3438 Randall St · Detroit, MI 48216

$154,999

3 bd · 1.0 ba · 730 sqft · SingleFamily public records · 4 Days on market

Built 1900 2,178 sqft lot

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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 +7.5/15.0
• Rent growth +4.3/5.0
• Livability +3.7/5.0
• Appreciation +2.7/10.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks

Location, location, location! Nestled in the heart of Corktown, one of Detroit’s most sought-after and rapidly growing neighborhoods, this 3-bedroom, 1-bath home offers an incredible opportunity for homeowners and investors alike. Just minutes from Michigan Central Station, Downtown Detroit, Mexicantown, top restaurants, entertainment, and major freeways. Enjoy being at the center of Detroit’s continued growth and revitalization while building equity in a prime location. Whether you’re looking for a primary residence, rental property, or future investment, this home is perfectly positioned to take advantage of everything the city has to offer.

Key facts

• 2,178 sq ft lot
• Built 1900
• Listed 4 days

Property features AI

Exterior

• Utilities: Public water; Natural gas; Forced air heating system
• Home design: Residential property; One-story structure; Built in 1900
• Construction: Asphalt exterior construction; Basement foundation; Below-grade area approximately 730
• Exterior features: Paved street frontage; Frontage width about 32 feet

Interior

• Kitchen: Kitchen on entry level (11 x 13); Dining room on entry level (11 x 11)
• Bedrooms: Bedroom 1 on entry level (15 x 11); Bedroom 2 on entry level (7 x 11); Bedroom 3 on entry level (approx. 10 wide)
• Bathrooms: 1 full bathroom on entry level (approx. 11 x 6)
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: Total of 8 rooms; Unfinished basement
• Laundry & utility: Basement present (unfinished)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $155k).
• Cap rate 17.1% 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 rising fast (+7.3%/yr); 105 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $2,952/mo this rent would consume 80% of the median local household income ($44k/yr) (locally 431% 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 $5k 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 + 7.3% rent growth), your $43k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $12k; list at $155k implies a 1192% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $154,999

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.90% ✓
• Cap rate: 17.14%
• Cash-on-cash: 38.75%
• DSCR: 2.72
• GRM: 4.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.3% rent growth · sell at horizon

5-year hold

• IRR: 39.4%
• Equity multiple: 2.78×
• Total profit: $77,432
• Equity at exit: $23,111

10-year hold

• IRR: 47.8%
• Equity multiple: 6.58×
• Total profit: $241,958
• Equity at exit: $13,401

Cash invested: $43,400 (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 48216

• Home prices YoY: -2.3%
• Rents YoY: 7.3%
• Active inventory: 105
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $2,952 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$53 /mo · $639/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$620
• Net cashflow: $1,402

Break-even live

Break-even rent $1,178

Max offer price $154,999

Occupancy floor 48%

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3309 14th St Detroit, MI	1.0–3.0	1.0–2.5	942	$2,230	$2.37	1d	11	0.94mi
1611 Michigan Ave Detroit, MI	1.0–2.0	1.0–2.5	1487	$4,750	$3.19	1d	8	1.02mi
1620 Michigan Ave Detroit, MI	2.0	1.0–2.0	1052	$3,500	$3.33	1d	1	1.08mi

Listing history 7 events

1. 2026-06-18
   days on market $154,999 Active 4 DOM
2. 2026-06-17
   days on market $154,999 Active 3 DOM
3. 2026-06-16
   days on market $154,999 Active 2 DOM
4. 2026-06-15
   listing id $154,999 Active 1 DOM
5. 2026-06-13
   status $154,999 Active 1 DOM
6. 2026-06-13
   remarks 651-char remark
7. 2026-06-13
   listed $154,999 Coming Soon 1 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: $639 · $53/mo
• Projected year-2 tax: $1,513 · $126/mo
• Expected delta: +$874/yr (+$73/mo · 136.9%)

ⓘ 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) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,425
• − Mortgage interest: −$8,682
• − Property taxes: −$639
• − Insurance: −$775
• − Repairs & maintenance: −$2,834
• − Management: −$2,834
• − Depreciation: −$4,509
• Taxable income: $15,152
• Est. tax owed @ 24.0%: −$3,637
• After-tax cash flow: $13,182/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): 5,865
• Household income: $44,335
• Rent vs Own: 64.6% rent · 35.4% own
• Severe rent burden: 431.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Black 37% White 32% Hispanic / Latino 24% Two or more races 10%
• Hispanic origin (detail): Mexican 18% Puerto Rican 2%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 15% Arabic 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: ▼ -4.60%
• Current HPI: 194.458
• Rent YoY: ▲ 7.30%
• 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

+1191.7% since first listed

3 events — show timeline

• 2026-06-13 Listed $154,999 MiRealSource-MiMLS
• 2026-06-11 Coming Soon $154,999 MiRealSource-MiMLS
• 2001-07-06 Sold (Public Records) $12,000 Public Records

Property tax history

-0.5%/yr

Latest (2025): $639 · +1.2% YoY. Source: county tax records.