12937 Pullman St · Southgate, MI 48195

$145,000

3 bd · 1.0 ba · 1,092 sqft · SingleFamily public records · 301 Days on market

Built 1943 4,356 sqft lot $133/sqft · 38% above area Est $172k · 16% under

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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 +19.8/30.0
• ARV discount +14.5/15.0
• 1% rule +6.3/10.0
• DSCR +6.3/10.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Southgate home with 3 bedrooms and 1 bath in prime location. Bungalow home with an unfinished basement, no garage, shed in backyard. Hardwood floors in the kitchen. New paint throughout. Seller providing C of O.

Key facts

• Unfinished basement
• Shed in backyard
• New paint

Tags

• UNFINISHED BASEMENT
• SHED IN BACKYARD
• HARDWOOD FLOORS
• NEW PAINT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $174 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 5.2% in Southgate — 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 85/100 on livability (#29 in MI, #582 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D, crime D-.
• Southgate Community School District (suburban): math 21% / reading 36% proficiency, ranked #379 of 540 in MI (top 70%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+4.0%/yr); 115 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 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 $1k 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 301 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 301 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1943 — 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 D-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 D 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: 1.13% ✓
• Cap rate: 7.73%
• Cash-on-cash: 5.14%
• DSCR: 1.23
• GRM: 7.4

CMA / ARV

• ARV (median comp): $171,855
• List price: $145,000
• Delta: -15.63%
• 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
12984 Callender St	0.20mi	3/1.0	1,108 (+2%)	1mo	$203,500	$184	88
13360 Jobin St	0.31mi	3/1.0	1,090 (-0%)	1mo	$170,500	$156	84
13348 Walnut St	0.27mi	3/1.0	1,090 (-0%)	4mo	$185,000	$170	84
13226 Castle St	0.18mi	2/1.0 (-1)	1,100 (+1%)	4mo	$142,500	$130	82
12813 Birrell St	0.34mi	3/1.0	1,050 (-4%)	2mo	$212,000	$202	76
13152 Superior St	0.36mi	3/1.0	1,140 (+4%)	0mo	$200,000	$175	76
13315 Birrell St	0.38mi	3/1.0	1,130 (+4%)	3mo	$135,000	$119	74
13273 Cunningham St	0.18mi	3/2.0	1,190 (+9%)	1mo	$195,000	$164	72
1877 21st St	0.37mi	2/1.0 (-1)	1,157 (+6%)	4mo	$178,000	$154	65
13054 Agnes St	0.65mi	3/2.0	1,100 (+1%)	5mo	$197,900	$180	61
13668 Agnes St	0.69mi	3/1.5	1,180 (+8%)	0mo	$180,000	$153	52
1063 19th St	0.71mi	2/1.0 (-1)	1,179 (+8%)	2mo	$182,000	$154	47

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 · 4.04% rent growth · sell at horizon

5-year hold

• IRR: -7.0%
• Equity multiple: 0.74×
• Total profit: $-10,605
• Equity at exit: $21,620

10-year hold

• IRR: 4.1%
• Equity multiple: 1.31×
• Total profit: $12,648
• Equity at exit: $12,537

Cash invested: $40,600 (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 48195

• Rents YoY: 4.0%
• Active inventory: 115
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,634 high
• Mortgage (P&I): −$760
• Tax from tax record: −$297 /mo · $3,560/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $174

Break-even live

Break-even rent $1,415

Max offer price $145,000

Occupancy floor 84%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13020 Pullman St Southgate, MI	4.0	1.0	1050	$1,550	$1.48	2d	1	0.04mi
1650 19th St Wyandotte, MI	3.0	2.0	1100	$1,899	$1.73	17d	1	0.54mi
1130 21st St Wyandotte, MI	3.0	1.0	864	$1,420	$1.64	1d	1	0.63mi
1163 17th St Wyandotte, MI	3.0	1.0	1010	$1,695	$1.68	43d	1	0.77mi
4163 Burns Ave Lincoln Park, MI	3.0	1.0	900	$1,500	$1.67	1d	1	0.81mi
13185 Sycamore St Southgate, MI	3.0	1.0	1080	$1,700	$1.57	24d	1	0.83mi
1750 Saint Johns Blvd Unit 17 Lincoln Park, MI	2.0	1.0	750	$1,025	$1.37	24d	1	0.98mi
854 Harrison Blvd Lincoln Park, MI	3.0	1.0	1410	$1,750	$1.24	43d	1	0.99mi
1760 Saint Johns Blvd Apt 14 Lincoln Park, MI	2.0	1.0	750	$995	$1.33	24d	1	1.00mi
1569 Sycamore St Wyandotte, MI	3.0	1.0	944	$1,695	$1.80	43d	1	1.01mi
750 Harrison Blvd Unit 5 Lincoln Park, MI	2.0	1.0	800	$995	$1.24	4d	1	1.06mi
720 Harrison Blvd Unit 20 Lincoln Park, MI	2.0	1.0	800	$1,025	$1.28	2d	1	1.06mi
610 Harrison Blvd Unit 46 Lincoln Park, MI	2.0	1.0	800	$995	$1.24	2d	1	1.08mi
610 Harrison Blvd Apt 43 Lincoln Park, MI	2.0	1.0	800	$1,050	$1.31	24d	1	1.08mi
13165 Turnberry Ct Southgate, MI	2.0	2.0	1275	$1,795	$1.41	43d	1	1.24mi
13165 Turnberry Ct Southgate, MI	2.0	2.0	1275	$1,795	$1.41	4d	1	1.24mi
11400 Fordline St Allen Park, MI	1.0–2.0	1.0	880	$1,400	$1.59	2d	1	1.29mi
2700 6th St Wyandotte, MI	1.0–2.0	1.0	900	$1,095	$1.22	43d	2	1.35mi
13750 Village Green Blvd Southgate, MI	1.0–2.0	1.0	862	$1,625	$1.88	1d	9	1.36mi
1024 Adelaide St Wyandotte, MI	2.0	1.0	800	$3,100	$3.88	1d	1	1.40mi
3851 17th St Wyandotte, MI	2.0	1.0	764	$1,200	$1.57	2d	1	1.41mi
13210 Village Park Dr Southgate, MI	2.0	1.0	630	$1,125	$1.78	1d	9	1.43mi
12939 Devoe St Southgate, MI	3.0	1.0	1177	$1,695	$1.44	43d	1	1.46mi
13861 Strathcona St Southgate, MI	1.0–2.0	1.0–1.5	797	$1,140	$1.43	1d	5	1.50mi

Listing history 25 events

1. 2026-06-07
   statusdays on market $145,000 Pending 301 DOM
2. 2026-06-04
   days on market $145,000 Active 300 DOM
3. 2026-06-03
   days on market $145,000 Active 299 DOM
4. 2026-06-02
   days on market $145,000 Active 298 DOM
5. 2026-06-01
   days on market $145,000 Active 297 DOM
6. 2026-05-31
   days on market $145,000 Active 296 DOM
7. 2026-03-25
   price $145,000 211-char remark

   Show marketing remark (211 chars)

   Southgate home with 3 bedrooms and 1 bath in prime location. Bungalow home with an unfinished basement, no garage, shed in backyard. Hardwood floors in the kitchen. New paint throughout. Seller providing C of O.

8. 2026-03-25
   price $145,000 211-char remark

   Show marketing remark (211 chars)

   Southgate home with 3 bedrooms and 1 bath in prime location. Bungalow home with an unfinished basement, no garage, shed in backyard. Hardwood floors in the kitchen. New paint throughout. Seller providing C of O.

9. 2026-03-25
   price $145,000

   Show marketing remark (211 chars)

   Southgate home with 3 bedrooms and 1 bath in prime location. Bungalow home with an unfinished basement, no garage, shed in backyard. Hardwood floors in the kitchen. New paint throughout. Seller providing C of O.

10. 2025-09-18
    price $150,000 211-char remark

    Show marketing remark (211 chars)

    Southgate home with 3 bedrooms and 1 bath in prime location. Bungalow home with an unfinished basement, no garage, shed in backyard. Hardwood floors in the kitchen. New paint throughout. Seller providing C of O.

11. 2025-09-18
    price $150,000 211-char remark

    Show marketing remark (211 chars)

    Southgate home with 3 bedrooms and 1 bath in prime location. Bungalow home with an unfinished basement, no garage, shed in backyard. Hardwood floors in the kitchen. New paint throughout. Seller providing C of O.

12. 2025-09-18
    price $150,000

    Show marketing remark (211 chars)

    Southgate home with 3 bedrooms and 1 bath in prime location. Bungalow home with an unfinished basement, no garage, shed in backyard. Hardwood floors in the kitchen. New paint throughout. Seller providing C of O.

13. 2025-09-03
    price $153,500 211-char remark

    Show marketing remark (211 chars)

    Southgate home with 3 bedrooms and 1 bath in prime location. Bungalow home with an unfinished basement, no garage, shed in backyard. Hardwood floors in the kitchen. New paint throughout. Seller providing C of O.

14. 2025-09-02
    price $153,500 211-char remark

    Show marketing remark (211 chars)

    Southgate home with 3 bedrooms and 1 bath in prime location. Bungalow home with an unfinished basement, no garage, shed in backyard. Hardwood floors in the kitchen. New paint throughout. Seller providing C of O.

15. 2025-09-02
    price $153,500

    Show marketing remark (211 chars)

    Southgate home with 3 bedrooms and 1 bath in prime location. Bungalow home with an unfinished basement, no garage, shed in backyard. Hardwood floors in the kitchen. New paint throughout. Seller providing C of O.

16. 2025-08-06
    listed $155,000 Active 211-char remark

    Show marketing remark (211 chars)

    Southgate home with 3 bedrooms and 1 bath in prime location. Bungalow home with an unfinished basement, no garage, shed in backyard. Hardwood floors in the kitchen. New paint throughout. Seller providing C of O.

17. 2025-08-06
    listed $155,000 Active 211-char remark

    Show marketing remark (211 chars)

    Southgate home with 3 bedrooms and 1 bath in prime location. Bungalow home with an unfinished basement, no garage, shed in backyard. Hardwood floors in the kitchen. New paint throughout. Seller providing C of O.

18. 2025-08-06
    listed $155,000 Active

    Show marketing remark (211 chars)

    Southgate home with 3 bedrooms and 1 bath in prime location. Bungalow home with an unfinished basement, no garage, shed in backyard. Hardwood floors in the kitchen. New paint throughout. Seller providing C of O.

19. 2021-02-01
    soldstatus $871,948
20. 2019-12-20
    soldstatus $63,000 Sold
21. 2019-12-20
    soldstatus $63,000 Closed
22. 2019-10-18
    status Pending
23. 2019-10-18
    status Pending
24. 2019-10-14
    listed $69,900 Active
25. 2019-10-14
    listed $69,900 Active

ⓘ 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: $3,560 · $297/mo
• Projected year-2 tax: $3,560 · $297/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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,614
• − Mortgage interest: −$8,122
• − Property taxes: −$3,560
• − Insurance: −$725
• − Repairs & maintenance: −$1,569
• − Management: −$1,569
• − Depreciation: −$4,218
• Taxable loss: −$150
• Est. tax savings @ 24.0%: +$36
• After-tax cash flow: $2,121/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: Southgate Community School District
• NCES district ID: 2632340
• Math proficiency: 21% ▼ -8.00%
• Reading proficiency: 36% ▬ 0.00%
• Median HH income: $49,234
• Composite: 24.83/100
• National rank: #7591
• State rank: #379 of 540 in MI

Livability — Southgate

• Score: 85/100
• State rank: #29
• US rank: #582

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime D- Employment B- Housing A+ Health & safety B- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Southgate, MI
• County: Wayne County · 1,562,939 people
• City population: 29,366
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 29,366
• Household income: $66,118
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 727.0

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 White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 11% Black 8% Two or more races 8% Asian 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1%
• Common ancestry: Romanian 9% Lithuanian 3% Slovak 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 90% English-only · Other Indo-European 4% Spanish 3% Other Asian/Pacific 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: ▼ -187.28%
• Current HPI: 207.9776
• Rent YoY: ▲ 4.04%
• 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

+107.4% since first listed

19 events — show timeline

• 2026-03-25 Price Changed $145,000 MiRealSource-MiMLS
• 2026-03-25 Price Changed $145,000 REALCOMP
• 2026-03-25 Price Changed $145,000 SW Michigan MLS
• 2025-09-18 Price Changed $150,000 MiRealSource-MiMLS
• 2025-09-18 Price Changed $150,000 REALCOMP
• 2025-09-18 Price Changed $150,000 SW Michigan MLS
• 2025-09-03 Price Changed $153,500 MiRealSource-MiMLS
• 2025-09-02 Price Changed $153,500 REALCOMP
• 2025-09-02 Price Changed $153,500 SW Michigan MLS
• 2025-08-06 Listed $155,000 SW Michigan MLS
• 2025-08-06 Listed $155,000 REALCOMP
• 2025-08-06 Listed $155,000 MiRealSource-MiMLS
• 2021-02-01 Sold (Public Records) $871,948 Public Records
• 2019-12-20 Sold (MLS) $63,000 MiRealSource-MiMLS
• 2019-12-20 Sold (MLS) $63,000 REALCOMP
• 2019-10-18 Pending — MiRealSource-MiMLS
• 2019-10-18 Pending — REALCOMP
• 2019-10-14 Listed $69,900 MiRealSource-MiMLS
• 2019-10-14 Listed $69,900 REALCOMP

Property tax history

+8.0%/yr

Latest (2025): $3,560 · -12.6% YoY. Source: county tax records.