43d	1	0.58mi
10803 Roxbury St Detroit, MI	3.0	1.0	1150	$900	$0.78	20d	1	0.60mi
11235 Roxbury St Detroit, MI	3.0	1.0	1062	$1,325	$1.25	17d	1	0.67mi
11620 Rossiter St Detroit, MI	3.0	1.0	1140	$1,200	$1.05	17d	1	0.67mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	43d	1	0.71mi
12716 Riad St Detroit, MI	3.0	1.0	974	$1,275	$1.31	17d	1	0.76mi
11776 Rossiter St Detroit, MI	3.0	1.0	964	$1,150	$1.19	11d	1	0.77mi
10141 Roxbury St Detroit, MI	3.0	1.0	1115	$1,000	$0.90	43d	1	0.78mi
11529 Roxbury St Detroit, MI	2.0	1.0	720	$1,200	$1.67	12d	1	0.80mi
9755 Wayburn St Detroit, MI	3.0	2.0	1498	$1,400	$0.93	3d	1	0.81mi
10404 Somerset Ave Detroit, MI	3.0	1.0	1108	$1,475	$1.33	3d	1	0.81mi
15616 E 7 Mile Rd Detroit, MI	3.0	1.5	1150	$1,150	$1.00	17d	1	0.86mi
9984 Beaconsfield St Detroit, MI	3.0	1.0	1222	$1,575	$1.29	43d	1	0.87mi
9927 Beaconsfield St Detroit, MI	3.0	1.0	942	$1,375	$1.46	14d	1	0.87mi
9516 Wayburn St Detroit, MI	2.0	1.0	800	$950	$1.19	17d	1	0.88mi
14103 Rochelle Ave Unit 3 Detroit, MI	1.0	1.0	700	$800	$1.14	43d	1	0.90mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	14d	1	0.93mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	43d	1	0.93mi
9747 Somerset Ave Detroit, MI	2.0	1.0	797	$1,100	$1.38	43d	1	0.95mi
16031 E 7 Mile Rd #5 Detroit, MI	2.0	1.0	1204	$1,200	$1.00	2d	1	0.95mi
19144 Moross Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	43d	1	0.99mi
15909 Maddelein St Detroit, MI	3.0	1.0	894	$1,266	$1.42	43d	1	0.99mi
9400 Lakepointe St Detroit, MI	3.0	1.0	1300	$1,150	$0.88	4d	1	1.00mi
10177 Boleyn St Detroit, MI	3.0	1.0	767	$1,250	$1.63	43d	1	1.01mi
18530 Kingsville St Harper Woods, MI	3.0	1.5	1396	$1,375	$0.98	17d	1	1.03mi
16212 Maddelein St Detroit, MI	2.0	1.0	800	$1,200	$1.50	12d	1	1.03mi
10400 Britain St Detroit, MI	3.0	1.0	890	$1,100	$1.24	43d	1	1.03mi
9168 Wayburn St Detroit, MI	3.0	1.0	1274	$1,300	$1.02	20d	1	1.04mi
10037 Grayton St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	3d	1	1.04mi
15604 Coram St Detroit, MI	3.0	1.0	1210	$1,000	$0.83	43d	1	1.04mi
13400 Longview St Detroit, MI	3.0	1.5	1000	$1,400	$1.40	43d	1	1.06mi
10370 Britain St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	43d	1	1.06mi
9409 Balfour Rd Detroit, MI	3.0	1.0	1195	$1,200	$1.00	43d	1	1.07mi

Listing history 20 events

1. 2026-06-18
   days on market $25,000 Active 136 DOM
2. 2026-06-17
   days on market $25,000 Active 135 DOM
3. 2026-06-15
   days on market $25,000 Active 133 DOM
4. 2026-06-13
   days on market $25,000 Active 131 DOM
5. 2026-06-13
   days on market $25,000 Active 130 DOM
6. 2026-06-09
   days on market $25,000 Active 127 DOM
7. 2026-06-08
   days on market $25,000 Active 126 DOM
8. 2026-06-07
   days on market $25,000 Active 125 DOM
9. 2026-06-04
   days on market $25,000 Active 122 DOM
10. 2026-06-03
    days on market $25,000 Active 121 DOM
11. 2026-06-01
    days on market $25,000 Active 119 DOM
12. 2026-05-31
    days on market $25,000 Active 118 DOM
13. 2026-02-03
    listed $25,000 Active 1555-char remark

    Show marketing remark (1555 chars)

    Brick duplex!! This side features a spacious 2-bedroom, 1.5-bath unit. Unit also has its own private basement. Subject address is included as part of a 2 property bundle sale totaling $25,000. Addresses included are: 12605 & 12609 Kelly. Homes will NOT be sold separately, No Exceptions! The property is vacant and ready for renovation. Located in Mapleridge with easy access to Gratiot, Kelly, & I-94. Zoned for residential use, this property offers strong potential for redevelopment or a new residential project. The parcels are government-owned and included in the Detroit Land Bank Authority (DLBA) program. The DLBA recommends reviewing relevant Neighborhood Framework Plans from the City of Detroit’s Planning and Development Department for additional context about the neighborhood. How to Apply: Interested buyers must submit a proposal that includes: 1. Project Proposal (intended use of structure + timeline) 2. Proof of Funds (bank statement or lender letter) 3. Scope of Work (breakdown of renovation costs) 4. Proof of Previous Projects: (include addresses and photos) Important Note: Sale is contingent on execution of a DLBA Renovation/Development Agreement. The Detroit Land Bank Authority is entitled to a tax recapture for the five (5) tax years following transfer of ownership. This may be incompatible with certain abatements or lot combinations. Waiver requests will be considered on a case-by-case basis and may require a payment in lieu of taxes, determined after review of the development pro forma and financing.

14. 2026-02-02
    listed $25,000 Active 1549-char remark

    Show marketing remark (1549 chars)

    Brick duplex!! This side features a spacious 2-bedroom, 1.5-bath unit. Unit also has its own private basement. Subject address is included as part of a 2 property bundle sale totaling $25,000. Addresses included are: 12605 & 12609 Kelly. Homes will NOT be sold separately, No Exceptions! The property is vacant and ready for renovation. Located in Mapleridge with easy access to Gratiot, Kelly, & I-94. Zoned for residential use, this property offers strong potential for redevelopment or a new residential project. The parcels are government-owned and included in the Detroit Land Bank Authority (DLBA) program. The DLBA recommends reviewing relevant Neighborhood Framework Plans from the City of Detroit's Planning and Development Department for additional context about the neighborhood. How to Apply: Interested buyers must submit a proposal that includes: 1. Project Proposal (intended use of structure + timeline) 2. Proof of Funds (bank statement or lender letter) 3. Scope of Work (breakdown of renovation costs) 4. Proof of Previous Projects: (include addresses and photos) Important Note: Sale is contingent on execution of a DLBA Renovation/Development Agreement. The Detroit Land Bank Authority is entitled to a tax recapture for the five (5) tax years following transfer of ownership. This may be incompatible with certain abatements or lot combinations. Waiver requests will be considered on a case-by-case basis and may require a payment in lieu of taxes, determined after review of the development pro forma and financing.

15. 2008-08-05
    soldstatus $3,000
16. 2008-05-18
    listed $3,900
17. 2007-11-11
    historical
18. 2007-05-13
    listed $55,000
19. 2002-06-05
    soldstatus $10,800
20. 1994-11-23
    soldstatus $13,321

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥95°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: $14,958
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$1,197
• − Management: −$1,197
• − Depreciation: −$727
• Taxable income: $9,937
• Est. tax owed @ 24.0%: −$2,385
• After-tax cash flow: $7,359/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

+87.7% since first listed

8 events — show timeline

• 2026-02-03 Listed $25,000 REALCOMP
• 2026-02-02 Listed $25,000 MiRealSource-MiMLS
• 2008-08-05 Sold (MLS) $3,000 REALCOMP
• 2008-05-18 Listed $3,900 REALCOMP
• 2007-11-11 Listing Removed — MiRealSource-MiMLS
• 2007-05-13 Listed $55,000 MiRealSource-MiMLS
• 2002-06-05 Sold (Public Records) $10,800 Public Records
• 1994-11-23 Sold (Public Records) $13,321 Public Records

Property tax history

-72.9%/yr

Latest (2017): $26 · -97.4% YoY. Source: county tax records.