3202 Waverly St · Detroit, MI 48238

$29,900

4 bd · 1.5 ba · 1,484 sqft · SingleFamily public records · 30 Days on market

Built 1925 3,485 sqft lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come view this blank canvas, let your imagination run wild. Comps put this as an investors dream.

Key facts

• 3,485 sq ft lot
• Garage
• Built 1925

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $836 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Recommended offer: $29k (1.5% below list) — sets the bar for market timing.
• Cap rate 39.8% 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: Rents rising fast (+6.1%/yr); 346 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 $1,364/mo this rent would consume 49% of the median local household income ($33k/yr) (locally 2172% 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 $207 of loan paydown is wiped out by about $897 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 + 6.1% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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 2.9% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $29,451 (1.5% below list)

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
7. 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.
8. 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.
9. 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: 4.56% ✓
• Cap rate: 39.83%
• Cash-on-cash: 119.77%
• DSCR: 6.33
• GRM: 1.8

CMA / ARV

• ARV (on-the-fly): $90,524
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3013 Waverly St	0.05mi	4/3.0	1,698 (+14%)	6mo	$170,000	$100	62
3765 Cortland St	0.52mi	3/1.5 (-1)	1,587 (+7%)	2mo	$120,000	$76	58
3730 Pasadena St	0.32mi	3/1.0 (-1)	1,359 (-8%)	11mo	$83,500	$61	55
4294 W Buena Vista St	0.55mi	3/1.0 (-1)	1,400 (-6%)	9mo	$110,000	$79	50
4210 Pasadena St	0.51mi	4/2.0	1,678 (+13%)	4mo	$239,000	$142	49
2405 Sturtevant St	0.63mi	3/1.5 (-1)	1,636 (+10%)	3mo	$45,000	$28	46
1996 W Grand St	0.75mi	3/1.5 (-1)	1,400 (-6%)	6mo	$40,009	$29	46
2360 Oakman Blvd	0.47mi	3/1.5 (-1)	1,677 (+13%)	8mo	$249,000	$148	45
2476 Ford St	0.49mi	3/1.0 (-1)	1,344 (-9%)	12mo	$46,500	$35	45
13240 Stoepel St	0.73mi	3/1.0 (-1)	1,538 (+4%)	15mo	$65,000	$42	41
13218 Stoepel St	0.74mi	3/1.0 (-1)	1,372 (-8%)	14mo	$66,500	$48	34
13620 Santa Rosa Dr	0.74mi	3/1.0 (-1)	1,700 (+15%)	6mo	$85,000	$50	29

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 · 6.14% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.31×
• Total profit: $52,861
• Equity at exit: $4,458

10-year hold

• IRR: —
• Equity multiple: 17.03×
• Total profit: $134,188
• Equity at exit: $2,585

Cash invested: $8,372 (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 48238

• Home prices YoY: -14.4%
• Rents YoY: 6.1%
• Active inventory: 346
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,364 high
• Mortgage (P&I): −$157
• Tax from tax record: −$73 /mo · $874/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $836

Break-even live

Break-even rent $306

Max offer price $29,900

Occupancy floor 34%

Sensitivity live

Price	-10% $853	-5% $844	+0% $836	+5% $827	+10% $819
Rent	-10% $728	-5% $782	+0% $836	+5% $889	+10% $943
Rate	-1.0pp $851	-0.5pp $843	base $836	+0.5pp $828	+1.0pp $820

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: $7,475
• Closing costs: $897
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3209 W Grand St Detroit, MI	3.0	1.0	1550	$1,103	$0.71	44d	1	0.18mi
3740 Tyler St Unit 1 Detroit, MI	3.0	1.0	1300	$1,300	$1.00	5d	1	0.23mi
3783 Tyler St Unit Lower Detroit, MI	3.0	1.0	1000	$1,150	$1.15	44d	1	0.28mi
3824 Tyler St Apt 1 Detroit, MI	3.0	1.0	900	$1,523	$1.69	17d	1	0.31mi
3040 Kendall St Detroit, MI	5.0	1.0	1188	$1,386	$1.17	13d	1	0.46mi
2474 Fullerton St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	15d	1	0.51mi
4287 W Grand St Unit 4289 Detroit, MI	3.0	1.0	1250	$1,000	$0.80	44d	1	0.56mi
4336 Buena Vista St Detroit, MI	3.0	1.0	1300	$1,100	$0.85	44d	1	0.59mi
4341 Glendale St Detroit, MI	4.0	2.5	1832	$1,680	$0.92	5d	1	0.61mi
3322 Webb St Detroit, MI	3.0	1.0	1600	$1,250	$0.78	17d	1	0.71mi
3322 Webb St Unit 1 Detroit, MI	3.0	1.0	1656	$1,350	$0.82	44d	1	0.71mi
3322 Webb St Unit 2 Detroit, MI	3.0	1.0	1656	$1,350	$0.82	44d	1	0.71mi
1926 Clements St Detroit, MI	3.0	1.0	1150	$1,150	$1.00	5d	1	0.80mi
1926 Clements St Unit 1926 Detroit, MI	3.0	1.0	1150	$1,250	$1.09	20d	1	0.80mi
3031 Lawrence St Detroit, MI	4.0	1.0	1700	$1,600	$0.94	17d	1	0.85mi
2634 Lawrence St Detroit, MI	3.0	1.5	1388	$1,600	$1.15	2d	1	0.87mi
11704 Broadstreet Ave Detroit, MI	3.0	1.0	1200	$1,050	$0.88	44d	1	0.93mi
3224 Calvert St Detroit, MI	3.0	1.0	1150	$1,150	$1.00	44d	1	0.95mi
3226 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,200	$1.09	13d	1	0.95mi
3266 Calvert Ave Fl 2 Detroit, MI	3.0	1.0	1279	$1,300	$1.02	25d	1	0.95mi
15345 Parkside St Detroit, MI	3.0	1.0	1152	$1,300	$1.13	44d	1	0.97mi
2925 Calvert St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	17d	1	0.99mi
13620 Tuller St Detroit, MI	4.0	1.0	1064	$1,374	$1.29	13d	1	0.99mi
2727 Calvert Ave Unit 1 Detroit, MI	3.0	1.5	1350	$1,200	$0.89	44d	1	1.00mi
2653 Calvert Ave Unit 1 Detroit, MI	3.0	1.0	1305	$1,200	$0.92	44d	1	1.02mi
12032 Santa Rosa Dr Unit 1 Detroit, MI	3.0	1.0	900	$1,423	$1.58	5d	1	1.17mi
14011 Roselawn St Detroit, MI	4.0	1.5	1300	$1,450	$1.12	18d	1	1.23mi
14011 Roselawn St Detroit, MI	4.0	1.5	1300	$1,450	$1.12	2d	1	1.23mi
1929 Calvert Ave Unit 2 Detroit, MI	3.0	1.0	1414	$1,199	$0.85	15d	1	1.27mi
3422 Edison St Detroit, MI	3.0	1.0	1300	$1,295	$1.00	17d	1	1.28mi
14656 Roselawn St Detroit, MI	3.0	1.0	1000	$1,200	$1.20	18d	1	1.33mi
15906 Alden St Detroit, MI	3.0	1.0	1030	$1,150	$1.12	17d	1	1.35mi
14550 Northlawn St Detroit, MI	3.0	2.0	950	$1,200	$1.26	17d	1	1.39mi
13979 Cherrylawn St Detroit, MI	3.0	1.0	1296	$1,334	$1.03	21d	1	1.40mi
14242 Ohio St Detroit, MI	4.0	1.0	1400	$1,000	$0.71	44d	1	1.44mi
9844 Woodrow Wilson St Detroit, MI	3.0	1.0	1187	$1,300	$1.10	13d	1	1.46mi
12303 Cloverlawn St Detroit, MI	3.0	1.5	1454	$1,400	$0.96	44d	1	1.48mi
7350 Globe St Detroit, MI	3.0	1.0	1000	$1,550	$1.55	4d	1	1.48mi
Ohio St Unit 4 Detroit, MI	4.0	1.5	1400	$750	$0.54	44d	1	1.49mi

Listing history 8 events

1. 2026-02-20
   status Pending 97-char remark

   Show marketing remark (97 chars)

   Come view this blank canvas, let your imagination run wild. Comps put this as an investors dream.

2. 2026-02-20
   status Pending

   Show marketing remark (97 chars)

   Come view this blank canvas, let your imagination run wild. Comps put this as an investors dream.

3. 2026-01-21
   listed $29,900 Active 97-char remark

   Show marketing remark (97 chars)

   Come view this blank canvas, let your imagination run wild. Comps put this as an investors dream.

4. 2026-01-21
   listed $29,900 Active

   Show marketing remark (97 chars)

   Come view this blank canvas, let your imagination run wild. Comps put this as an investors dream.

5. 2026-01-13
   historical
6. 2026-01-13
   historical
7. 2026-01-08
   listed $29,900 Active
8. 2026-01-08
   listed $29,900 Active

ⓘ 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: $874 · $73/mo
• Projected year-2 tax: $874 · $73/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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,370
• − Mortgage interest: −$1,675
• − Property taxes: −$874
• − Insurance: −$150
• − Repairs & maintenance: −$1,310
• − Management: −$1,310
• − Depreciation: −$870
• Taxable income: $10,182
• Est. tax owed @ 24.0%: −$2,444
• After-tax cash flow: $7,583/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): 24,731
• Household income: $33,315
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 2172.0

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 (94%)
• Race & ethnicity: Black 94% Two or more races 3% White 1%
• Foreign-born: 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: ▼ -31.96%
• Current HPI: 189.6227
• Rent YoY: ▲ 6.14%
• 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

+0.0% since first listed

8 events — show timeline

• 2026-02-20 Pending — MiRealSource-MiMLS
• 2026-02-20 Pending — REALCOMP
• 2026-01-21 Listed $29,900 REALCOMP
• 2026-01-21 Listed $29,900 MiRealSource-MiMLS
• 2026-01-13 Listing Removed — MiRealSource-MiMLS
• 2026-01-13 Listing Removed — REALCOMP
• 2026-01-08 Listed $29,900 MiRealSource-MiMLS
• 2026-01-08 Listed $29,900 REALCOMP

Property tax history

-3.4%/yr

Latest (2025): $874 · -53.6% YoY. Source: county tax records.