7373 Wheeler St · Detroit, MI 48210 1523

$40,000

3 bd · 1.0 ba · 1,152 sqft · SingleFamily public records · 2 Days on market

Built 1927 3,920 sqft lot Est $78k · 49% 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
• Appreciation +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks

OPPORTUNITY AWAITS!!!! Located on a quiet block in Southwest Detroit, minutes from the border of Dearborn; this property represents a great investment opportunity with comparable home's selling for a substantial value after renovations. Featuring a solid block 2 car-garage off the street, the home is structurally sound w/ hardwood floors throughout. It's a ready to go blank canvass that's ready for YOUR VISION! Roof, Furnace, & Hot Water Tank are all within 5 years old! Plumbing & Electrical have been updated & are near completion!! Dry-wall sheets & cabinetry stay with property for future work!!! Don't let this opportunity pass you by!! Schedule YOUR Exclusive Privat

Key facts

• Solid block garage
• Updated electrical
• Cabinetry stay

Tags

• INVESTMENT OPPORTUNITY
• SOLID BLOCK GARAGE
• HARDWOOD FLOORS
• UPDATED PLUMBING
• UPDATED ELECTRICAL
• CABINETRY STAY

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water
• Home design: Residential property; Two-story structure; Built in 1927
• Construction: Wood and shingle siding exterior; Basement foundation
• Exterior features: Porch; Paved street access; Frontage about 127 feet

Interior

• Kitchen: Entry-level kitchen (about 15 x 10)
• Bedrooms: Three bedrooms on the second floor (approx. 10 x 10, 10 x 10, and 11' wide)
• Bathrooms: One full bathroom (second floor)
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: Six total 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 $40k.

Deal economics

• At list price, monthly cash flow is $616 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Cap rate 24.8% 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: 1 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($277 loan paydown + $1k appreciation (3.0% local appreciation)).
• 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 13y ago; this cycle's ask is 1500% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $40,000

Questions for the listing agent

1. Built in 1927 — 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: 2.82% ✓
• Cap rate: 24.78%
• Cash-on-cash: 66.02%
• DSCR: 3.94
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $78,336
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7540 Holmes St	0.10mi	3/1.0	1,129 (-2%)	14mo	$30,000	$27	80
7722 Wykes St	0.48mi	3/1.0	1,148 (-0%)	4mo	$40,000	$35	74
6125 Proctor St	0.11mi	3/1.0	1,008 (-12%)	2mo	$39,000	$39	73
5855 Lonyo St	0.57mi	3/1.0	1,153 (+0%)	5mo	$50,000	$43	69
7545 Holmes St	0.09mi	4/1.0 (+1)	1,008 (-12%)	2mo	$43,000	$43	68
5427 Central St	0.62mi	3/1.0	1,102 (-4%)	4mo	$80,000	$73	61
8120 Kirkwood St	0.43mi	3/1.0	1,017 (-12%)	7mo	$125,000	$123	54
5658 Tarnow St	0.46mi	4/1.0 (+1)	1,123 (-2%)	20mo	$115,000	$102	53
6386 Beechton St	0.55mi	3/1.5	1,185 (+3%)	20mo	$80,000	$68	51
5633 Cecil St	0.49mi	3/2.0	1,110 (-4%)	21mo	$131,000	$118	50
5641 Elmer St	0.60mi	3/1.0	1,092 (-5%)	18mo	$25,000	$23	49
6369 Diversey St	0.63mi	3/2.0	1,050 (-9%)	13mo	$77,000	$73	41

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: 70.8%
• Equity multiple: 4.94×
• Total profit: $44,083
• Equity at exit: $17,986

10-year hold

• IRR: 70.3%
• Equity multiple: 10.10×
• Total profit: $101,957
• Equity at exit: $27,718

Cash invested: $11,200 (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 48210 1523

• Active inventory: 1
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,130 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $616

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 40%

Sensitivity live

Price	-10% $644	-5% $630	+0% $616	+5% $602	+10% $589
Rent	-10% $527	-5% $572	+0% $616	+5% $661	+10% $705
Rate	-1.0pp $636	-0.5pp $626	base $616	+0.5pp $606	+1.0pp $595

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7424 Wykes St Detroit, MI	3.0	1.0	1200	$1,100	$0.92	44d	1	0.33mi
8353 Alpine St Detroit, MI	2.0	1.0	1000	$1,050	$1.05	44d	1	0.94mi
8230 Ohio St Detroit, MI	3.0	1.0	1350	$1,200	$0.89	17d	1	0.95mi
8143 Wisconsin St Detroit, MI	4.0	1.0	1370	$1,800	$1.31	2d	1	0.95mi
8544 Cloverlawn St Detroit, MI	2.0	1.0	800	$800	$1.00	18d	1	1.07mi
5440 Milford St Unit 1 Detroit, MI	2.0	1.0	850	$1,150	$1.35	44d	1	1.09mi
5398 Allendale St Detroit, MI	2.0	1.0	1100	$1,200	$1.09	24d	1	1.12mi
8762 Epworth St Unit 8768 Detroit, MI	2.0	1.0	900	$1,000	$1.11	25d	1	1.24mi
9022 Northlawn St Detroit, MI	2.0	1.0	1100	$1,300	$1.18	25d	1	1.34mi
5101 Oregon St Detroit, MI	2.0	1.0	1000	$1,049	$1.05	44d	1	1.34mi
6307 Woodrow St Detroit, MI	2.0	1.0	1000	$750	$0.75	44d	1	1.36mi
8283 Pinehurst St Unit 2 Detroit, MI	2.0	1.0	1000	$900	$0.90	44d	1	1.43mi
4426 McGraw Ave Unit 1 Detroit, MI	3.0	1.0	1400	$1,200	$0.86	44d	1	1.45mi

Listing history 3 events

1. 2026-06-18
   days on market $40,000 Coming Soon 2 DOM
2. 2026-06-17
   remarks 683-char remark
3. 2026-06-17
   listed $40,000 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.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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 4/10 Moderate 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,559
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,085
• − Management: −$1,085
• − Depreciation: −$1,164
• Taxable income: $7,186
• Est. tax owed @ 24.0%: −$1,725
• After-tax cash flow: $5,670/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

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+1500.0% since first listed

5 events — show timeline

• 2026-06-16 Coming Soon $40,000 MiRealSource-MiMLS
• 2013-08-28 Listing Removed — REALCOMP
• 2013-08-28 Listing Removed — MiRealSource-MiMLS
• 2013-01-30 Listed $2,500 REALCOMP
• 2013-01-30 Listed $2,500 MiRealSource-MiMLS

Property tax history

+11.8%/yr

Latest (2025): $4,179 · +5.7% YoY. Source: county tax records.