5957 Oldtown St · Detroit, MI 48224

$32,000

4 bd · 2.0 ba · 2,238 sqft · Townhouse public records · 708 Days on market

Built 1930 4,356 sqft lot ↓ 6% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

4 Home Bundle Sale in the Cornerstone Village Neighborhood. 5957 Oldtown, 4700 Neff, 4880 Lodewyck and 5103 Neff included in this sale for the Total Price of $32,000 For All Four Homes. Excellent income property opportunity. Newer roof and many immediate upgrades to surrounding area. All offers must be supported by Proof of Funds for both the Purchase Price, as well as the construction costs. No Land Contracts. Buyer to have the property inspected as their is no property inspection report on file. The sale of said property is open to homeowners, investors and developers. All proposals must answer all of the questions in the attached document title DLBA proposal requirements for bundled single family homes. Seller Addendum's to be provided upon acceptance of qualifying offer. This sale is contingent upon Buyer & Seller execution of a Development Agreement. Buyer to verify all room sizes. Contact broker with additional questions. See Additional Attachments for Offer Requirements. BTVAI & Sizes.

Key facts

• 4,356 sq ft lot
• 2 garage spots
• Built 1930

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $32k.

Deal economics

• At list price, monthly cash flow is $985 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $32k).
• Recommended offer: $28k (12.0% below list) — sets the bar for market timing.
• Cap rate 43.2% vs local median 10.1% 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 flat; 492 active listings in the ZIP; 11 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).
• This rent runs 41% of the median local income ($45k/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 $221 of loan paydown is wiped out by about $960 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 + 0.7% rent growth), your $9k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 708 days — a 12% lower offer ($28k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y ago; this cycle's ask is 60% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $28,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 708 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 1930 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 4.77% ✓
• Cap rate: 43.23%
• Cash-on-cash: 131.90%
• DSCR: 6.87
• GRM: 1.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.73% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.04×
• Total profit: $54,155
• Equity at exit: $4,771

10-year hold

• IRR: —
• Equity multiple: 13.80×
• Total profit: $114,653
• Equity at exit: $2,767

Cash invested: $8,960 (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 48224

• Rents YoY: 0.7%
• Active inventory: 492
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,527 high
• Mortgage (P&I): −$168
• Tax est. 1.5%: −$40 /mo · $480/yr
• Insurance: −$13
• HOA: −$0
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $985

Break-even live

Break-even rent $280

Max offer price $32,000

Occupancy floor 30%

Sensitivity live

Price	-10% $1,007	-5% $996	+0% $985	+5% $974	+10% $963
Rent	-10% $864	-5% $925	+0% $985	+5% $1,045	+10% $1,105
Rate	-1.0pp $1,001	-0.5pp $993	base $985	+0.5pp $977	+1.0pp $968

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: $8,000
• Closing costs: $960
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9171 Bishop St Detroit, MI	4.0	1.0	1508	$1,300	$0.86	45d	1	0.40mi
9142 Yorkshire Rd Detroit, MI	5.0	1.5	1450	$1,700	$1.17	0d	1	0.40mi
5944 Marseilles St Detroit, MI	3.0	1.0	1910	$1,300	$0.68	18d	1	0.45mi
9635 Everts St Detroit, MI	4.0	2.0	1450	$1,650	$1.14	45d	1	0.58mi
10030 Bishop St Detroit, MI	5.0	2.0	1721	$1,200	$0.70	18d	1	0.62mi
5574 Buckingham Ave Detroit, MI	3.0	1.0	1430	$1,450	$1.01	5d	1	0.87mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	18d	1	0.89mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	18d	1	0.89mi
5791 Somerset Ave Detroit, MI	3.0	2.0	1660	$1,400	$0.84	18d	1	1.10mi
10724 Whitehill St Detroit, MI	3.0	3.0	1425	$1,550	$1.09	19d	1	1.32mi
9755 Wayburn St Detroit, MI	3.0	2.0	1498	$1,400	$0.93	4d	1	1.34mi

Listing history 15 events

1. 2024-12-17
   status Pending
2. 2024-08-30
   status Pending

   Show marketing remark (1019 chars)

   4 Home Bundle Sale in the Cornerstone Village Neighborhood. 5957 Oldtown, 4700 Neff, 4880 Lodewyck and 5103 Neff included in this sale for the Total Price of $32,000 For All Four Homes. Excellent income property opportunity. Newer roof and many immediate upgrades to surrounding area. All offers must be supported by Proof of Funds for both the Purchase Price, as well as the construction costs. No Land Contracts. Buyer to have the property inspected as their is no property inspection report on file. The sale of said property is open to homeowners, investors and developers. All proposals must answer all of the questions in the attached document title DLBA proposal requirements for bundled single family homes. Seller Addendum's to be provided upon acceptance of qualifying offer. This sale is contingent upon Buyer & Seller execution of a Development Agreement. Buyer to verify all room sizes. Contact broker with additional questions. See Additional Attachments for Offer Requirements. BTVAI & Sizes.

3. 2024-08-30
   status Pending 1019-char remark

   Show marketing remark (1019 chars)

   4 Home Bundle Sale in the Cornerstone Village Neighborhood. 5957 Oldtown, 4700 Neff, 4880 Lodewyck and 5103 Neff included in this sale for the Total Price of $32,000 For All Four Homes. Excellent income property opportunity. Newer roof and many immediate upgrades to surrounding area. All offers must be supported by Proof of Funds for both the Purchase Price, as well as the construction costs. No Land Contracts. Buyer to have the property inspected as their is no property inspection report on file. The sale of said property is open to homeowners, investors and developers. All proposals must answer all of the questions in the attached document title DLBA proposal requirements for bundled single family homes. Seller Addendum's to be provided upon acceptance of qualifying offer. This sale is contingent upon Buyer & Seller execution of a Development Agreement. Buyer to verify all room sizes. Contact broker with additional questions. See Additional Attachments for Offer Requirements. BTVAI & Sizes.

4. 2022-12-01
   price $32,000 1019-char remark

   Show marketing remark (1019 chars)

   4 Home Bundle Sale in the Cornerstone Village Neighborhood. 5957 Oldtown, 4700 Neff, 4880 Lodewyck and 5103 Neff included in this sale for the Total Price of $32,000 For All Four Homes. Excellent income property opportunity. Newer roof and many immediate upgrades to surrounding area. All offers must be supported by Proof of Funds for both the Purchase Price, as well as the construction costs. No Land Contracts. Buyer to have the property inspected as their is no property inspection report on file. The sale of said property is open to homeowners, investors and developers. All proposals must answer all of the questions in the attached document title DLBA proposal requirements for bundled single family homes. Seller Addendum's to be provided upon acceptance of qualifying offer. This sale is contingent upon Buyer & Seller execution of a Development Agreement. Buyer to verify all room sizes. Contact broker with additional questions. See Additional Attachments for Offer Requirements. BTVAI & Sizes.

5. 2022-12-01
   price $32,000

   Show marketing remark (1019 chars)

   4 Home Bundle Sale in the Cornerstone Village Neighborhood. 5957 Oldtown, 4700 Neff, 4880 Lodewyck and 5103 Neff included in this sale for the Total Price of $32,000 For All Four Homes. Excellent income property opportunity. Newer roof and many immediate upgrades to surrounding area. All offers must be supported by Proof of Funds for both the Purchase Price, as well as the construction costs. No Land Contracts. Buyer to have the property inspected as their is no property inspection report on file. The sale of said property is open to homeowners, investors and developers. All proposals must answer all of the questions in the attached document title DLBA proposal requirements for bundled single family homes. Seller Addendum's to be provided upon acceptance of qualifying offer. This sale is contingent upon Buyer & Seller execution of a Development Agreement. Buyer to verify all room sizes. Contact broker with additional questions. See Additional Attachments for Offer Requirements. BTVAI & Sizes.

6. 2022-09-22
   listed $20,000 Active

   Show marketing remark (1019 chars)

   4 Home Bundle Sale in the Cornerstone Village Neighborhood. 5957 Oldtown, 4700 Neff, 4880 Lodewyck and 5103 Neff included in this sale for the Total Price of $32,000 For All Four Homes. Excellent income property opportunity. Newer roof and many immediate upgrades to surrounding area. All offers must be supported by Proof of Funds for both the Purchase Price, as well as the construction costs. No Land Contracts. Buyer to have the property inspected as their is no property inspection report on file. The sale of said property is open to homeowners, investors and developers. All proposals must answer all of the questions in the attached document title DLBA proposal requirements for bundled single family homes. Seller Addendum's to be provided upon acceptance of qualifying offer. This sale is contingent upon Buyer & Seller execution of a Development Agreement. Buyer to verify all room sizes. Contact broker with additional questions. See Additional Attachments for Offer Requirements. BTVAI & Sizes.

7. 2022-09-22
   listed $20,000 Active 1019-char remark

   Show marketing remark (1019 chars)

   4 Home Bundle Sale in the Cornerstone Village Neighborhood. 5957 Oldtown, 4700 Neff, 4880 Lodewyck and 5103 Neff included in this sale for the Total Price of $32,000 For All Four Homes. Excellent income property opportunity. Newer roof and many immediate upgrades to surrounding area. All offers must be supported by Proof of Funds for both the Purchase Price, as well as the construction costs. No Land Contracts. Buyer to have the property inspected as their is no property inspection report on file. The sale of said property is open to homeowners, investors and developers. All proposals must answer all of the questions in the attached document title DLBA proposal requirements for bundled single family homes. Seller Addendum's to be provided upon acceptance of qualifying offer. This sale is contingent upon Buyer & Seller execution of a Development Agreement. Buyer to verify all room sizes. Contact broker with additional questions. See Additional Attachments for Offer Requirements. BTVAI & Sizes.

8. 2019-10-31
   historical
9. 2019-10-30
   historical
10. 2019-04-04
    listed $31,500 Active
11. 2019-04-04
    listed $31,500 Active
12. 2015-08-19
    historical
13. 2015-08-19
    historical
14. 2015-08-10
    listed $34,000
15. 2015-08-10
    listed $34,000

ⓘ 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 ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,319
• − Mortgage interest: −$1,792
• − Property taxes: −$480
• − Insurance: −$160
• − Repairs & maintenance: −$1,466
• − Management: −$1,466
• − Depreciation: −$931
• Taxable income: $12,025
• Est. tax owed @ 24.0%: −$2,886
• After-tax cash flow: $8,932/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): 39,668
• Household income: $44,856
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 2515.0

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 (88%)
• Race & ethnicity: Black 88% White 8% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Iranian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -226.38%
• Current HPI: 161.886
• Rent YoY: ▲ 0.73%
• 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

-5.9% since first listed

15 events — show timeline

• 2024-12-17 Pending — REALCOMP
• 2024-08-30 Pending — REALCOMP
• 2024-08-30 Pending — MiRealSource-MiMLS
• 2022-12-01 Price Changed $32,000 MiRealSource-MiMLS
• 2022-12-01 Price Changed $32,000 REALCOMP
• 2022-09-22 Listed $20,000 MiRealSource-MiMLS
• 2022-09-22 Listed $20,000 REALCOMP
• 2019-10-31 Listing Removed — REALCOMP
• 2019-10-30 Listing Removed — MiRealSource-MiMLS
• 2019-04-04 Listed $31,500 MiRealSource-MiMLS
• 2019-04-04 Listed $31,500 REALCOMP
• 2015-08-19 Listing Removed — REALCOMP
• 2015-08-19 Listing Removed — MiRealSource-MiMLS
• 2015-08-10 Listed $34,000 REALCOMP
• 2015-08-10 Listed $34,000 MiRealSource-MiMLS

Property tax history

+20.0%/yr

Latest (2019): $2,992 · +7.7% YoY. Source: county tax records.