20264 Waltham St · Detroit, MI 48205

$55,000

3 bd · 1.0 ba · 1,192 sqft · SingleFamily public records · 55 Days on market

Built 1942 4,356 sqft lot Est $94k · 42% 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 +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Turnkey Investment Opportunity – Low-Maintenance Bungalow with Long-Term Tenant. This well-maintained vinyl-sided bungalow features a new roof, some updated electrical and some updated plumbing. This property is currently tenant occupied, providing immediate rental income. This is a Cash Tenant – Rent $800/month, tenant pays all utilities. It is being sold site unseen and will be contingent upon a private inspection. Don't miss out on this promising investment opportunity!

Key facts

• Updated electrical
• New roof
• Updated plumbing

Tags

• LOW-MAINTENANCE BUNGALOW
• NEW ROOF
• UPDATED ELECTRICAL
• UPDATED PLUMBING
• IMMEDIATE RENTAL INCOME

🏷️ Possibly a rental listed for sale. The $55,000 price doesn't fit this home's estimated sale value (~$94,168) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $660 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $53k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.7% 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 rising (+1.3%/yr); 373 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 42% 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 $380 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 + 1.3% 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 55 days — a 3% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 19y 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 $45k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $53,350 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 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 1942 — 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: 2.51% ✓
• Cap rate: 20.68%
• Cash-on-cash: 51.40%
• DSCR: 3.29
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $94,168
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20264 Waltham St	0.00mi	3/1.5	1,192 (0%)	1mo	$50,000	$42	97
19940 Westphalia St	0.28mi	3/1.0	1,114 (-6%)	0mo	$30,000	$27	76
20577 Fairport St	0.21mi	3/1.0	1,078 (-10%)	1mo	$65,000	$60	73
21022 Helle Ave	0.41mi	3/1.0	1,120 (-6%)	2mo	$135,000	$121	69
13693 Edmore Dr	0.58mi	3/1.5	1,269 (+6%)	0mo	$100,000	$79	60
13308 Couwlier Ave	0.70mi	4/1.5 (+1)	1,183 (-1%)	1mo	$108,500	$92	58
12443 Georgiana Ave	0.32mi	2/1.0 (-1)	1,050 (-12%)	5mo	$94,900	$90	56
13900 Bringard Dr	0.71mi	3/1.5	1,242 (+4%)	2mo	$49,000	$39	56
20561 Pelkey St	0.43mi	3/1.0	1,038 (-13%)	3mo	$43,000	$41	56
20020 Pelkey St	0.46mi	3/1.0	1,020 (-14%)	2mo	$75,000	$74	53
19591 Strasburg St	0.52mi	3/1.5	1,034 (-13%)	3mo	$89,000	$86	49
13138 Couwlier Ave	0.67mi	2/1.0 (-1)	1,056 (-11%)	2mo	$119,900	$114	43

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 · 1.33% rent growth · sell at horizon

5-year hold

• IRR: 47.3%
• Equity multiple: 3.00×
• Total profit: $30,870
• Equity at exit: $8,201

10-year hold

• IRR: 52.3%
• Equity multiple: 5.68×
• Total profit: $72,139
• Equity at exit: $4,755

Cash invested: $15,400 (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 48205

• Home prices YoY: -28.1%
• Rents YoY: 1.3%
• Active inventory: 373
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,380 high
• Mortgage (P&I): −$288
• Tax from tax record: −$119 /mo · $1,426/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $660

Break-even live

Break-even rent $545

Max offer price $55,000

Occupancy floor 47%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20296 Waltham St Detroit, MI	3.0	1.5	986	$1,300	$1.32	17d	1	0.01mi
20091 Barlow St Detroit, MI	3.0	1.0	930	$1,300	$1.40	17d	1	0.16mi
20553 Hamburg St Detroit, MI	3.0	1.0	1074	$1,300	$1.21	3d	1	0.18mi
12807 Coleen Ave Warren, MI	3.0	1.0	1080	$1,250	$1.16	24d	1	0.24mi
12846 Georgiana Ave Warren, MI	3.0	1.0	912	$1,300	$1.43	24d	1	0.28mi
20027 Alcoy St Detroit, MI	3.0	1.0	1000	$1,349	$1.35	17d	1	0.34mi
20242 Hickory St Detroit, MI	3.0	1.0	747	$1,300	$1.74	11d	1	0.37mi
20290 Annott St Detroit, MI	3.0	1.0	1300	$1,250	$0.96	17d	1	0.38mi
20227 Pelkey St Detroit, MI	3.0	1.0	968	$1,350	$1.39	17d	1	0.41mi
20215 Schoenherr St Unit 1 Detroit, MI	2.0	1.0	1000	$1,200	$1.20	18d	1	0.47mi
19610 Westphalia St Detroit, MI	3.0	1.0	1200	$1,595	$1.33	18d	1	0.50mi
13501 Vernon Ave Warren, MI	2.0	1.0	850	$1,300	$1.53	24d	1	0.55mi
13693 Edmore Dr Detroit, MI	3.0	1.5	1269	$1,550	$1.22	11d	1	0.58mi
13050 Couwlier Ave Warren, MI	3.0	1.0	850	$1,350	$1.59	24d	1	0.61mi
19419 Westphalia St Detroit, MI	3.0	1.0	1293	$1,325	$1.02	17d	1	0.61mi
19207 Westphalia St Detroit, MI	4.0	1.0	1179	$1,800	$1.53	17d	1	0.74mi
19220 Alcoy St Detroit, MI	3.0	1.0	1023	$1,350	$1.32	17d	1	0.79mi
19143 Fairport St Detroit, MI	3.0	1.0	1070	$1,225	$1.14	17d	1	0.81mi
19170 Joann St Detroit, MI	4.0	1.0	1020	$1,400	$1.37	44d	1	0.82mi
11377 Sherman Ave Warren, MI	3.0	1.0	1200	$1,400	$1.17	24d	1	0.83mi
14068 Carlisle St Detroit, MI	3.0	1.0	1020	$1,300	$1.27	24d	1	0.84mi
13669 Pfent St Detroit, MI	3.0	2.0	1031	$1,374	$1.33	17d	1	0.85mi
14134 Collingham Dr Detroit, MI	3.0	1.5	1300	$1,350	$1.04	44d	1	0.90mi
11228 Sherman Ave Warren, MI	2.0	1.0	1000	$1,200	$1.20	12d	1	0.94mi
18703 Waltham St Detroit, MI	2.0	1.0	1000	$1,100	$1.10	44d	1	1.00mi
18681 Barlow St Detroit, MI	3.0	1.0	1041	$1,400	$1.34	24d	1	1.02mi
11319 Chalmers Ave Warren, MI	3.0	1.0	975	$1,500	$1.54	24d	1	1.07mi
18624 Fairport St Detroit, MI	3.0	1.0	874	$1,450	$1.66	22d	1	1.08mi
18624 Fairport St Unit NA Detroit, MI	3.0	1.0	924	$1,450	$1.57	24d	1	1.08mi
22852 Sharrow Ave Warren, MI	3.0	1.0	1000	$1,400	$1.40	5d	1	1.13mi
11076 Hudson Ave Warren, MI	3.0	1.0	936	$1,395	$1.49	3d	1	1.23mi
18119 Joann St Detroit, MI	2.0	1.0	800	$1,100	$1.38	24d	1	1.25mi
14461 Lappin St Detroit, MI	3.0	1.5	989	$1,150	$1.16	17d	1	1.27mi
14504 Coram St Detroit, MI	3.0	1.0	1203	$1,175	$0.98	24d	1	1.28mi
11359 Maxwell Ave Unit 11359 Warren, MI	2.0	1.0	900	$1,000	$1.11	3d	1	1.29mi
14481 Maddelein St Detroit, MI	3.0	1.0	1200	$1,100	$0.92	44d	1	1.32mi
8640 Chalmers Ave Warren, MI	3.0	1.0	804	$1,423	$1.77	24d	1	1.32mi
8285 Rivard Ave Warren, MI	3.0	1.0	902	$1,549	$1.72	24d	1	1.33mi
8632 Studebaker Ave Warren, MI	3.0	1.0	761	$1,300	$1.71	3d	1	1.36mi
8242 Jackson Ave Warren, MI	3.0	1.0	840	$1,198	$1.43	44d	1	1.37mi

Listing history 30 events

1. 2026-04-16
   status Pending 515-char remark

   Show marketing remark (515 chars)

   Turnkey Investment Opportunity – Low-Maintenance Bungalow with Long-Term Tenant. This well-maintained vinyl-sided bungalow features a new roof, some updated electrical and some updated plumbing. This property is currently tenant occupied, providing immediate rental income. This is a Cash Tenant – Rent $800/month, tenant pays all utilities. It is being sold site unseen and will be contingent upon a private inspection. Don't miss out on this promising investment opportunity!

2. 2026-04-16
   status Pending

   Show marketing remark (515 chars)

   Turnkey Investment Opportunity – Low-Maintenance Bungalow with Long-Term Tenant. This well-maintained vinyl-sided bungalow features a new roof, some updated electrical and some updated plumbing. This property is currently tenant occupied, providing immediate rental income. This is a Cash Tenant – Rent $800/month, tenant pays all utilities. It is being sold site unseen and will be contingent upon a private inspection. Don't miss out on this promising investment opportunity!

3. 2026-02-20
   listed $55,000 Active

   Show marketing remark (515 chars)

   Turnkey Investment Opportunity – Low-Maintenance Bungalow with Long-Term Tenant. This well-maintained vinyl-sided bungalow features a new roof, some updated electrical and some updated plumbing. This property is currently tenant occupied, providing immediate rental income. This is a Cash Tenant – Rent $800/month, tenant pays all utilities. It is being sold site unseen and will be contingent upon a private inspection. Don't miss out on this promising investment opportunity!

4. 2026-02-20
   listed $55,000 Active 515-char remark

   Show marketing remark (515 chars)

   Turnkey Investment Opportunity – Low-Maintenance Bungalow with Long-Term Tenant. This well-maintained vinyl-sided bungalow features a new roof, some updated electrical and some updated plumbing. This property is currently tenant occupied, providing immediate rental income. This is a Cash Tenant – Rent $800/month, tenant pays all utilities. It is being sold site unseen and will be contingent upon a private inspection. Don't miss out on this promising investment opportunity!

5. 2025-12-03
   historical
6. 2025-12-03
   historical
7. 2025-02-14
   status Active
8. 2025-02-14
   status Active
9. 2025-02-05
   historical Accepting Backup Offers
10. 2025-02-05
    historical Active Under Contract
11. 2024-10-26
    listed $65,000 Active
12. 2024-10-26
    listed $65,000 Active
13. 2024-10-11
    historical
14. 2024-10-11
    historical
15. 2024-02-13
    listed $65,000 Active
16. 2024-02-13
    listed $65,000 Active
17. 2022-06-25
    historical
18. 2022-06-25
    historical
19. 2022-03-24
    listed $65,000 Active
20. 2022-03-24
    listed $65,000 Active
21. 2019-12-05
    soldstatus $45,000
22. 2008-03-24
    soldstatus $5,200
23. 2008-03-24
    soldstatus $5,200
24. 2008-02-01
    historical
25. 2008-01-24
    listed $5,900
26. 2008-01-24
    listed $5,900
27. 2008-01-23
    historical
28. 2008-01-23
    historical
29. 2007-10-31
    listed $7,900
30. 2007-10-26
    listed $6,900

ⓘ 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: $1,426 · $119/mo
• Projected year-2 tax: $1,426 · $119/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 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,554
• − Mortgage interest: −$3,081
• − Property taxes: −$1,426
• − Insurance: −$275
• − Repairs & maintenance: −$1,324
• − Management: −$1,324
• − Depreciation: −$1,600
• Taxable income: $7,523
• Est. tax owed @ 24.0%: −$1,806
• After-tax cash flow: $6,110/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

+697.1% since first listed

30 events — show timeline

• 2026-04-16 Pending — MiRealSource-MiMLS
• 2026-04-16 Pending — REALCOMP
• 2026-02-20 Listed $55,000 REALCOMP
• 2026-02-20 Listed $55,000 MiRealSource-MiMLS
• 2025-12-03 Listing Removed — MiRealSource-MiMLS
• 2025-12-03 Listing Removed — REALCOMP
• 2025-02-14 Relisted — MiRealSource-MiMLS
• 2025-02-14 Relisted — REALCOMP
• 2025-02-05 Contingent — MiRealSource-MiMLS
• 2025-02-05 Contingent — REALCOMP
• 2024-10-26 Listed $65,000 MiRealSource-MiMLS
• 2024-10-26 Listed $65,000 REALCOMP
• 2024-10-11 Listing Removed — MiRealSource-MiMLS
• 2024-10-11 Listing Removed — REALCOMP
• 2024-02-13 Listed $65,000 MiRealSource-MiMLS
• 2024-02-13 Listed $65,000 REALCOMP
• 2022-06-25 Listing Removed — MiRealSource-MiMLS
• 2022-06-25 Listing Removed — REALCOMP
• 2022-03-24 Listed $65,000 MiRealSource-MiMLS
• 2022-03-24 Listed $65,000 REALCOMP
• 2019-12-05 Sold (Public Records) $45,000 Public Records
• 2008-03-24 Sold (MLS) $5,200 REALCOMP
• 2008-03-24 Sold (MLS) $5,200 MiRealSource-MiMLS
• 2008-02-01 Listing Removed — MiRealSource-MiMLS
• 2008-01-24 Listed $5,900 REALCOMP
• 2008-01-24 Listed $5,900 MiRealSource-MiMLS
• 2008-01-23 Listing Removed — REALCOMP
• 2008-01-23 Listing Removed — MiRealSource-MiMLS
• 2007-10-31 Listed $7,900 REALCOMP
• 2007-10-26 Listed $6,900 MiRealSource-MiMLS

Property tax history

+14.3%/yr

Latest (2025): $1,426 · -9.3% YoY. Source: county tax records.