3811 Manistique St · Detroit, MI 48215

$109,900

4 bd · 1.0 ba · 1,307 sqft · SingleFamily public records · 48 Days on market

Built 1924 3,049 sqft lot $84/sqft · 20% below area Est $137k · 20% under ↓ 21% 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 +28.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• 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

Experience this move-in-ready 4-bedroom, 2-bathroom home perfectly situated in a convenient location near Grosse Pointe. This residence has been completely updated for a fresh, modern feel, featuring a brand-new kitchen, new bathrooms, and new flooring throughout - including luxury vinyl plank (LVP) and plush new carpet. Major updates provide complete peace of mind, with a new roof (2022), new windows (2023), new doors (2024), new siding (2025), and new plumbing (2025). Designed for effortless living and immediate occupancy, this home is truly ready to move in. Please do not disturb the occupants, the home is monitored 24/7

Key facts

• New kitchen
• New flooring
• Move in ready

Tags

• MOVE IN READY
• NEW KITCHEN
• NEW BATHROOMS
• NEW FLOORING
• NEW ROOF
• NEW WINDOWS

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $345 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $107k (3.0% 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: 137 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k 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 $31k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,603 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 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 1924 — 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: 1.27% ✓
• Cap rate: 10.06%
• Cash-on-cash: 13.46%
• DSCR: 1.60
• GRM: 6.6

CMA / ARV

• ARV (median comp): $136,820
• List price: $109,900
• Delta: -19.68%
• 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
4404 Somerset Ave	0.60mi	3/1.0 (-1)	1,292 (-1%)	0mo	$190,000	$147	65
1332 Wayburn St	0.49mi	3/1.0 (-1)	1,248 (-4%)	3mo	$335,000	$268	62
3974 Somerset Ave	0.50mi	3/1.5 (-1)	1,256 (-4%)	5mo	$165,000	$131	59
4810 Lakepointe St	0.58mi	4/1.0	1,218 (-7%)	3mo	$200,000	$164	59
3686 Wayburn St	0.18mi	3/1.5 (-1)	1,140 (-13%)	6mo	$110,000	$96	58
4643 Somerset Ave	0.62mi	3/1.5 (-1)	1,366 (+4%)	3mo	$80,000	$59	54
3677 Somerset Ave	0.47mi	3/1.0 (-1)	1,154 (-12%)	0mo	$69,000	$60	53
3636 Buckingham Ave	0.72mi	3/1.5 (-1)	1,297 (-1%)	6mo	$179,900	$139	53
3619 Buckingham Ave	0.70mi	3/1.5 (-1)	1,374 (+5%)	1mo	$175,000	$127	51
1330 Beaconsfield St	0.60mi	4/1.0	1,144 (-12%)	0mo	$285,000	$249	51
4619 Balfour Rd	0.66mi	3/1.0 (-1)	1,188 (-9%)	2mo	$44,000	$37	48
4751 Lakepointe St	0.55mi	3/1.0 (-1)	1,150 (-12%)	6mo	$155,000	$135	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.5%
• Equity multiple: 1.14×
• Total profit: $4,191
• Equity at exit: $16,386

10-year hold

• IRR: 13.1%
• Equity multiple: 2.04×
• Total profit: $32,036
• Equity at exit: $9,502

Cash invested: $30,772 (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 48215

• Home prices YoY: -24.1%
• Active inventory: 137
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,398 high
• Mortgage (P&I): −$576
• Tax est. 1.5%: −$137 /mo · $1,648/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $345

Break-even live

Break-even rent $961

Max offer price $109,900

Occupancy floor 70%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4251 Wayburn St Detroit, MI	3.0	1.5	1326	$1,650	$1.24	43d	1	0.28mi
1348 Wayburn St Grosse Pointe, MI	3.0	2.0	1035	$2,200	$2.13	24d	1	0.45mi
3625 Chatsworth St Detroit, MI	3.0	1.5	1182	$1,295	$1.10	24d	1	0.61mi
3651 Buckingham Ave Detroit, MI	3.0	1.0	1320	$1,300	$0.98	17d	1	0.71mi
1042 Wayburn St Grosse Pointe Park, MI	3.0	1.0	1000	$1,575	$1.57	5d	1	0.91mi
3626 Courville St Detroit, MI	3.0	1.0	1260	$1,300	$1.03	43d	1	1.02mi
5747 Lakepointe St Detroit, MI	3.0	1.5	1316	$1,473	$1.12	43d	1	1.11mi
5028 Bedford St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	5d	1	1.13mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	16d	1	1.14mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	17d	1	1.14mi
875 Philip St Detroit, MI	3.0	1.0	1353	$1,400	$1.03	43d	1	1.15mi
5751 Nottingham Rd Unit 5/21/26 Detroit, MI	3.0	1.0	1100	$1,250	$1.14	15d	1	1.15mi
5791 Somerset Ave Detroit, MI	3.0	2.0	1660	$1,400	$0.84	17d	1	1.22mi
5574 Buckingham Ave Detroit, MI	3.0	1.0	1430	$1,450	$1.01	4d	1	1.22mi
5966 Eastlawn St Unit NA Detroit, MI	3.0	1.5	1366	$1,500	$1.10	24d	1	1.25mi
734 Ashland St Detroit, MI	3.0	1.0	1110	$1,300	$1.17	24d	1	1.29mi
734 Ashland St Detroit, MI	3.0	1.0	1110	$1,300	$1.17	22d	1	1.29mi
9168 Wayburn St Detroit, MI	3.0	1.0	1274	$1,300	$1.02	20d	1	1.45mi
9409 Balfour Rd Detroit, MI	3.0	1.0	1195	$1,200	$1.00	43d	1	1.46mi
9400 Lakepointe St Detroit, MI	3.0	1.0	1300	$1,150	$0.88	5d	1	1.48mi
15857 Evanston St Detroit, MI	3.0	1.5	1232	$1,250	$1.01	5d	1	1.49mi

Listing history 4 events

1. 2026-05-15
   price $109,900 631-char remark

   Show marketing remark (635 chars)

   Experience this move-in-ready 4-bedroom, 2-bathroom home perfectly situated in a convenient location near Grosse Pointe. This residence has been completely updated for a fresh, modern feel, featuring a brand-new kitchen, new bathrooms, and new flooring throughout—including luxury vinyl plank (LVP) and plush new carpet. Major updates provide complete peace of mind, with a new roof (2022), new windows (2023), new doors (2024), new siding (2025), and new plumbing (2025). Designed for effortless living and immediate occupancy, this home is truly ready to move in. Please do not disturb the occupants, the home is monitored 24/7

2. 2026-05-15
   price $109,900 635-char remark

   Show marketing remark (635 chars)

   Experience this move-in-ready 4-bedroom, 2-bathroom home perfectly situated in a convenient location near Grosse Pointe. This residence has been completely updated for a fresh, modern feel, featuring a brand-new kitchen, new bathrooms, and new flooring throughout—including luxury vinyl plank (LVP) and plush new carpet. Major updates provide complete peace of mind, with a new roof (2022), new windows (2023), new doors (2024), new siding (2025), and new plumbing (2025). Designed for effortless living and immediate occupancy, this home is truly ready to move in. Please do not disturb the occupants, the home is monitored 24/7

3. 2026-04-09
   listed $139,900 Active 635-char remark

   Show marketing remark (631 chars)

   Experience this move-in-ready 4-bedroom, 2-bathroom home perfectly situated in a convenient location near Grosse Pointe. This residence has been completely updated for a fresh, modern feel, featuring a brand-new kitchen, new bathrooms, and new flooring throughout - including luxury vinyl plank (LVP) and plush new carpet. Major updates provide complete peace of mind, with a new roof (2022), new windows (2023), new doors (2024), new siding (2025), and new plumbing (2025). Designed for effortless living and immediate occupancy, this home is truly ready to move in. Please do not disturb the occupants, the home is monitored 24/7

4. 2026-04-09
   listed $139,900 Active 631-char remark

   Show marketing remark (631 chars)

   Experience this move-in-ready 4-bedroom, 2-bathroom home perfectly situated in a convenient location near Grosse Pointe. This residence has been completely updated for a fresh, modern feel, featuring a brand-new kitchen, new bathrooms, and new flooring throughout - including luxury vinyl plank (LVP) and plush new carpet. Major updates provide complete peace of mind, with a new roof (2022), new windows (2023), new doors (2024), new siding (2025), and new plumbing (2025). Designed for effortless living and immediate occupancy, this home is truly ready to move in. Please do not disturb the occupants, the home is monitored 24/7

ⓘ 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 ≥96°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: $16,778
• − Mortgage interest: −$6,156
• − Property taxes: −$1,648
• − Insurance: −$550
• − Repairs & maintenance: −$1,342
• − Management: −$1,342
• − Depreciation: −$3,197
• Taxable income: $2,543
• Est. tax owed @ 24.0%: −$610
• After-tax cash flow: $3,531/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
• City population: 572,865
• Population (ZIP): 10,238

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 (87%)
• Race & ethnicity: Black 87% White 9% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Romanian 1% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% 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: ▼ -60.84%
• Current HPI: 191.0405
• Rent YoY: —
• Metro: —
• 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

-21.4% since first listed

4 events — show timeline

• 2026-05-15 Price Changed $109,900 MiRealSource-MiMLS
• 2026-05-15 Price Changed $109,900 REALCOMP
• 2026-04-09 Listed $139,900 REALCOMP
• 2026-04-09 Listed $139,900 MiRealSource-MiMLS

Property tax history

-17.4%/yr

Latest (2025): $29 · -87.7% YoY. Source: county tax records.