10438 Wayburn St · Detroit, MI 48224

$85,000

3 bd · 1.0 ba · 1,164 sqft · SingleFamily public records · 88 Days on market

Built 1936 3,920 sqft lot $73/sqft · at area comps Est $81k · at est. ↓ 15% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +5.4/15.0
• 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

Don't miss this freshly renovated 3-bedroom brick colonial, ideal for both first-time buyers and investors. Nestled in Detroit's Outer Drive-Hayes neighborhood, this home offers a solid blend of comfort and convenience close to dining, and shopping. Inside, you'll find generous living spaces, recent updates throughout, and a detached two car garage. The home is currently boarded for security and peace of mind. Schedule your showing today!

Key facts

• 3,920 sq ft lot
• 2 garage spots
• Built 1936

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $391 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.

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; 492 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 36% 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 $588 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 4y 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: property tax is 2.8% of price; built in 1936 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.60% ✓
• Cap rate: 11.82%
• Cash-on-cash: 19.74%
• DSCR: 1.88
• GRM: 5.2

CMA / ARV

• ARV (median comp): $81,152
• List price: $85,000
• Delta: 4.74%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9500 Lakepointe St	0.25mi	3/1.0	1,130 (-3%)	0mo	$125,000	$111	83
10318 Beaconsfield St	0.33mi	3/1.5	1,146 (-2%)	1mo	$78,000	$68	79
9988 Somerset Ave	0.37mi	3/1.0	1,206 (+4%)	1mo	$130,000	$108	76
10904 N Mogul St	0.26mi	3/1.0	1,045 (-10%)	0mo	$113,000	$108	71
9722 Everts St	0.61mi	3/1.0	1,178 (+1%)	1mo	$147,000	$125	69
10185 Beaconsfield St	0.24mi	3/1.0	1,300 (+12%)	2mo	$73,000	$56	68
9817 Somerset Ave	0.32mi	3/1.0	1,290 (+11%)	2mo	$30,000	$23	65
11742 Whitehill St	0.67mi	3/1.5	1,228 (+6%)	1mo	$61,000	$50	57
15411 Young St St	0.75mi	3/1.5	1,240 (+6%)	2mo	$95,000	$77	51
5777 Lakepointe St	0.68mi	4/2.5 (+1)	1,075 (-8%)	2mo	$174,999	$163	43
5743 Buckingham Ave	0.74mi	3/1.5	1,328 (+14%)	2mo	$160,000	$120	38
10319 Mckinney St	0.72mi	4/1.0 (+1)	990 (-15%)	1mo	$25,000	$25	36

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: 9.0%
• Equity multiple: 1.34×
• Total profit: $8,205
• Equity at exit: $12,674

10-year hold

• IRR: 16.1%
• Equity multiple: 2.16×
• Total profit: $27,685
• Equity at exit: $7,349

Cash invested: $23,800 (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: 492
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,356 high
• Mortgage (P&I): −$446
• Tax from tax record: −$199 /mo · $2,387/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $391

Break-even live

Break-even rent $861

Max offer price $85,000

Occupancy floor 66%

Sensitivity live

Price	-10% $440	-5% $415	+0% $391	+5% $367	+10% $343
Rent	-10% $284	-5% $338	+0% $391	+5% $445	+10% $499
Rate	-1.0pp $434	-0.5pp $413	base $391	+0.5pp $369	+1.0pp $347

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10644 Stratman St Detroit, MI	2.0	1.0	1000	$1,200	$1.20	19d	1	0.08mi
10141 Roxbury St Detroit, MI	3.0	1.0	1115	$1,000	$0.90	45d	1	0.12mi
10724 Whitehill St Detroit, MI	3.0	3.0	1425	$1,550	$1.09	19d	1	0.13mi
10813 Whitehill St Detroit, MI	3.0	1.0	1392	$1,350	$0.97	19d	1	0.17mi
9755 Wayburn St Detroit, MI	3.0	2.0	1498	$1,400	$0.93	5d	1	0.20mi
9927 Beaconsfield St Detroit, MI	3.0	1.0	942	$1,375	$1.46	16d	1	0.23mi
11018 Whitehill St Detroit, MI	3.0	1.0	1146	$1,450	$1.27	12d	1	0.24mi
9984 Beaconsfield St Detroit, MI	3.0	1.0	1222	$1,575	$1.29	45d	1	0.25mi
9516 Wayburn St Detroit, MI	2.0	1.0	800	$950	$1.19	19d	1	0.26mi
9747 Somerset Ave Detroit, MI	2.0	1.0	797	$1,100	$1.38	45d	1	0.33mi
9400 Lakepointe St Detroit, MI	3.0	1.0	1300	$1,150	$0.88	6d	1	0.35mi
9168 Wayburn St Detroit, MI	3.0	1.0	1274	$1,300	$1.02	22d	1	0.41mi
10803 Roxbury St Detroit, MI	3.0	1.0	1150	$900	$0.78	22d	1	0.43mi
9409 Balfour Rd Detroit, MI	3.0	1.0	1195	$1,200	$1.00	45d	1	0.43mi
15857 Evanston St Detroit, MI	3.0	1.5	1232	$1,250	$1.01	6d	1	0.50mi
10404 Somerset Ave Detroit, MI	3.0	1.0	1108	$1,475	$1.33	5d	1	0.52mi
9190 Hayes St Unit 1 Detroit, MI	2.0	1.0	750	$850	$1.13	16d	1	0.58mi
5911 Somerset Ave Detroit, MI	3.0	1.0	1200	$1,350	$1.12	0d	1	0.61mi
9635 Everts St Detroit, MI	4.0	2.0	1450	$1,650	$1.14	45d	1	0.65mi
5751 Nottingham Rd Unit 5/21/26 Detroit, MI	3.0	1.0	1100	$1,225	$1.11	0d	1	0.70mi
5747 Lakepointe St Detroit, MI	3.0	1.5	1316	$1,473	$1.12	45d	1	0.72mi
11235 Roxbury St Detroit, MI	3.0	1.0	1062	$1,325	$1.25	19d	1	0.73mi
15000 Mayfield St Detroit, MI	3.0	1.0	1146	$970	$0.85	19d	1	0.74mi
13400 Longview St Detroit, MI	3.0	1.5	1000	$1,400	$1.40	45d	1	0.79mi
10037 Grayton St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	5d	1	0.79mi
10177 Boleyn St Detroit, MI	3.0	1.0	767	$1,250	$1.63	45d	1	0.81mi
5574 Buckingham Ave Detroit, MI	3.0	1.0	1430	$1,450	$1.01	6d	1	0.84mi
11689 Wayburn St Detroit, MI	3.0	1.0	1142	$1,350	$1.18	45d	1	0.85mi
11911 Lansdowne St Detroit, MI	4.0	1.0	1350	$1,400	$1.04	45d	1	0.88mi
11620 Rossiter St Detroit, MI	3.0	1.0	1140	$1,200	$1.05	19d	1	0.88mi
13137 Elmdale St Detroit, MI	3.0	1.0	1115	$1,400	$1.26	26d	1	0.91mi
9241 Boleyn St Detroit, MI	3.0	1.0	1350	$1,350	$1.00	45d	1	0.91mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	45d	1	0.92mi
9313 Harvard Rd Detroit, MI	3.0	1.5	1329	$1,200	$0.90	19d	1	0.92mi
10400 Britain St Detroit, MI	3.0	1.0	890	$1,100	$1.24	45d	1	0.92mi
15010 Cedargrove St Detroit, MI	3.0	1.5	1018	$1,350	$1.33	45d	1	0.92mi
10370 Britain St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	45d	1	0.93mi
5966 Eastlawn St Unit NA Detroit, MI	3.0	1.5	1366	$1,500	$1.10	26d	1	0.95mi
15238 Seymour St Detroit, MI	3.0	1.0	1064	$1,300	$1.22	0d	1	0.95mi
5235 Chatsworth St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	0.97mi

Listing history 50 events

1. 2026-06-21
   days on market $85,000 Active 88 DOM
2. 2026-06-18
   days on market $85,000 Active 85 DOM
3. 2026-06-17
   days on market $85,000 Active 84 DOM
4. 2026-06-15
   days on market $85,000 Active 82 DOM
5. 2026-06-13
   days on market $85,000 Active 80 DOM
6. 2026-06-13
   days on market $85,000 Active 79 DOM
7. 2026-06-09
   days on market $85,000 Active 76 DOM
8. 2026-06-08
   days on market $85,000 Active 75 DOM
9. 2026-06-07
   days on market $85,000 Active 74 DOM
10. 2026-06-04
    days on market $85,000 Active 71 DOM
11. 2026-06-03
    days on market $85,000 Active 70 DOM
12. 2026-06-02
    days on market $85,000 Active 69 DOM
13. 2026-06-01
    days on market $85,000 Active 68 DOM
14. 2026-05-31
    days on market $85,000 Active 67 DOM
15. 2026-03-25
    listed $85,000 Active 442-char remark

    Show marketing remark (454 chars)

    Don’t miss this freshly renovated 3-bedroom brick colonial, ideal for both first-time buyers and investors. Nestled in Detroit’s Outer Drive-Hayes neighborhood, this home offers a solid blend of comfort and convenience close to dining, and shopping. Inside, you'll find generous living spaces, recent updates throughout, and a detached two car garage. The home is currently boarded for security and peace of mind. Schedule your showing today!

16. 2026-03-25
    listed $85,000 Active 454-char remark

    Show marketing remark (454 chars)

    Don’t miss this freshly renovated 3-bedroom brick colonial, ideal for both first-time buyers and investors. Nestled in Detroit’s Outer Drive-Hayes neighborhood, this home offers a solid blend of comfort and convenience close to dining, and shopping. Inside, you'll find generous living spaces, recent updates throughout, and a detached two car garage. The home is currently boarded for security and peace of mind. Schedule your showing today!

17. 2026-03-01
    historical
18. 2026-03-01
    historical
19. 2025-12-02
    listed $77,000 Active
20. 2025-12-02
    listed $77,000 Active
21. 2025-12-01
    historical
22. 2025-12-01
    historical
23. 2025-10-30
    price $77,000
24. 2025-10-29
    price $77,000
25. 2025-10-25
    price $80,000
26. 2025-10-24
    price $80,000
27. 2025-09-30
    price $81,000
28. 2025-09-29
    price $81,000
29. 2025-09-05
    price $82,500
30. 2025-09-04
    price $82,500
31. 2025-08-21
    listed $85,000 Active
32. 2025-08-21
    listed $85,000 Active
33. 2025-04-17
    status Pending
34. 2025-04-16
    status Pending
35. 2025-04-16
    status Pending
36. 2025-04-13
    historical
37. 2025-04-13
    historical
38. 2025-04-13
    historical
39. 2025-02-26
    price $82,000
40. 2025-02-25
    price $82,000
41. 2025-01-30
    price $84,900
42. 2025-01-29
    price $84,900
43. 2024-12-19
    listed $95,000 Active
44. 2024-12-12
    listed $95,000 Active
45. 2024-11-14
    historical
46. 2024-11-13
    historical
47. 2024-08-13
    listed $79,000 Active
48. 2024-08-13
    listed $79,000 Active
49. 2024-01-29
    historical
50. 2024-01-29
    historical

ⓘ 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: $2,387 · $199/mo
• Projected year-2 tax: $2,387 · $199/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $16,276
• − Mortgage interest: −$4,761
• − Property taxes: −$2,387
• − Insurance: −$425
• − Repairs & maintenance: −$1,302
• − Management: −$1,302
• − Depreciation: −$2,473
• Taxable income: $3,626
• Est. tax owed @ 24.0%: −$870
• After-tax cash flow: $3,827/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

-14.9% since first listed

48 events — show timeline

• 2026-03-25 Listed $85,000 REALCOMP
• 2026-03-25 Listed $85,000 MiRealSource-MiMLS
• 2026-03-01 Listing Removed — REALCOMP
• 2026-03-01 Listing Removed — MiRealSource-MiMLS
• 2025-12-02 Listed $77,000 MiRealSource-MiMLS
• 2025-12-02 Listed $77,000 REALCOMP
• 2025-12-01 Listing Removed — REALCOMP
• 2025-12-01 Listing Removed — MiRealSource-MiMLS
• 2025-10-30 Price Changed $77,000 MiRealSource-MiMLS
• 2025-10-29 Price Changed $77,000 REALCOMP
• 2025-10-25 Price Changed $80,000 MiRealSource-MiMLS
• 2025-10-24 Price Changed $80,000 REALCOMP
• 2025-09-30 Price Changed $81,000 MiRealSource-MiMLS
• 2025-09-29 Price Changed $81,000 REALCOMP
• 2025-09-05 Price Changed $82,500 MiRealSource-MiMLS
• 2025-09-04 Price Changed $82,500 REALCOMP
• 2025-08-21 Listed $85,000 REALCOMP
• 2025-08-21 Listed $85,000 MiRealSource-MiMLS
• 2025-04-17 Pending — REALCOMP
• 2025-04-16 Pending — MiRealSource-MiMLS
• 2025-04-16 Pending — REALCOMP
• 2025-04-13 Listing Removed — MiRealSource-MiMLS
• 2025-04-13 Listing Removed — REALCOMP
• 2025-04-13 Listing Removed — REALCOMP
• 2025-02-26 Price Changed $82,000 MiRealSource-MiMLS
• 2025-02-25 Price Changed $82,000 REALCOMP
• 2025-01-30 Price Changed $84,900 MiRealSource-MiMLS
• 2025-01-29 Price Changed $84,900 REALCOMP
• 2024-12-19 Listed $95,000 MiRealSource-MiMLS
• 2024-12-12 Listed $95,000 REALCOMP
• 2024-11-14 Listing Removed — MiRealSource-MiMLS
• 2024-11-13 Listing Removed — REALCOMP
• 2024-08-13 Listed $79,000 MiRealSource-MiMLS
• 2024-08-13 Listed $79,000 REALCOMP
• 2024-01-29 Listing Removed — MiRealSource-MiMLS
• 2024-01-29 Listing Removed — REALCOMP
• 2023-12-14 Price Changed $83,000 MiRealSource-MiMLS
• 2023-12-13 Price Changed $83,000 REALCOMP
• 2023-10-22 Listed $85,000 MiRealSource-MiMLS
• 2023-10-22 Listed $85,000 REALCOMP
• 2023-03-25 Listing Removed — MiRealSource-MiMLS
• 2023-03-25 Listing Removed — REALCOMP
• 2023-02-03 Price Changed $89,900 MiRealSource-MiMLS
• 2023-02-02 Price Changed $89,900 REALCOMP
• 2022-12-16 Price Changed $94,900 MiRealSource-MiMLS
• 2022-12-15 Price Changed $94,900 REALCOMP
• 2022-11-30 Listed $99,900 MiRealSource-MiMLS
• 2022-11-30 Listed $99,900 REALCOMP

Property tax history

+3.3%/yr

Latest (2025): $2,387 · -54.4% YoY. Source: county tax records.