12614 Promenade St · Detroit, MI 48213

$39,900

4 bd · 1.5 ba · 1,764 sqft · SingleFamily public records · 47 Days on market

Built 1929 5,227 sqft lot $23/sqft · 46% below area Est $73k · 46% under ↓ 48% since listing

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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 +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This solid two-family brick home is located just minutes from Coleman A. Young International Airport offers a great value-add opportunity for investors or owner-occupants looking for rental income. Each unit features 2 bedrooms and 1 full bath, with separate living and dining areas, providing strong rental potential once fully renovated. The property has been partially rehabbed, giving a head start on improvements, but still requires additional work to bring it to full market condition. With its brick exterior for long-term durability and flexible layout, this home can be turned into a cash-flowing asset in a growing and developing area of Detroit. Ideal for investors seeking sweat equity, BRRRR opportunity, or a long-term hold. Don't miss the upside potential in this value-driven two-unit property.

Key facts

• Brick exterior
• Flexible layout
• 5,227 sq ft lot

Tags

• TWO FAMILY BRICK HOME
• BRICK EXTERIOR
• FLEXIBLE LAYOUT

Property features AI

Finance

• Other: Pets allowed — contact for details

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer; Water available
• Home design: Single-family residence; Two-story home; Ground-level entry with steps
• Construction: Aluminum siding and brick exterior; Block foundation; Built area above grade: 1,764 square feet
• Exterior features: Paved road access; Porch

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Unfinished basement; Porch

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $960 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 35.2% 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: 190 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 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 $1,565/mo this rent would consume 55% of the median local household income ($34k/yr) (locally 1202% 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 $276 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 + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 12y 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.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 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 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 3.92% ✓
• Cap rate: 35.18%
• Cash-on-cash: 103.16%
• DSCR: 5.59
• GRM: 2.1

CMA / ARV

• ARV (median comp): $73,450
• List price: $39,900
• Delta: -45.68%
• 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
8791 E Outer Dr	0.12mi	3/1.5 (-1)	1,840 (+4%)	3mo	$60,000	$33	80
12646 Longview St	0.21mi	3/1.5 (-1)	1,750 (-1%)	7mo	$73,750	$42	78
12816 Rosemary St	0.22mi	3/2.0 (-1)	1,659 (-6%)	4mo	$131,000	$79	69
9364 E Outer Dr	0.54mi	4/1.5	1,808 (+2%)	4mo	$150,000	$83	67
12280 Wade St	0.51mi	4/2.0	1,750 (-1%)	8mo	$141,000	$81	66
13361 Maiden St	0.55mi	4/3.0	1,786 (+1%)	4mo	$165,000	$92	62
13310 Wilshire Dr	0.37mi	4/1.0	1,600 (-9%)	7mo	$55,000	$34	59
12151 Corbett St	0.43mi	5/1.5 (+1)	1,614 (-8%)	5mo	$100,000	$62	56
12027 Kilbourne Ave	0.47mi	4/1.5	1,561 (-12%)	10mo	$137,000	$88	50
13324 Camden St	0.63mi	4/2.0	1,992 (+13%)	3mo	$40,000	$20	45
11864 Maiden St	0.60mi	4/3.0	1,969 (+12%)	6mo	$185,000	$94	41
9527 E Outer Dr	0.70mi	3/1.5 (-1)	1,534 (-13%)	9mo	$167,000	$109	33

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: —
• Equity multiple: 5.90×
• Total profit: $54,727
• Equity at exit: $5,949

10-year hold

• IRR: —
• Equity multiple: 12.32×
• Total profit: $126,515
• Equity at exit: $3,450

Cash invested: $11,172 (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 48213

• Active inventory: 190
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,565 high
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $960

Break-even live

Break-even rent $349

Max offer price $39,900

Occupancy floor 34%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11806 Wilshire Dr Detroit, MI	4.0	3.0	2000	$1,600	$0.80	24d	1	0.51mi
8205 E Outer Dr Detroit, MI	3.0	1.5	1874	$1,400	$0.75	17d	1	0.58mi
13395 Maiden St Detroit, MI	5.0	2.0	1750	$1,600	$0.91	24d	1	0.59mi
11171 Charlemagne Ave Unit A Detroit, MI	3.0	1.0	1598	$1,200	$0.75	43d	1	0.80mi
14201 Mayfield St Detroit, MI	4.0	1.5	1296	$1,250	$0.96	43d	1	0.90mi
5966 Eastlawn St Unit NA Detroit, MI	3.0	1.5	1366	$1,500	$1.10	24d	1	0.96mi
11785 Nashville St Detroit, MI	3.0	2.0	1360	$1,450	$1.07	3d	1	1.05mi
9755 Wayburn St Detroit, MI	3.0	2.0	1498	$1,400	$0.93	3d	1	1.13mi
9168 Wayburn St Detroit, MI	3.0	1.0	1274	$1,300	$1.02	20d	1	1.17mi
10724 Whitehill St Detroit, MI	3.0	3.0	1425	$1,550	$1.09	18d	1	1.19mi
10813 Whitehill St Detroit, MI	3.0	1.0	1392	$1,350	$0.97	17d	1	1.21mi
9400 Lakepointe St Detroit, MI	3.0	1.0	1300	$1,150	$0.88	5d	1	1.23mi
17241 Rowe St Detroit, MI	3.0	1.5	1316	$1,450	$1.10	17d	1	1.38mi
18080 Westphalia St Detroit, MI	5.0	3.0	2131	$2,500	$1.17	44d	1	1.39mi
5747 Lakepointe St Detroit, MI	3.0	1.5	1316	$1,473	$1.12	43d	1	1.43mi

Listing history 50 events

1. 2026-06-18
   days on market $39,900 Active 47 DOM
2. 2026-06-17
   days on market $39,900 Active 46 DOM
3. 2026-06-15
   days on market $39,900 Active 44 DOM
4. 2026-06-13
   days on market $39,900 Active 42 DOM
5. 2026-06-13
   days on market $39,900 Active 41 DOM
6. 2026-06-09
   days on market $39,900 Active 38 DOM
7. 2026-06-08
   days on market $39,900 Active 37 DOM
8. 2026-06-07
   days on market $39,900 Active 36 DOM
9. 2026-06-04
   days on market $39,900 Active 33 DOM
10. 2026-06-03
    days on market $39,900 Active 32 DOM
11. 2026-06-02
    days on market $39,900 Active 31 DOM
12. 2026-06-01
    days on market $39,900 Active 30 DOM
13. 2026-05-31
    days on market $39,900 Active 29 DOM
14. 2026-05-02
    listed $39,900 Active 810-char remark

    Show marketing remark (810 chars)

    This solid two-family brick home is located just minutes from Coleman A. Young International Airport offers a great value-add opportunity for investors or owner-occupants looking for rental income. Each unit features 2 bedrooms and 1 full bath, with separate living and dining areas, providing strong rental potential once fully renovated. The property has been partially rehabbed, giving a head start on improvements, but still requires additional work to bring it to full market condition. With its brick exterior for long-term durability and flexible layout, this home can be turned into a cash-flowing asset in a growing and developing area of Detroit. Ideal for investors seeking sweat equity, BRRRR opportunity, or a long-term hold. Don't miss the upside potential in this value-driven two-unit property.

15. 2026-05-02
    listed $39,900 Active 816-char remark

    Show marketing remark (810 chars)

    This solid two-family brick home is located just minutes from Coleman A. Young International Airport offers a great value-add opportunity for investors or owner-occupants looking for rental income. Each unit features 2 bedrooms and 1 full bath, with separate living and dining areas, providing strong rental potential once fully renovated. The property has been partially rehabbed, giving a head start on improvements, but still requires additional work to bring it to full market condition. With its brick exterior for long-term durability and flexible layout, this home can be turned into a cash-flowing asset in a growing and developing area of Detroit. Ideal for investors seeking sweat equity, BRRRR opportunity, or a long-term hold. Don't miss the upside potential in this value-driven two-unit property.

16. 2026-05-01
    price $39,900
17. 2026-05-01
    historical
18. 2026-05-01
    historical
19. 2026-05-01
    price $39,900
20. 2026-01-29
    price $41,900
21. 2026-01-28
    price $41,900
22. 2025-12-26
    price $49,900
23. 2025-12-25
    price $49,900
24. 2025-10-19
    listed $54,900 Active
25. 2025-10-19
    listed $54,900 Active
26. 2025-03-17
    status Pending
27. 2025-03-17
    status Pending
28. 2025-03-12
    historical
29. 2025-03-01
    listed $14,999 Active
30. 2025-03-01
    listed $14,999 Active
31. 2019-10-10
    soldstatus $84,000
32. 2016-11-08
    historical
33. 2016-11-08
    historical
34. 2016-08-23
    listed $13,000 Active
35. 2016-08-23
    listed $13,000 Active
36. 2016-08-22
    historical
37. 2016-08-22
    historical
38. 2016-08-17
    listed $13,000 Active
39. 2016-08-17
    listed $13,000 Active
40. 2016-06-29
    historical
41. 2016-06-29
    historical
42. 2016-05-21
    price $16,000
43. 2016-05-20
    price $16,000
44. 2016-05-20
    price $17,865
45. 2016-05-19
    price $17,865
46. 2016-04-30
    price $18,675
47. 2016-04-29
    price $18,675
48. 2016-04-19
    price $19,999
49. 2016-04-18
    price $19,999
50. 2016-04-10
    listed $25,000 Active

ⓘ 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) · 10% 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: $18,777
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$200
• − Repairs & maintenance: −$1,502
• − Management: −$1,502
• − Depreciation: −$1,161
• Taxable income: $11,579
• Est. tax owed @ 24.0%: −$2,779
• After-tax cash flow: $8,746/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): 20,075
• Household income: $34,003
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 1202.0

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 (92%)
• Race & ethnicity: Black 92% White 4% Hispanic / Latino 2% Two or more races 1%
• Common ancestry: Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Arabic 1% 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: ▼ -122.86%
• Current HPI: 217.2037
• Rent YoY: —
• 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

-47.5% since first listed

43 events — show timeline

• 2026-05-02 Listed $39,900 REALCOMP
• 2026-05-02 Listed $39,900 MiRealSource-MiMLS
• 2026-05-01 Price Changed $39,900 MiRealSource-MiMLS
• 2026-05-01 Listing Removed — REALCOMP
• 2026-05-01 Listing Removed — MiRealSource-MiMLS
• 2026-05-01 Price Changed $39,900 REALCOMP
• 2026-01-29 Price Changed $41,900 MiRealSource-MiMLS
• 2026-01-28 Price Changed $41,900 REALCOMP
• 2025-12-26 Price Changed $49,900 MiRealSource-MiMLS
• 2025-12-25 Price Changed $49,900 REALCOMP
• 2025-10-19 Listed $54,900 REALCOMP
• 2025-10-19 Listed $54,900 MiRealSource-MiMLS
• 2025-03-17 Pending — REALCOMP
• 2025-03-17 Pending — MiRealSource-MiMLS
• 2025-03-12 Listing Removed — MiRealSource-MiMLS
• 2025-03-01 Listed $14,999 REALCOMP
• 2025-03-01 Listed $14,999 MiRealSource-MiMLS
• 2019-10-10 Sold (Public Records) $84,000 Public Records
• 2016-11-08 Listing Removed — REALCOMP
• 2016-11-08 Listing Removed — MiRealSource-MiMLS
• 2016-08-23 Listed $13,000 MiRealSource-MiMLS
• 2016-08-23 Listed $13,000 REALCOMP
• 2016-08-22 Listing Removed — REALCOMP
• 2016-08-22 Listing Removed — MiRealSource-MiMLS
• 2016-08-17 Listed $13,000 MiRealSource-MiMLS
• 2016-08-17 Listed $13,000 REALCOMP
• 2016-06-29 Listing Removed — REALCOMP
• 2016-06-29 Listing Removed — MiRealSource-MiMLS
• 2016-05-21 Price Changed $16,000 MiRealSource-MiMLS
• 2016-05-20 Price Changed $16,000 REALCOMP
• 2016-05-20 Price Changed $17,865 MiRealSource-MiMLS
• 2016-05-19 Price Changed $17,865 REALCOMP
• 2016-04-30 Price Changed $18,675 MiRealSource-MiMLS
• 2016-04-29 Price Changed $18,675 REALCOMP
• 2016-04-19 Price Changed $19,999 MiRealSource-MiMLS
• 2016-04-18 Price Changed $19,999 REALCOMP
• 2016-04-10 Listed $25,000 MiRealSource-MiMLS
• 2016-04-08 Relisted — REALCOMP
• 2016-04-01 Pending — REALCOMP
• 2016-03-15 Listed $25,000 REALCOMP
• 2014-07-31 Listing Removed — MiRealSource-MiMLS
• 2014-03-31 Listed $20,000 MiRealSource-MiMLS
• 2009-10-08 Sold (Public Records) $76,000 Public Records

Property tax history

+7.0%/yr

Latest (2025): $2,761 · +74.2% YoY. Source: county tax records.