12664 Kelly Rd · Detroit, MI 48224

$35,000

2 bd · 1.0 ba · 840 sqft · SingleFamily public records · 17 Days on market

Built 1944 3,920 sqft lot Est $35k · at est.

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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 +7.9/15.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special with serious upside in Detroit's east side corridor. This brick townhouse-style property has been held by the same owner/family for decades and is a prime opportunity for a savvy rental investor or rehabber looking to add value and build long-term cash flow. Featuring solid bones, classic character, and strong rental potential, this property is ready for transformation. Located near major commuter routes, schools, and neighborhood amenities, the area continues to see investor activity and redevelopment momentum. Whether you're looking for your next BRRRR project, Section 8 rental, or affordable addition to your portfolio, this is the kind of deal investors chase, low entry point with room to force appreciation and maximize returns. Bring your vision and unlock the potential. Opportunities at this price point are getting harder to find. Sold as-is. Buyer to verify all information.

Key facts

• 3,920 sq ft lot
• Built 1944
• Listed 16 days

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; Brick construction; Entry on ground level; Two-story
• Construction: Brick exterior; Block foundation
• Exterior features: Paved road access; Lot approximately 0.09 acres (30 x 131)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Unfinished basement; Two levels; Ground-level entry with steps; Total of 2 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $707 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $34k (1.5% below list) — sets the bar for market timing.
• Cap rate 30.5% 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 flat; 484 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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 32% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 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 + 0.7% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $35k implies a 268% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $34,475 (1.5% below list)

Questions for the listing agent

1. Built in 1944 — 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: 3.43% ✓
• Cap rate: 30.55%
• Cash-on-cash: 86.63%
• DSCR: 4.85
• GRM: 2.4

CMA / ARV

• ARV (on-the-fly): $35,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12641 Kelly Rd	0.04mi	2/1.0	840 (0%)	4mo	$15,000	$18	94
14981 Flanders St	0.35mi	2/1.0	755 (-10%)	1mo	$30,005	$40	66
15001 Flanders St	0.34mi	2/1.0	769 (-8%)	6mo	$80,000	$104	65
11974 Duchess St	0.24mi	2/1.0	724 (-14%)	5mo	$37,000	$51	62
10670 Nottingham Rd	0.73mi	2/1.0	827 (-2%)	5mo	$35,000	$42	60
12056 Duchess St	0.29mi	3/1.0 (+1)	950 (+13%)	3mo	$30,000	$32	57
11624 Wayburn St	0.51mi	3/1.0 (+1)	756 (-10%)	3mo	$17,000	$22	53
15260 Faircrest St	0.61mi	2/1.0	942 (+12%)	1mo	$35,000	$37	51
15596 Eastwood St	0.68mi	3/1.0 (+1)	886 (+6%)	6mo	$60,000	$68	49
11475 Lakepointe St	0.61mi	2/1.0	953 (+14%)	3mo	$95,000	$100	46
12505 Laing St	0.69mi	3/1.0 (+1)	752 (-10%)	3mo	$54,600	$73	42
12843 Payton St	0.70mi	3/1.0 (+1)	934 (+11%)	4mo	$38,000	$41	40

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 · 0.73% rent growth · sell at horizon

5-year hold

• IRR: 84.6%
• Equity multiple: 4.75×
• Total profit: $36,721
• Equity at exit: $5,219

10-year hold

• IRR: 87.2%
• Equity multiple: 9.12×
• Total profit: $79,548
• Equity at exit: $3,026

Cash invested: $9,800 (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 48224

• Rents YoY: 0.7%
• Active inventory: 484
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,202 high
• Mortgage (P&I): −$184
• Tax from tax record: −$44 /mo · $524/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $707

Break-even live

Break-even rent $306

Max offer price $35,000

Occupancy floor 36%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15010 Cedargrove St Detroit, MI	3.0	1.5	1018	$1,350	$1.33	44d	1	0.34mi
15494 Mapleridge St Detroit, MI	3.0	1.0	937	$1,275	$1.36	44d	1	0.34mi
12201 Morang Ave Unit 8 Detroit, MI	2.0	1.0	610	$875	$1.43	44d	1	0.44mi
11235 Roxbury St Detroit, MI	3.0	1.0	1062	$1,325	$1.25	17d	1	0.62mi
10644 Stratman St Detroit, MI	2.0	1.0	1000	$1,200	$1.20	17d	1	0.63mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	44d	1	0.64mi
12716 Riad St Detroit, MI	3.0	1.0	974	$1,275	$1.31	17d	1	0.67mi
11776 Rossiter St Detroit, MI	3.0	1.0	964	$1,150	$1.19	11d	1	0.70mi
11529 Roxbury St Detroit, MI	2.0	1.0	720	$1,200	$1.67	12d	1	0.74mi
10404 Somerset Ave Detroit, MI	3.0	1.0	1108	$1,475	$1.33	3d	1	0.80mi
10141 Roxbury St Detroit, MI	3.0	1.0	1115	$1,000	$0.90	44d	1	0.83mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	15d	1	0.86mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	44d	1	0.86mi
19144 Moross Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	44d	1	0.91mi
15909 Maddelein St Detroit, MI	3.0	1.0	894	$1,266	$1.42	44d	1	0.91mi
9927 Beaconsfield St Detroit, MI	3.0	1.0	942	$1,375	$1.46	15d	1	0.92mi
16241 Seven Mile E Unit 4 Detroit, MI	1.0	1.0	650	$650	$1.00	44d	1	0.93mi
9516 Wayburn St Detroit, MI	2.0	1.0	800	$950	$1.19	17d	1	0.94mi
16212 Maddelein St Detroit, MI	2.0	1.0	800	$1,200	$1.50	12d	1	0.95mi
14103 Rochelle Ave Unit 3 Detroit, MI	1.0	1.0	700	$800	$1.14	44d	1	0.95mi
10177 Boleyn St Detroit, MI	3.0	1.0	767	$1,250	$1.63	44d	1	0.98mi
9747 Somerset Ave Detroit, MI	2.0	1.0	797	$1,100	$1.38	44d	1	0.99mi
10400 Britain St Detroit, MI	3.0	1.0	890	$1,100	$1.24	44d	1	1.00mi
10037 Grayton St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	3d	1	1.02mi
10370 Britain St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	44d	1	1.02mi
10692 Meuse St Detroit, MI	3.0	1.0	955	$1,250	$1.31	12d	1	1.03mi
19639 Moross Rd Unit 1 Detroit, MI	2.0	1.0	900	$1,100	$1.22	44d	1	1.12mi
14461 Lappin St Detroit, MI	3.0	1.5	989	$1,150	$1.16	17d	1	1.13mi
19442 Kingsville St Harper Woods, MI	3.0	1.0	1000	$1,500	$1.50	17d	1	1.13mi
9140 Whittier Ave Unit 1 Detroit, MI	1.0	1.0	550	$700	$1.27	44d	1	1.14mi
13400 Longview St Detroit, MI	3.0	1.5	1000	$1,400	$1.40	44d	1	1.14mi
9190 Hayes St Unit 1 Detroit, MI	2.0	1.0	750	$850	$1.13	15d	1	1.18mi
10985 Peerless St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	5d	1	1.24mi
13137 Elmdale St Detroit, MI	3.0	1.0	1115	$1,400	$1.26	24d	1	1.27mi
13503 E McNichols Rd Unit 7 Detroit, MI	1.0	1.0	750	$800	$1.07	18d	1	1.28mi
19152 Woodside St Harper Woods, MI	3.0	1.0	916	$1,500	$1.64	17d	1	1.29mi
19982 McCormick St Detroit, MI	3.0	1.0	866	$1,200	$1.39	3d	1	1.29mi
19661 Kenosha St Harper Woods, MI	3.0	2.0	1000	$1,400	$1.40	24d	1	1.31mi
12740 August St Detroit, MI	2.0	1.0	900	$1,300	$1.44	5d	1	1.34mi
15030 Rossini Dr Unit 2 Detroit, MI	1.0	1.0	720	$800	$1.11	44d	1	1.37mi

Listing history 12 events

1. 2026-06-18
   days on market $35,000 Active 17 DOM
2. 2026-06-17
   days on market $35,000 Active 16 DOM
3. 2026-06-15
   days on market $35,000 Active 14 DOM
4. 2026-06-13
   days on market $35,000 Active 12 DOM
5. 2026-06-13
   pricedays on market $35,000 Active 11 DOM
6. 2026-06-09
   days on market $40,000 Active 8 DOM
7. 2026-06-08
   days on market $40,000 Active 7 DOM
8. 2026-06-07
   days on market $40,000 Active 6 DOM
9. 2026-06-04
   days on market $40,000 Active 3 DOM
10. 2026-06-03
    days on market $40,000 Active 2 DOM
11. 2026-06-02
    remarks 687-char remark

    Show marketing remark (909 chars)

    Investor special with serious upside in Detroit's east side corridor. This brick townhouse-style property has been held by the same owner/family for decades and is a prime opportunity for a savvy rental investor or rehabber looking to add value and build long-term cash flow. Featuring solid bones, classic character, and strong rental potential, this property is ready for transformation. Located near major commuter routes, schools, and neighborhood amenities, the area continues to see investor activity and redevelopment momentum. Whether you're looking for your next BRRRR project, Section 8 rental, or affordable addition to your portfolio, this is the kind of deal investors chase, low entry point with room to force appreciation and maximize returns. Bring your vision and unlock the potential. Opportunities at this price point are getting harder to find. Sold as-is. Buyer to verify all information.

12. 2026-06-02
    listed $40,000 Active 1 DOM

    Show marketing remark (909 chars)

    Investor special with serious upside in Detroit's east side corridor. This brick townhouse-style property has been held by the same owner/family for decades and is a prime opportunity for a savvy rental investor or rehabber looking to add value and build long-term cash flow. Featuring solid bones, classic character, and strong rental potential, this property is ready for transformation. Located near major commuter routes, schools, and neighborhood amenities, the area continues to see investor activity and redevelopment momentum. Whether you're looking for your next BRRRR project, Section 8 rental, or affordable addition to your portfolio, this is the kind of deal investors chase, low entry point with room to force appreciation and maximize returns. Bring your vision and unlock the potential. Opportunities at this price point are getting harder to find. Sold as-is. Buyer to verify all information.

ⓘ 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: $524 · $44/mo
• Projected year-2 tax: $531 · $44/mo
• Expected delta: +$8/yr (+$1/mo · 1.5%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,419
• − Mortgage interest: −$1,961
• − Property taxes: −$524
• − Insurance: −$175
• − Repairs & maintenance: −$1,153
• − Management: −$1,153
• − Depreciation: −$1,018
• Taxable income: $8,434
• Est. tax owed @ 24.0%: −$2,024
• After-tax cash flow: $6,465/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): 39,668
• Household income: $44,856
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 2515.0

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 (88%)
• Race & ethnicity: Black 88% White 8% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Iranian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -226.38%
• Current HPI: 161.886
• Rent YoY: ▲ 0.73%
• 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

+321.1% since first listed

4 events — show timeline

• 2026-06-02 Listed $40,000 MiRealSource-MiMLS
• 2026-06-02 Listed $40,000 REALCOMP
• 2026-06-01 Coming Soon $40,000 MiRealSource-MiMLS
• 1996-01-23 Sold (Public Records) $9,500 Public Records

Property tax history

-1.9%/yr

Latest (2025): $524 · -34.9% YoY. Source: county tax records.