6142 Hereford St · Detroit, MI 48224

$54,000

3 bd · 1.0 ba · 780 sqft · SingleFamily public records · 60 Days on market

Built 1925 8,276 sqft lot $69/sqft · 17% below area Est $65k · 17% under

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

Investor special! This 3-bedroom, 1-bathroom ranch sits far back on a massive, deep lot, offering excellent privacy and plenty of outdoor space. It is a true blank canvas ready for your complete renovation. Featuring a single-level layout with no basement, this property is a straightforward project for a flip or a rental portfolio addition. Bring your contractor and explore the potential!

Key facts

• Excellent privacy
• Massive deep lot
• Single-level layout

Tags

• MASSIVE DEEP LOT
• EXCELLENT PRIVACY
• OUTDOOR SPACE
• SINGLE-LEVEL LAYOUT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $54k.

Deal economics

• At list price, monthly cash flow is $605 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $54k).
• Recommended offer: $52k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.7% vs local median 10.2% 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; 484 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 36% 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 $373 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 + 0.7% 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 60 days — a 3% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 19y ago; this cycle's ask has dropped $6k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $52,380 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — 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. 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: 2.50% ✓
• Cap rate: 19.74%
• Cash-on-cash: 48.03%
• DSCR: 3.14
• GRM: 3.3

CMA / ARV

• ARV (median comp): $64,963
• List price: $54,000
• Delta: -16.88%
• 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
5955 Guilford St	0.26mi	3/1.0	802 (+3%)	6mo	$43,000	$54	78
6183 Woodhall St	0.18mi	3/1.0	720 (-8%)	1mo	$32,000	$44	78
6015 Hereford St	0.07mi	2/1.0 (-1)	886 (+14%)	6mo	$85,000	$96	64
5745 Marseilles St	0.26mi	2/1.0 (-1)	835 (+7%)	10mo	$46,000	$55	63
5203 Marseilles St	0.54mi	3/1.0	816 (+5%)	7mo	$77,500	$95	61
5298 Neff Ave	0.45mi	2/1.0 (-1)	720 (-8%)	2mo	$46,000	$64	60
5243 Neff Ave	0.50mi	2/1.0 (-1)	816 (+5%)	6mo	$85,000	$104	58
5251 Neff Ave	0.50mi	2/1.0 (-1)	720 (-8%)	2mo	$46,000	$64	58
5290 University Pl	0.45mi	2/1.0 (-1)	721 (-8%)	5mo	$60,000	$83	57
10704 Duprey St	0.55mi	3/1.0	845 (+8%)	6mo	$104,000	$123	56
21719 Moross Rd	0.56mi	2/1.0 (-1)	810 (+4%)	10mo	$65,000	$80	54
20515 Moross Rd	0.62mi	2/1.0 (-1)	844 (+8%)	6mo	$55,000	$65	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 · 0.73% rent growth · sell at horizon

5-year hold

• IRR: 42.7%
• Equity multiple: 2.78×
• Total profit: $26,847
• Equity at exit: $8,052

10-year hold

• IRR: 47.7%
• Equity multiple: 5.07×
• Total profit: $61,478
• Equity at exit: $4,669

Cash invested: $15,120 (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: 484
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,351 high
• Mortgage (P&I): −$283
• Tax from tax record: −$157 /mo · $1,879/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $605

Break-even live

Break-even rent $585

Max offer price $54,000

Occupancy floor 50%

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: $13,500
• Closing costs: $1,620
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6175 Marseilles St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	44d	1	0.11mi
6181 Neff Ave Detroit, MI	3.0	1.0	1102	$1,299	$1.18	18d	1	0.12mi
6325 Neff Ave Detroit, MI	3.0	1.0	1000	$1,500	$1.50	3d	1	0.16mi
6301 Lodewyck St Detroit, MI	3.0	1.0	1084	$1,300	$1.20	12d	1	0.19mi
17710 Chester St Detroit, MI	2.0	1.0	984	$1,250	$1.27	44d	1	0.20mi
17720 Chester St Detroit, MI	2.0	1.0	986	$1,250	$1.27	44d	1	0.20mi
5786 Neff Ave Detroit, MI	3.0	1.5	1100	$1,225	$1.11	17d	1	0.20mi
5955 Guilford St Detroit, MI	3.0	1.0	802	$1,400	$1.75	17d	1	0.24mi
5915 Farmbrook St Detroit, MI	3.0	1.5	1000	$1,250	$1.25	24d	1	0.24mi
6304 Bluehill St Detroit, MI	3.0	1.0	1088	$1,500	$1.38	44d	1	0.27mi
10542 Lanark St Detroit, MI	3.0	1.0	1023	$1,250	$1.22	44d	1	0.48mi
21401 Kingsville St Harper Woods, MI	2.0	1.0	944	$1,200	$1.27	24d	1	0.60mi
19203 Edgefield St Harper Woods, MI	2.0	1.0	1100	$1,100	$1.00	24d	1	0.60mi
5783 Yorkshire Rd Detroit, MI	2.0	1.0	1040	$1,200	$1.15	44d	1	0.65mi
10370 Britain St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	44d	1	0.68mi
10692 Meuse St Detroit, MI	3.0	1.0	955	$1,250	$1.31	12d	1	0.70mi
10400 Britain St Detroit, MI	3.0	1.0	890	$1,100	$1.24	44d	1	0.71mi
10037 Grayton St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	3d	1	0.72mi
10177 Boleyn St Detroit, MI	3.0	1.0	767	$1,250	$1.63	44d	1	0.74mi
10985 Peerless St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	5d	1	0.74mi
20461 Kingsville St Harper Woods, MI	4.0	1.0	1100	$1,399	$1.27	15d	1	0.74mi
22144 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,350	$1.65	18d	1	0.75mi
22144 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,350	$1.65	3d	1	0.75mi
22148 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,250	$1.53	17d	1	0.76mi
22148 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,250	$1.53	3d	1	0.76mi
4865 Cadieux Rd Unit 11 Detroit, MI	2.0	1.0	630	$1,200	$1.90	44d	1	0.82mi
4837 Cadieux Rd Unit 9 Detroit, MI	2.0	1.0	650	$1,200	$1.85	44d	1	0.84mi
4811 Cadieux Rd Unit 10 Detroit, MI	2.0	1.0	663	$1,200	$1.81	44d	1	0.86mi
4811 Cadieux Rd Unit 11 Detroit, MI	2.0	1.0	663	$1,200	$1.81	22d	1	0.86mi
17137 Ontario St Unit 1 Detroit, MI	2.0	1.0	982	$1,123	$1.14	24d	1	0.87mi
19982 McCormick St Detroit, MI	3.0	1.0	866	$1,200	$1.39	3d	1	0.89mi
10404 Somerset Ave Detroit, MI	3.0	1.0	1108	$1,475	$1.33	3d	1	1.00mi
19639 Moross Rd Unit 1 Detroit, MI	2.0	1.0	900	$1,100	$1.22	44d	1	1.06mi
11529 Roxbury St Detroit, MI	2.0	1.0	720	$1,200	$1.67	12d	1	1.07mi
11235 Roxbury St Detroit, MI	3.0	1.0	1062	$1,325	$1.25	17d	1	1.09mi
5284 Devonshire Rd Detroit, MI	2.0	1.0	650	$1,050	$1.62	24d	1	1.13mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	44d	1	1.15mi
19661 Kenosha St Harper Woods, MI	3.0	2.0	1000	$1,400	$1.40	24d	1	1.16mi
5028 Bedford St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	5d	1	1.17mi
11776 Rossiter St Detroit, MI	3.0	1.0	964	$1,150	$1.19	11d	1	1.17mi

Listing history 40 events

1. 2026-05-31
   days on market $54,000 Active 60 DOM
2. 2026-05-01
   price $54,000 391-char remark

   Show marketing remark (391 chars)

   Investor special! This 3-bedroom, 1-bathroom ranch sits far back on a massive, deep lot, offering excellent privacy and plenty of outdoor space. It is a true blank canvas ready for your complete renovation. Featuring a single-level layout with no basement, this property is a straightforward project for a flip or a rental portfolio addition. Bring your contractor and explore the potential!

3. 2026-05-01
   price $54,000 391-char remark

   Show marketing remark (391 chars)

   Investor special! This 3-bedroom, 1-bathroom ranch sits far back on a massive, deep lot, offering excellent privacy and plenty of outdoor space. It is a true blank canvas ready for your complete renovation. Featuring a single-level layout with no basement, this property is a straightforward project for a flip or a rental portfolio addition. Bring your contractor and explore the potential!

4. 2026-03-31
   listed $59,700 Active 391-char remark

   Show marketing remark (391 chars)

   Investor special! This 3-bedroom, 1-bathroom ranch sits far back on a massive, deep lot, offering excellent privacy and plenty of outdoor space. It is a true blank canvas ready for your complete renovation. Featuring a single-level layout with no basement, this property is a straightforward project for a flip or a rental portfolio addition. Bring your contractor and explore the potential!

5. 2026-03-31
   listed $59,700 Active 391-char remark

   Show marketing remark (391 chars)

   Investor special! This 3-bedroom, 1-bathroom ranch sits far back on a massive, deep lot, offering excellent privacy and plenty of outdoor space. It is a true blank canvas ready for your complete renovation. Featuring a single-level layout with no basement, this property is a straightforward project for a flip or a rental portfolio addition. Bring your contractor and explore the potential!

6. 2022-07-13
   soldstatus $62,500
7. 2022-05-04
   soldstatus $37,000 Sold
8. 2022-05-04
   soldstatus $37,000 Closed
9. 2022-04-25
   status Pending
10. 2022-04-25
    status Pending
11. 2022-04-21
    price $39,999
12. 2022-04-21
    price $39,999
13. 2022-04-20
    status Active
14. 2022-04-20
    status Active
15. 2022-04-15
    status Pending
16. 2022-04-15
    status Pending
17. 2022-04-12
    price $45,999
18. 2022-04-11
    price $45,999
19. 2022-04-06
    price $46,000
20. 2022-04-06
    price $46,000
21. 2022-04-05
    price $48,000
22. 2022-04-05
    price $48,000
23. 2022-04-02
    price $47,999
24. 2022-04-02
    price $47,999
25. 2022-03-23
    price $48,000
26. 2022-03-23
    price $45,000
27. 2022-03-23
    price $48,000
28. 2022-03-22
    price $45,000
29. 2022-03-15
    listed $55,000 Active
30. 2022-03-15
    listed $55,000 Active
31. 2007-10-18
    soldstatus $13,500
32. 2007-10-08
    soldstatus $13,500
33. 2007-08-21
    historical
34. 2007-07-25
    listed $18,000
35. 2007-07-25
    listed $18,000
36. 2007-07-25
    historical
37. 2007-07-24
    historical
38. 2007-05-10
    listed $26,000
39. 2007-05-07
    listed $26,000
40. 2000-09-26
    soldstatus $45,000

ⓘ 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: $1,879 · $157/mo
• Projected year-2 tax: $1,879 · $157/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 · 14 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: $16,213
• − Mortgage interest: −$3,025
• − Property taxes: −$1,879
• − Insurance: −$270
• − Repairs & maintenance: −$1,297
• − Management: −$1,297
• − Depreciation: −$1,571
• Taxable income: $6,875
• Est. tax owed @ 24.0%: −$1,650
• After-tax cash flow: $5,612/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

+20.0% since first listed

39 events — show timeline

• 2026-05-01 Price Changed $54,000 MiRealSource-MiMLS
• 2026-05-01 Price Changed $54,000 REALCOMP
• 2026-03-31 Listed $59,700 REALCOMP
• 2026-03-31 Listed $59,700 MiRealSource-MiMLS
• 2022-07-13 Sold (Public Records) $62,500 Public Records
• 2022-05-04 Sold (MLS) $37,000 MiRealSource-MiMLS
• 2022-05-04 Sold (MLS) $37,000 REALCOMP
• 2022-04-25 Pending — MiRealSource-MiMLS
• 2022-04-25 Pending — REALCOMP
• 2022-04-21 Price Changed $39,999 MiRealSource-MiMLS
• 2022-04-21 Price Changed $39,999 REALCOMP
• 2022-04-20 Relisted — MiRealSource-MiMLS
• 2022-04-20 Relisted — REALCOMP
• 2022-04-15 Pending — MiRealSource-MiMLS
• 2022-04-15 Pending — REALCOMP
• 2022-04-12 Price Changed $45,999 MiRealSource-MiMLS
• 2022-04-11 Price Changed $45,999 REALCOMP
• 2022-04-06 Price Changed $46,000 MiRealSource-MiMLS
• 2022-04-06 Price Changed $46,000 REALCOMP
• 2022-04-05 Price Changed $48,000 MiRealSource-MiMLS
• 2022-04-05 Price Changed $48,000 REALCOMP
• 2022-04-02 Price Changed $47,999 MiRealSource-MiMLS
• 2022-04-02 Price Changed $47,999 REALCOMP
• 2022-03-23 Price Changed $48,000 MiRealSource-MiMLS
• 2022-03-23 Price Changed $45,000 MiRealSource-MiMLS
• 2022-03-23 Price Changed $48,000 REALCOMP
• 2022-03-22 Price Changed $45,000 REALCOMP
• 2022-03-15 Listed $55,000 MiRealSource-MiMLS
• 2022-03-15 Listed $55,000 REALCOMP
• 2007-10-18 Sold (MLS) $13,500 MiRealSource-MiMLS
• 2007-10-08 Sold (MLS) $13,500 REALCOMP
• 2007-08-21 Listing Removed — MiRealSource-MiMLS
• 2007-07-25 Listing Removed — MiRealSource-MiMLS
• 2007-07-25 Listed $18,000 REALCOMP
• 2007-07-25 Listed $18,000 MiRealSource-MiMLS
• 2007-07-24 Listing Removed — REALCOMP
• 2007-05-10 Listed $26,000 REALCOMP
• 2007-05-07 Listed $26,000 MiRealSource-MiMLS
• 2000-09-26 Sold (Public Records) $45,000 Public Records

Property tax history

+0.4%/yr

Latest (2025): $1,879 · -9.9% YoY. Source: county tax records.