3713 Oakman Blvd #7 · Detroit, MI 48204

$49,000

2 bd · 1.5 ba · 1,184 sqft · Condo public records · 68 Days on market

Built 1965 $41/sqft · 38% above area Est $35k · 38% over $300/mo HOA · 27% of rent

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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 +25.5/30.0
• 1% rule +10.0/10.0
• Appreciation +10.0/10.0
• DSCR +8.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

This beautifully renovated property offers modern comfort and convenience with updates completed this year. Step inside to a remodeled kitchen with fresh finishes, a bright updated bathroom, and luxury vinyl plank flooring throughout the first floor. The bedrooms feature new carpet and fresh paint, giving the home a clean inviting feel. The basement is unfinished and ready for your personal touches, storage needs, or future expansion. This home is truly move in ready and perfect for a first time buyer, downsizer, or investor. For investors, rental comps in this area average around 1100 dollars per month, making this a strong cash flow opportunity. For homeowners, this is an ideal starter or retirement property for anyone who wants low maintenance living. Schedule your showing today and make this beautiful Detroit property yours! Some photos are virtually staged.

Key facts

• Remodeled kitchen
• Unfinished basement
• Updated bathroom

Tags

• REMODELED KITCHEN
• UPDATED BATHROOM
• LUXURY VINYL PLANK FLOORING
• UNFINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $49k.

Deal economics

• At list price, monthly cash flow is $114 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Recommended offer: $46k (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: 248 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 38% of the median local income ($34k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $5k of equity ($339 loan paydown + $5k appreciation (10.0% local appreciation)).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($46k) 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.
• Current owner paid $25k; list at $49k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.2% of price; HOA is 27% of rent.

Recommended offer $46,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 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 1965 — 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.23% ✓
• Cap rate: 9.09%
• Cash-on-cash: 10.01%
• DSCR: 1.45
• GRM: 3.7

CMA / ARV

• ARV (median comp): $35,430
• List price: $49,000
• Delta: 38.30%
• Verdict: OVERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 31.8%
• Equity multiple: 3.50×
• Total profit: $34,241
• Equity at exit: $44,143

10-year hold

• IRR: 27.6%
• Equity multiple: 7.97×
• Total profit: $95,639
• Equity at exit: $95,196

Cash invested: $13,720 (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 48204

• Home prices YoY: 18.5%
• Active inventory: 248
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,092 high
• Mortgage (P&I): −$257
• Tax from tax record: −$171 /mo · $2,055/yr
• Insurance: −$20
• HOA: −$300
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $114

Break-even live

Break-even rent $948

Max offer price $49,000

Occupancy floor 85%

Sensitivity live

Price	-10% $142	-5% $128	+0% $114	+5% $101	+10% $87
Rent	-10% $28	-5% $71	+0% $114	+5% $158	+10% $201
Rate	-1.0pp $139	-0.5pp $127	base $114	+0.5pp $102	+1.0pp $89

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12032 Santa Rosa Dr Unit 1 Detroit, MI	3.0	1.0	900	$1,423	$1.58	5d	1	0.21mi
12019 Stoepel St Detroit, MI	2.0	1.0	1000	$943	$0.94	5d	1	0.24mi
12415 Monica St Detroit, MI	2.0	1.0	1000	$1,200	$1.20	44d	1	0.29mi
12303 Cloverlawn St Detroit, MI	3.0	1.5	1454	$1,400	$0.96	44d	1	0.38mi
12663 Stoepel St Detroit, MI	2.0	1.0	1100	$1,050	$0.95	22d	1	0.42mi
12663 Stoepel St Unit 1 Detroit, MI	2.0	1.0	750	$975	$1.30	18d	1	0.42mi
12703 Northlawn St Detroit, MI	2.0	1.0	1365	$1,053	$0.77	21d	1	0.56mi
9917 Woodside St Apt 1 Detroit, MI	2.0	1.0	800	$800	$1.00	44d	1	0.61mi
11704 Broadstreet Ave Detroit, MI	3.0	1.0	1200	$1,050	$0.88	44d	1	0.65mi
4268 Cortland St Unit 1 Detroit, MI	2.0	1.0	1000	$1,050	$1.05	44d	1	0.72mi
4336 Buena Vista St Detroit, MI	3.0	1.0	1300	$1,100	$0.85	44d	1	0.72mi
9789 Chenlot St Unit 1 Detroit, MI	2.0	1.0	1000	$1,000	$1.00	5d	1	0.73mi
2926 Ewald Cir Detroit, MI	2.0	1.0	800	$900	$1.12	18d	1	0.74mi
12144 Washburn St Detroit, MI	3.0	1.0	1200	$1,200	$1.00	15d	1	0.74mi
11411 Wyoming Ave Apt 205 Detroit, MI	1.0	1.0	800	$1,000	$1.25	11d	1	0.78mi
11411 Wyoming Ave Detroit, MI	1.0	1.0	750	$850	$1.13	25d	1	0.78mi
4203 Tyler St Detroit, MI	2.0	1.0	950	$895	$0.94	44d	1	0.85mi
4287 W Grand St Unit 4289 Detroit, MI	3.0	1.0	1250	$1,000	$0.80	44d	1	0.90mi
2690 Ewald Cir Detroit, MI	1.0–2.0	1.0	750	$900	$1.20	25d	4	0.95mi
12468 Mendota St Detroit, MI	2.0	1.0	1100	$1,000	$0.91	25d	1	0.99mi
12468 Mendota St Detroit, MI	2.0	1.0	1100	$1,100	$1.00	44d	1	0.99mi
3824 Tyler St Apt 1 Detroit, MI	3.0	1.0	900	$1,523	$1.69	17d	1	0.99mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	25d	1	0.99mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	44d	1	0.99mi
13620 Kentucky St Detroit, MI	3.0	1.0	1248	$1,200	$0.96	5d	1	1.00mi
13979 Cherrylawn St Detroit, MI	3.0	1.0	1296	$1,334	$1.03	21d	1	1.00mi
3783 Tyler St Unit Lower Detroit, MI	3.0	1.0	1000	$1,150	$1.15	44d	1	1.01mi
9353 Kentucky St Detroit, MI	2.0	1.0	800	$999	$1.25	18d	1	1.05mi
3740 Tyler St Unit 1 Detroit, MI	3.0	1.0	1300	$1,300	$1.00	5d	1	1.06mi
10345 Crocuslawn Ave Unit 2 Detroit, MI	2.0	1.0	850	$950	$1.12	44d	1	1.09mi
3812 W Grand St Detroit, MI	2.0	1.0	1100	$1,025	$0.93	17d	1	1.11mi
10303 Morley St #1 Detroit, MI	2.0	1.0	950	$950	$1.00	44d	1	1.12mi
10359 Violetlawn St Unit 1 Detroit, MI	2.0	1.0	1200	$985	$0.82	44d	1	1.13mi
9022 Northlawn St Detroit, MI	2.0	1.0	1100	$1,300	$1.18	25d	1	1.14mi
9376 Otsego St Detroit, MI	3.0	1.0	873	$1,396	$1.60	44d	1	1.15mi
10002 Manor Unit 2 Detroit, MI	3.0	1.0	1100	$1,150	$1.05	44d	1	1.20mi
10002 Manor Unit 1 Detroit, MI	2.0	1.0	1000	$1,050	$1.05	44d	1	1.20mi
3224 Monterey St Unit 2E Detroit, MI	2.0	1.0	1200	$1,350	$1.12	44d	1	1.21mi
12775 Plymouth Rd Unit 16 Detroit, MI	2.0	1.0	1009	$825	$0.82	44d	1	1.26mi
12775 Plymouth Rd Apt 11 Detroit, MI	1.0	1.0	725	$635	$0.88	44d	1	1.26mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-21
   days on market $49,000 Active 68 DOM
2. 2026-06-18
   days on market $49,000 Active 65 DOM
3. 2026-06-17
   days on market $49,000 Active 64 DOM
4. 2026-06-15
   days on market $49,000 Active 62 DOM
5. 2026-06-13
   days on market $49,000 Active 60 DOM
6. 2026-06-13
   days on market $49,000 Active 59 DOM
7. 2026-06-09
   days on market $49,000 Active 56 DOM
8. 2026-06-08
   days on market $49,000 Active 55 DOM
9. 2026-06-07
   days on market $49,000 Active 54 DOM
10. 2026-06-04
    days on market $49,000 Active 51 DOM
11. 2026-06-03
    days on market $49,000 Active 50 DOM
12. 2026-06-02
    days on market $49,000 Active 49 DOM
13. 2026-06-01
    days on market $49,000 Active 48 DOM
14. 2026-05-31
    days on market $49,000 Active 47 DOM
15. 2026-04-23
    price $49,000 874-char remark

    Show marketing remark (874 chars)

    This beautifully renovated property offers modern comfort and convenience with updates completed this year. Step inside to a remodeled kitchen with fresh finishes, a bright updated bathroom, and luxury vinyl plank flooring throughout the first floor. The bedrooms feature new carpet and fresh paint, giving the home a clean inviting feel. The basement is unfinished and ready for your personal touches, storage needs, or future expansion. This home is truly move in ready and perfect for a first time buyer, downsizer, or investor. For investors, rental comps in this area average around 1100 dollars per month, making this a strong cash flow opportunity. For homeowners, this is an ideal starter or retirement property for anyone who wants low maintenance living. Schedule your showing today and make this beautiful Detroit property yours! Some photos are virtually staged.

16. 2026-04-22
    price $49,000 875-char remark

    Show marketing remark (875 chars)

    This beautifully renovated property offers modern comfort and convenience with updates completed this year. Step inside to a remodeled kitchen with fresh finishes, a bright updated bathroom, and luxury vinyl plank flooring throughout the first floor. The bedrooms feature new carpet and fresh paint, giving the home a clean inviting feel. The basement is unfinished and ready for your personal touches, storage needs, or future expansion. This home is truly move in ready and perfect for a first time buyer, downsizer, or investor. For investors, rental comps in this area average around 1100 dollars per month, making this a strong cash flow opportunity. For homeowners, this is an ideal starter or retirement property for anyone who wants low maintenance living. Schedule your showing today and make this beautiful Detroit property yours! Some photos are virtually staged.

17. 2026-04-14
    listed $49,999 Active 874-char remark

    Show marketing remark (875 chars)

    This beautifully renovated property offers modern comfort and convenience with updates completed this year. Step inside to a remodeled kitchen with fresh finishes, a bright updated bathroom, and luxury vinyl plank flooring throughout the first floor. The bedrooms feature new carpet and fresh paint, giving the home a clean inviting feel. The basement is unfinished and ready for your personal touches, storage needs, or future expansion. This home is truly move in ready and perfect for a first time buyer, downsizer, or investor. For investors, rental comps in this area average around 1100 dollars per month, making this a strong cash flow opportunity. For homeowners, this is an ideal starter or retirement property for anyone who wants low maintenance living. Schedule your showing today and make this beautiful Detroit property yours! Some photos are virtually staged.

18. 2026-04-14
    listed $49,999 Active 875-char remark

    Show marketing remark (875 chars)

    This beautifully renovated property offers modern comfort and convenience with updates completed this year. Step inside to a remodeled kitchen with fresh finishes, a bright updated bathroom, and luxury vinyl plank flooring throughout the first floor. The bedrooms feature new carpet and fresh paint, giving the home a clean inviting feel. The basement is unfinished and ready for your personal touches, storage needs, or future expansion. This home is truly move in ready and perfect for a first time buyer, downsizer, or investor. For investors, rental comps in this area average around 1100 dollars per month, making this a strong cash flow opportunity. For homeowners, this is an ideal starter or retirement property for anyone who wants low maintenance living. Schedule your showing today and make this beautiful Detroit property yours! Some photos are virtually staged.

19. 2026-03-19
    historical
20. 2026-03-19
    historical
21. 2026-01-20
    price $55,999
22. 2026-01-20
    price $55,999
23. 2025-12-04
    listed $59,999 Active
24. 2025-12-04
    listed $59,999 Active
25. 2025-12-03
    historical
26. 2024-09-11
    soldstatus $24,842
27. 1994-05-23
    soldstatus $8,425

ⓘ 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: $2,055 · $171/mo
• Projected year-2 tax: $2,055 · $171/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: $13,110
• − Mortgage interest: −$2,745
• − Property taxes: −$2,055
• − Insurance: −$245
• − Repairs & maintenance: −$1,049
• − Management: −$1,049
• − HOA: −$3,600
• − Depreciation: −$1,425
• Taxable income: $942
• Est. tax owed @ 24.0%: −$226
• After-tax cash flow: $1,147/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): 20,696
• Household income: $34,468
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 1418.0

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 (86%)
• Race & ethnicity: Black 86% Two or more races 7% Hispanic / Latino 5% White 4% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Hispanic 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 36.51%
• Current HPI: 234.0465
• 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

+481.6% since first listed

13 events — show timeline

• 2026-04-23 Price Changed $49,000 MiRealSource-MiMLS
• 2026-04-22 Price Changed $49,000 REALCOMP
• 2026-04-14 Listed $49,999 REALCOMP
• 2026-04-14 Listed $49,999 MiRealSource-MiMLS
• 2026-03-19 Listing Removed — REALCOMP
• 2026-03-19 Listing Removed — MiRealSource-MiMLS
• 2026-01-20 Price Changed $55,999 MiRealSource-MiMLS
• 2026-01-20 Price Changed $55,999 REALCOMP
• 2025-12-04 Listed $59,999 MiRealSource-MiMLS
• 2025-12-04 Listed $59,999 REALCOMP
• 2025-12-03 Coming Soon — MiRealSource-MiMLS
• 2024-09-11 Sold (Public Records) $24,842 Public Records
• 1994-05-23 Sold (Public Records) $8,425 Public Records

Property tax history

+16.9%/yr

Latest (2025): $2,055 · +647.5% YoY. Source: county tax records.