3300 Waverly St · Detroit, MI 48238

$135,000

5 bd · 2.0 ba · 1,988 sqft · SingleFamily public records · 89 Days on market

Built 1928 3,485 sqft lot $68/sqft · 13% above area Est $120k · 13% over

---

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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Rent growth +4.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• ARV discount +1.8/15.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Stunning West Side Brick Colonial with a large inviting front porch, located in the desirable Dexter–Linwood area, just a hop, skip, and a jump from the prestigious Boston Edison District. This newly renovated home features new plush carpet throughout, a beautifully updated kitchen with new cabinets and fixtures, and fully renovated bathrooms with modern finishes. Currently tenant-occupied at $1,450 per month(17,400 annually), offering 12% Gross ROI. This is an excellent turnkey investment opportunity with immediate cash flow. A great asset with strong rental performance. Perfect for investors seeking a performing asset in a strong rental market.

Key facts

• Renovated bathrooms
• Front porch
• Updated kitchen

Tags

• FRONT PORCH
• UPDATED KITCHEN
• RENOVATED BATHROOMS
• DETACHED GARAGE
• TURNKEY INVESTMENT OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $544 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $127k (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: 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.
• Zoned schools: Durfee Elementarymiddle School (593 students, 91% FRL); Central High School (math 24% / reading 24%, grade F, #481 of 713 statewide, top 81%, 353 students, 89% FRL) — zoned schools at 90% FRL track the district average.
• Market conditions: Rents rising fast (+6.1%/yr); 350 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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).
• At $1,783/mo this rent would consume 64% of the median local household income ($33k/yr) (locally 2172% 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 $933 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 + 6.1% rent growth), your $38k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 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 1928 — 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: 1.32% ✓
• Cap rate: 11.13%
• Cash-on-cash: 17.29%
• DSCR: 1.77
• GRM: 6.3

CMA / ARV

• ARV (median comp): $119,842
• List price: $135,000
• Delta: 12.65%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3300 Waverly St	0.00mi	5/1.5	1,988 (0%)	1mo	$115,000	$58	98
3010 Fullerton St	0.33mi	4/2.0 (-1)	1,993 (+0%)	2mo	$123,000	$62	78
2989 Oakman Ct	0.31mi	4/1.5 (-1)	1,919 (-4%)	4mo	$60,000	$31	69
2978 Doris St	0.51mi	4/2.0 (-1)	1,934 (-3%)	5mo	$33,000	$17	63
4209 Pasadena St	0.42mi	4/2.5 (-1)	1,901 (-4%)	8mo	$215,000	$113	59
3013 Waverly St	0.14mi	4/3.0 (-1)	1,698 (-15%)	6mo	$170,000	$100	55
2325 Kendall St	0.73mi	4/2.0 (-1)	1,922 (-3%)	2mo	$135,000	$70	54
4205 Fullerton St	0.49mi	4/2.5 (-1)	2,183 (+10%)	1mo	$75,000	$34	53
4268 Sturtevant St	0.56mi	4/1.5 (-1)	2,102 (+6%)	12mo	$210,000	$100	47
4340 Glendale St	0.52mi	5/2.0	1,796 (-10%)	16mo	$270,000	$150	46
4357 Fullerton St	0.60mi	4/2.5 (-1)	2,112 (+6%)	12mo	$125,000	$59	45
4277 S Fullerton St	0.55mi	4/2.5 (-1)	2,166 (+9%)	18mo	$115,000	$53	37

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 · 6.14% rent growth · sell at horizon

5-year hold

• IRR: 12.0%
• Equity multiple: 1.49×
• Total profit: $18,597
• Equity at exit: $20,129

10-year hold

• IRR: 23.2%
• Equity multiple: 3.28×
• Total profit: $86,216
• Equity at exit: $11,672

Cash invested: $37,800 (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 48238

• Home prices YoY: -14.4%
• Rents YoY: 6.1%
• Active inventory: 350
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,783 high
• Mortgage (P&I): −$708
• Tax from tax record: −$100 /mo · $1,198/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $544

Break-even live

Break-even rent $1,094

Max offer price $135,000

Occupancy floor 64%

Sensitivity live

Price	-10% $621	-5% $583	+0% $544	+5% $506	+10% $468
Rent	-10% $404	-5% $474	+0% $544	+5% $615	+10% $685
Rate	-1.0pp $612	-0.5pp $579	base $544	+0.5pp $510	+1.0pp $474

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4341 Glendale St Detroit, MI	4.0	2.5	1832	$1,680	$0.92	7d	1	0.53mi
13225 Santa Rosa Dr Detroit, MI	5.0	2.0	2100	$1,700	$0.81	7d	1	0.72mi
3031 Lawrence St Detroit, MI	4.0	1.0	1700	$1,600	$0.94	18d	1	0.91mi
2655 Collingwood St Detroit, MI	4.0	1.5	1881	$2,700	$1.44	0d	1	1.03mi
14011 Roselawn St Detroit, MI	4.0	1.5	1300	$1,450	$1.12	4d	1	1.13mi
14011 Roselawn St Detroit, MI	4.0	1.5	1300	$1,450	$1.12	19d	1	1.13mi
14242 Ohio St Detroit, MI	4.0	1.0	1400	$1,000	$0.71	45d	1	1.34mi
Ohio St Unit 4 Detroit, MI	4.0	1.5	1400	$750	$0.54	45d	1	1.39mi
1699 Glynn Ct Detroit, MI	5.0	3.5	2542	$2,500	$0.98	24d	1	1.48mi

Listing history 15 events

1. 2026-05-19
   status Pending 673-char remark

   Show marketing remark (660 chars)

   Stunning West Side Brick Colonial with a large inviting front porch, located in the desirable Dexter–Linwood area, just a hop, skip, and a jump from the prestigious Boston Edison District. This newly renovated home features new plush carpet throughout, a beautifully updated kitchen with new cabinets and fixtures, and fully renovated bathrooms with modern finishes. Currently tenant-occupied at $1,450 per month(17,400 annually), offering 12% Gross ROI. This is an excellent turnkey investment opportunity with immediate cash flow. A great asset with strong rental performance. Perfect for investors seeking a performing asset in a strong rental market.

2. 2026-05-19
   status Pending 660-char remark

   Show marketing remark (660 chars)

   Stunning West Side Brick Colonial with a large inviting front porch, located in the desirable Dexter–Linwood area, just a hop, skip, and a jump from the prestigious Boston Edison District. This newly renovated home features new plush carpet throughout, a beautifully updated kitchen with new cabinets and fixtures, and fully renovated bathrooms with modern finishes. Currently tenant-occupied at $1,450 per month(17,400 annually), offering 12% Gross ROI. This is an excellent turnkey investment opportunity with immediate cash flow. A great asset with strong rental performance. Perfect for investors seeking a performing asset in a strong rental market.

3. 2026-05-06
   price $135,000 673-char remark

   Show marketing remark (660 chars)

   Stunning West Side Brick Colonial with a large inviting front porch, located in the desirable Dexter–Linwood area, just a hop, skip, and a jump from the prestigious Boston Edison District. This newly renovated home features new plush carpet throughout, a beautifully updated kitchen with new cabinets and fixtures, and fully renovated bathrooms with modern finishes. Currently tenant-occupied at $1,450 per month(17,400 annually), offering 12% Gross ROI. This is an excellent turnkey investment opportunity with immediate cash flow. A great asset with strong rental performance. Perfect for investors seeking a performing asset in a strong rental market.

4. 2026-05-06
   price $135,000 660-char remark

   Show marketing remark (660 chars)

   Stunning West Side Brick Colonial with a large inviting front porch, located in the desirable Dexter–Linwood area, just a hop, skip, and a jump from the prestigious Boston Edison District. This newly renovated home features new plush carpet throughout, a beautifully updated kitchen with new cabinets and fixtures, and fully renovated bathrooms with modern finishes. Currently tenant-occupied at $1,450 per month(17,400 annually), offering 12% Gross ROI. This is an excellent turnkey investment opportunity with immediate cash flow. A great asset with strong rental performance. Perfect for investors seeking a performing asset in a strong rental market.

5. 2026-03-29
   price $140,000 673-char remark

   Show marketing remark (660 chars)

   Stunning West Side Brick Colonial with a large inviting front porch, located in the desirable Dexter–Linwood area, just a hop, skip, and a jump from the prestigious Boston Edison District. This newly renovated home features new plush carpet throughout, a beautifully updated kitchen with new cabinets and fixtures, and fully renovated bathrooms with modern finishes. Currently tenant-occupied at $1,450 per month(17,400 annually), offering 12% Gross ROI. This is an excellent turnkey investment opportunity with immediate cash flow. A great asset with strong rental performance. Perfect for investors seeking a performing asset in a strong rental market.

6. 2026-03-29
   price $140,000 660-char remark

   Show marketing remark (660 chars)

   Stunning West Side Brick Colonial with a large inviting front porch, located in the desirable Dexter–Linwood area, just a hop, skip, and a jump from the prestigious Boston Edison District. This newly renovated home features new plush carpet throughout, a beautifully updated kitchen with new cabinets and fixtures, and fully renovated bathrooms with modern finishes. Currently tenant-occupied at $1,450 per month(17,400 annually), offering 12% Gross ROI. This is an excellent turnkey investment opportunity with immediate cash flow. A great asset with strong rental performance. Perfect for investors seeking a performing asset in a strong rental market.

7. 2026-03-06
   price $145,000 673-char remark

   Show marketing remark (673 chars)

   Stunning West Side Brick Colonial with a large inviting front porch, located in the desirable Dexter–Linwood area, just a hop, skip, and a jump from the prestigious Boston Edison District. This newly renovated home features new plush carpet throughout, a beautifully updated kitchen with new cabinets and fixtures, and fully renovated bathrooms with modern finishes. Currently tenant-occupied at $1,450 per month(17,400 annually), offering 12% Gross ROI. This is an excellent turnkey investment opportunity with immediate cash flow. A great asset with strong rental performance. Perfect for investors seeking a performing asset in a strong rental market.

8. 2026-03-05
   price $145,000 660-char remark

   Show marketing remark (660 chars)

   Stunning West Side Brick Colonial with a large inviting front porch, located in the desirable Dexter–Linwood area, just a hop, skip, and a jump from the prestigious Boston Edison District. This newly renovated home features new plush carpet throughout, a beautifully updated kitchen with new cabinets and fixtures, and fully renovated bathrooms with modern finishes. Currently tenant-occupied at $1,450 per month(17,400 annually), offering 12% Gross ROI. This is an excellent turnkey investment opportunity with immediate cash flow. A great asset with strong rental performance. Perfect for investors seeking a performing asset in a strong rental market.

9. 2026-02-18
   listed $150,000 Active 673-char remark

   Show marketing remark (660 chars)

   Stunning West Side Brick Colonial with a large inviting front porch, located in the desirable Dexter–Linwood area, just a hop, skip, and a jump from the prestigious Boston Edison District. This newly renovated home features new plush carpet throughout, a beautifully updated kitchen with new cabinets and fixtures, and fully renovated bathrooms with modern finishes. Currently tenant-occupied at $1,450 per month(17,400 annually), offering 12% Gross ROI. This is an excellent turnkey investment opportunity with immediate cash flow. A great asset with strong rental performance. Perfect for investors seeking a performing asset in a strong rental market.

10. 2026-02-18
    listed $150,000 Active 660-char remark

    Show marketing remark (660 chars)

    Stunning West Side Brick Colonial with a large inviting front porch, located in the desirable Dexter–Linwood area, just a hop, skip, and a jump from the prestigious Boston Edison District. This newly renovated home features new plush carpet throughout, a beautifully updated kitchen with new cabinets and fixtures, and fully renovated bathrooms with modern finishes. Currently tenant-occupied at $1,450 per month(17,400 annually), offering 12% Gross ROI. This is an excellent turnkey investment opportunity with immediate cash flow. A great asset with strong rental performance. Perfect for investors seeking a performing asset in a strong rental market.

11. 2024-03-14
    historical
12. 2024-03-14
    historical
13. 2023-10-22
    listed $145,000 Active
14. 2023-10-22
    listed $145,000 Active
15. 2021-05-03
    soldstatus $115,000

ⓘ 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: $1,198 · $100/mo
• Projected year-2 tax: $1,638 · $137/mo
• Expected delta: +$441/yr (+$37/mo · 36.8%)

ⓘ 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: $21,395
• − Mortgage interest: −$7,562
• − Property taxes: −$1,198
• − Insurance: −$675
• − Repairs & maintenance: −$1,712
• − Management: −$1,712
• − Depreciation: −$3,927
• Taxable income: $4,610
• Est. tax owed @ 24.0%: −$1,106
• After-tax cash flow: $5,427/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): 24,731
• Household income: $33,315
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 2172.0

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% Two or more races 3% White 1%
• Foreign-born: 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: ▼ -31.96%
• Current HPI: 189.6227
• Rent YoY: ▲ 6.14%
• 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

+17.4% since first listed

15 events — show timeline

• 2026-05-19 Pending — MiRealSource-MiMLS
• 2026-05-19 Pending — REALCOMP
• 2026-05-06 Price Changed $135,000 MiRealSource-MiMLS
• 2026-05-06 Price Changed $135,000 REALCOMP
• 2026-03-29 Price Changed $140,000 MiRealSource-MiMLS
• 2026-03-29 Price Changed $140,000 REALCOMP
• 2026-03-06 Price Changed $145,000 MiRealSource-MiMLS
• 2026-03-05 Price Changed $145,000 REALCOMP
• 2026-02-18 Listed $150,000 REALCOMP
• 2026-02-18 Listed $150,000 MiRealSource-MiMLS
• 2024-03-14 Listing Removed — MiRealSource-MiMLS
• 2024-03-14 Listing Removed — REALCOMP
• 2023-10-22 Listed $145,000 MiRealSource-MiMLS
• 2023-10-22 Listed $145,000 REALCOMP
• 2021-05-03 Sold (Public Records) $115,000 Public Records

Property tax history

-4.4%/yr

Latest (2025): $1,198 · -8.8% YoY. Source: county tax records.