18642 Tracey St · Detroit, MI 48235

$120,000

3 bd · 1.0 ba · 1,431 sqft · SingleFamily public records · 18 Days on market

Built 1949 5,227 sqft lot $84/sqft · 28% below area Est $168k · 28% under ↓ 11% since listing

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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 +25.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +6.6/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This all-brick Tudor is an approximately 80% completed, offering a prime opportunity for investors to step in and finish strong. Major updates have already been started, including two full bathroom renovations, new flooring, new carpet throughout, and updated plumbing, HVAC, and electrical. The home features classic Tudor charm, a functional layout, and an unfinished basement ready for additional value-add potential. Outside, you'll find a detached two-car garage and a solid brick exterior that adds long-term durability and curb appeal. Sold as-is, cash only. Please see legal description regarding property being allegedly exempt from taxes until 12/30/26. Perfect for anyone looking for their next project with much of the heavy lifting already underway.

Key facts

• Updated electrical
• New carpet
• New flooring

Tags

• FULL BATHROOM RENOVATIONS
• NEW FLOORING
• NEW CARPET
• UPDATED PLUMBING
• UPDATED HVAC
• UPDATED ELECTRICAL

Property features AI

Finance

• Other: Located near 7 Mile and Tracey; Subdivision: RAMM & COS NORTHWESTERN HWY 1 AMD PLATPLATS

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; One and one-half story; Ground-level entry with steps
• Construction: Brick construction; Block foundation; Built area above grade approximately 1,431
• Exterior features: Paved road access; Lot dimensions approximately 40 x 130 (0.12 acres)

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $272 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $118k (1.5% 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: Rents rising (+3.2%/yr); 283 active listings in the ZIP; 33 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).
• This rent runs 43% of the median local income ($39k/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 $830 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.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,200 (1.5% below list)

Questions for the listing agent

1. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.16% ✓
• Cap rate: 9.02%
• Cash-on-cash: 9.73%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (median comp): $167,685
• List price: $120,000
• Delta: -28.44%
• 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
18927 Stansbury St	0.19mi	3/2.0	1,523 (+6%)	1mo	$98,000	$64	76
18011 Appoline St W	0.63mi	3/1.5	1,440 (+1%)	3mo	$170,000	$118	66
13517 Pembroke Ave	0.69mi	3/1.5	1,386 (-3%)	4mo	$92,000	$66	58
17561 Appoline St	0.68mi	3/1.5	1,498 (+5%)	4mo	$88,000	$59	55
18982 Coyle St	0.70mi	3/1.0	1,328 (-7%)	3mo	$132,300	$100	53
19139 Lauder St	0.63mi	2/1.0 (-1)	1,335 (-7%)	4mo	$40,000	$30	51
19360 Strathmoor St	0.54mi	3/1.5	1,596 (+12%)	3mo	$145,000	$91	51
17531 Ardmore St	0.55mi	4/2.0 (+1)	1,304 (-9%)	2mo	$195,000	$150	49
18714 Appoline St	0.50mi	3/1.5	1,623 (+13%)	4mo	$162,500	$100	49
18613 Mendota St	0.75mi	3/1.5	1,606 (+12%)	2mo	$195,000	$121	41
17621 Meyers Rd	0.68mi	2/2.0 (-1)	1,264 (-12%)	0mo	$40,000	$32	40
17517 Meyers Rd	0.75mi	2/1.0 (-1)	1,611 (+13%)	3mo	$75,000	$47	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 · 3.25% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-1,719
• Equity at exit: $17,892

10-year hold

• IRR: 8.6%
• Equity multiple: 1.67×
• Total profit: $22,385
• Equity at exit: $10,375

Cash invested: $33,600 (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 48235

• Rents YoY: 3.2%
• Active inventory: 283
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,395 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $272

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 75%

Sensitivity live

Price	-10% $355	-5% $314	+0% $272	+5% $231	+10% $190
Rent	-10% $162	-5% $217	+0% $272	+5% $328	+10% $383
Rate	-1.0pp $333	-0.5pp $303	base $272	+0.5pp $241	+1.0pp $210

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18512 Schaefer Hwy Detroit, MI	2.0	1.0	962	$1,200	$1.25	25d	1	0.07mi
18010 Lesure St Detroit, MI	3.0	1.0	1010	$1,550	$1.53	25d	1	0.40mi
18257 Mark Twain St Detroit, MI	3.0	1.0	1185	$1,507	$1.27	17d	1	0.42mi
18675 Meyers Rd Unit 18677 Detroit, MI	2.0	1.0	942	$1,100	$1.17	44d	1	0.52mi
19474 Schaefer Hwy Detroit, MI	2.0	1.0	896	$1,075	$1.20	5d	1	0.55mi
18964 Coyle St Detroit, MI	3.0	1.0	1300	$1,350	$1.04	3d	1	0.71mi
17540 Pinehurst St Detroit, MI	3.0	1.0	1200	$1,395	$1.16	44d	1	0.87mi
20042 Freeland St Detroit, MI	3.0	1.5	1445	$1,400	$0.97	17d	1	0.89mi
18481 Prest St Detroit, MI	3.0	1.5	1100	$1,300	$1.18	20d	1	0.92mi
18427 Greenfield Rd Detroit, MI	2.0	1.0	952	$980	$1.03	5d	1	0.99mi
20426 Tracey St Detroit, MI	3.0	1.0	1200	$1,200	$1.00	25d	1	1.06mi
20032 Monte Vista St Detroit, MI	3.0	1.0	1000	$1,294	$1.29	21d	1	1.07mi
20122 Manor St Detroit, MI	3.0	1.0	1028	$1,200	$1.17	44d	1	1.08mi
16505 Stansbury St Detroit, MI	3.0	1.0	1700	$1,345	$0.79	44d	1	1.12mi
16505 Stansbury St Detroit, MI	3.0	1.0	1100	$1,250	$1.14	11d	1	1.12mi
18675 Forrer St Detroit, MI	3.0	1.0	1200	$1,225	$1.02	5d	1	1.12mi
18935 Indiana St Detroit, MI	3.0	1.0	1248	$1,523	$1.22	5d	1	1.14mi
20245 Manor Detroit, MI	3.0	1.0	1018	$1,400	$1.38	3d	1	1.16mi
16230 Cheyenne St Detroit, MI	3.0	1.0	1653	$1,450	$0.88	44d	1	1.19mi
18400 Rutherford St Detroit, MI	3.0	1.0	1050	$1,400	$1.33	4d	1	1.23mi
16934 Ilene St Detroit, MI	3.0	1.5	1516	$1,400	$0.92	20d	1	1.25mi
16204 Steel St Detroit, MI	3.0	1.0	969	$1,150	$1.19	44d	1	1.26mi
16889 Washburn St Detroit, MI	3.0	1.5	1300	$1,100	$0.85	18d	1	1.30mi
19440 Rutherford St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	25d	1	1.32mi
19467 Rutherford St Detroit, MI	3.0	1.0	1002	$1,200	$1.20	17d	1	1.35mi
17165 Prevost St Detroit, MI	3.0	1.0	1060	$2,400	$2.26	2d	1	1.40mi
20460 Griggs St Detroit, MI	2.0	1.0	910	$1,100	$1.21	18d	1	1.40mi
16151 Robson St Detroit, MI	3.0	1.0	1300	$1,525	$1.17	15d	1	1.41mi
19503 Mansfield St Detroit, MI	3.0	1.0	1200	$1,350	$1.12	17d	1	1.41mi
20009 Wisconsin St Detroit, MI	3.0	1.5	1051	$1,400	$1.33	18d	1	1.43mi
20515 Ilene St Detroit, MI	3.0	1.0	891	$1,450	$1.63	44d	1	1.46mi
20185 Indiana St Detroit, MI	2.0	1.5	1096	$1,275	$1.16	44d	1	1.48mi
15762 Mark Twain St Detroit, MI	3.0	2.0	1430	$1,250	$0.87	17d	1	1.49mi

Listing history 6 events

1. 2026-05-12
   status Pending 762-char remark

   Show marketing remark (762 chars)

   This all-brick Tudor is an approximately 80% completed, offering a prime opportunity for investors to step in and finish strong. Major updates have already been started, including two full bathroom renovations, new flooring, new carpet throughout, and updated plumbing, HVAC, and electrical. The home features classic Tudor charm, a functional layout, and an unfinished basement ready for additional value-add potential. Outside, you'll find a detached two-car garage and a solid brick exterior that adds long-term durability and curb appeal. Sold as-is, cash only. Please see legal description regarding property being allegedly exempt from taxes until 12/30/26. Perfect for anyone looking for their next project with much of the heavy lifting already underway.

2. 2026-05-12
   status Pending 768-char remark

   Show marketing remark (762 chars)

   This all-brick Tudor is an approximately 80% completed, offering a prime opportunity for investors to step in and finish strong. Major updates have already been started, including two full bathroom renovations, new flooring, new carpet throughout, and updated plumbing, HVAC, and electrical. The home features classic Tudor charm, a functional layout, and an unfinished basement ready for additional value-add potential. Outside, you'll find a detached two-car garage and a solid brick exterior that adds long-term durability and curb appeal. Sold as-is, cash only. Please see legal description regarding property being allegedly exempt from taxes until 12/30/26. Perfect for anyone looking for their next project with much of the heavy lifting already underway.

3. 2026-04-29
   price $120,000 762-char remark

   Show marketing remark (762 chars)

   This all-brick Tudor is an approximately 80% completed, offering a prime opportunity for investors to step in and finish strong. Major updates have already been started, including two full bathroom renovations, new flooring, new carpet throughout, and updated plumbing, HVAC, and electrical. The home features classic Tudor charm, a functional layout, and an unfinished basement ready for additional value-add potential. Outside, you'll find a detached two-car garage and a solid brick exterior that adds long-term durability and curb appeal. Sold as-is, cash only. Please see legal description regarding property being allegedly exempt from taxes until 12/30/26. Perfect for anyone looking for their next project with much of the heavy lifting already underway.

4. 2026-04-29
   price $120,000 768-char remark

   Show marketing remark (762 chars)

   This all-brick Tudor is an approximately 80% completed, offering a prime opportunity for investors to step in and finish strong. Major updates have already been started, including two full bathroom renovations, new flooring, new carpet throughout, and updated plumbing, HVAC, and electrical. The home features classic Tudor charm, a functional layout, and an unfinished basement ready for additional value-add potential. Outside, you'll find a detached two-car garage and a solid brick exterior that adds long-term durability and curb appeal. Sold as-is, cash only. Please see legal description regarding property being allegedly exempt from taxes until 12/30/26. Perfect for anyone looking for their next project with much of the heavy lifting already underway.

5. 2026-04-24
   listed $135,000 Active 762-char remark

   Show marketing remark (762 chars)

   This all-brick Tudor is an approximately 80% completed, offering a prime opportunity for investors to step in and finish strong. Major updates have already been started, including two full bathroom renovations, new flooring, new carpet throughout, and updated plumbing, HVAC, and electrical. The home features classic Tudor charm, a functional layout, and an unfinished basement ready for additional value-add potential. Outside, you'll find a detached two-car garage and a solid brick exterior that adds long-term durability and curb appeal. Sold as-is, cash only. Please see legal description regarding property being allegedly exempt from taxes until 12/30/26. Perfect for anyone looking for their next project with much of the heavy lifting already underway.

6. 2026-04-24
   listed $135,000 Active 768-char remark

   Show marketing remark (762 chars)

   This all-brick Tudor is an approximately 80% completed, offering a prime opportunity for investors to step in and finish strong. Major updates have already been started, including two full bathroom renovations, new flooring, new carpet throughout, and updated plumbing, HVAC, and electrical. The home features classic Tudor charm, a functional layout, and an unfinished basement ready for additional value-add potential. Outside, you'll find a detached two-car garage and a solid brick exterior that adds long-term durability and curb appeal. Sold as-is, cash only. Please see legal description regarding property being allegedly exempt from taxes until 12/30/26. Perfect for anyone looking for their next project with much of the heavy lifting already underway.

ⓘ 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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,736
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,339
• − Management: −$1,339
• − Depreciation: −$3,491
• Taxable income: $1,445
• Est. tax owed @ 24.0%: −$347
• After-tax cash flow: $2,923/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): 45,600
• Household income: $39,265
• Rent vs Own: 46.5% rent · 53.5% own
• Severe rent burden: 3064.0

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% White 3% Two or more races 2% Hispanic / Latino 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▼ -153.02%
• Current HPI: 263.6326
• Rent YoY: ▲ 3.25%
• 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

-11.1% since first listed

6 events — show timeline

• 2026-05-12 Pending — MiRealSource-MiMLS
• 2026-05-12 Pending — REALCOMP
• 2026-04-29 Price Changed $120,000 MiRealSource-MiMLS
• 2026-04-29 Price Changed $120,000 REALCOMP
• 2026-04-24 Listed $135,000 REALCOMP
• 2026-04-24 Listed $135,000 MiRealSource-MiMLS

Property tax history

+14.1%/yr

Latest (2025): $9,848 · +20.1% YoY. Source: county tax records.