18240 Codding St · Detroit, MI 48219

$80,000

3 bd · 1.0 ba · 974 sqft · SingleFamily public records · 61 Days on market

Built 1951 10,019 sqft lot Est $66k · 21% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

HUD CASE#261-700870 FHA INSURED FINANCING NOT AVAIL. HOME SOLD AS IS. HUD MAKES NO REPAIRS. ELECTRONIC BIDDING VIA PHONE/INTERNET ONLY! COMM. UP TO 5%. MCB & FUTURE MAKES NO WARRANTY AS TO EXISTENCE OF MOLD IN PROP. & IS NOT LIABLE FOR THE POTENTIALLY HARMFUL EFFECTS THEREOF. APPTS. MUST BE MADE W/ LISTING OFFICE.

Key facts

• 0.23 acre lot
• Garage
• Built 1951

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $461 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.2% vs local median 10.2% in Detroit — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 rising fast (+8.0%/yr); 305 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 35% of the median local income ($44k/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 $553 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 + 8.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y ago; this cycle's ask has dropped $15k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 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 1951 — 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: 1.58% ✓
• Cap rate: 13.21%
• Cash-on-cash: 24.70%
• DSCR: 2.10
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $66,232
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18293 Codding St	0.06mi	3/1.0	962 (-1%)	1mo	$30,000	$31	94
23450 Margareta St	0.20mi	3/1.0	957 (-2%)	4mo	$45,000	$47	85
17818 Redfern St	0.37mi	3/1.0	1,044 (+7%)	1mo	$40,000	$38	70
19212 Northrop St	0.72mi	3/1.0	981 (+1%)	2mo	$65,000	$66	63
17335 Beaverland St	0.41mi	3/1.0	1,061 (+9%)	5mo	$81,000	$76	62
17655 Fenton St	0.64mi	3/1.0	969 (-0%)	8mo	$76,500	$79	62
18434 Wormer St	0.47mi	3/1.5	1,024 (+5%)	7mo	$95,000	$93	62
17727 Woodbine St	0.44mi	3/1.5	850 (-13%)	0mo	$58,000	$68	56
22482 W Mcnichols Rd	0.65mi	3/1.5	1,031 (+6%)	2mo	$61,000	$59	56
17679 Woodbine St	0.46mi	3/1.0	850 (-13%)	6mo	$90,000	$106	53
18614 Winston St	0.70mi	3/1.0	1,064 (+9%)	5mo	$110,000	$103	48
16836 Beaverland St	0.69mi	3/1.0	1,100 (+13%)	6mo	$65,500	$60	41

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 23.5%
• Equity multiple: 2.03×
• Total profit: $23,074
• Equity at exit: $11,928

10-year hold

• IRR: 34.5%
• Equity multiple: 4.94×
• Total profit: $88,289
• Equity at exit: $6,917

Cash invested: $22,400 (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 48219

• Home prices YoY: -10.3%
• Rents YoY: 8.0%
• Active inventory: 305
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,262 high
• Mortgage (P&I): −$420
• Tax from tax record: −$83 /mo · $998/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $461

Break-even live

Break-even rent $678

Max offer price $80,000

Occupancy floor 58%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18302 Wormer St Detroit, MI	3.0	1.0	1046	$1,475	$1.41	43d	1	0.45mi
22570 Seven Mile W Detroit, MI	2.0	1.0	890	$875	$0.98	43d	1	0.52mi
24224 W 7 Mile Rd Detroit, MI	1.0–2.0	1.0	600	$875	$1.46	43d	3	0.58mi
19250 Telegraph Rd Unit O7 Detroit, MI	2.0	1.0	820	$975	$1.19	24d	1	0.62mi
19248 Telegraph Rd Unit P7 Detroit, MI	2.0	1.0	820	$975	$1.19	24d	1	0.63mi
19301 Shiawassee Dr Detroit, MI	1.0–2.0	1.0	740	$1,150	$1.55	43d	2	0.64mi
19276 Telegraph Rd Detroit, MI	2.0	1.0	820	$975	$1.19	43d	1	0.65mi
19264 Telegraph Rd Unit G7 Detroit, MI	2.0	1.0	820	$975	$1.19	43d	1	0.65mi
18732 Salem Unit 2 Detroit, MI	2.0	1.0	925	$1,050	$1.14	12d	1	0.79mi
16800 Telegraph Rd Detroit, MI	2.0	1.0	775	$875	$1.13	43d	1	0.79mi
17324 Salem St Detroit, MI	2.0	1.0	989	$1,200	$1.21	24d	1	0.82mi
21455 Pickford St Detroit, MI	2.0	1.0	1000	$1,275	$1.27	43d	1	0.85mi
22649 Frisbee St Detroit, MI	3.0	1.0	1100	$1,495	$1.36	43d	1	0.86mi
16800 Wormer St Detroit, MI	3.0	1.0	912	$1,250	$1.37	18d	1	0.86mi
21451 Glenco St Detroit, MI	3.0	1.0	1026	$1,400	$1.36	16d	1	0.86mi
21434 Karl St Detroit, MI	2.0	1.0	1000	$1,350	$1.35	43d	1	0.87mi
19800 Berg Rd Detroit, MI	3.0	1.0	1000	$1,550	$1.55	16d	1	0.88mi
21440 Bennett St Detroit, MI	3.0	1.0	1037	$1,394	$1.34	16d	1	0.90mi
18025 Bentler St Detroit, MI	3.0	1.0	728	$1,250	$1.72	24d	1	0.91mi
19800 Telegraph Rd Detroit, MI	2.0	1.0	855	$1,020	$1.19	43d	1	0.92mi
16581 Wormer St Detroit, MI	2.0	1.0	720	$1,100	$1.53	43d	1	0.96mi
17721 Westbrook St Detroit, MI	4.0	1.0	1040	$1,125	$1.08	24d	1	1.00mi
17270 Bentler St Detroit, MI	2.0	1.0	650	$850	$1.31	43d	1	1.01mi
17274 Bentler St #46 Detroit, MI	2.0	1.0	700	$850	$1.21	16d	1	1.02mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$838	$1.20	24d	2	1.04mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$850	$1.21	43d	2	1.04mi
22238 Pembroke Ave Detroit, MI	3.0	1.5	1100	$1,500	$1.36	43d	1	1.04mi
16207 Woodbine St Detroit, MI	3.0	1.0	1000	$1,294	$1.29	5d	1	1.05mi
16131 Dale St Detroit, MI	3.0	1.0	1100	$1,500	$1.36	18d	1	1.07mi
16700 Lahser Rd Apt 18 Detroit, MI	2.0	1.0	750	$900	$1.20	43d	1	1.07mi
18437 Trinity St Detroit, MI	3.0	1.0	875	$1,364	$1.56	15d	1	1.09mi
19928 Houghton St Detroit, MI	3.0	1.0	880	$1,495	$1.70	11d	1	1.10mi
15847 Chatham St Detroit, MI	3.0	1.0	909	$1,325	$1.46	5d	1	1.21mi
21422 Pembroke Ave Detroit, MI	3.0	1.5	1000	$1,695	$1.70	16d	1	1.27mi
23411 W Eight Mile Rd Detroit, MI	1.0–2.0	1.0	742	$1,000	$1.35	43d	1	1.34mi
20083 Salem St Detroit, MI	3.0	1.0	969	$1,050	$1.08	11d	1	1.37mi
20083 Salem St Detroit, MI	3.0	1.0	969	$1,050	$1.08	5d	1	1.37mi
16717 Trinity St Detroit, MI	3.0	1.5	1101	$1,250	$1.14	43d	1	1.37mi
18274 Fielding St Detroit, MI	2.0	1.0	700	$1,200	$1.71	16d	1	1.40mi
18205 Stout St Detroit, MI	3.0	1.0	901	$1,078	$1.20	24d	1	1.43mi

Listing history 15 events

1. 2025-04-23
   status Pending
2. 2025-04-09
   historical
3. 2025-02-26
   soldstatus $75,000
4. 2025-01-18
   status Pending
5. 2025-01-18
   status Pending
6. 2025-01-06
   price $80,000
7. 2025-01-06
   price $80,000
8. 2024-12-21
   price $85,000
9. 2024-12-21
   price $85,000
10. 2024-11-18
    listed $95,000 Active
11. 2024-11-18
    listed $95,000 Active
12. 2006-03-15
    soldstatus $34,500 326-char remark

    Show marketing remark (326 chars)

    HUD CASE#261-700870 FHA INSURED FINANCING NOT AVAIL. HOME SOLD AS IS. HUD MAKES NO REPAIRS. ELECTRONIC BIDDING VIA PHONE/INTERNET ONLY! COMM. UP TO 5%. MCB & FUTURE MAKES NO WARRANTY AS TO EXISTENCE OF MOLD IN PROP. & IS NOT LIABLE FOR THE POTENTIALLY HARMFUL EFFECTS THEREOF. APPTS. MUST BE MADE W/ LISTING OFFICE.

13. 2005-11-18
    listed $34,200 326-char remark

    Show marketing remark (326 chars)

    HUD CASE#261-700870 FHA INSURED FINANCING NOT AVAIL. HOME SOLD AS IS. HUD MAKES NO REPAIRS. ELECTRONIC BIDDING VIA PHONE/INTERNET ONLY! COMM. UP TO 5%. MCB & FUTURE MAKES NO WARRANTY AS TO EXISTENCE OF MOLD IN PROP. & IS NOT LIABLE FOR THE POTENTIALLY HARMFUL EFFECTS THEREOF. APPTS. MUST BE MADE W/ LISTING OFFICE.

14. 1999-03-10
    soldstatus $33,000
15. 1999-01-26
    soldstatus $60,000

ⓘ 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: $998 · $83/mo
• Projected year-2 tax: $1,115 · $93/mo
• Expected delta: +$117/yr (+$10/mo · 11.7%)

ⓘ 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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,144
• − Mortgage interest: −$4,481
• − Property taxes: −$998
• − Insurance: −$400
• − Repairs & maintenance: −$1,212
• − Management: −$1,212
• − Depreciation: −$2,327
• Taxable income: $4,515
• Est. tax owed @ 24.0%: −$1,084
• After-tax cash flow: $4,448/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): 47,208
• Household income: $43,655
• Rent vs Own: 45.1% rent · 54.9% own
• Severe rent burden: 3584.0

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 5% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% French/Haitian/Cajun 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: ▼ -65.06%
• Current HPI: 563.3263
• Rent YoY: ▲ 8.04%
• 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

+25.0% since first listed

15 events — show timeline

• 2025-04-23 Pending — REALCOMP
• 2025-04-09 Listing Removed — REALCOMP
• 2025-02-26 Sold (Public Records) $75,000 Public Records
• 2025-01-18 Pending — MiRealSource-MiMLS
• 2025-01-18 Pending — REALCOMP
• 2025-01-06 Price Changed $80,000 MiRealSource-MiMLS
• 2025-01-06 Price Changed $80,000 REALCOMP
• 2024-12-21 Price Changed $85,000 MiRealSource-MiMLS
• 2024-12-21 Price Changed $85,000 REALCOMP
• 2024-11-18 Listed $95,000 MiRealSource-MiMLS
• 2024-11-18 Listed $95,000 REALCOMP
• 2006-03-15 Sold (MLS) $34,500 REALCOMP
• 2005-11-18 Listed $34,200 REALCOMP
• 1999-03-10 Sold (Public Records) $33,000 Public Records
• 1999-01-26 Sold (Public Records) $60,000 Public Records

Property tax history

-3.5%/yr

Latest (2025): $998 · -36.7% YoY. Source: county tax records.