367 Cortland St · Highland Park, MI 48203

$20,900

3 bd · 1.5 ba · 1,224 sqft · SingleFamily public records · 35 Days on market

Built 1916 3,920 sqft lot $17/sqft · 56% below area

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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
• Schools +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3-bedroom, 1.5-bath colonial with 1,224 square feet is an incredible opportunity! Needs a full rehab, this property offers significant potential with neighbrhood comps averaging $50,000 and top values reaching $98,000. Don't wait-schedule your showing today and turn this property into your next sucess story! The accurancy of all information, regardless of the souce, is not guarenteed or warranted. All information should be independently verified.

Key facts

• 3,920 sq ft lot
• Built 1916
• Listed 35 days

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-family residence; Two levels; Ground-level entry with steps; Brick veneer construction
• Construction: Brick veneer exterior
• Exterior features: Covered porch; Asphalt roof; Paved road access; Lot approximately 0.09 acres (30 x 125)

Interior

• Bedrooms: Total of 6 rooms (bedroom distribution not specified)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Gas water heater; Unfinished basement
• Laundry & utility: Washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $21k.

Deal economics

• At list price, monthly cash flow is $917 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $21k).
• Recommended offer: $20k (3.0% below list) — sets the bar for market timing.
• Cap rate 58.9% vs local median 14.2% in Highland Park — 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 (#214 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools F, crime F, employment F.
• Market conditions: 216 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); 42% 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 42% of the median local income ($38k/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 $144 of loan paydown is wiped out by about $627 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($20k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 10y 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 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $20,273 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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 1916 — 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. 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: 6.44% ✓
• Cap rate: 58.94%
• Cash-on-cash: 188.04%
• DSCR: 9.37
• GRM: 1.3

CMA / ARV

• ARV (median comp): $47,888
• List price: $20,900
• Delta: -56.36%
• 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
1689 Tyler St	0.47mi	3/1.5	1,260 (+3%)	6mo	$77,300	$61	68
2291 Tuxedo St	0.59mi	3/1.5	1,197 (-2%)	4mo	$35,000	$29	66
2268 Highland St	0.52mi	3/1.0	1,163 (-5%)	0mo	$10,000	$9	65
1568 Highland St	0.16mi	4/2.0 (+1)	1,344 (+10%)	6mo	$65,000	$48	64
134 Tyler St	0.60mi	4/1.0 (+1)	1,280 (+5%)	4mo	$28,000	$22	54
1220 Lawrence St	0.42mi	3/1.0	1,382 (+13%)	4mo	$5,000	$4	53
213 Avalon St	0.40mi	3/2.5	1,404 (+15%)	1mo	$139,000	$99	52
199 Waverly St	0.54mi	3/1.0	1,324 (+8%)	11mo	$35,000	$26	50
2509 Richton St	0.75mi	3/1.0	1,114 (-9%)	2mo	$15,000	$13	47
2474 Sturtevant St	0.71mi	3/1.0	1,092 (-11%)	4mo	$28,000	$26	43
923 Calvert St	0.62mi	3/1.0	1,376 (+12%)	11mo	$84,900	$62	40
1996 W Grand St	0.75mi	3/1.5	1,400 (+14%)	6mo	$40,009	$29	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.41×
• Total profit: $55,039
• Equity at exit: $3,116

10-year hold

• IRR: —
• Equity multiple: 22.06×
• Total profit: $123,220
• Equity at exit: $1,807

Cash invested: $5,852 (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 48203

• Home prices YoY: -23.3%
• Active inventory: 216
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $1,346 high
• Mortgage (P&I): −$110
• Tax from tax record: −$28 /mo · $339/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $917

Break-even live

Break-even rent $186

Max offer price $20,900

Occupancy floor 27%

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: $5,225
• Closing costs: $627
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2023 Tuxedo St Detroit, MI	2.0	1.0	950	$1,050	$1.11	24d	1	0.51mi
2285 Cortland St Detroit, MI	2.0	1.0	900	$1,000	$1.11	16d	1	0.55mi
127 W Buena Vista St Unit 129 Highland Park, MI	2.0	1.0	800	$1,000	$1.25	43d	1	0.55mi
1427 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,750	$1.59	43d	1	0.56mi
1427 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,850	$1.68	24d	1	0.56mi
64 Glendale St Highland Park, MI	4.0	1.0	1464	$1,500	$1.02	10d	1	0.61mi
1251 Glynn Ct Detroit, MI	2.0	1.0	705	$1,288	$1.83	2d	2	0.63mi
9844 Woodrow Wilson St Detroit, MI	3.0	1.0	1187	$1,300	$1.10	12d	1	0.64mi
1929 Calvert Ave Unit 2 Detroit, MI	3.0	1.0	1414	$1,199	$0.85	15d	1	0.66mi
1926 Clements St Detroit, MI	3.0	1.0	1150	$1,150	$1.00	5d	1	0.69mi
1926 Clements St Unit 1926 Detroit, MI	3.0	1.0	1150	$1,250	$1.09	20d	1	0.69mi
2045 Calvert St Detroit, MI	2.0	2.0	1400	$1,600	$1.14	43d	1	0.72mi
2474 Fullerton St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	15d	1	0.74mi
9 Woodland St Detroit, MI	1.0–2.0	1.0	637	$1,090	$1.71	16d	8	0.75mi
2638 Richton St Unit 2638 Richton Upper Detroit, MI	2.0	1.0	1000	$900	$0.90	43d	1	0.88mi
27 Pasadena St Highland Park, MI	2.0	1.0	900	$825	$0.92	43d	1	0.90mi
13639 La Salle Blvd Detroit, MI	2.0	1.0	800	$695	$0.87	11d	1	0.92mi
2676 Sturtevant St Unit 1 Detroit, MI	2.0	1.0	1000	$1,000	$1.00	24d	1	0.93mi
2634 Lawrence St Detroit, MI	3.0	1.5	1388	$1,600	$1.15	2d	1	0.96mi
2433 Pasadena St Unit 2435 Detroit, MI	2.0	1.0	700	$1,025	$1.46	43d	1	0.97mi
2653 Calvert Ave Unit 1 Detroit, MI	3.0	1.0	1305	$1,200	$0.92	43d	1	1.04mi
2727 Calvert Ave Unit 1 Detroit, MI	3.0	1.5	1350	$1,200	$0.89	43d	1	1.10mi
520 Englewood St Detroit, MI	4.0	1.5	1086	$1,725	$1.59	24d	1	1.12mi
2925 Calvert St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	16d	1	1.16mi
3224 Monterey St Unit 2E Detroit, MI	2.0	1.0	1200	$1,350	$1.12	43d	1	1.18mi
70 Clairmount Ave Unit 2B Detroit, MI	2.0	1.0	955	$1,400	$1.47	2d	1	1.20mi
1628 Gladstone St Unit 2 Detroit, MI	2.0	1.0	800	$1,050	$1.31	43d	1	1.23mi
2254 Taylor St Unit Taylor St unit Detroit, MI	3.0	1.0	1307	$1,550	$1.19	3d	1	1.23mi
1626 Gladstone St Unit 1 Detroit, MI	2.0	1.0	800	$1,300	$1.62	43d	1	1.24mi
3224 Calvert St Detroit, MI	3.0	1.0	1150	$1,150	$1.00	43d	1	1.29mi
3226 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,200	$1.09	12d	1	1.29mi
613 Belmont St Detroit, MI	3.0	1.0	1100	$1,350	$1.23	18d	1	1.29mi
719 Gladstone Ave Detroit, MI	2.0	1.0	1200	$1,750	$1.46	20d	1	1.31mi
715 Gladstone Ave Detroit, MI	2.0	1.0	1200	$1,750	$1.46	20d	1	1.31mi
156 Leicester Ct Apt 2 Detroit, MI	3.0	1.0	1000	$1,250	$1.25	43d	1	1.32mi
3266 Calvert Ave Fl 2 Detroit, MI	3.0	1.0	1279	$1,300	$1.02	24d	1	1.33mi
2463 Taylor St Detroit, MI	3.0	1.0	1350	$1,100	$0.81	43d	1	1.34mi
9429 Brush St Unit 1B Detroit, MI	2.0	1.0	1500	$1,523	$1.02	43d	1	1.36mi
2021 Blaine St Detroit, MI	1.0–2.0	1.0	684	$1,200	$1.75	43d	1	1.43mi
3295 Rochester St Unit 2 Detroit, MI	2.0	1.0	782	$850	$1.09	43d	1	1.43mi

Listing history 47 events

1. 2026-06-18
   days on market $20,900 Active 35 DOM
2. 2026-06-17
   days on market $20,900 Active 34 DOM
3. 2026-06-16
   days on market $20,900 Active 33 DOM
4. 2026-06-15
   days on market $20,900 Active 32 DOM
5. 2026-06-13
   days on market $20,900 Active 30 DOM
6. 2026-06-09
   days on market $20,900 Active 26 DOM
7. 2026-06-08
   days on market $20,900 Active 25 DOM
8. 2026-06-07
   days on market $20,900 Active 24 DOM
9. 2026-06-04
   days on market $20,900 Active 21 DOM
10. 2026-06-03
    days on market $20,900 Active 20 DOM
11. 2026-06-02
    days on market $20,900 Active 19 DOM
12. 2026-06-01
    days on market $20,900 Active 18 DOM
13. 2026-05-31
    days on market $20,900 Active 17 DOM
14. 2026-05-14
    listed $20,900 Active 455-char remark

    Show marketing remark (455 chars)

    This 3-bedroom, 1.5-bath colonial with 1,224 square feet is an incredible opportunity! Needs a full rehab, this property offers significant potential with neighbrhood comps averaging $50,000 and top values reaching $98,000. Don't wait-schedule your showing today and turn this property into your next sucess story! The accurancy of all information, regardless of the souce, is not guarenteed or warranted. All information should be independently verified.

15. 2026-05-14
    listed $20,900 Active 455-char remark

    Show marketing remark (455 chars)

    This 3-bedroom, 1.5-bath colonial with 1,224 square feet is an incredible opportunity! Needs a full rehab, this property offers significant potential with neighbrhood comps averaging $50,000 and top values reaching $98,000. Don't wait-schedule your showing today and turn this property into your next sucess story! The accurancy of all information, regardless of the souce, is not guarenteed or warranted. All information should be independently verified.

16. 2026-05-13
    historical
17. 2026-05-13
    historical
18. 2026-03-21
    price $20,900
19. 2026-03-21
    price $20,900
20. 2026-02-22
    price $21,900
21. 2026-02-21
    price $21,900
22. 2026-01-26
    price $22,500
23. 2026-01-26
    price $22,500
24. 2025-12-14
    price $24,400
25. 2025-12-13
    price $24,400
26. 2025-11-12
    listed $25,900 Active
27. 2025-11-12
    listed $25,900 Active
28. 2025-03-03
    historical
29. 2025-03-03
    historical
30. 2025-01-02
    listed $29,900 Active
31. 2025-01-02
    listed $29,900 Active
32. 2017-06-28
    historical
33. 2017-06-27
    historical
34. 2017-06-12
    listed $200 Active
35. 2017-06-09
    listed $200 Active
36. 2017-06-07
    historical
37. 2017-06-07
    historical
38. 2017-05-26
    listed $500
39. 2017-05-26
    listed $500
40. 2016-11-30
    historical
41. 2016-11-30
    historical
42. 2016-09-01
    listed $5,000
43. 2016-09-01
    listed $5,000
44. 2016-08-31
    historical
45. 2016-08-31
    historical
46. 2016-05-05
    listed $5,000
47. 2016-05-05
    listed $5,000

ⓘ 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: $339 · $28/mo
• Projected year-2 tax: $339 · $28/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: $16,155
• − Mortgage interest: −$1,171
• − Property taxes: −$339
• − Insurance: −$104
• − Repairs & maintenance: −$1,292
• − Management: −$1,292
• − Depreciation: −$608
• Taxable income: $11,348
• Est. tax owed @ 24.0%: −$2,724
• After-tax cash flow: $8,280/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)

No district data.

Livability — Highland Park

• Score: 73/100
• State rank: #214
• US rank: #5271

Category grades

Amenities B Commute A+ Cost of living A+ Crime F Employment F Housing A+ Health & safety C+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Highland Park, MI
• County: Wayne County · 1,562,939 people
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 20,049
• Household income: $38,404
• Rent vs Own: 48.7% rent · 51.3% own
• Severe rent burden: 1192.0

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 (85%)
• Race & ethnicity: Black 85% White 8% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% French/Haitian/Cajun 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: ▼ -90.13%
• Current HPI: 297.0176
• 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

+318.0% since first listed

34 events — show timeline

• 2026-05-14 Listed $20,900 REALCOMP
• 2026-05-14 Listed $20,900 MiRealSource-MiMLS
• 2026-05-13 Listing Removed — MiRealSource-MiMLS
• 2026-05-13 Listing Removed — REALCOMP
• 2026-03-21 Price Changed $20,900 MiRealSource-MiMLS
• 2026-03-21 Price Changed $20,900 REALCOMP
• 2026-02-22 Price Changed $21,900 MiRealSource-MiMLS
• 2026-02-21 Price Changed $21,900 REALCOMP
• 2026-01-26 Price Changed $22,500 MiRealSource-MiMLS
• 2026-01-26 Price Changed $22,500 REALCOMP
• 2025-12-14 Price Changed $24,400 MiRealSource-MiMLS
• 2025-12-13 Price Changed $24,400 REALCOMP
• 2025-11-12 Listed $25,900 MiRealSource-MiMLS
• 2025-11-12 Listed $25,900 REALCOMP
• 2025-03-03 Listing Removed — MiRealSource-MiMLS
• 2025-03-03 Listing Removed — REALCOMP
• 2025-01-02 Listed $29,900 REALCOMP
• 2025-01-02 Listed $29,900 MiRealSource-MiMLS
• 2017-06-28 Listing Removed — REALCOMP
• 2017-06-27 Listing Removed — MiRealSource-MiMLS
• 2017-06-12 Listed $200 MiRealSource-MiMLS
• 2017-06-09 Listed $200 REALCOMP
• 2017-06-07 Listing Removed — MiRealSource-MiMLS
• 2017-06-07 Listing Removed — REALCOMP
• 2017-05-26 Listed $500 MiRealSource-MiMLS
• 2017-05-26 Listed $500 REALCOMP
• 2016-11-30 Listing Removed — MiRealSource-MiMLS
• 2016-11-30 Listing Removed — REALCOMP
• 2016-09-01 Listed $5,000 MiRealSource-MiMLS
• 2016-09-01 Listed $5,000 REALCOMP
• 2016-08-31 Listing Removed — MiRealSource-MiMLS
• 2016-08-31 Listing Removed — REALCOMP
• 2016-05-05 Listed $5,000 MiRealSource-MiMLS
• 2016-05-05 Listed $5,000 REALCOMP

Property tax history

-9.3%/yr

Latest (2025): $339 · -18.5% YoY. Source: county tax records.