12140 Wayburn St · Detroit, MI 48224

$47,900

3 bd · 1.0 ba · 875 sqft · SingleFamily public records · 56 Days on market

Built 1942 5,227 sqft lot $55/sqft · 13% above area Est $42k · 13% over ↓ 30% since listing

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Why this score? — see what drove the C+ 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
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• ARV discount +1.5/15.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment opportunity in an attractive neighborhood. Property features 3 bedrooms, 1 bathroom, basement, and garage. Priced accordingly and sold as-is, offering strong potential for value-add or renovation. BATVAI.

Key facts

• 5,227 sq ft lot
• Garage
• Built 1942

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water
• Home design: Single-family residential; Built in 1942
• Construction: Aluminum siding
• Exterior features: 0.12-acre lot; Located on Wayburn St.

Interior

• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: 3 total rooms; Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $48k.

Deal economics

• At list price, monthly cash flow is $720 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• Recommended offer: $46k (3.0% below list) — sets the bar for market timing.
• Cap rate 24.3% 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 24d 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 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 $331 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 $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($46k) is reasonable based on typical stale-listing flexibility.
• 19 sale attempts since 19y 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 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $46,463 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 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 1942 — 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. 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.
7. 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.
8. 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: 2.78% ✓
• Cap rate: 24.32%
• Cash-on-cash: 64.40%
• DSCR: 3.87
• GRM: 3.0

CMA / ARV

• ARV (median comp): $42,259
• List price: $47,900
• Delta: 13.35%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12897 Riad St	0.35mi	3/1.0	831 (-5%)	1mo	$63,000	$76	74
19381 Kenosha St	0.42mi	2/1.0 (-1)	892 (+2%)	2mo	$104,000	$117	71
12660 Duchess St	0.24mi	3/1.0	974 (+11%)	2mo	$55,000	$56	68
19100 Kingsville St	0.26mi	3/1.0	972 (+11%)	2mo	$110,000	$113	68
18591 Kingsville St	0.44mi	2/1.0 (-1)	824 (-6%)	1mo	$74,000	$90	64
11545 Roxbury St	0.27mi	3/1.0	1,003 (+15%)	1mo	$65,000	$65	62
18746 Woodside St	0.60mi	3/1.0	921 (+5%)	2mo	$110,000	$119	62
11017 Worden St	0.52mi	3/1.0	961 (+10%)	0mo	$47,500	$49	59
16301 Coram St	0.66mi	3/1.0	929 (+6%)	1mo	$19,500	$21	58
10945 Peerless St	0.58mi	3/1.0	964 (+10%)	2mo	$54,000	$56	55
20300 Mccormick St	0.73mi	3/1.0	940 (+7%)	1mo	$60,000	$64	53
20244 Mccormick St	0.67mi	3/1.0	1,000 (+14%)	1mo	$75,000	$75	44

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: 60.9%
• Equity multiple: 3.62×
• Total profit: $35,128
• Equity at exit: $7,142

10-year hold

• IRR: 64.8%
• Equity multiple: 6.82×
• Total profit: $78,050
• Equity at exit: $4,142

Cash invested: $13,412 (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: 3.0×

Monthly cashflow live

• Estimated rent: $1,330 high
• Mortgage (P&I): −$251
• Tax est. 1.5%: −$60 /mo · $718/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $720

Break-even live

Break-even rent $419

Max offer price $47,900

Occupancy floor 41%

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: $11,975
• Closing costs: $1,437
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	14d	1	0.05mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	43d	1	0.05mi
19144 Moross Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	43d	1	0.10mi
11776 Rossiter St Detroit, MI	3.0	1.0	964	$1,150	$1.19	11d	1	0.24mi
19365 Kingsville St Harper Woods, MI	4.0	1.5	996	$1,650	$1.66	14d	1	0.29mi
12716 Riad St Detroit, MI	3.0	1.0	974	$1,275	$1.31	17d	1	0.30mi
19442 Kingsville St Harper Woods, MI	3.0	1.0	1000	$1,500	$1.50	17d	1	0.31mi
11529 Roxbury St Detroit, MI	2.0	1.0	720	$1,200	$1.67	12d	1	0.32mi
19639 Moross Rd Unit 1 Detroit, MI	2.0	1.0	900	$1,100	$1.22	43d	1	0.33mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	43d	1	0.34mi
12201 Morang Ave Unit 8 Detroit, MI	2.0	1.0	610	$875	$1.43	43d	1	0.39mi
19661 Kenosha St Harper Woods, MI	3.0	2.0	1000	$1,400	$1.40	24d	1	0.48mi
19152 Woodside St Harper Woods, MI	3.0	1.0	916	$1,500	$1.64	17d	1	0.51mi
16212 Maddelein St Detroit, MI	2.0	1.0	800	$1,200	$1.50	12d	1	0.54mi
19982 McCormick St Detroit, MI	3.0	1.0	866	$1,200	$1.39	3d	1	0.54mi
11235 Roxbury St Detroit, MI	3.0	1.0	1062	$1,325	$1.25	17d	1	0.55mi
10985 Peerless St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	4d	1	0.59mi
10692 Meuse St Detroit, MI	3.0	1.0	955	$1,250	$1.31	12d	1	0.65mi
15909 Maddelein St Detroit, MI	3.0	1.0	894	$1,266	$1.42	43d	1	0.65mi
10400 Britain St Detroit, MI	3.0	1.0	890	$1,100	$1.24	43d	1	0.71mi
15494 Mapleridge St Detroit, MI	3.0	1.0	937	$1,275	$1.36	43d	1	0.72mi
10370 Britain St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	43d	1	0.73mi
10177 Boleyn St Detroit, MI	3.0	1.0	767	$1,250	$1.63	43d	1	0.82mi
10542 Lanark St Detroit, MI	3.0	1.0	1023	$1,250	$1.22	43d	1	0.83mi
16225 Manning St Detroit, MI	4.0	2.0	1036	$1,475	$1.42	43d	1	0.83mi
20461 Kingsville St Harper Woods, MI	4.0	1.0	1100	$1,399	$1.27	14d	1	0.83mi
10037 Grayton St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	3d	1	0.89mi
10404 Somerset Ave Detroit, MI	3.0	1.0	1108	$1,475	$1.33	3d	1	0.91mi
15010 Cedargrove St Detroit, MI	3.0	1.5	1018	$1,350	$1.33	43d	1	1.09mi
6304 Bluehill St Detroit, MI	3.0	1.0	1088	$1,500	$1.38	43d	1	1.12mi
16291 Eastburn St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	24d	1	1.12mi
6325 Neff Ave Detroit, MI	3.0	1.0	1000	$1,500	$1.50	2d	1	1.13mi
17710 Chester St Detroit, MI	2.0	1.0	984	$1,250	$1.27	43d	1	1.14mi
17720 Chester St Detroit, MI	2.0	1.0	986	$1,250	$1.27	43d	1	1.14mi
19203 Edgefield St Harper Woods, MI	2.0	1.0	1100	$1,100	$1.00	24d	1	1.18mi
10644 Stratman St Detroit, MI	2.0	1.0	1000	$1,200	$1.20	17d	1	1.19mi
6181 Neff Ave Detroit, MI	3.0	1.0	1102	$1,299	$1.18	17d	1	1.20mi
16410 Edmore Dr Detroit, MI	3.0	1.0	850	$1,250	$1.47	14d	1	1.21mi
6301 Lodewyck St Detroit, MI	3.0	1.0	1084	$1,300	$1.20	12d	1	1.25mi
6175 Marseilles St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	43d	1	1.28mi

Listing history 50 events

1. 2026-06-18
   days on market $47,900 Active 56 DOM
2. 2026-06-17
   days on market $47,900 Active 55 DOM
3. 2026-06-15
   days on market $47,900 Active 53 DOM
4. 2026-06-13
   days on market $47,900 Active 51 DOM
5. 2026-06-13
   days on market $47,900 Active 50 DOM
6. 2026-06-09
   days on market $47,900 Active 47 DOM
7. 2026-06-08
   days on market $47,900 Active 46 DOM
8. 2026-06-07
   days on market $47,900 Active 45 DOM
9. 2026-06-04
   days on market $47,900 Active 42 DOM
10. 2026-06-03
    days on market $47,900 Active 41 DOM
11. 2026-06-02
    days on market $47,900 Active 40 DOM

    Show marketing remark (221 chars)

    Great investment opportunity in an attractive neighborhood. Property features 3 bedrooms, 1 bathroom, basement, and garage. Priced accordingly and sold as-is, offering strong potential for value-add or renovation. BATVAI.

12. 2026-06-02
    price $47,900 Active 39 DOM

    Show marketing remark (221 chars)

    Great investment opportunity in an attractive neighborhood. Property features 3 bedrooms, 1 bathroom, basement, and garage. Priced accordingly and sold as-is, offering strong potential for value-add or renovation. BATVAI.

13. 2026-06-01
    days on market $49,900 Active 39 DOM

    Show marketing remark (221 chars)

    Great investment opportunity in an attractive neighborhood. Property features 3 bedrooms, 1 bathroom, basement, and garage. Priced accordingly and sold as-is, offering strong potential for value-add or renovation. BATVAI.

14. 2026-05-31
    days on market $49,900 Active 38 DOM
15. 2026-04-23
    listed $49,900 Active 221-char remark

    Show marketing remark (221 chars)

    Great investment opportunity in an attractive neighborhood. Property features 3 bedrooms, 1 bathroom, basement, and garage. Priced accordingly and sold as-is, offering strong potential for value-add or renovation. BATVAI.

16. 2026-04-23
    listed $49,900 Active 221-char remark

    Show marketing remark (221 chars)

    Great investment opportunity in an attractive neighborhood. Property features 3 bedrooms, 1 bathroom, basement, and garage. Priced accordingly and sold as-is, offering strong potential for value-add or renovation. BATVAI.

17. 2026-04-23
    listed $49,900 Active

    Show marketing remark (221 chars)

    Great investment opportunity in an attractive neighborhood. Property features 3 bedrooms, 1 bathroom, basement, and garage. Priced accordingly and sold as-is, offering strong potential for value-add or renovation. BATVAI.

18. 2025-04-07
    historical
19. 2025-04-07
    historical
20. 2025-03-10
    listed $60,000 Active
21. 2025-03-09
    listed $60,000 Active
22. 2024-02-02
    historical
23. 2024-01-01
    historical
24. 2024-01-01
    historical
25. 2023-12-26
    listed $65,000 Active
26. 2023-11-29
    listed $65,000 Active
27. 2023-11-27
    listed $65,000 Active
28. 2022-04-28
    soldstatus $94,000
29. 2021-02-27
    historical
30. 2021-02-27
    historical
31. 2020-10-09
    status Active
32. 2020-10-09
    status Active
33. 2020-10-08
    status Pending
34. 2020-10-08
    status Pending
35. 2020-08-03
    listed $30,000 Active
36. 2020-08-03
    listed $30,000 Active
37. 2019-09-30
    historical
38. 2019-09-30
    historical
39. 2019-08-14
    price $36,400
40. 2019-08-14
    price $36,400
41. 2019-02-27
    price $36,500
42. 2019-02-26
    price $36,500
43. 2019-02-26
    status Active
44. 2019-02-26
    status Active
45. 2019-01-16
    status Pending
46. 2019-01-16
    status Pending
47. 2018-11-21
    price $36,499
48. 2018-11-20
    price $36,499
49. 2018-10-12
    listed $36,500 Active
50. 2018-10-12
    listed $36,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,961
• − Mortgage interest: −$2,683
• − Property taxes: −$718
• − Insurance: −$240
• − Repairs & maintenance: −$1,277
• − Management: −$1,277
• − Depreciation: −$1,393
• Taxable income: $8,373
• Est. tax owed @ 24.0%: −$2,009
• After-tax cash flow: $6,627/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

-30.1% since first listed

47 events — show timeline

• 2026-06-02 Price Changed $47,900 MiRealSource-MiMLS
• 2026-06-01 Price Changed $47,900 REALCOMP
• 2026-06-01 Price Changed $47,900 SW Michigan MLS
• 2026-04-23 Listed $49,900 SW Michigan MLS
• 2026-04-23 Listed $49,900 REALCOMP
• 2026-04-23 Listed $49,900 MiRealSource-MiMLS
• 2025-04-07 Listing Removed — REALCOMP
• 2025-04-07 Listing Removed — MiRealSource-MiMLS
• 2025-03-10 Listed $60,000 REALCOMP
• 2025-03-09 Listed $60,000 MiRealSource-MiMLS
• 2024-02-02 Listing Removed — REALCOMP
• 2024-01-01 Listing Removed — MiRealSource-MiMLS
• 2024-01-01 Listing Removed — REALCOMP
• 2023-12-26 Listed $65,000 REALCOMP
• 2023-11-29 Listed $65,000 REALCOMP
• 2023-11-27 Listed $65,000 MiRealSource-MiMLS
• 2022-04-28 Sold (Public Records) $94,000 Public Records
• 2021-02-27 Listing Removed — MiRealSource-MiMLS
• 2021-02-27 Listing Removed — REALCOMP
• 2020-10-09 Relisted — MiRealSource-MiMLS
• 2020-10-09 Relisted — REALCOMP
• 2020-10-08 Pending — MiRealSource-MiMLS
• 2020-10-08 Pending — REALCOMP
• 2020-08-03 Listed $30,000 MiRealSource-MiMLS
• 2020-08-03 Listed $30,000 REALCOMP
• 2019-09-30 Listing Removed — REALCOMP
• 2019-09-30 Listing Removed — MiRealSource-MiMLS
• 2019-08-14 Price Changed $36,400 MiRealSource-MiMLS
• 2019-08-14 Price Changed $36,400 REALCOMP
• 2019-02-27 Price Changed $36,500 MiRealSource-MiMLS
• 2019-02-26 Price Changed $36,500 REALCOMP
• 2019-02-26 Relisted — MiRealSource-MiMLS
• 2019-02-26 Relisted — REALCOMP
• 2019-01-16 Pending — MiRealSource-MiMLS
• 2019-01-16 Pending — REALCOMP
• 2018-11-21 Price Changed $36,499 MiRealSource-MiMLS
• 2018-11-20 Price Changed $36,499 REALCOMP
• 2018-10-12 Listed $36,500 MiRealSource-MiMLS
• 2018-10-12 Listed $36,500 REALCOMP
• 2018-08-28 Sold (MLS) $27,000 MiRealSource-MiMLS
• 2018-08-28 Sold (MLS) $27,000 REALCOMP
• 2018-06-25 Pending — REALCOMP
• 2018-06-25 Listed $19,900 MiRealSource-MiMLS
• 2018-06-25 Listing Removed — MiRealSource-MiMLS
• 2018-06-25 Listed $19,900 REALCOMP
• 2008-02-29 Listing Removed — REALCOMP
• 2007-08-23 Listed $68,500 REALCOMP

Property tax history

+8.7%/yr

Latest (2025): $4,272 · +98.0% YoY. Source: county tax records.