12326 Garnet St · Detroit, MI 48205

$48,000

3 bd · 1.0 ba · 994 sqft · Land · 786 Days on market

Built 1967 5,227 sqft lot $48/sqft · 10% above area Est $43k · 10% 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
• Livability +3.7/5.0
• ARV discount +2.8/15.0
• 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

Great invest opportunity offering a brick ranch with full basement and attached garage that includes 7 lots, 13037, 13047, 13053, 13057, 13059, 13079 & 13089 Houston-Whittier. These lots are to primed for development, so don't sleep on this opportunity. Please note that the Detroit Land Bank Authority is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatements and lot combinations that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing.

Key facts

• 5,227 sq ft lot
• Built 1967
• Listed 786 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath land listed at $48k.

Deal economics

• At list price, monthly cash flow is $707 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• Recommended offer: $42k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.0% 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: Brewer Academy (math 5% / reading 15%, grade F, #1,230 of 1,397 statewide, top 91%, 468 students, 93% FRL); Clippert Academy (379 students, 82% FRL); Denby High School (math 24% / reading 24%, grade F, #481 of 713 statewide, top 81%, 537 students, 88% FRL) — zoned schools at 88% FRL track the district average.
• Market conditions: Rents rising (+1.3%/yr); 376 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 41% 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 $332 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 786 days — a 12% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago 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.
• Current owner paid $9k; list at $48k implies a 440% gain — meaningful room to come down on a strong offer.

Recommended offer $42,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 786 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — 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: 2.74% ✓
• Cap rate: 23.98%
• Cash-on-cash: 63.15%
• DSCR: 3.81
• GRM: 3.0

CMA / ARV

• ARV (median comp): $43,446
• List price: $48,000
• Delta: 10.48%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.33% rent growth · sell at horizon

5-year hold

• IRR: 60.3%
• Equity multiple: 3.61×
• Total profit: $35,117
• Equity at exit: $7,157

10-year hold

• IRR: 64.4%
• Equity multiple: 6.96×
• Total profit: $80,041
• Equity at exit: $4,150

Cash invested: $13,440 (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: 3.0×

Monthly cashflow live

• Estimated rent: $1,315 high
• Mortgage (P&I): −$252
• Tax est. 1.5%: −$60 /mo · $720/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $707

Break-even live

Break-even rent $420

Max offer price $48,000

Occupancy floor 41%

Sensitivity live

Price	-10% $740	-5% $724	+0% $707	+5% $691	+10% $674
Rent	-10% $603	-5% $655	+0% $707	+5% $759	+10% $811
Rate	-1.0pp $731	-0.5pp $720	base $707	+0.5pp $695	+1.0pp $682

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: $12,000
• Closing costs: $1,440
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12740 August St Detroit, MI	2.0	1.0	900	$1,300	$1.44	7d	1	0.18mi
12112 Christy St Unit 12110 Detroit, MI	2.0	1.0	950	$1,200	$1.26	45d	1	0.56mi
12110 Christy St Detroit, MI	2.0	1.5	950	$1,200	$1.26	19d	1	0.56mi
18119 Joann St Detroit, MI	2.0	1.0	800	$1,100	$1.38	26d	1	0.63mi
17851 Strasburg St Detroit, MI	3.0	1.0	1079	$1,100	$1.02	19d	1	0.78mi
18624 Fairport St Detroit, MI	3.0	1.0	874	$1,450	$1.66	23d	1	0.79mi
18624 Fairport St Unit NA Detroit, MI	3.0	1.0	924	$1,450	$1.57	26d	1	0.79mi
11700 Engleside St Detroit, MI	3.0	1.0	1000	$1,175	$1.18	45d	1	0.86mi
11765 Glenfield Ave Unit 1510880P Detroit, MI	2.0	1.0	990	$3,102	$3.13	16d	1	0.92mi
18703 Waltham St Detroit, MI	2.0	1.0	1000	$1,100	$1.10	45d	1	0.95mi
15010 Cedargrove St Detroit, MI	3.0	1.5	1018	$1,350	$1.33	45d	1	0.95mi
18681 Barlow St Detroit, MI	3.0	1.0	1041	$1,400	$1.34	26d	1	0.97mi
13400 Longview St Detroit, MI	3.0	1.5	1000	$1,400	$1.40	45d	1	1.02mi
13137 Elmdale St Detroit, MI	3.0	1.0	1115	$1,400	$1.26	26d	1	1.03mi
19170 Joann St Detroit, MI	4.0	1.0	1020	$1,400	$1.37	45d	1	1.05mi
19143 Fairport St Detroit, MI	3.0	1.0	1070	$1,225	$1.14	19d	1	1.05mi
12210 Longview St Detroit, MI	3.0	1.0	1020	$1,100	$1.08	45d	1	1.08mi
19220 Alcoy St Detroit, MI	3.0	1.0	1023	$1,350	$1.32	19d	1	1.09mi
11513 Greiner St Unit 11521 Greiner Detroit, MI	2.0	1.0	942	$1,050	$1.11	45d	1	1.12mi
15238 Seymour St Detroit, MI	3.0	1.0	1064	$1,300	$1.22	0d	1	1.14mi
13669 Pfent St Detroit, MI	3.0	2.0	1031	$1,374	$1.33	19d	1	1.17mi
13067 Wade St Detroit, MI	2.0	1.0	660	$900	$1.36	7d	1	1.21mi
14461 Lappin St Detroit, MI	3.0	1.5	989	$1,150	$1.16	19d	1	1.25mi
15494 Mapleridge St Detroit, MI	3.0	1.0	937	$1,275	$1.36	45d	1	1.35mi
10644 Stratman St Detroit, MI	2.0	1.0	1000	$1,200	$1.20	19d	1	1.41mi
9190 Hayes St Unit 1 Detroit, MI	2.0	1.0	750	$850	$1.13	17d	1	1.44mi
19335 Hoover St Detroit, MI	2.0	1.0	620	$1,099	$1.77	45d	1	1.50mi
19335 Hoover St Detroit, MI	2.0	1.0	620	$1,099	$1.77	19d	1	1.50mi

Listing history 16 events

1. 2026-06-21
   days on market $48,000 Active 786 DOM
2. 2026-06-18
   days on market $48,000 Active 783 DOM
3. 2026-06-17
   days on market $48,000 Active 782 DOM
4. 2026-06-15
   days on market $48,000 Active 780 DOM
5. 2026-06-13
   days on market $48,000 Active 778 DOM
6. 2026-06-13
   days on market $48,000 Active 777 DOM
7. 2026-06-09
   days on market $48,000 Active 774 DOM
8. 2026-06-08
   days on market $48,000 Active 773 DOM
9. 2026-06-07
   days on market $48,000 Active 772 DOM
10. 2026-06-04
    days on market $48,000 Active 769 DOM
11. 2026-06-03
    days on market $48,000 Active 768 DOM
12. 2026-06-01
    days on market $48,000 Active 766 DOM
13. 2026-05-31
    days on market $48,000 Active 765 DOM
14. 2024-04-26
    listed $48,000 Active 818-char remark

    Show marketing remark (818 chars)

    Great invest opportunity offering a brick ranch with full basement and attached garage that includes 7 lots, 13037, 13047, 13053, 13057, 13059, 13079 & 13089 Houston-Whittier. These lots are to primed for development, so don't sleep on this opportunity. Please note that the Detroit Land Bank Authority is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatements and lot combinations that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing.

15. 2024-04-26
    listed $48,000 Active 818-char remark

    Show marketing remark (818 chars)

    Great invest opportunity offering a brick ranch with full basement and attached garage that includes 7 lots, 13037, 13047, 13053, 13057, 13059, 13079 & 13089 Houston-Whittier. These lots are to primed for development, so don't sleep on this opportunity. Please note that the Detroit Land Bank Authority is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatements and lot combinations that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing.

16. 1992-08-07
    soldstatus $8,882

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $15,783
• − Mortgage interest: −$2,689
• − Property taxes: −$720
• − Insurance: −$240
• − Repairs & maintenance: −$1,263
• − Management: −$1,263
• − Depreciation: −$1,396
• Taxable income: $8,212
• Est. tax owed @ 24.0%: −$1,971
• After-tax cash flow: $6,517/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

+440.4% since first listed

3 events — show timeline

• 2024-04-26 Listed $48,000 MiRealSource-MiMLS
• 2024-04-26 Listed $48,000 REALCOMP
• 1992-08-07 Sold (Public Records) $8,882 Public Records