505 Forest St · Wyandotte, MI 48192

$199,999

5 bd · 1.0 ba · 1,836 sqft · SingleFamily public records · 93 Days on market

Built 1899 0.32 ac lot Est $178k · 12% over

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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 +13.4/30.0
• 1% rule +4.5/10.0
• Rent growth +4.5/5.0
• Livability +4.4/5.0
• DSCR +4.1/10.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• ARV discount +2.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * UNMATCHED RESTORATION OPPORTUNITY – HISTORIC WYANDOTTE FARMHOUSE Rare chance to transform a 2,300+ sq ft turn-of-the-century farmhouse into a truly custom showpiece. Taken down to the studs, this property is a blank canvas ready for your vision - offering the potential for 5 bedrooms, 3+ baths, and a layout tailored to modern living. Architectural renderings and concept floor plans are available, showcasing one stunning possibility while leaving room for your own design. The home already features high ceilings, expansive room sizes, and classic proportions, along with preserved elements like original radiators, solid wood doors, and built-in millwork - perfect for blending historic charm with contemporary finishes. The generous footprint allows for a chef-inspired kitchen with island, breakfast nook, and pantry, while the full daylight basement with direct access opens the door for additional living space, workshop, or recreation area. Positioned on a corner lot with two additional parcels, this property also offers development potential - including the possibility of creating an additional buildable lot (buyer to verify). Envision a wraparound porch to complete the timeless curb appeal seen throughout the neighborhood. Endless possibilities. Exceptional upside. Whether restoring its historic character or building your dream layout from the ground up, opportunities like this are rare. Bring your vision - this one is worth the look.

Key facts

• Built-in millwork
• High ceilings
• Original radiators

Tags

• HISTORIC WYANDOTTE FARMHOUSE
• HIGH CEILINGS
• ORIGINAL RADIATORS
• SOLID WOOD DOORS
• BUILT-IN MILLWORK
• CHEF-INSPIRED KITCHEN

Property features AI

Finance

• Other: Residential property in Garfield Place subdivision; Lot dimensions approximately 100 x 140 (0.32 acre); Directions: 5th St south off of Eureka, or enter 4th Street north off of Biddle to Forest Street

Exterior

• Parking: Detached garage (2 spaces) with garage facing the side
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-family residence; Two levels; Entry at ground level with steps; Vinyl siding and other exterior materials
• Construction: Asphalt roof; Brick/mortar foundation; Built with vinyl siding and other materials
• Exterior features: Covered, enclosed porch; Porch; Corner lot; Split possible; Paved road

Interior

• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Natural gas heating; Radiant heat; No central air conditioning
• Interior features: Full basement with walk-out and walk-up access; Basement is daylight, unfinished, and bath stubbed; 12 total rooms

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $5 ($64/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $191k (4.7% below list).
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.3% vs local median 4.8% in Wyandotte — 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 88/100 on livability (#11 in MI, #181 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment C-.
• Wyandotte School District (suburban): math 27% / reading 45% proficiency, ranked #262 of 540 in MI (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Monroe Elementary School (math 22% / reading 37%, grade F, #866 of 1,397 statewide, top 65%, 383 students, 67% FRL); Woodrow Wilson School (math 20% / reading 40%, grade F, #337 of 493 statewide, top 69%, 889 students, 60% FRL); Roosevelt High School (math 27% / reading 52%, grade F, #304 of 713 statewide, top 46%, 1,232 students, 54% FRL).
• Market conditions: Rents rising fast (+7.9%/yr); 122 active listings in the ZIP; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 32% of the median local income ($72k/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 $1k of loan paydown is wiped out by about $6k 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 93 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 10y ago; this cycle's ask has dropped $50k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $150k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $181,999 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1899 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
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: 0.95% ✗
• Cap rate: 6.32%
• Cash-on-cash: 0.11%
• DSCR: 1.01
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $178,092
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
765 Eureka Rd	0.49mi	5/2.0	2,022 (+10%)	14mo	$162,000	$80	45
403 Maple St	0.59mi	4/2.5 (-1)	1,562 (-15%)	3mo	$152,000	$97	34

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 · 7.86% rent growth · sell at horizon

5-year hold

• IRR: -10.3%
• Equity multiple: 0.60×
• Total profit: $-22,187
• Equity at exit: $29,821

10-year hold

• IRR: 5.1%
• Equity multiple: 1.46×
• Total profit: $25,919
• Equity at exit: $17,292

Cash invested: $56,000 (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 48192

• Rents YoY: 7.9%
• Active inventory: 122
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,907 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$369 /mo · $4,428/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $5

Break-even live

Break-even rent $1,900

Max offer price $199,999

Occupancy floor 95%

Sensitivity live

Price	-10% $119	-5% $62	+0% $5	+5% $-51	+10% $-108
Rent	-10% $-145	-5% $-70	+0% $5	+5% $81	+10% $156
Rate	-1.0pp $106	-0.5pp $56	base $5	+0.5pp $-47	+1.0pp $-99

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-21
   days on market $199,999 Active 93 DOM
2. 2026-06-18
   days on market $199,999 Active 90 DOM
3. 2026-06-17
   days on market $199,999 Active 89 DOM
4. 2026-06-16
   days on market $199,999 Active 88 DOM
5. 2026-06-15
   days on market $199,999 Active 87 DOM
6. 2026-06-13
   days on market $199,999 Active 85 DOM
7. 2026-06-13
   days on market $199,999 Active 84 DOM
8. 2026-06-09
   days on market $199,999 Active 81 DOM
9. 2026-06-08
   days on market $199,999 Active 80 DOM
10. 2026-06-07
    days on market $199,999 Active 79 DOM
11. 2026-06-04
    days on market $199,999 Active 76 DOM
12. 2026-06-03
    days on market $199,999 Active 75 DOM
13. 2026-06-02
    days on market $199,999 Active 74 DOM
14. 2026-06-01
    days on market $199,999 Active 73 DOM
15. 2026-05-31
    days on market $199,999 Active 72 DOM
16. 2026-05-19
    price $199,999 1479-char remark

    Show marketing remark (1479 chars)

    * * UNMATCHED RESTORATION OPPORTUNITY – HISTORIC WYANDOTTE FARMHOUSE Rare chance to transform a 2,300+ sq ft turn-of-the-century farmhouse into a truly custom showpiece. Taken down to the studs, this property is a blank canvas ready for your vision - offering the potential for 5 bedrooms, 3+ baths, and a layout tailored to modern living. Architectural renderings and concept floor plans are available, showcasing one stunning possibility while leaving room for your own design. The home already features high ceilings, expansive room sizes, and classic proportions, along with preserved elements like original radiators, solid wood doors, and built-in millwork - perfect for blending historic charm with contemporary finishes. The generous footprint allows for a chef-inspired kitchen with island, breakfast nook, and pantry, while the full daylight basement with direct access opens the door for additional living space, workshop, or recreation area. Positioned on a corner lot with two additional parcels, this property also offers development potential - including the possibility of creating an additional buildable lot (buyer to verify). Envision a wraparound porch to complete the timeless curb appeal seen throughout the neighborhood. Endless possibilities. Exceptional upside. Whether restoring its historic character or building your dream layout from the ground up, opportunities like this are rare. Bring your vision - this one is worth the look.

17. 2026-05-18
    price $199,999
18. 2026-03-20
    listed $249,900 Active 1479-char remark

    Show marketing remark (1479 chars)

    * * UNMATCHED RESTORATION OPPORTUNITY – HISTORIC WYANDOTTE FARMHOUSE Rare chance to transform a 2,300+ sq ft turn-of-the-century farmhouse into a truly custom showpiece. Taken down to the studs, this property is a blank canvas ready for your vision - offering the potential for 5 bedrooms, 3+ baths, and a layout tailored to modern living. Architectural renderings and concept floor plans are available, showcasing one stunning possibility while leaving room for your own design. The home already features high ceilings, expansive room sizes, and classic proportions, along with preserved elements like original radiators, solid wood doors, and built-in millwork - perfect for blending historic charm with contemporary finishes. The generous footprint allows for a chef-inspired kitchen with island, breakfast nook, and pantry, while the full daylight basement with direct access opens the door for additional living space, workshop, or recreation area. Positioned on a corner lot with two additional parcels, this property also offers development potential - including the possibility of creating an additional buildable lot (buyer to verify). Envision a wraparound porch to complete the timeless curb appeal seen throughout the neighborhood. Endless possibilities. Exceptional upside. Whether restoring its historic character or building your dream layout from the ground up, opportunities like this are rare. Bring your vision - this one is worth the look.

19. 2026-03-20
    listed $249,900 Active

    Show marketing remark (1479 chars)

    * * UNMATCHED RESTORATION OPPORTUNITY – HISTORIC WYANDOTTE FARMHOUSE Rare chance to transform a 2,300+ sq ft turn-of-the-century farmhouse into a truly custom showpiece. Taken down to the studs, this property is a blank canvas ready for your vision - offering the potential for 5 bedrooms, 3+ baths, and a layout tailored to modern living. Architectural renderings and concept floor plans are available, showcasing one stunning possibility while leaving room for your own design. The home already features high ceilings, expansive room sizes, and classic proportions, along with preserved elements like original radiators, solid wood doors, and built-in millwork - perfect for blending historic charm with contemporary finishes. The generous footprint allows for a chef-inspired kitchen with island, breakfast nook, and pantry, while the full daylight basement with direct access opens the door for additional living space, workshop, or recreation area. Positioned on a corner lot with two additional parcels, this property also offers development potential - including the possibility of creating an additional buildable lot (buyer to verify). Envision a wraparound porch to complete the timeless curb appeal seen throughout the neighborhood. Endless possibilities. Exceptional upside. Whether restoring its historic character or building your dream layout from the ground up, opportunities like this are rare. Bring your vision - this one is worth the look.

20. 2025-12-23
    historical
21. 2025-11-25
    listed $249,900 Active
22. 2025-11-24
    listed $249,900 Active
23. 2025-05-22
    soldstatus $150,000
24. 2017-02-08
    soldstatus $90,000
25. 2017-01-20
    soldstatus $90,000 Sold
26. 2017-01-20
    soldstatus $90,000 Closed
27. 2016-12-01
    status Pending
28. 2016-12-01
    status Pending
29. 2016-11-29
    price $87,500
30. 2016-11-28
    price $87,500
31. 2016-07-20
    price $99,900
32. 2016-07-19
    price $99,900
33. 2016-06-15
    status Active
34. 2016-06-15
    status Active
35. 2016-04-16
    listed $119,900 Active
36. 2016-04-15
    historical
37. 2016-04-15
    status Active
38. 2016-04-15
    historical
39. 2016-04-15
    historical
40. 2016-03-18
    listed $119,900 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: $4,428 · $369/mo
• Projected year-2 tax: $4,428 · $369/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 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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: $22,883
• − Mortgage interest: −$11,203
• − Property taxes: −$4,428
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,831
• − Management: −$1,831
• − Depreciation: −$5,818
• Taxable loss: −$3,228
• Est. tax savings @ 24.0%: +$775
• After-tax cash flow: $838/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: Wyandotte School District
• NCES district ID: 2636540
• Math proficiency: 27% ▼ -6.00%
• Reading proficiency: 45% ▼ -1.00%
• Median HH income: $50,265
• Composite: 31.13/100
• National rank: #6060
• State rank: #262 of 540 in MI

Livability — Wyandotte

• Score: 88/100
• State rank: #11
• US rank: #181

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wyandotte, MI
• County: Wayne County · 1,562,939 people
• City population: 24,489
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 24,489
• Household income: $71,987
• Rent vs Own: 26.3% rent · 73.7% own
• Severe rent burden: 570.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 8% Two or more races 8% Black 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 19% Lithuanian 4% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 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: ▼ -228.97%
• Current HPI: 174.8428
• Rent YoY: ▲ 7.86%
• 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

+66.8% since first listed

25 events — show timeline

• 2026-05-19 Price Changed $199,999 MiRealSource-MiMLS
• 2026-05-18 Price Changed $199,999 REALCOMP
• 2026-03-20 Listed $249,900 REALCOMP
• 2026-03-20 Listed $249,900 MiRealSource-MiMLS
• 2025-12-23 Listing Removed — MiRealSource-MiMLS
• 2025-11-25 Listed $249,900 REALCOMP
• 2025-11-24 Listed $249,900 MiRealSource-MiMLS
• 2025-05-22 Sold (Public Records) $150,000 Public Records
• 2017-02-08 Sold (Public Records) $90,000 Public Records
• 2017-01-20 Sold (MLS) $90,000 MiRealSource-MiMLS
• 2017-01-20 Sold (MLS) $90,000 REALCOMP
• 2016-12-01 Pending — MiRealSource-MiMLS
• 2016-12-01 Pending — REALCOMP
• 2016-11-29 Price Changed $87,500 MiRealSource-MiMLS
• 2016-11-28 Price Changed $87,500 REALCOMP
• 2016-07-20 Price Changed $99,900 MiRealSource-MiMLS
• 2016-07-19 Price Changed $99,900 REALCOMP
• 2016-06-15 Relisted — MiRealSource-MiMLS
• 2016-06-15 Relisted — REALCOMP
• 2016-04-16 Listed $119,900 MiRealSource-MiMLS
• 2016-04-15 Listing Removed — REALCOMP
• 2016-04-15 Relisted — REALCOMP
• 2016-04-15 Listing Removed — REALCOMP
• 2016-04-15 Listing Removed — MiRealSource-MiMLS
• 2016-03-18 Listed $119,900 REALCOMP

Property tax history

+3.5%/yr

Latest (2025): $4,428 · -23.7% YoY. Source: county tax records.