3859 Manistique St · Detroit, MI 48215

$9,000

3 bd · 1.0 ba · 1,045 sqft · SingleFamily public records · 59 Days on market

Built 1924 3,049 sqft lot ↓ 53% since listing

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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 +25.8/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• 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

Investment opportunity in a rapidly improving area with nearby new construction. Property offers excellent potential for a full renovation or redevelopment project. Ideal for investors looking to maximize value. Sold as is

Key facts

• New construction
• Full renovation
• 3,049 sq ft lot

Tags

• NEW CONSTRUCTION
• FULL RENOVATION

🏗️ New construction. The $9,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $114,536.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $9k.

Deal economics

• At list price, monthly cash flow is $276 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $9k).
• Recommended offer: $9k (3.0% below list) — sets the bar for market timing.

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: 137 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $792 of loan paydown is wiped out by about $3k 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 59 days — a 3% lower offer ($9k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (53%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 19.1% of price; built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $8,730 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1924 — 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. 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: 1.18% ✓
• Cap rate: 9.19%
• Cash-on-cash: 10.33%
• DSCR: 1.46
• GRM: 7.1

CMA / ARV

• ARV (median comp): $114,536
• List price: $9,000
• Delta: -92.14%
• 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
1451 Beaconsfield Ave	0.46mi	3/1.5	1,054 (+1%)	5mo	$158,312	$150	71
3686 Wayburn St	0.18mi	3/1.5	1,140 (+9%)	6mo	$110,000	$96	70
4844 Manistique St	0.50mi	3/1.0	1,088 (+4%)	2mo	$19,900	$18	68
4820 Lakepointe St	0.55mi	3/1.5	1,100 (+5%)	2mo	$160,000	$145	62
4871 Lakepointe St	0.57mi	3/1.5	1,100 (+5%)	2mo	$160,000	$145	61
3677 Somerset Ave	0.48mi	3/1.0	1,154 (+10%)	0mo	$69,000	$60	60
3964 Lenox St	0.55mi	2/1.0 (-1)	1,100 (+5%)	4mo	$55,000	$50	57
4133 Lenox St	0.58mi	3/1.0	968 (-7%)	5mo	$18,101	$19	57
4751 Lakepointe St	0.51mi	3/1.0	1,150 (+10%)	6mo	$155,000	$135	54
4826 Nottingham Rd	0.65mi	3/1.5	1,100 (+5%)	8mo	$80,000	$73	53
1330 Beaconsfield St	0.64mi	4/1.0 (+1)	1,144 (+10%)	0mo	$285,000	$249	49
4619 Balfour Rd	0.63mi	3/1.0	1,188 (+14%)	2mo	$44,000	$37	46

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: -0.8%
• Equity multiple: 0.97×
• Total profit: $-950
• Equity at exit: $17,078

10-year hold

• IRR: 8.9%
• Equity multiple: 1.68×
• Total profit: $21,905
• Equity at exit: $9,903

Cash invested: $32,070 (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 48215

• Home prices YoY: -24.1%
• Active inventory: 137
• Price-to-rent: 0.6×

Monthly cashflow live

• Estimated rent: $1,352 high
• Mortgage (P&I): −$601
• Tax est. 1.5%: −$143 /mo · $1,718/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $276

Break-even live

Break-even rent $1,002

Max offer price $114,536

Occupancy floor 75%

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: $28,634
• Closing costs: $3,436
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4251 Wayburn St Detroit, MI	3.0	1.5	1326	$1,650	$1.24	44d	1	0.21mi
1415 Maryland St Grosse Pointe Park, MI	3.0	1.0	700	$1,275	$1.82	44d	1	0.41mi
4151 Nottingham Rd Detroit, MI	2.0	1.0	1022	$1,275	$1.25	17d	1	0.41mi
1367 Wayburn St Unit 1 Grosse Pointe Park, MI	3.0	1.0	816	$1,250	$1.53	44d	1	0.46mi
4391 Nottingham Rd Unit 4393 Detroit, MI	2.0	1.0	1038	$950	$0.92	5d	1	0.49mi
1348 Wayburn St Grosse Pointe, MI	3.0	2.0	1035	$2,200	$2.13	24d	1	0.50mi
1314 Maryland St Grosse Pointe Park, MI	2.0	1.0	1008	$1,250	$1.24	44d	1	0.58mi
3625 Chatsworth St Detroit, MI	3.0	1.5	1182	$1,295	$1.10	24d	1	0.59mi
1300 Maryland St Grosse Pointe Park, MI	2.0	1.0	900	$1,200	$1.33	3d	1	0.60mi
1300 Maryland St Grosse Pointe Park, MI	2.0	1.0	900	$1,200	$1.33	22d	1	0.60mi
3651 Buckingham Ave Detroit, MI	3.0	1.0	1320	$1,300	$0.98	17d	1	0.69mi
1312 Somerset Ave Grosse Pointe Park, MI	2.0	1.0	1200	$1,400	$1.17	17d	1	0.72mi
1236 Beaconsfield Ave Unit 1 Grosse Pointe Park, MI	2.0	1.0	1100	$1,600	$1.45	24d	1	0.73mi
4627 Bedford St Unit 1 Detroit, MI	2.0	1.0	1050	$945	$0.90	20d	1	0.91mi
5235 Chatsworth St Detroit, MI	2.0	1.0	900	$1,050	$1.17	44d	1	0.94mi
1042 Wayburn St Grosse Pointe Park, MI	3.0	1.0	1000	$1,575	$1.57	5d	1	0.97mi
3626 Courville St Detroit, MI	3.0	1.0	1260	$1,300	$1.03	44d	1	0.99mi
5112 Haverhill St Unit 1 Detroit, MI	2.0	1.0	1000	$1,100	$1.10	44d	1	1.03mi
1052 Beaconsfield Ave Grosse Pointe Park, MI	2.0	1.0	1000	$1,350	$1.35	17d	1	1.04mi
5747 Lakepointe St Detroit, MI	3.0	1.5	1316	$1,473	$1.12	44d	1	1.04mi
5031 Bedford St Detroit, MI	2.0	1.0	876	$1,870	$2.13	2d	1	1.05mi
5028 Bedford St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	5d	1	1.07mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	17d	1	1.07mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	17d	1	1.07mi
5751 Nottingham Rd Unit 5/21/26 Detroit, MI	3.0	1.0	1100	$1,250	$1.14	15d	1	1.09mi
1050 Lakewood St Unit 1S Detroit, MI	2.0	1.0	896	$1,100	$1.23	44d	1	1.11mi
5574 Buckingham Ave Detroit, MI	3.0	1.0	1430	$1,450	$1.01	4d	1	1.15mi
5966 Eastlawn St Unit NA Detroit, MI	3.0	1.5	1366	$1,500	$1.10	24d	1	1.20mi
875 Philip St Detroit, MI	3.0	1.0	1353	$1,400	$1.03	44d	1	1.21mi
981 Beaconsfield Ave Grosse Pointe Park, MI	2.0	1.0	1000	$1,095	$1.09	44d	1	1.22mi
734 Ashland St Detroit, MI	3.0	1.0	1110	$1,300	$1.17	22d	1	1.35mi
734 Ashland St Detroit, MI	3.0	1.0	1110	$1,300	$1.17	24d	1	1.35mi
9168 Wayburn St Detroit, MI	3.0	1.0	1274	$1,300	$1.02	20d	1	1.38mi
9409 Balfour Rd Detroit, MI	3.0	1.0	1195	$1,200	$1.00	44d	1	1.39mi
9190 Hayes St Unit 1 Detroit, MI	2.0	1.0	750	$850	$1.13	15d	1	1.41mi
9400 Lakepointe St Detroit, MI	3.0	1.0	1300	$1,150	$0.88	5d	1	1.42mi
15857 Evanston St Detroit, MI	3.0	1.5	1232	$1,250	$1.01	5d	1	1.42mi
861 Beaconsfield Ave Grosse Pointe Park, MI	2.0	1.0	1300	$1,500	$1.15	12d	1	1.42mi

Listing history 17 events

1. 2026-06-18
   days on market $9,000 Active 59 DOM
2. 2026-06-17
   days on market $9,000 Active 58 DOM
3. 2026-06-15
   days on market $9,000 Active 56 DOM
4. 2026-06-13
   days on market $9,000 Active 54 DOM
5. 2026-06-13
   days on market $9,000 Active 53 DOM
6. 2026-06-09
   days on market $9,000 Active 50 DOM
7. 2026-06-08
   days on market $9,000 Active 49 DOM
8. 2026-06-07
   days on market $9,000 Active 48 DOM
9. 2026-06-04
   days on market $9,000 Active 45 DOM
10. 2026-06-03
    days on market $9,000 Active 44 DOM
11. 2026-06-02
    days on market $9,000 Active 43 DOM
12. 2026-06-01
    days on market $9,000 Active 42 DOM
13. 2026-05-31
    days on market $9,000 Active 41 DOM
14. 2026-05-12
    price $9,000 222-char remark

    Show marketing remark (222 chars)

    Investment opportunity in a rapidly improving area with nearby new construction. Property offers excellent potential for a full renovation or redevelopment project. Ideal for investors looking to maximize value. Sold as is

15. 2026-05-11
    price $9,000 222-char remark

    Show marketing remark (222 chars)

    Investment opportunity in a rapidly improving area with nearby new construction. Property offers excellent potential for a full renovation or redevelopment project. Ideal for investors looking to maximize value. Sold as is

16. 2026-04-20
    listed $19,000 Active 222-char remark

    Show marketing remark (222 chars)

    Investment opportunity in a rapidly improving area with nearby new construction. Property offers excellent potential for a full renovation or redevelopment project. Ideal for investors looking to maximize value. Sold as is

17. 2026-04-20
    listed $19,000 Active 222-char remark

    Show marketing remark (222 chars)

    Investment opportunity in a rapidly improving area with nearby new construction. Property offers excellent potential for a full renovation or redevelopment project. Ideal for investors looking to maximize value. Sold as is

ⓘ 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 ≥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: $16,218
• − Mortgage interest: −$6,416
• − Property taxes: −$1,718
• − Insurance: −$573
• − Repairs & maintenance: −$1,297
• − Management: −$1,297
• − Depreciation: −$3,332
• Taxable income: $1,585
• Est. tax owed @ 24.0%: −$380
• After-tax cash flow: $2,934/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
• City population: 572,865
• Population (ZIP): 10,238

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 (87%)
• Race & ethnicity: Black 87% White 9% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Romanian 1% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% 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: ▼ -60.84%
• Current HPI: 191.0405
• Rent YoY: —
• Metro: —
• 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

-52.6% since first listed

4 events — show timeline

• 2026-05-12 Price Changed $9,000 MiRealSource-MiMLS
• 2026-05-11 Price Changed $9,000 REALCOMP
• 2026-04-20 Listed $19,000 REALCOMP
• 2026-04-20 Listed $19,000 MiRealSource-MiMLS

Property tax history

-1.5%/yr

Latest (2025): $564 · -36.7% YoY. Source: county tax records.