19338 Waltham St · Detroit, MI 48205

$55,000

3 bd · 1.0 ba · 1,015 sqft · SingleFamily public records · 72 Days on market

Built 1946 3,920 sqft lot $54/sqft · at area comps Est $57k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +9.2/15.0
• 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

Here is a brick bungalow on Detroit's east side. Hardwood floors. Vinyl windows. One car brick detached garage. Newer roof on back of house. Good candidate to flip or fix up and rent. Cash or DSCR buyers only.

Key facts

• Brick bungalow
• Vinyl windows
• Newer roof

Tags

• BRICK BUNGALOW
• HARDWOOD FLOORS
• VINYL WINDOWS
• ONE CAR DETACHED GARAGE
• NEWER ROOF

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $638 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $52k (6.0% below list) — sets the bar for market timing.
• Cap rate 20.2% vs local median 10.0% 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: 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: Pulaski Elementarymiddle School (math 10% / reading 10%, grade F, #1,230 of 1,397 statewide, top 91%, 355 students, 98% FRL); Osborn High School (math 5% / reading 15%, grade F, #659 of 713 statewide, top 97%, 407 students, 92% FRL).
• Market conditions: Rents rising (+1.3%/yr); 376 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 $380 of loan paydown is wiped out by about $2k 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 $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 18y ago; this cycle's ask has dropped $4k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $51,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 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 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 2.56% ✓
• Cap rate: 20.21%
• Cash-on-cash: 49.70%
• DSCR: 3.21
• GRM: 3.3

CMA / ARV

• ARV (median comp): $57,097
• List price: $55,000
• Delta: -3.67%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19161 Hamburg St	0.18mi	3/1.0	960 (-5%)	2mo	$116,000	$121	81
19730 Goulburn St	0.27mi	3/1.5	977 (-4%)	1mo	$114,000	$117	78
18982 Hamburg St	0.24mi	3/1.0	952 (-6%)	3mo	$45,000	$47	76
19633 Barlow St	0.23mi	3/1.5	962 (-5%)	3mo	$72,000	$75	76
20020 Pelkey St	0.65mi	3/1.0	1,020 (+0%)	2mo	$75,000	$74	67
19940 Westphalia St	0.42mi	3/1.0	1,114 (+10%)	0mo	$30,000	$27	64
20218 Goulburn St	0.60mi	3/1.0	965 (-5%)	1mo	$12,000	$12	63
13452 Tacoma St	0.50mi	3/1.0	900 (-11%)	1mo	$69,072	$77	57
13424 Tacoma St	0.47mi	3/1.0	900 (-11%)	3mo	$72,000	$80	57
20218 Hickory St	0.72mi	3/1.0	930 (-8%)	2mo	$26,000	$28	51
20200 Alcoy St	0.67mi	3/1.0	917 (-10%)	2mo	$55,100	$60	51
19361 Beland St	0.75mi	3/1.0	901 (-11%)	2mo	$47,500	$53	45

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: 45.3%
• Equity multiple: 2.91×
• Total profit: $29,459
• Equity at exit: $8,201

10-year hold

• IRR: 50.4%
• Equity multiple: 5.48×
• Total profit: $69,038
• Equity at exit: $4,755

Cash invested: $15,400 (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: 376
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,410 high
• Mortgage (P&I): −$288
• Tax from tax record: −$165 /mo · $1,975/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $638

Break-even live

Break-even rent $602

Max offer price $55,000

Occupancy floor 50%

Sensitivity live

Price	-10% $669	-5% $653	+0% $638	+5% $622	+10% $607
Rent	-10% $526	-5% $582	+0% $638	+5% $693	+10% $749
Rate	-1.0pp $665	-0.5pp $652	base $638	+0.5pp $624	+1.0pp $609

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19207 Westphalia St Detroit, MI	4.0	1.0	1179	$1,800	$1.53	19d	1	0.12mi
19419 Westphalia St Detroit, MI	3.0	1.0	1293	$1,325	$1.02	19d	1	0.14mi
19143 Fairport St Detroit, MI	3.0	1.0	1070	$1,225	$1.14	19d	1	0.21mi
19610 Westphalia St Detroit, MI	3.0	1.0	1200	$1,595	$1.33	20d	1	0.25mi
19170 Joann St Detroit, MI	4.0	1.0	1020	$1,400	$1.37	45d	1	0.28mi
18703 Waltham St Detroit, MI	2.0	1.0	1000	$1,100	$1.10	45d	1	0.31mi
19220 Alcoy St Detroit, MI	3.0	1.0	1023	$1,350	$1.32	19d	1	0.33mi
18681 Barlow St Detroit, MI	3.0	1.0	1041	$1,400	$1.34	26d	1	0.33mi
18624 Fairport St Detroit, MI	3.0	1.0	874	$1,450	$1.66	24d	1	0.43mi
18624 Fairport St Unit NA Detroit, MI	3.0	1.0	924	$1,450	$1.57	26d	1	0.43mi
20091 Barlow St Detroit, MI	3.0	1.0	930	$1,300	$1.40	19d	1	0.56mi
13669 Pfent St Detroit, MI	3.0	2.0	1031	$1,374	$1.33	19d	1	0.58mi
20027 Alcoy St Detroit, MI	3.0	1.0	1000	$1,349	$1.35	19d	1	0.58mi
18119 Joann St Detroit, MI	2.0	1.0	800	$1,100	$1.38	26d	1	0.59mi
20296 Waltham St Detroit, MI	3.0	1.5	986	$1,300	$1.32	19d	1	0.69mi
13218 Greiner St Detroit, MI	3.0	1.0	1162	$1,195	$1.03	20d	1	0.74mi
20242 Hickory St Detroit, MI	3.0	1.0	747	$1,300	$1.74	13d	1	0.75mi
20227 Pelkey St Detroit, MI	3.0	1.0	968	$1,350	$1.39	19d	1	0.76mi
17851 Strasburg St Detroit, MI	3.0	1.0	1079	$1,100	$1.02	19d	1	0.76mi
20290 Annott St Detroit, MI	3.0	1.0	1300	$1,200	$0.92	0d	1	0.77mi
20215 Schoenherr St Unit 1 Detroit, MI	2.0	1.0	1000	$1,200	$1.20	20d	1	0.78mi
20553 Hamburg St Detroit, MI	3.0	1.0	1074	$1,300	$1.21	5d	1	0.79mi
11513 Greiner St Unit 11521 Greiner Detroit, MI	2.0	1.0	942	$1,050	$1.11	45d	1	0.84mi
18431 Teppert St Detroit, MI	4.0	1.0	1200	$1,400	$1.17	4d	1	0.86mi
13693 Edmore Dr Detroit, MI	3.0	1.5	1269	$1,550	$1.22	13d	1	0.90mi
12807 Coleen Ave Warren, MI	3.0	1.0	1080	$1,250	$1.16	26d	1	0.92mi
12846 Georgiana Ave Warren, MI	3.0	1.0	912	$1,300	$1.43	26d	1	0.95mi
14461 Lappin St Detroit, MI	3.0	1.5	989	$1,150	$1.16	19d	1	1.07mi
17241 Rowe St Detroit, MI	3.0	1.5	1316	$1,450	$1.10	19d	1	1.09mi
14481 Maddelein St Detroit, MI	3.0	1.0	1200	$1,100	$0.92	45d	1	1.09mi
14504 Coram St Detroit, MI	3.0	1.0	1203	$1,175	$0.98	26d	1	1.12mi
13501 Vernon Ave Warren, MI	2.0	1.0	850	$1,300	$1.53	26d	1	1.12mi
21311 Waltham Rd Warren, MI	3.0	1.0	1000	$1,350	$1.35	0d	1	1.13mi
14068 Carlisle St Detroit, MI	3.0	1.0	1020	$1,300	$1.27	26d	1	1.15mi
14134 Collingham Dr Detroit, MI	3.0	1.5	1300	$1,350	$1.04	45d	1	1.16mi
13050 Couwlier Ave Warren, MI	3.0	1.0	850	$1,320	$1.55	0d	1	1.29mi
11377 Sherman Ave Warren, MI	3.0	1.0	1200	$1,400	$1.17	26d	1	1.29mi
12740 August St Detroit, MI	2.0	1.0	900	$1,300	$1.44	7d	1	1.35mi
11785 Nashville St Detroit, MI	3.0	2.0	1360	$1,450	$1.07	5d	1	1.35mi
11228 Sherman Ave Warren, MI	2.0	1.0	1000	$1,200	$1.20	14d	1	1.35mi

Listing history 50 events

1. 2026-06-21
   days on market $55,000 Active 72 DOM
2. 2026-06-18
   days on market $55,000 Active 69 DOM
3. 2026-06-17
   days on market $55,000 Active 68 DOM
4. 2026-06-15
   days on market $55,000 Active 66 DOM
5. 2026-06-13
   days on market $55,000 Active 64 DOM
6. 2026-06-13
   days on market $55,000 Active 63 DOM
7. 2026-06-09
   days on market $55,000 Active 60 DOM
8. 2026-06-08
   days on market $55,000 Active 59 DOM
9. 2026-06-07
   days on market $55,000 Active 58 DOM
10. 2026-06-04
    days on market $55,000 Active 55 DOM
11. 2026-06-03
    days on market $55,000 Active 54 DOM
12. 2026-06-02
    days on market $55,000 Active 53 DOM
13. 2026-06-01
    days on market $55,000 Active 52 DOM
14. 2026-05-31
    days on market $55,000 Active 51 DOM
15. 2026-04-27
    price $55,000 209-char remark

    Show marketing remark (209 chars)

    Here is a brick bungalow on Detroit's east side. Hardwood floors. Vinyl windows. One car brick detached garage. Newer roof on back of house. Good candidate to flip or fix up and rent. Cash or DSCR buyers only.

16. 2026-04-27
    price $55,000 209-char remark

    Show marketing remark (209 chars)

    Here is a brick bungalow on Detroit's east side. Hardwood floors. Vinyl windows. One car brick detached garage. Newer roof on back of house. Good candidate to flip or fix up and rent. Cash or DSCR buyers only.

17. 2026-04-10
    listed $59,000 Active 209-char remark

    Show marketing remark (209 chars)

    Here is a brick bungalow on Detroit's east side. Hardwood floors. Vinyl windows. One car brick detached garage. Newer roof on back of house. Good candidate to flip or fix up and rent. Cash or DSCR buyers only.

18. 2026-04-10
    listed $59,000 Active 209-char remark

    Show marketing remark (209 chars)

    Here is a brick bungalow on Detroit's east side. Hardwood floors. Vinyl windows. One car brick detached garage. Newer roof on back of house. Good candidate to flip or fix up and rent. Cash or DSCR buyers only.

19. 2026-03-17
    historical
20. 2026-01-29
    status Active
21. 2026-01-28
    historical
22. 2026-01-17
    price $60,000
23. 2026-01-16
    price $60,000
24. 2025-12-15
    listed $65,000 Active
25. 2025-12-15
    listed $65,000 Active
26. 2025-12-09
    historical
27. 2025-12-09
    historical
28. 2025-07-30
    listed $70,000 Active
29. 2025-07-30
    listed $70,000 Active
30. 2023-02-09
    soldstatus $73,000
31. 2022-04-29
    soldstatus $49,500 Sold
32. 2022-04-29
    soldstatus $49,500 Closed
33. 2022-04-28
    soldstatus $49,500
34. 2022-03-25
    status Pending
35. 2022-03-25
    status Pending
36. 2022-03-10
    listed $49,500 Active
37. 2022-03-10
    listed $49,500 Active
38. 2021-10-25
    historical
39. 2021-10-25
    historical
40. 2021-09-29
    listed $49,500 Active
41. 2021-09-29
    listed $49,500 Active
42. 2015-07-21
    soldstatus $4,000 Sold
43. 2015-07-21
    soldstatus $4,000
44. 2015-06-19
    historical
45. 2015-06-19
    historical
46. 2015-05-10
    status Active
47. 2015-05-07
    historical
48. 2015-04-17
    listed $5,000 Active
49. 2015-04-17
    listed $5,000
50. 2012-06-27
    soldstatus $46,950

ⓘ 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: $1,975 · $165/mo
• Projected year-2 tax: $1,975 · $165/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 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,917
• − Mortgage interest: −$3,081
• − Property taxes: −$1,975
• − Insurance: −$275
• − Repairs & maintenance: −$1,353
• − Management: −$1,353
• − Depreciation: −$1,600
• Taxable income: $7,280
• Est. tax owed @ 24.0%: −$1,747
• After-tax cash flow: $5,906/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

+193.9% since first listed

42 events — show timeline

• 2026-04-27 Price Changed $55,000 MiRealSource-MiMLS
• 2026-04-27 Price Changed $55,000 REALCOMP
• 2026-04-10 Listed $59,000 REALCOMP
• 2026-04-10 Listed $59,000 MiRealSource-MiMLS
• 2026-03-17 Listing Removed — MiRealSource-MiMLS
• 2026-01-29 Relisted — REALCOMP
• 2026-01-28 Listing Removed — REALCOMP
• 2026-01-17 Price Changed $60,000 MiRealSource-MiMLS
• 2026-01-16 Price Changed $60,000 REALCOMP
• 2025-12-15 Listed $65,000 REALCOMP
• 2025-12-15 Listed $65,000 MiRealSource-MiMLS
• 2025-12-09 Listing Removed — MiRealSource-MiMLS
• 2025-12-09 Listing Removed — REALCOMP
• 2025-07-30 Listed $70,000 REALCOMP
• 2025-07-30 Listed $70,000 MiRealSource-MiMLS
• 2023-02-09 Sold (Public Records) $73,000 Public Records
• 2022-04-29 Sold (MLS) $49,500 MiRealSource-MiMLS
• 2022-04-29 Sold (MLS) $49,500 REALCOMP
• 2022-04-28 Sold (Public Records) $49,500 Public Records
• 2022-03-25 Pending — MiRealSource-MiMLS
• 2022-03-25 Pending — REALCOMP
• 2022-03-10 Listed $49,500 MiRealSource-MiMLS
• 2022-03-10 Listed $49,500 REALCOMP
• 2021-10-25 Listing Removed — REALCOMP
• 2021-10-25 Listing Removed — MiRealSource-MiMLS
• 2021-09-29 Listed $49,500 MiRealSource-MiMLS
• 2021-09-29 Listed $49,500 REALCOMP
• 2015-07-21 Sold (MLS) $4,000 MiRealSource-MiMLS
• 2015-07-21 Sold (MLS) $4,000 REALCOMP
• 2015-06-19 Listing Removed — REALCOMP
• 2015-06-19 Listing Removed — MiRealSource-MiMLS
• 2015-05-10 Relisted — REALCOMP
• 2015-05-07 Listing Removed — REALCOMP
• 2015-04-17 Listed $5,000 REALCOMP
• 2015-04-17 Listed $5,000 MiRealSource-MiMLS
• 2012-06-27 Sold (Public Records) $46,950 Public Records
• 2008-05-16 Sold (MLS) $8,600 MiRealSource-MiMLS
• 2008-03-12 Listing Removed — MiRealSource-MiMLS
• 2008-02-25 Listed $9,900 MiRealSource-MiMLS
• 2006-06-28 Sold (Public Records) $96,000 Public Records
• 2003-03-04 Sold (Public Records) $62,500 Public Records
• 1997-01-21 Sold (Public Records) $18,714 Public Records

Property tax history

+1.4%/yr

Latest (2025): $1,975 · -37.7% YoY. Source: county tax records.