18988 Goulburn St · Detroit, MI 48205

$37,500

3 bd · 1.0 ba · 1,360 sqft · SingleFamily public records · 37 Days on market

Built 1927 4,356 sqft lot $28/sqft · 39% below area Est $61k · 39% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ready to make whole again. this home features easy access to main roads and offers sizeable living area. Makes a great home or rental. There is no mechanicals in the home meaning no heat or hot water tank. Plumbing need to be fixed. Electrical seems ok.

Key facts

• 4,356 sq ft lot
• Built 1927
• Listed 37 days

Property features AI

Finance

• Other: Pets allowed

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story; Ground-level entry; Brick construction
• Construction: Brick exterior
• Exterior features: Porch; Fenced yard; Paved road access

Interior

• Bathrooms: One full bathroom
• Heating & cooling: No heating; No cooling
• Interior features: Full unfinished basement; Seven total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $38k.

Deal economics

• At list price, monthly cash flow is $839 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• Recommended offer: $36k (3.0% below list) — sets the bar for market timing.
• Cap rate 33.1% 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 rising (+1.3%/yr); 373 active listings in the ZIP; 40 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 $259 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 + 1.3% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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.
• Current owner paid $15k; list at $38k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $36,375 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 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 1927 — 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: 3.71% ✓
• Cap rate: 33.15%
• Cash-on-cash: 95.90%
• DSCR: 5.27
• GRM: 2.2

CMA / ARV

• ARV (median comp): $61,235
• List price: $37,500
• Delta: -38.76%
• 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
18680 Westphalia St	0.15mi	4/1.0 (+1)	1,247 (-8%)	0mo	$75,000	$60	74
19360 Strasburg St	0.33mi	3/1.5	1,340 (-2%)	8mo	$105,000	$78	74
18903 Westphalia St	0.09mi	3/2.0	1,250 (-8%)	8mo	$130,000	$104	72
18652 Goulburn St	0.16mi	4/1.0 (+1)	1,200 (-12%)	2mo	$23,000	$19	66
19521 Strasburg St	0.42mi	4/1.5 (+1)	1,381 (+2%)	6mo	$135,000	$98	66
18631 Fairport St	0.20mi	3/1.5	1,173 (-14%)	6mo	$9,000	$8	61
13630 Eastwood St	0.48mi	4/1.5 (+1)	1,403 (+3%)	8mo	$135,000	$96	59
13830 Eastwood St	0.59mi	3/1.5	1,300 (-4%)	6mo	$68,000	$52	58
13351 Tacoma St	0.57mi	2/1.0 (-1)	1,521 (+12%)	2mo	$95,000	$62	47
19230 Mapleview St	0.52mi	3/2.0	1,160 (-15%)	7mo	$65,000	$56	42
12854 Hickory St	0.74mi	3/1.0	1,512 (+11%)	8mo	$75,000	$50	40
11821 Greiner St	0.66mi	4/1.5 (+1)	1,198 (-12%)	7mo	$26,000	$22	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 · 1.33% rent growth · sell at horizon

5-year hold

• IRR: 94.9%
• Equity multiple: 5.29×
• Total profit: $45,092
• Equity at exit: $5,591

10-year hold

• IRR: 97.3%
• Equity multiple: 10.43×
• Total profit: $99,053
• Equity at exit: $3,242

Cash invested: $10,500 (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 48205

• Home prices YoY: -28.1%
• Rents YoY: 1.3%
• Active inventory: 373
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,390 high
• Mortgage (P&I): −$197
• Tax est. 1.5%: −$47 /mo · $562/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $839

Break-even live

Break-even rent $328

Max offer price $37,500

Occupancy floor 35%

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: $9,375
• Closing costs: $1,125
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19143 Fairport St Detroit, MI	3.0	1.0	1070	$1,225	$1.14	17d	1	0.13mi
18703 Waltham St Detroit, MI	2.0	1.0	1000	$1,100	$1.10	44d	1	0.15mi
19207 Westphalia St Detroit, MI	4.0	1.0	1179	$1,800	$1.53	17d	1	0.16mi
18624 Fairport St Unit NA Detroit, MI	3.0	1.0	924	$1,450	$1.57	24d	1	0.20mi
18681 Barlow St Detroit, MI	3.0	1.0	1041	$1,400	$1.34	24d	1	0.21mi
19170 Joann St Detroit, MI	4.0	1.0	1020	$1,400	$1.37	44d	1	0.21mi
19220 Alcoy St Detroit, MI	3.0	1.0	1023	$1,350	$1.32	17d	1	0.29mi
19419 Westphalia St Detroit, MI	3.0	1.0	1293	$1,325	$1.02	17d	1	0.29mi
19610 Westphalia St Detroit, MI	3.0	1.0	1200	$1,595	$1.33	18d	1	0.42mi
13218 Greiner St Detroit, MI	3.0	1.0	1162	$1,195	$1.03	18d	1	0.51mi
13669 Pfent St Detroit, MI	3.0	2.0	1031	$1,374	$1.33	17d	1	0.55mi
17851 Strasburg St Detroit, MI	3.0	1.0	1079	$1,100	$1.02	17d	1	0.60mi
18947 Runyon St Detroit, MI	3.0	1.0	1614	$1,100	$0.68	44d	1	0.74mi
20027 Alcoy St Detroit, MI	3.0	1.0	1000	$1,349	$1.35	17d	1	0.74mi
11513 Greiner St Unit 11521 Greiner Detroit, MI	2.0	1.0	942	$1,050	$1.11	44d	1	0.77mi
20091 Barlow St Detroit, MI	3.0	1.0	930	$1,300	$1.40	17d	1	0.79mi
18431 Teppert St Detroit, MI	4.0	1.0	1200	$1,400	$1.17	2d	1	0.85mi
20227 Pelkey St Detroit, MI	3.0	1.0	968	$1,350	$1.39	17d	1	0.90mi
20296 Waltham St Detroit, MI	3.0	1.5	986	$1,300	$1.32	17d	1	0.90mi
20215 Schoenherr St Unit 1 Detroit, MI	2.0	1.0	1000	$1,200	$1.20	18d	1	0.91mi
17241 Rowe St Detroit, MI	3.0	1.5	1316	$1,450	$1.10	17d	1	0.96mi
14461 Lappin St Detroit, MI	3.0	1.5	989	$1,150	$1.16	17d	1	0.99mi
20290 Annott St Detroit, MI	3.0	1.0	1300	$1,250	$0.96	17d	1	1.00mi
14481 Maddelein St Detroit, MI	3.0	1.0	1200	$1,100	$0.92	44d	1	1.00mi
20553 Hamburg St Detroit, MI	3.0	1.0	1074	$1,300	$1.21	3d	1	1.01mi
13693 Edmore Dr Detroit, MI	3.0	1.5	1269	$1,550	$1.22	11d	1	1.02mi
14504 Coram St Detroit, MI	3.0	1.0	1203	$1,175	$0.98	24d	1	1.05mi
12740 August St Detroit, MI	2.0	1.0	900	$1,300	$1.44	5d	1	1.12mi
12807 Coleen Ave Warren, MI	3.0	1.0	1080	$1,250	$1.16	24d	1	1.12mi
12846 Georgiana Ave Warren, MI	3.0	1.0	912	$1,300	$1.43	24d	1	1.15mi
14201 Mayfield St Detroit, MI	4.0	1.5	1296	$1,250	$0.96	44d	1	1.15mi
11785 Nashville St Detroit, MI	3.0	2.0	1360	$1,450	$1.07	3d	1	1.17mi
11700 Engleside St Detroit, MI	3.0	1.0	1000	$1,175	$1.18	44d	1	1.20mi
11760 Nashville St Detroit, MI	3.0	1.0	1200	$1,250	$1.04	17d	1	1.21mi
12112 Christy St Unit 12110 Detroit, MI	2.0	1.0	950	$1,200	$1.26	44d	1	1.22mi
12110 Christy St Detroit, MI	2.0	1.5	950	$1,200	$1.26	17d	1	1.22mi
14134 Collingham Dr Detroit, MI	3.0	1.5	1300	$1,350	$1.04	44d	1	1.23mi
14068 Carlisle St Detroit, MI	3.0	1.0	1020	$1,300	$1.27	24d	1	1.24mi
11074 Kennebec St Detroit, MI	3.0	1.0	1200	$1,350	$1.12	44d	1	1.44mi
15010 Cedargrove St Detroit, MI	3.0	1.5	1018	$1,350	$1.33	44d	1	1.44mi

Listing history 26 events

1. 2026-06-18
   days on market $37,500 Active 37 DOM
2. 2026-06-17
   days on market $37,500 Active 36 DOM
3. 2026-06-15
   days on market $37,500 Active 34 DOM
4. 2026-06-13
   days on market $37,500 Active 32 DOM
5. 2026-06-13
   days on market $37,500 Active 31 DOM
6. 2026-06-09
   days on market $37,500 Active 28 DOM
7. 2026-06-08
   days on market $37,500 Active 27 DOM
8. 2026-06-07
   days on market $37,500 Active 26 DOM
9. 2026-06-04
   days on market $37,500 Active 23 DOM
10. 2026-06-03
    days on market $37,500 Active 22 DOM
11. 2026-06-02
    days on market $37,500 Active 21 DOM
12. 2026-06-01
    days on market $37,500 Active 20 DOM
13. 2026-05-31
    days on market $37,500 Active 19 DOM
14. 2026-05-12
    listed $37,500 Active 253-char remark

    Show marketing remark (253 chars)

    Ready to make whole again. this home features easy access to main roads and offers sizeable living area. Makes a great home or rental. There is no mechanicals in the home meaning no heat or hot water tank. Plumbing need to be fixed. Electrical seems ok.

15. 2026-05-12
    listed $37,500 Active 253-char remark

    Show marketing remark (253 chars)

    Ready to make whole again. this home features easy access to main roads and offers sizeable living area. Makes a great home or rental. There is no mechanicals in the home meaning no heat or hot water tank. Plumbing need to be fixed. Electrical seems ok.

16. 2018-05-07
    soldstatus $15,000 Sold

    Show marketing remark (137 chars)

    * * * EAST SIDE DETROIT!!! CASH ONLY! SOLD AS IS! GREAT INVESTMENT OPPORTUNITY AND GREAT FOR FIRST TIME HOME BUYERS! STRONG RENTAL AREA

17. 2018-05-07
    soldstatus $15,000 Closed

    Show marketing remark (137 chars)

    * * * EAST SIDE DETROIT!!! CASH ONLY! SOLD AS IS! GREAT INVESTMENT OPPORTUNITY AND GREAT FOR FIRST TIME HOME BUYERS! STRONG RENTAL AREA

18. 2018-05-03
    status Pending

    Show marketing remark (137 chars)

    * * * EAST SIDE DETROIT!!! CASH ONLY! SOLD AS IS! GREAT INVESTMENT OPPORTUNITY AND GREAT FOR FIRST TIME HOME BUYERS! STRONG RENTAL AREA

19. 2018-05-03
    status Pending

    Show marketing remark (137 chars)

    * * * EAST SIDE DETROIT!!! CASH ONLY! SOLD AS IS! GREAT INVESTMENT OPPORTUNITY AND GREAT FOR FIRST TIME HOME BUYERS! STRONG RENTAL AREA

20. 2018-04-03
    price $16,000
21. 2018-04-02
    price $16,000

    Show marketing remark (137 chars)

    * * * EAST SIDE DETROIT!!! CASH ONLY! SOLD AS IS! GREAT INVESTMENT OPPORTUNITY AND GREAT FOR FIRST TIME HOME BUYERS! STRONG RENTAL AREA

22. 2017-11-20
    listed $18,000 Active

    Show marketing remark (137 chars)

    * * * EAST SIDE DETROIT!!! CASH ONLY! SOLD AS IS! GREAT INVESTMENT OPPORTUNITY AND GREAT FOR FIRST TIME HOME BUYERS! STRONG RENTAL AREA

23. 2017-11-20
    listed $18,000 Active

    Show marketing remark (137 chars)

    * * * EAST SIDE DETROIT!!! CASH ONLY! SOLD AS IS! GREAT INVESTMENT OPPORTUNITY AND GREAT FOR FIRST TIME HOME BUYERS! STRONG RENTAL AREA

24. 2006-08-17
    soldstatus $100,000
25. 2006-04-25
    soldstatus $100,000
26. 2006-03-14
    listed $104,900

ⓘ 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: $16,683
• − Mortgage interest: −$2,101
• − Property taxes: −$562
• − Insurance: −$188
• − Repairs & maintenance: −$1,335
• − Management: −$1,335
• − Depreciation: −$1,091
• Taxable income: $10,072
• Est. tax owed @ 24.0%: −$2,417
• After-tax cash flow: $7,652/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): 34,187
• Household income: $38,966
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 2121.0

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 (93%)
• Race & ethnicity: Black 93% White 3% Two or more races 2%
• 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: ▼ -91.80%
• Current HPI: 235.0926
• Rent YoY: ▲ 1.33%
• 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

-64.3% since first listed

13 events — show timeline

• 2026-05-12 Listed $37,500 REALCOMP
• 2026-05-12 Listed $37,500 MiRealSource-MiMLS
• 2018-05-07 Sold (MLS) $15,000 MiRealSource-MiMLS
• 2018-05-07 Sold (MLS) $15,000 REALCOMP
• 2018-05-03 Pending — MiRealSource-MiMLS
• 2018-05-03 Pending — REALCOMP
• 2018-04-03 Price Changed $16,000 MiRealSource-MiMLS
• 2018-04-02 Price Changed $16,000 REALCOMP
• 2017-11-20 Listed $18,000 MiRealSource-MiMLS
• 2017-11-20 Listed $18,000 REALCOMP
• 2006-08-17 Sold (Public Records) $100,000 Public Records
• 2006-04-25 Sold (MLS) $100,000 REALCOMP
• 2006-03-14 Listed $104,900 REALCOMP

Property tax history

+18.3%/yr

Latest (2025): $1,923 · +1.2% YoY. Source: county tax records.