1532 Waterman St · Detroit, MI 48209

$159,900

3 bd · 1.0 ba · 1,278 sqft · SingleFamily public records · 79 Days on market

Built 1912 4,792 sqft lot $125/sqft · 13% above area Est $142k · 13% over

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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 +14.2/30.0
• Appreciation +10.0/10.0
• DSCR +4.3/10.0
• Livability +3.7/5.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.8/15.0
• Schools +1.3/10.0

Listing remarks

CHARMING 1.5-STORY BUNGALOW PACKED WITH POTENTIAL! THIS 3-BEDROOM, 2-BATH HOME OFFERS 1,278 SQ FT OF LIVING SPACE PLUS A FULL BASEMENT FOR EXTRA STORAGE OR FUTURE FINISHING OPTIONS. THIS HOME FEATURES CLASSIC CHARACTER AND A FUNCTIONAL LAYOUT READY FOR YOUR PERSONAL TOUCH. SITUATED ON A LARGE LOT, THERE IS PLENTY OF OUTDOOR SPACE WITH ENDLESS POSSIBILITIES—EXPAND, CREATE YOUR DREAM YARD, OR INVEST FOR FUTURE VALUE! ENJOY THE PORCH, LARGE LIVING ROOM AND ROOMY KITCHEN, PERFECT FOR RELAXING AND ENTERTAINING. GREAT OPPORTUNITY FOR INVESTORS OR BUYERS LOOKING TO BUILD EQUITY. OFFERED WITH FLEXIBLE LAND CONTRACT TERMS OR CASH—DON’T MISS OUT ON THIS OPPORTUNITY! Property ID:W18

Key facts

• Porch
• Roomy kitchen
• Large lot

Tags

• FULL BASEMENT
• LARGE LOT
• OUTDOOR SPACE
• PORCH
• ROOMY KITCHEN

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $27 ($323/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (21.0% below list).
• Recommended offer: $126k (21.0% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 10.2% in Detroit — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: 66 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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 35% of the median local income ($43k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% 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 (10.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 15y ago; this cycle's ask is 7% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $85k; list at $160k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,390 (21.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
2. Built in 1912 — 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: 0.79% ✗
• Cap rate: 6.49%
• Cash-on-cash: 0.72%
• DSCR: 1.03
• GRM: 10.5

CMA / ARV

• ARV (median comp): $142,017
• List price: $159,900
• Delta: 12.59%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7063 Chatfield St	0.22mi	2/1.0 (-1)	1,108 (-13%)	5mo	$170,000	$153	58
1044 N Rademacher St	0.27mi	3/1.0	1,392 (+9%)	17mo	$120,000	$86	58
7332 Navy St	0.50mi	3/1.0	1,380 (+8%)	10mo	$83,000	$60	55
1715 Casgrain St	0.16mi	3/1.0	1,440 (+13%)	23mo	$76,000	$53	52
1220 Military St	0.47mi	3/1.0	1,110 (-13%)	5mo	$110,000	$99	52
5660 Christiancy St	0.65mi	2/1.0 (-1)	1,240 (-3%)	10mo	$50,000	$40	52
7106 Lisbon St	0.28mi	4/1.0 (+1)	1,460 (+14%)	13mo	$180,000	$123	47
1650 Evans St	0.59mi	2/1.0 (-1)	1,148 (-10%)	16mo	$110,000	$96	37
2321 Casper St	0.70mi	4/1.0 (+1)	1,144 (-10%)	20mo	$110,000	$96	28
1602 Campbell St	0.62mi	3/2.0	1,459 (+14%)	19mo	$137,000	$94	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.8%
• Equity multiple: 2.98×
• Total profit: $88,737
• Equity at exit: $144,051

10-year hold

• IRR: 21.9%
• Equity multiple: 6.80×
• Total profit: $259,842
• Equity at exit: $310,651

Cash invested: $44,772 (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 48209

• Home prices YoY: 21.8%
• Active inventory: 66
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,264 high
• Mortgage (P&I): −$839
• Tax from tax record: −$66 /mo · $797/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $27

Break-even live

Break-even rent $1,230

Max offer price $159,900

Occupancy floor 93%

Sensitivity live

Price	-10% $117	-5% $72	+0% $27	+5% $-18	+10% $-64
Rent	-10% $-73	-5% $-23	+0% $27	+5% $77	+10% $127
Rate	-1.0pp $107	-0.5pp $68	base $27	+0.5pp $-15	+1.0pp $-57

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6628 W Lafayette Blvd Detroit, MI	2.0	1.0	900	$965	$1.07	44d	1	0.31mi
7263 Senator St Detroit, MI	2.0	1.0	909	$1,300	$1.43	44d	1	0.48mi
7265 Senator St Detroit, MI	2.0	1.0	1232	$1,300	$1.06	44d	1	0.48mi
1434 Campbell St Detroit, MI	3.0	1.0	1150	$1,750	$1.52	24d	1	0.59mi
2488 Woodmere St Detroit, MI	3.0	1.0	1000	$1,453	$1.45	5d	1	1.21mi
1729 Vinewood St Unit 2 Detroit, MI	2.0	1.0	893	$775	$0.87	13d	1	1.34mi
764 Woodmere St Apt 8 Detroit, MI	2.0	1.0	990	$1,100	$1.11	44d	1	1.39mi
4031 Wesson St Apt 109 Detroit, MI	2.0	1.0	1000	$1,190	$1.19	44d	1	1.43mi

Listing history 21 events

1. 2026-06-18
   days on market $159,900 Active 79 DOM
2. 2026-06-17
   days on market $159,900 Active 78 DOM
3. 2026-06-15
   days on market $159,900 Active 76 DOM
4. 2026-06-13
   days on market $159,900 Active 74 DOM
5. 2026-06-13
   days on market $159,900 Active 73 DOM
6. 2026-06-09
   days on market $159,900 Active 70 DOM
7. 2026-06-08
   days on market $159,900 Active 69 DOM
8. 2026-06-07
   days on market $159,900 Active 68 DOM
9. 2026-06-04
   days on market $159,900 Active 65 DOM
10. 2026-06-03
    days on market $159,900 Active 64 DOM
11. 2026-06-02
    days on market $159,900 Active 63 DOM
12. 2026-06-01
    days on market $159,900 Active 62 DOM
13. 2026-05-31
    days on market $159,900 Active 61 DOM
14. 2026-05-16
    historical
15. 2026-03-24
    listed $149,900 Active
16. 2026-03-23
    listed $149,900 Active
17. 2012-07-03
    historical
18. 2012-07-03
    historical
19. 2011-10-03
    listed $11,000
20. 2011-10-03
    listed $11,000
21. 2006-05-10
    soldstatus $85,000

ⓘ 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: $797 · $66/mo
• Projected year-2 tax: $1,630 · $136/mo
• Expected delta: +$833/yr (+$69/mo · 104.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 4/10 Moderate 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,167
• − Mortgage interest: −$8,957
• − Property taxes: −$797
• − Insurance: −$800
• − Repairs & maintenance: −$1,213
• − Management: −$1,213
• − Depreciation: −$4,652
• Taxable loss: −$2,465
• Est. tax savings @ 24.0%: +$592
• After-tax cash flow: $914/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): 27,184
• Household income: $43,161
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 831.0

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 Hispanic (76%)
• Race & ethnicity: Hispanic / Latino 76% White 17% Two or more races 14% Black 6% Native American 2%
• Hispanic origin (detail): Mexican 58% Puerto Rican 7% Cuban 1%
• Common ancestry: Romanian 2% Lithuanian 0%
• Foreign-born: 26% · Canada
• Languages at home: 38% English-only · Spanish 62%

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: ▲ 73.77%
• Current HPI: 412.9753
• 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

+76.4% since first listed

8 events — show timeline

• 2026-05-16 Listing Removed — MiRealSource-MiMLS
• 2026-03-24 Listed $149,900 REALCOMP
• 2026-03-23 Listed $149,900 MiRealSource-MiMLS
• 2012-07-03 Listing Removed — REALCOMP
• 2012-07-03 Listing Removed — MiRealSource-MiMLS
• 2011-10-03 Listed $11,000 REALCOMP
• 2011-10-03 Listed $11,000 MiRealSource-MiMLS
• 2006-05-10 Sold (Public Records) $85,000 Public Records

Property tax history

-1.1%/yr

Latest (2025): $797 · -53.4% YoY. Source: county tax records.