3905 Wabash St · Detroit, MI 48208

$140,000

5 bd · 2.0 ba · 2,293 sqft · SingleFamily public records · 61 Days on market

Built 1900 2,178 sqft lot $61/sqft · 62% below area

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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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Do not disturb the tenant please. Large, updated 5 bedroom house. New sewer installed in the backyard! Updated house throughout! Main level laundry off of kitchen. All appliances included.

Key facts

• New sewer
• Main level laundry
• 2,178 sq ft lot

Tags

• NEW SEWER
• MAIN LEVEL LAUNDRY
• ALL APPLIANCES INCLUDED

🏷️ Possibly a rental listed for sale. The $140,000 price doesn't fit this home's estimated sale value (~$370,680) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $746 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.7% vs local median 10.2% in Detroit — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 184 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $2,075/mo this rent would consume 69% of the median local household income ($36k/yr) (locally 601% 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 $968 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 23 sale attempts since 15y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $99k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.48% ✓
• Cap rate: 12.69%
• Cash-on-cash: 22.84%
• DSCR: 2.02
• GRM: 5.6

CMA / ARV

• ARV (median comp): $370,680
• List price: $140,000
• Delta: -62.23%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3937 Avery St	0.25mi	5/2.5	2,132 (-7%)	10mo	$342,000	$160	66
3917 16th St	0.19mi	4/2.0 (-1)	2,037 (-11%)	3mo	$35,000	$17	65
1570 Butternut St	0.55mi	5/2.0	2,143 (-6%)	4mo	$77,000	$36	60
4314 Trumbull St	0.46mi	4/3.0 (-1)	2,033 (-11%)	2mo	$275,000	$135	49
3677 #A Lincoln St	0.46mi	4/1.5 (-1)	1,949 (-15%)	21mo	$150,000	$77	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.8%
• Equity multiple: 1.63×
• Total profit: $24,818
• Equity at exit: $20,874

10-year hold

• IRR: 24.4%
• Equity multiple: 3.11×
• Total profit: $82,741
• Equity at exit: $12,105

Cash invested: $39,200 (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 48208

• Home prices YoY: -5.9%
• Active inventory: 184
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,075 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$101 /mo · $1,207/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $746

Break-even live

Break-even rent $1,131

Max offer price $140,000

Occupancy floor 59%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3934 Avery St Detroit, MI	5.0	2.0	2500	$3,000	$1.20	43d	1	0.28mi

Listing history 50 events

1. 2026-06-02
   statusdays on market $140,000 Pending 61 DOM
2. 2026-06-01
   days on market $140,000 Active 60 DOM
3. 2026-05-31
   days on market $140,000 Active 59 DOM
4. 2026-04-23
   price $140,000 188-char remark

   Show marketing remark (188 chars)

   Do not disturb the tenant please. Large, updated 5 bedroom house. New sewer installed in the backyard! Updated house throughout! Main level laundry off of kitchen. All appliances included.

5. 2026-04-22
   price $140,000 189-char remark

   Show marketing remark (189 chars)

   Do not disturb the tenant please. Large, updated 5 bedroom house. New sewer installed in the backyard! Updated house throughout! Main level laundry off of kitchen. All appliances included.

6. 2026-04-22
   price $140,000

   Show marketing remark (189 chars)

   Do not disturb the tenant please. Large, updated 5 bedroom house. New sewer installed in the backyard! Updated house throughout! Main level laundry off of kitchen. All appliances included.

7. 2026-04-02
   listed $150,000 Active 189-char remark

   Show marketing remark (189 chars)

   Do not disturb the tenant please. Large, updated 5 bedroom house. New sewer installed in the backyard! Updated house throughout! Main level laundry off of kitchen. All appliances included.

8. 2026-04-02
   listed $150,000 Active

   Show marketing remark (189 chars)

   Do not disturb the tenant please. Large, updated 5 bedroom house. New sewer installed in the backyard! Updated house throughout! Main level laundry off of kitchen. All appliances included.

9. 2026-04-02
   historical $150,000

   Show marketing remark (189 chars)

   Do not disturb the tenant please. Large, updated 5 bedroom house. New sewer installed in the backyard! Updated house throughout! Main level laundry off of kitchen. All appliances included.

10. 2026-03-25
    listed $150,000 Active 188-char remark

    Show marketing remark (188 chars)

    Do not disturb the tenant please. Large, updated 5 bedroom house. New sewer installed in the backyard! Updated house throughout! Main level laundry off of kitchen. All appliances included.

11. 2023-11-10
    historical
12. 2023-11-10
    historical
13. 2023-10-06
    listed $175,000 Active
14. 2023-10-06
    listed $175,000 Active
15. 2023-09-29
    historical
16. 2023-09-29
    historical
17. 2022-06-10
    historical
18. 2022-06-10
    historical
19. 2022-03-25
    price $125,000
20. 2022-03-25
    price $125,000
21. 2022-03-05
    listed $150,000 Active
22. 2022-03-05
    listed $150,000 Active
23. 2022-03-03
    historical
24. 2022-03-03
    historical
25. 2018-06-12
    soldstatus $99,000
26. 2018-05-15
    soldstatus $99,000 Sold
27. 2018-05-15
    soldstatus $99,000 Closed
28. 2018-04-24
    status Pending
29. 2018-04-24
    status Pending
30. 2018-04-05
    price $99,000
31. 2018-04-05
    price $99,000
32. 2018-03-20
    listed $110,000 Active
33. 2018-03-20
    listed $110,000 Active
34. 2017-11-09
    historical
35. 2017-11-09
    historical
36. 2017-10-23
    price $74,000
37. 2017-10-23
    price $74,000
38. 2017-10-22
    price $83,000
39. 2017-10-22
    price $83,000
40. 2017-10-22
    price $81,000
41. 2017-10-14
    price $90,000
42. 2017-10-14
    price $90,000
43. 2017-10-14
    status Active
44. 2017-10-12
    historical
45. 2017-10-02
    price $95,000
46. 2017-10-02
    price $95,000
47. 2017-09-15
    status Active
48. 2017-09-12
    historical
49. 2017-09-08
    listed $105,000 Active
50. 2017-09-08
    listed $105,000 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: $1,207 · $101/mo
• Projected year-2 tax: $1,682 · $140/mo
• Expected delta: +$474/yr (+$40/mo · 39.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 68% 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 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,899
• − Mortgage interest: −$7,842
• − Property taxes: −$1,207
• − Insurance: −$700
• − Repairs & maintenance: −$1,992
• − Management: −$1,992
• − Depreciation: −$4,073
• Taxable income: $7,093
• Est. tax owed @ 24.0%: −$1,702
• After-tax cash flow: $7,251/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): 8,037
• Household income: $36,194
• Rent vs Own: 65.7% rent · 34.3% own
• Severe rent burden: 601.0

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 (66%)
• Race & ethnicity: Black 66% White 23% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 3% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 5% Arabic 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: ▼ -10.56%
• Current HPI: 168.8907
• 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

+536.4% since first listed

77 events — show timeline

• 2026-04-23 Price Changed $140,000 MiRealSource-MiMLS
• 2026-04-22 Price Changed $140,000 REALCOMP
• 2026-04-22 Price Changed $140,000 SW Michigan MLS
• 2026-04-02 Listed $150,000 REALCOMP
• 2026-04-02 Listed $150,000 SW Michigan MLS
• 2026-04-02 Coming Soon $150,000 SW Michigan MLS
• 2026-03-25 Listed $150,000 MiRealSource-MiMLS
• 2023-11-10 Listing Removed — MiRealSource-MiMLS
• 2023-11-10 Listing Removed — REALCOMP
• 2023-10-06 Listed $175,000 MiRealSource-MiMLS
• 2023-10-06 Listed $175,000 REALCOMP
• 2023-09-29 Coming Soon — MiRealSource-MiMLS
• 2023-09-29 Coming Soon — REALCOMP
• 2022-06-10 Listing Removed — MiRealSource-MiMLS
• 2022-06-10 Listing Removed — REALCOMP
• 2022-03-25 Price Changed $125,000 MiRealSource-MiMLS
• 2022-03-25 Price Changed $125,000 REALCOMP
• 2022-03-05 Listed $150,000 MiRealSource-MiMLS
• 2022-03-05 Listed $150,000 REALCOMP
• 2022-03-03 Coming Soon — MiRealSource-MiMLS
• 2022-03-03 Coming Soon — REALCOMP
• 2018-06-12 Sold (Public Records) $99,000 Public Records
• 2018-05-15 Sold (MLS) $99,000 MiRealSource-MiMLS
• 2018-05-15 Sold (MLS) $99,000 REALCOMP
• 2018-04-24 Pending — MiRealSource-MiMLS
• 2018-04-24 Pending — REALCOMP
• 2018-04-05 Price Changed $99,000 MiRealSource-MiMLS
• 2018-04-05 Price Changed $99,000 REALCOMP
• 2018-03-20 Listed $110,000 MiRealSource-MiMLS
• 2018-03-20 Listed $110,000 REALCOMP
• 2017-11-09 Listing Removed — MiRealSource-MiMLS
• 2017-11-09 Listing Removed — REALCOMP
• 2017-10-23 Price Changed $74,000 MiRealSource-MiMLS
• 2017-10-23 Price Changed $74,000 REALCOMP
• 2017-10-22 Price Changed $83,000 MiRealSource-MiMLS
• 2017-10-22 Price Changed $83,000 REALCOMP
• 2017-10-22 Price Changed $81,000 REALCOMP
• 2017-10-14 Price Changed $90,000 MiRealSource-MiMLS
• 2017-10-14 Price Changed $90,000 REALCOMP
• 2017-10-14 Relisted — REALCOMP
• 2017-10-12 Listing Removed — REALCOMP
• 2017-10-02 Price Changed $95,000 MiRealSource-MiMLS
• 2017-10-02 Price Changed $95,000 REALCOMP
• 2017-09-15 Relisted — REALCOMP
• 2017-09-12 Listing Removed — REALCOMP
• 2017-09-08 Listed $105,000 MiRealSource-MiMLS
• 2017-09-08 Listed $105,000 REALCOMP
• 2017-01-15 Pending — REALCOMP
• 2017-01-12 Listing Removed — REALCOMP
• 2016-11-22 Sold (MLS) $30,000 MiRealSource-MiMLS
• 2016-11-22 Sold (MLS) $30,000 REALCOMP
• 2016-11-20 Pending — MiRealSource-MiMLS
• 2016-11-19 Pending — REALCOMP
• 2016-10-14 Relisted — REALCOMP
• 2016-10-12 Listing Removed — REALCOMP
• 2016-08-25 Price Changed $40,000 MiRealSource-MiMLS
• 2016-08-24 Price Changed $40,000 REALCOMP
• 2016-07-15 Relisted — REALCOMP
• 2016-07-12 Listing Removed — REALCOMP
• 2016-05-24 Price Changed $50,000 MiRealSource-MiMLS
• 2016-05-23 Price Changed $50,000 REALCOMP
• 2016-04-27 Price Changed $70,000 MiRealSource-MiMLS
• 2016-04-27 Price Changed $70,000 REALCOMP
• 2016-04-15 Listed $80,000 MiRealSource-MiMLS
• 2016-03-29 Listed $80,000 REALCOMP
• 2012-07-10 Sold (MLS) $3,000 MiRealSource-MiMLS
• 2012-07-10 Sold (MLS) $3,000 REALCOMP
• 2012-01-03 Listed $1,100 MiRealSource-MiMLS
• 2012-01-03 Listed $1,100 REALCOMP
• 2011-12-31 Listing Removed — MiRealSource-MiMLS
• 2011-12-31 Listing Removed — REALCOMP
• 2011-09-13 Listed $22,000 MiRealSource-MiMLS
• 2011-09-13 Listed $22,000 REALCOMP
• 2011-09-11 Listing Removed — MiRealSource-MiMLS
• 2011-09-11 Listing Removed — REALCOMP
• 2011-06-11 Listed $22,000 MiRealSource-MiMLS
• 2011-06-11 Listed $22,000 REALCOMP

Property tax history

+4.3%/yr

Latest (2025): $1,207 · -8.8% YoY. Source: county tax records.