2660 Wreford St · Detroit, MI 48208

$18,500

4 bd · 1.0 ba · 1,020 sqft · SingleFamily public records · 196 Days on market

Built 1895 3,485 sqft lot $18/sqft · 58% below area

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Calling all investors. This property is zoned R5 and is located in Detroit's Goldberg neighborhood. Property needs full rehab. Buyer must submit a proposal to purchase. This should include detailed plans for rehab & financing plan w/ Proof Of Funds OR Pre- Approval letter on a new construction loan. Please note that the DLBA 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 abatement 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 abatement on the purchase and development financing. BATVAI. See attached documents for DLBA requirements and offer submission information.

Key facts

• Zoned r5
• Full rehab
• 3,485 sq ft lot

Tags

• ZONED R5
• GOLDBERG NEIGHBORHOOD
• FULL REHAB

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $18k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $18k).
• Recommended offer: $16k (12.0% below list) — sets the bar for market timing.
• Cap rate 73.7% 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: 184 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 41% 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).
• At $1,517/mo this rent would consume 50% of the median local household income ($36k/yr) (locally 601% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $128 of loan paydown is wiped out by about $555 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 + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 196 days — a 12% lower offer ($16k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 23y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $16,280 (12.0% below list)

Questions for the listing agent

1. It's been on market 196 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 1895 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 8.20% ✓
• Cap rate: 73.68%
• Cash-on-cash: 240.67%
• DSCR: 11.71
• GRM: 1.0

CMA / ARV

• ARV (median comp): $54,756
• List price: $18,500
• Delta: -66.21%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6419 Roosevelt St	0.59mi	3/1.0 (-1)	1,143 (+12%)	1mo	$15,000	$13	47
6080 16th St	0.24mi	3/1.0 (-1)	1,160 (+14%)	23mo	$119,000	$103	42
5261 24th St	0.72mi	3/1.0 (-1)	1,132 (+11%)	12mo	$87,000	$77	33

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 13.20×
• Total profit: $63,212
• Equity at exit: $2,758

10-year hold

• IRR: —
• Equity multiple: 28.11×
• Total profit: $140,416
• Equity at exit: $1,600

Cash invested: $5,180 (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 48208

• Home prices YoY: -5.9%
• Active inventory: 184
• Price-to-rent: 1.0×

Monthly cashflow live

• Estimated rent: $1,517 high
• Mortgage (P&I): −$97
• Tax from tax record: −$55 /mo · $655/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $1,039

Break-even live

Break-even rent $202

Max offer price $18,500

Occupancy floor 26%

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: $4,625
• Closing costs: $555
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6144 16th St Detroit, MI	3.0	1.0	1284	$1,200	$0.93	44d	1	0.21mi
6183 Hecla St Detroit, MI	3.0	1.0	1100	$1,700	$1.55	24d	1	0.60mi
2047 Seward St Detroit, MI	3.0	1.0	1421	$1,523	$1.07	5d	1	0.69mi
2504 W Euclid St Unit 2504 Detroit, MI	3.0	1.0	1475	$1,650	$1.12	44d	1	0.72mi
2506 W Euclid St Detroit, MI	3.0	1.0	1475	$1,675	$1.14	44d	1	0.73mi
2504 W Euclid St Unit 2506 Detroit, MI	3.0	1.0	1475	$1,675	$1.14	44d	1	0.73mi
7640 Woodrow Wilson St Unit 1 Detroit, MI	3.0	1.5	1095	$1,400	$1.28	44d	1	0.79mi
3259 W Philadelphia St Detroit, MI	3.0	1.0	1293	$1,400	$1.08	17d	1	0.82mi
2531 Pingree St Unit 2 (FL 2) Detroit, MI	3.0	1.0	893	$1,100	$1.23	2d	1	0.82mi
4619 16th St Detroit, MI	3.0	1.0	1100	$1,250	$1.14	3d	1	0.99mi
3757 Blaine St Detroit, MI	3.0	1.0	1169	$1,480	$1.27	17d	1	1.00mi
4345 W Euclid St Unit 2 Detroit, MI	3.0	1.0	1300	$1,450	$1.12	24d	1	1.03mi
4345 W Euclid St Unit 1 Detroit, MI	3.0	1.0	1300	$1,400	$1.08	24d	1	1.03mi
3220 Gladstone St Detroit, MI	3.0	1.0	1248	$1,200	$0.96	44d	1	1.04mi
2463 Taylor St Detroit, MI	3.0	1.0	1350	$1,100	$0.81	44d	1	1.08mi
3786 Carter St Unit 2 Detroit, MI	3.0	1.0	1400	$1,100	$0.79	24d	1	1.09mi
1226 Virginia Park St Unit 1226 Virginia Park, Upper V 1/10/26 (T) Detroit, MI	3.0	1.0	1100	$1,200	$1.09	44d	1	1.13mi
2254 Taylor St Unit Taylor St unit Detroit, MI	3.0	1.0	1307	$1,550	$1.19	4d	1	1.14mi
4426 McGraw Ave Unit 1 Detroit, MI	3.0	1.0	1400	$1,200	$0.86	44d	1	1.16mi
4915 Maplewood St Detroit, MI	3.0	1.0	1324	$1,100	$0.83	17d	1	1.25mi
3422 Edison St Detroit, MI	3.0	1.0	1300	$1,295	$1.00	17d	1	1.40mi
3984 Commonwealth St Unit B Detroit, MI	3.0	2.0	1100	$2,400	$2.18	24d	1	1.48mi

Listing history 32 events

1. 2026-06-18
   days on market $18,500 Active 196 DOM
2. 2026-06-17
   days on market $18,500 Active 195 DOM
3. 2026-06-15
   days on market $18,500 Active 193 DOM
4. 2026-06-13
   days on market $18,500 Active 191 DOM
5. 2026-06-13
   days on market $18,500 Active 190 DOM
6. 2026-06-09
   days on market $18,500 Active 187 DOM
7. 2026-06-08
   days on market $18,500 Active 186 DOM
8. 2026-06-07
   days on market $18,500 Active 185 DOM
9. 2026-06-04
   days on market $18,500 Active 182 DOM
10. 2026-06-03
    days on market $18,500 Active 181 DOM
11. 2026-06-01
    days on market $18,500 Active 179 DOM
12. 2026-05-31
    days on market $18,500 Active 178 DOM
13. 2025-11-28
    listed $18,500 Active 906-char remark

    Show marketing remark (906 chars)

    Calling all investors. This property is zoned R5 and is located in Detroit's Goldberg neighborhood. Property needs full rehab. Buyer must submit a proposal to purchase. This should include detailed plans for rehab & financing plan w/ Proof Of Funds OR Pre- Approval letter on a new construction loan. Please note that the DLBA 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 abatement 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 abatement on the purchase and development financing. BATVAI. See attached documents for DLBA requirements and offer submission information.

14. 2025-11-28
    listed $18,500 Active 906-char remark

    Show marketing remark (906 chars)

    Calling all investors. This property is zoned R5 and is located in Detroit's Goldberg neighborhood. Property needs full rehab. Buyer must submit a proposal to purchase. This should include detailed plans for rehab & financing plan w/ Proof Of Funds OR Pre- Approval letter on a new construction loan. Please note that the DLBA 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 abatement 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 abatement on the purchase and development financing. BATVAI. See attached documents for DLBA requirements and offer submission information.

15. 2007-07-17
    soldstatus $70,000
16. 2007-03-19
    soldstatus $7,000
17. 2007-01-10
    listed $8,880
18. 2005-02-22
    soldstatus $65,000
19. 2004-07-22
    historical
20. 2004-07-07
    listed $9,500
21. 2004-07-01
    historical
22. 2004-05-13
    listed $13,900
23. 2004-05-13
    historical
24. 2004-04-23
    listed $13,900
25. 2004-03-31
    historical
26. 2004-02-16
    soldstatus $13,900
27. 2003-12-23
    listed $13,900
28. 2003-12-23
    listed $13,900
29. 2003-12-23
    historical
30. 1998-04-25
    soldstatus $8,000
31. 1994-11-21
    soldstatus $6,000
32. 1994-11-21
    soldstatus $8,000

ⓘ 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: $655 · $55/mo
• Projected year-2 tax: $655 · $55/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: $18,201
• − Mortgage interest: −$1,036
• − Property taxes: −$655
• − Insurance: −$92
• − Repairs & maintenance: −$1,456
• − Management: −$1,456
• − Depreciation: −$538
• Taxable income: $12,966
• Est. tax owed @ 24.0%: −$3,112
• After-tax cash flow: $9,355/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): 8,037
• Household income: $36,194
• Rent vs Own: 65.7% rent · 34.3% own
• Severe rent burden: 601.0

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 (66%)
• Race & ethnicity: Black 66% White 23% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 3% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 5% Arabic 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: ▼ -10.56%
• Current HPI: 168.8907
• 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

+208.3% since first listed

20 events — show timeline

• 2025-11-28 Listed $18,500 REALCOMP
• 2025-11-28 Listed $18,500 MiRealSource-MiMLS
• 2007-07-17 Sold (Public Records) $70,000 Public Records
• 2007-03-19 Sold (MLS) $7,000 REALCOMP
• 2007-01-10 Listed $8,880 REALCOMP
• 2005-02-22 Sold (Public Records) $65,000 Public Records
• 2004-07-22 Listing Removed — REALCOMP
• 2004-07-07 Listed $9,500 REALCOMP
• 2004-07-01 Listing Removed — REALCOMP
• 2004-05-13 Listing Removed — REALCOMP
• 2004-05-13 Listed $13,900 REALCOMP
• 2004-04-23 Listed $13,900 REALCOMP
• 2004-03-31 Listing Removed — REALCOMP
• 2004-02-16 Sold (MLS) $13,900 MiRealSource-MiMLS
• 2003-12-23 Listing Removed — MiRealSource-MiMLS
• 2003-12-23 Listed $13,900 MiRealSource-MiMLS
• 2003-12-23 Listed $13,900 REALCOMP
• 1998-04-25 Sold (Public Records) $8,000 Public Records
• 1994-11-21 Sold (Public Records) $8,000 Public Records
• 1994-11-21 Sold (Public Records) $6,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $655 · -25.3% YoY. Source: county tax records.