2477 Waverly St · Detroit, MI 48238

$82,000

3 bd · 1.0 ba · 1,248 sqft · SingleFamily public records · 2 Days on market

Built 1925 3,485 sqft lot $66/sqft · 93% above area

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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
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming home on Detroit, Enjoy the convenience of being close to fantastic restaurants, shops, major highways, and more. Don't miss the opportunity !!! *

Key facts

• Basement
• Forced air heating
• Vinyl siding

Tags

• BUNGALOW
• BASEMENT
• FORCED AIR HEATING
• VINYL SIDING
• COMPACT LOT
• ESTABLISHED NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $82k.

Deal economics

• At list price, monthly cash flow is $360 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $82k).

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 (+6.1%/yr); 346 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 43% of the median local income ($33k/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 $567 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 + 6.1% rent growth), your $23k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,000

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.47% ✓
• Cap rate: 11.56%
• Cash-on-cash: 18.80%
• DSCR: 1.84
• GRM: 5.7

CMA / ARV

• ARV (median comp): $42,530
• List price: $82,000
• Delta: 92.81%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1689 Tyler St	0.46mi	3/1.5	1,260 (+1%)	6mo	$77,300	$61	70
2268 Highland St	0.43mi	3/1.0	1,163 (-7%)	0mo	$10,000	$9	68
2476 Ford St	0.30mi	3/1.0	1,344 (+8%)	11mo	$46,500	$35	64
3735 W Buena Vista St	0.64mi	3/1.5	1,213 (-3%)	3mo	$164,900	$136	61
2474 Sturtevant St	0.32mi	3/1.0	1,092 (-12%)	4mo	$28,000	$26	61
2509 Richton St	0.50mi	3/1.0	1,114 (-11%)	2mo	$15,000	$13	57
2401 Cortland St	0.46mi	3/1.0	1,176 (-6%)	15mo	$18,000	$15	56
2291 Tuxedo St	0.71mi	3/1.5	1,197 (-4%)	4mo	$35,000	$29	55
1996 W Grand St	0.38mi	3/1.5	1,400 (+12%)	6mo	$40,009	$29	55
3730 Pasadena St	0.68mi	3/1.0	1,359 (+9%)	11mo	$83,500	$61	44
2420 Monterey St	0.54mi	3/1.0	1,080 (-14%)	14mo	$48,000	$44	41
1568 Highland St	0.69mi	4/2.0 (+1)	1,344 (+8%)	6mo	$65,000	$48	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 · 6.14% rent growth · sell at horizon

5-year hold

• IRR: 14.2%
• Equity multiple: 1.59×
• Total profit: $13,587
• Equity at exit: $12,226

10-year hold

• IRR: 25.3%
• Equity multiple: 3.56×
• Total profit: $58,687
• Equity at exit: $7,090

Cash invested: $22,960 (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 48238

• Home prices YoY: -14.4%
• Rents YoY: 6.1%
• Active inventory: 346
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,207 high
• Mortgage (P&I): −$430
• Tax from tax record: −$130 /mo · $1,559/yr
• Insurance: −$34
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $360

Break-even live

Break-even rent $752

Max offer price $82,000

Occupancy floor 65%

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: $20,500
• Closing costs: $2,460
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13639 La Salle Blvd Detroit, MI	2.0	1.0	800	$695	$0.87	10d	1	0.17mi
2433 Pasadena St Unit 2435 Detroit, MI	2.0	1.0	700	$1,025	$1.46	43d	1	0.21mi
2474 Fullerton St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	14d	1	0.28mi
2676 Sturtevant St Unit 1 Detroit, MI	2.0	1.0	1000	$1,000	$1.00	24d	1	0.39mi
1926 Clements St Unit 1926 Detroit, MI	3.0	1.0	1150	$1,250	$1.09	20d	1	0.39mi
1926 Clements St Detroit, MI	3.0	1.0	1150	$1,150	$1.00	4d	1	0.39mi
2638 Richton St Unit 2638 Richton Upper Detroit, MI	2.0	1.0	1000	$900	$0.90	43d	1	0.48mi
2285 Cortland St Detroit, MI	2.0	1.0	900	$1,000	$1.11	16d	1	0.51mi
2034 Ewald Cir Detroit, MI	2.0	1.0	1000	$995	$0.99	4d	1	0.59mi
3740 Tyler St Unit 1 Detroit, MI	3.0	1.0	1300	$1,300	$1.00	4d	1	0.65mi
3224 Monterey St Unit 2E Detroit, MI	2.0	1.0	1200	$1,350	$1.12	43d	1	0.68mi
3783 Tyler St Unit Lower Detroit, MI	3.0	1.0	1000	$1,150	$1.15	43d	1	0.69mi
3824 Tyler St Apt 1 Detroit, MI	3.0	1.0	900	$1,523	$1.69	16d	1	0.72mi
3812 W Grand St Detroit, MI	2.0	1.0	1100	$1,025	$0.93	16d	1	0.73mi
2023 Tuxedo St Detroit, MI	2.0	1.0	950	$1,050	$1.11	24d	1	0.76mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	24d	1	0.79mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	43d	1	0.79mi
2634 Lawrence St Detroit, MI	3.0	1.5	1388	$1,600	$1.15	1d	1	0.86mi
4203 Tyler St Detroit, MI	2.0	1.0	950	$895	$0.94	43d	1	0.87mi
15345 Parkside St Detroit, MI	3.0	1.0	1152	$1,300	$1.13	43d	1	0.94mi
4287 W Grand St Unit 4289 Detroit, MI	3.0	1.0	1250	$1,000	$0.80	43d	1	0.96mi
4336 Buena Vista St Detroit, MI	3.0	1.0	1300	$1,100	$0.85	43d	1	1.00mi
4268 Cortland St Unit 1 Detroit, MI	2.0	1.0	1000	$1,050	$1.05	43d	1	1.01mi
2653 Calvert Ave Unit 1 Detroit, MI	3.0	1.0	1305	$1,200	$0.92	43d	1	1.02mi
2727 Calvert Ave Unit 1 Detroit, MI	3.0	1.5	1350	$1,200	$0.89	43d	1	1.03mi
2925 Calvert St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	16d	1	1.04mi
2045 Calvert St Detroit, MI	2.0	2.0	1400	$1,600	$1.14	43d	1	1.05mi
3224 Calvert St Detroit, MI	3.0	1.0	1150	$1,150	$1.00	43d	1	1.06mi
3226 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,200	$1.09	12d	1	1.07mi
1929 Calvert Ave Unit 2 Detroit, MI	3.0	1.0	1414	$1,199	$0.85	14d	1	1.08mi
3266 Calvert Ave Fl 2 Detroit, MI	3.0	1.0	1279	$1,300	$1.02	24d	1	1.08mi
2690 Ewald Cir Detroit, MI	1.0–2.0	1.0	750	$900	$1.20	24d	4	1.17mi
127 W Buena Vista St Unit 129 Highland Park, MI	2.0	1.0	800	$1,000	$1.25	43d	1	1.19mi
9844 Woodrow Wilson St Detroit, MI	3.0	1.0	1187	$1,300	$1.10	12d	1	1.23mi
1427 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,750	$1.59	43d	1	1.24mi
1427 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,850	$1.68	24d	1	1.24mi
15906 Alden St Detroit, MI	3.0	1.0	1030	$1,150	$1.12	16d	1	1.25mi
11704 Broadstreet Ave Detroit, MI	3.0	1.0	1200	$1,050	$0.88	43d	1	1.27mi
3295 Rochester St Unit 2 Detroit, MI	2.0	1.0	800	$1,000	$1.25	4d	1	1.27mi
3295 Rochester St Unit 2 Detroit, MI	2.0	1.0	782	$850	$1.09	43d	1	1.27mi

Listing history 18 events

1. 2026-06-18
   days on market $82,000 Active 2 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   days on marketlisting id $82,000 Active 1 DOM
4. 2026-06-15
   days on market $82,000 Active 250 DOM
5. 2026-06-13
   days on market $82,000 Active 248 DOM
6. 2026-06-13
   days on market $82,000 Active 247 DOM
7. 2026-06-09
   days on market $82,000 Active 244 DOM
8. 2026-06-08
   days on market $82,000 Active 243 DOM
9. 2026-06-07
   days on market $82,000 Active 242 DOM
10. 2026-06-04
    days on market $82,000 Active 239 DOM
11. 2026-06-03
    days on market $82,000 Active 238 DOM
12. 2026-06-01
    days on market $82,000 Active 236 DOM
13. 2026-05-31
    days on market $82,000 Active 235 DOM
14. 2026-03-31
    price $82,000 171-char remark

    Show marketing remark (171 chars)

    Welcome to this charming home on Detroit, Enjoy the convenience of being close to fantastic restaurants, shops, major highways, and more. Don't miss the opportunity !!! *

15. 2026-03-31
    price $82,000 171-char remark

    Show marketing remark (171 chars)

    Welcome to this charming home on Detroit, Enjoy the convenience of being close to fantastic restaurants, shops, major highways, and more. Don't miss the opportunity !!! *

16. 2025-10-08
    listed $85,000 Active 171-char remark

    Show marketing remark (171 chars)

    Welcome to this charming home on Detroit, Enjoy the convenience of being close to fantastic restaurants, shops, major highways, and more. Don't miss the opportunity !!! *

17. 2025-10-08
    listed $85,000 Active 171-char remark

    Show marketing remark (171 chars)

    Welcome to this charming home on Detroit, Enjoy the convenience of being close to fantastic restaurants, shops, major highways, and more. Don't miss the opportunity !!! *

18. 2020-10-28
    soldstatus $78,900

ⓘ 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: $1,559 · $130/mo
• Projected year-2 tax: $1,559 · $130/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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,487
• − Mortgage interest: −$4,593
• − Property taxes: −$1,559
• − Insurance: −$410
• − Repairs & maintenance: −$1,159
• − Management: −$1,159
• − Depreciation: −$2,385
• Taxable income: $3,221
• Est. tax owed @ 24.0%: −$773
• After-tax cash flow: $3,542/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): 24,731
• Household income: $33,315
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 2172.0

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 (94%)
• Race & ethnicity: Black 94% Two or more races 3% White 1%
• Foreign-born: 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: ▼ -31.96%
• Current HPI: 189.6227
• Rent YoY: ▲ 6.14%
• 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

+3.9% since first listed

5 events — show timeline

• 2026-03-31 Price Changed $82,000 MiRealSource-MiMLS
• 2026-03-31 Price Changed $82,000 REALCOMP
• 2025-10-08 Listed $85,000 REALCOMP
• 2025-10-08 Listed $85,000 MiRealSource-MiMLS
• 2020-10-28 Sold (Public Records) $78,900 Public Records

Property tax history

+4.2%/yr

Latest (2025): $1,559 · -9.5% YoY. Source: county tax records.