1978 Oakdale St · Detroit, MI 48209

$129,000

3 bd · 1.0 ba · 1,194 sqft · SingleFamily public records · 3 Days on market

Built 1919 3,049 sqft lot Est $155k · 17% under

---

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 +20.6/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +6.6/10.0
• 1% rule +4.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks MLS

Open House Sunday April 26th 1-3PM. Rent to own option or Land Contract available!!!! Great opportunity to own this Mexicantown home with $15000 Down and $1300/mo plus Taxes. Credit isnt an issue. Agent owned. Awesome front porch to greet you and a large open floor plan to entertain. Kitchen needs a little updating and carpet is being installed next week. Owner can credit buyer with CONVENTIONAL mortgage to buy this home with ZERO DOWN!!! Huge mechanics dream garage that needs a door. 1/2 bath in basement. Latmo

Key facts

• Open floor plan
• 1/2 bath in basement
• Front porch

Tags

• FRONT PORCH
• OPEN FLOOR PLAN
• MECHANICS DREAM GARAGE
• 1/2 BATH IN BASEMENT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $129k.

Deal economics

• At list price, monthly cash flow is $173 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (2.3% below list).
• Recommended offer: $126k (2.3% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 10.2% in Detroit — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: 66 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% 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 ($43k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $14k of equity ($892 loan paydown + $13k appreciation (10.0% local appreciation)).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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.
• Current owner paid $87k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,064 (2.3% below list)

Questions for the listing agent

1. Built in 1919 — 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: 0.98% ✗
• Cap rate: 7.91%
• Cash-on-cash: 5.76%
• DSCR: 1.26
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $155,220
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8080 Gartner St	0.34mi	3/1.0	1,200 (+0%)	3mo	$165,000	$138	81
1976 Cabot St	0.05mi	4/3.0 (+1)	1,213 (+2%)	5mo	$160,000	$132	78
8072 Senator St	0.34mi	4/1.5 (+1)	1,214 (+2%)	1mo	$133,000	$110	74
9113 Avis St	0.26mi	3/1.5	1,232 (+3%)	12mo	$160,000	$130	70
8792 Chamberlain St	0.49mi	3/1.5	1,224 (+2%)	8mo	$110,000	$90	64
9954 Tuxedo St	0.62mi	3/2.0	1,152 (-4%)	9mo	$206,000	$179	54
1431 Canterbury St	0.74mi	3/1.5	1,152 (-4%)	5mo	$210,000	$182	54
1650 Evans St	0.50mi	2/1.0 (-1)	1,148 (-4%)	16mo	$110,000	$96	52
2713 Casper St	0.65mi	3/1.0	1,100 (-8%)	9mo	$125,000	$114	49
2321 Casper St	0.51mi	4/1.0 (+1)	1,144 (-4%)	20mo	$110,000	$96	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.4%
• Equity multiple: 3.25×
• Total profit: $81,272
• Equity at exit: $116,213

10-year hold

• IRR: 24.8%
• Equity multiple: 7.38×
• Total profit: $230,605
• Equity at exit: $250,619

Cash invested: $36,120 (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 48209

• Home prices YoY: 21.8%
• Active inventory: 66
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,261 high
• Mortgage (P&I): −$676
• Tax from tax record: −$92 /mo · $1,108/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $173

Break-even live

Break-even rent $1,041

Max offer price $129,000

Occupancy floor 81%

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2488 Woodmere St Detroit, MI	3.0	1.0	1000	$1,453	$1.45	5d	1	0.27mi
2508 Inglis St Detroit, MI	2.0	1.0	750	$1,100	$1.47	24d	1	0.45mi
7265 Senator St Detroit, MI	2.0	1.0	1232	$1,300	$1.06	43d	1	0.69mi
7263 Senator St Detroit, MI	2.0	1.0	909	$1,300	$1.43	43d	1	0.69mi
764 Woodmere St Apt 8 Detroit, MI	2.0	1.0	990	$1,100	$1.11	43d	1	0.72mi
6720 Regular St Unit 6724 Detroit, MI	2.0	1.0	750	$950	$1.27	43d	1	1.06mi
6628 W Lafayette Blvd Detroit, MI	2.0	1.0	900	$965	$1.07	43d	1	1.22mi

Listing history 13 events

1. 2026-04-28
   status Pending 517-char remark

   Show marketing remark (517 chars)

   Open House Sunday April 26th 1-3PM. Rent to own option or Land Contract available!!!! Great opportunity to own this Mexicantown home with $15000 Down and $1300/mo plus Taxes. Credit isnt an issue. Agent owned. Awesome front porch to greet you and a large open floor plan to entertain. Kitchen needs a little updating and carpet is being installed next week. Owner can credit buyer with CONVENTIONAL mortgage to buy this home with ZERO DOWN!!! Huge mechanics dream garage that needs a door. 1/2 bath in basement. Latmo

2. 2026-04-28
   status Pending

   Show marketing remark (517 chars)

   Open House Sunday April 26th 1-3PM. Rent to own option or Land Contract available!!!! Great opportunity to own this Mexicantown home with $15000 Down and $1300/mo plus Taxes. Credit isnt an issue. Agent owned. Awesome front porch to greet you and a large open floor plan to entertain. Kitchen needs a little updating and carpet is being installed next week. Owner can credit buyer with CONVENTIONAL mortgage to buy this home with ZERO DOWN!!! Huge mechanics dream garage that needs a door. 1/2 bath in basement. Latmo

3. 2026-04-25
   listed $129,000 Active

   Show marketing remark (517 chars)

   Open House Sunday April 26th 1-3PM. Rent to own option or Land Contract available!!!! Great opportunity to own this Mexicantown home with $15000 Down and $1300/mo plus Taxes. Credit isnt an issue. Agent owned. Awesome front porch to greet you and a large open floor plan to entertain. Kitchen needs a little updating and carpet is being installed next week. Owner can credit buyer with CONVENTIONAL mortgage to buy this home with ZERO DOWN!!! Huge mechanics dream garage that needs a door. 1/2 bath in basement. Latmo

4. 2026-04-25
   listed $129,000 Active 517-char remark

   Show marketing remark (517 chars)

   Open House Sunday April 26th 1-3PM. Rent to own option or Land Contract available!!!! Great opportunity to own this Mexicantown home with $15000 Down and $1300/mo plus Taxes. Credit isnt an issue. Agent owned. Awesome front porch to greet you and a large open floor plan to entertain. Kitchen needs a little updating and carpet is being installed next week. Owner can credit buyer with CONVENTIONAL mortgage to buy this home with ZERO DOWN!!! Huge mechanics dream garage that needs a door. 1/2 bath in basement. Latmo

5. 2025-05-01
   soldstatus $87,000
6. 2025-04-28
   soldstatus $87,000 Closed 759-char remark

   Show marketing remark (759 chars)

   This 3-bedroom, 1.5-bath Colonial home in Detroit is a fantastic fixer-upper opportunity for buyers seeking a project. With a solid foundation and classic Colonial charm, this home offers great potential for renovation and customization. The spacious floor plan features generously sized living and dining rooms, along with three comfortable bedrooms and plenty of closet space. The full bath upstairs and convenient half bath on the main level are both ready for updating. The basement offers additional space for storage, a workshop, or potential future finishing. Outside, the private backyard provides room for outdoor projects or gardening. Don't miss out on this incredible opportunity - schedule your showing today! * * HOME IS BEING SOLD AS-IS. * *

7. 2025-04-28
   soldstatus $87,000 Closed

   Show marketing remark (759 chars)

   This 3-bedroom, 1.5-bath Colonial home in Detroit is a fantastic fixer-upper opportunity for buyers seeking a project. With a solid foundation and classic Colonial charm, this home offers great potential for renovation and customization. The spacious floor plan features generously sized living and dining rooms, along with three comfortable bedrooms and plenty of closet space. The full bath upstairs and convenient half bath on the main level are both ready for updating. The basement offers additional space for storage, a workshop, or potential future finishing. Outside, the private backyard provides room for outdoor projects or gardening. Don't miss out on this incredible opportunity - schedule your showing today! * * HOME IS BEING SOLD AS-IS. * *

8. 2025-04-22
   status Pending
9. 2025-04-21
   historical
10. 2025-03-14
    status Pending 759-char remark

    Show marketing remark (759 chars)

    This 3-bedroom, 1.5-bath Colonial home in Detroit is a fantastic fixer-upper opportunity for buyers seeking a project. With a solid foundation and classic Colonial charm, this home offers great potential for renovation and customization. The spacious floor plan features generously sized living and dining rooms, along with three comfortable bedrooms and plenty of closet space. The full bath upstairs and convenient half bath on the main level are both ready for updating. The basement offers additional space for storage, a workshop, or potential future finishing. Outside, the private backyard provides room for outdoor projects or gardening. Don't miss out on this incredible opportunity - schedule your showing today! * * HOME IS BEING SOLD AS-IS. * *

11. 2025-03-14
    status Pending

    Show marketing remark (759 chars)

    This 3-bedroom, 1.5-bath Colonial home in Detroit is a fantastic fixer-upper opportunity for buyers seeking a project. With a solid foundation and classic Colonial charm, this home offers great potential for renovation and customization. The spacious floor plan features generously sized living and dining rooms, along with three comfortable bedrooms and plenty of closet space. The full bath upstairs and convenient half bath on the main level are both ready for updating. The basement offers additional space for storage, a workshop, or potential future finishing. Outside, the private backyard provides room for outdoor projects or gardening. Don't miss out on this incredible opportunity - schedule your showing today! * * HOME IS BEING SOLD AS-IS. * *

12. 2025-03-10
    listed $87,000 Active

    Show marketing remark (759 chars)

    This 3-bedroom, 1.5-bath Colonial home in Detroit is a fantastic fixer-upper opportunity for buyers seeking a project. With a solid foundation and classic Colonial charm, this home offers great potential for renovation and customization. The spacious floor plan features generously sized living and dining rooms, along with three comfortable bedrooms and plenty of closet space. The full bath upstairs and convenient half bath on the main level are both ready for updating. The basement offers additional space for storage, a workshop, or potential future finishing. Outside, the private backyard provides room for outdoor projects or gardening. Don't miss out on this incredible opportunity - schedule your showing today! * * HOME IS BEING SOLD AS-IS. * *

13. 2025-03-10
    listed $87,000 Active 759-char remark

    Show marketing remark (759 chars)

    This 3-bedroom, 1.5-bath Colonial home in Detroit is a fantastic fixer-upper opportunity for buyers seeking a project. With a solid foundation and classic Colonial charm, this home offers great potential for renovation and customization. The spacious floor plan features generously sized living and dining rooms, along with three comfortable bedrooms and plenty of closet space. The full bath upstairs and convenient half bath on the main level are both ready for updating. The basement offers additional space for storage, a workshop, or potential future finishing. Outside, the private backyard provides room for outdoor projects or gardening. Don't miss out on this incredible opportunity - schedule your showing today! * * HOME IS BEING SOLD AS-IS. * *

ⓘ 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: $1,108 · $92/mo
• Projected year-2 tax: $1,547 · $129/mo
• Expected delta: +$439/yr (+$37/mo · 39.6%)

ⓘ 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 ≥95°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,128
• − Mortgage interest: −$7,226
• − Property taxes: −$1,108
• − Insurance: −$645
• − Repairs & maintenance: −$1,210
• − Management: −$1,210
• − Depreciation: −$3,753
• Taxable loss: −$25
• Est. tax savings @ 24.0%: +$6
• After-tax cash flow: $2,086/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): 27,184
• Household income: $43,161
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 831.0

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 Hispanic (76%)
• Race & ethnicity: Hispanic / Latino 76% White 17% Two or more races 14% Black 6% Native American 2%
• Hispanic origin (detail): Mexican 58% Puerto Rican 7% Cuban 1%
• Common ancestry: Romanian 2% Lithuanian 0%
• Foreign-born: 26% · Canada
• Languages at home: 38% English-only · Spanish 62%

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: ▲ 73.77%
• Current HPI: 412.9753
• Rent YoY: —
• 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

+48.3% since first listed

13 events — show timeline

• 2026-04-28 Pending — MiRealSource-MiMLS
• 2026-04-28 Pending — REALCOMP
• 2026-04-25 Listed $129,000 REALCOMP
• 2026-04-25 Listed $129,000 MiRealSource-MiMLS
• 2025-05-01 Sold (Public Records) $87,000 Public Records
• 2025-04-28 Sold (MLS) $87,000 REALCOMP
• 2025-04-28 Sold (MLS) $87,000 MiRealSource-MiMLS
• 2025-04-22 Pending — REALCOMP
• 2025-04-21 Listing Removed — REALCOMP
• 2025-03-14 Pending — MiRealSource-MiMLS
• 2025-03-14 Pending — REALCOMP
• 2025-03-10 Listed $87,000 REALCOMP
• 2025-03-10 Listed $87,000 MiRealSource-MiMLS

Property tax history

-1.4%/yr

Latest (2025): $1,108 · -8.5% YoY. Source: county tax records.