4240 Audubon Rd · Detroit, MI 48224

$100,000

3 bd · 1.5 ba · 1,653 sqft · SingleFamily public records · 12 Days on market

Built 1936 10,019 sqft lot $60/sqft · 45% below area Est $187k · 47% under ↓ 22% since listing

---

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 +28.6/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover this charming home in Detroit's sought-after Morningside neighborhood, filled with character and tons of potential! Featuring beautiful hardwood floors throughout, this spacious layout offers 3 bedrooms and a full bath upstairs, plus an additional half bath in the basement. Situated on a quiet street, this property is perfect for homeowners or investors looking to create something special. With solid bones and endless possibilities, this Morningside gem is ready for its next chapter! This home is perfect for an investor to generate income!

Key facts

• 0.23 acre lot
• 2 garage spots
• Built 1936

Property features AI

Finance

• Other: Listed by RE/MAX First

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories; Ground-level entry with steps
• Construction: Brick construction
• Exterior features: Paved road access; Lot approximately 0.23 acres (60 x 166.38)

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Unfinished basement; Total of 5 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $329 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).

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 flat; 484 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 37% of the median local income ($45k/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 $691 of loan paydown is wiped out by about $3k 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.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 17 sale attempts since 28y 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 $25k; list at $100k implies a 300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,000

Questions for the listing agent

1. Built in 1936 — 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: 1.38% ✓
• Cap rate: 10.24%
• Cash-on-cash: 14.08%
• DSCR: 1.63
• GRM: 6.0

CMA / ARV

• ARV (median comp): $187,351
• List price: $100,000
• Delta: -46.62%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3930 Yorkshire Rd	0.27mi	3/1.0	1,704 (+3%)	2mo	$275,000	$161	79
5236 Bedford St	0.60mi	3/1.5	1,670 (+1%)	1mo	$159,900	$96	70
4368 Buckingham Ave	0.36mi	3/1.0	1,560 (-6%)	4mo	$92,000	$59	69
4836 Kensington Ave	0.35mi	4/1.5 (+1)	1,752 (+6%)	1mo	$195,000	$111	68
5200 Bedford St	0.57mi	3/1.5	1,718 (+4%)	1mo	$159,900	$93	66
5291 Devonshire Rd	0.67mi	3/3.0	1,650 (-0%)	2mo	$245,000	$148	61
4489 Kensington Ave	0.25mi	3/2.0	1,876 (+14%)	4mo	$195,000	$104	61
4331 Balfour Rd	0.54mi	3/2.0	1,793 (+8%)	1mo	$160,000	$89	58
5211 Haverhill St	0.63mi	3/1.5	1,750 (+6%)	4mo	$55,000	$31	58
4830 Courville St	0.31mi	4/1.5 (+1)	1,878 (+14%)	2mo	$119,000	$63	56
5036 Bishop St	0.52mi	4/2.0 (+1)	1,808 (+9%)	3mo	$69,500	$38	51
5075 Harvard Rd	0.61mi	3/2.0	1,825 (+10%)	3mo	$279,200	$153	50

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 · 0.73% rent growth · sell at horizon

5-year hold

• IRR: 1.6%
• Equity multiple: 1.06×
• Total profit: $1,699
• Equity at exit: $14,910

10-year hold

• IRR: 8.7%
• Equity multiple: 1.59×
• Total profit: $16,582
• Equity at exit: $8,646

Cash invested: $28,000 (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 48224

• Rents YoY: 0.7%
• Active inventory: 484
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,383 high
• Mortgage (P&I): −$524
• Tax from tax record: −$198 /mo · $2,374/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $329

Break-even live

Break-even rent $967

Max offer price $100,000

Occupancy floor 71%

Sensitivity live

Price	-10% $385	-5% $357	+0% $329	+5% $300	+10% $272
Rent	-10% $219	-5% $274	+0% $329	+5% $383	+10% $438
Rate	-1.0pp $379	-0.5pp $354	base $329	+0.5pp $303	+1.0pp $276

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4627 Bedford St Unit 1 Detroit, MI	2.0	1.0	1050	$945	$0.90	20d	1	0.28mi
3626 Courville St Detroit, MI	3.0	1.0	1260	$1,300	$1.03	44d	1	0.32mi
3651 Buckingham Ave Detroit, MI	3.0	1.0	1320	$1,300	$0.98	18d	1	0.48mi
5050 Three Mile Dr Detroit, MI	2.0	1.0	2127	$1,150	$0.54	44d	1	0.48mi
3625 Chatsworth St Detroit, MI	3.0	1.5	1182	$1,295	$1.10	25d	1	0.58mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	18d	1	0.68mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	17d	1	0.68mi
5574 Buckingham Ave Detroit, MI	3.0	1.0	1430	$1,450	$1.01	5d	1	0.81mi
890 Neff Rd Grosse Pointe, MI	2.0	1.0	1100	$2,000	$1.82	25d	1	0.82mi
4251 Wayburn St Detroit, MI	3.0	1.5	1326	$1,650	$1.24	44d	1	0.92mi
1312 Somerset Ave Grosse Pointe Park, MI	2.0	1.0	1200	$1,400	$1.17	17d	1	0.93mi
1236 Beaconsfield Ave Unit 1 Grosse Pointe Park, MI	2.0	1.0	1100	$1,600	$1.45	25d	1	1.06mi
5751 Nottingham Rd Unit 5/21/26 Detroit, MI	3.0	1.0	1100	$1,250	$1.14	15d	1	1.07mi
5791 Somerset Ave Detroit, MI	3.0	2.0	1660	$1,400	$0.84	18d	1	1.07mi
1334 Maryland St Grosse Pointe Park, MI	2.0	1.0	1786	$1,200	$0.67	18d	1	1.07mi
5786 Neff Ave Detroit, MI	3.0	1.5	1100	$1,225	$1.11	17d	1	1.14mi
15857 Evanston St Detroit, MI	3.0	1.5	1232	$1,250	$1.01	5d	1	1.15mi
5747 Lakepointe St Detroit, MI	3.0	1.5	1316	$1,473	$1.12	44d	1	1.16mi
9409 Balfour Rd Detroit, MI	3.0	1.0	1195	$1,200	$1.00	44d	1	1.23mi
6225 Oldtown St Detroit, MI	3.0	1.0	1330	$1,199	$0.90	18d	1	1.26mi
9635 Everts St Detroit, MI	4.0	2.0	1450	$1,650	$1.14	44d	1	1.28mi
9171 Bishop St Detroit, MI	4.0	1.0	1508	$1,300	$0.86	44d	1	1.28mi
6154 Woodhall St Detroit, MI	2.0	1.0	1136	$1,000	$0.88	44d	1	1.28mi
6304 Bluehill St Detroit, MI	3.0	1.0	1088	$1,500	$1.38	44d	1	1.30mi
6181 Neff Ave Detroit, MI	3.0	1.0	1102	$1,299	$1.18	18d	1	1.32mi
5944 Marseilles St Detroit, MI	3.0	1.0	1910	$1,300	$0.68	18d	1	1.34mi
9241 Boleyn St Detroit, MI	3.0	1.0	1350	$1,350	$1.00	44d	1	1.39mi
9984 Beaconsfield St Detroit, MI	3.0	1.0	1222	$1,575	$1.29	44d	1	1.40mi
9400 Lakepointe St Detroit, MI	3.0	1.0	1300	$1,150	$0.88	5d	1	1.44mi
6175 Marseilles St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	44d	1	1.44mi
9313 Harvard Rd Detroit, MI	3.0	1.5	1329	$1,200	$0.90	18d	1	1.46mi
9168 Wayburn St Detroit, MI	3.0	1.0	1274	$1,300	$1.02	21d	1	1.47mi

Listing history 30 events

1. 2026-05-07
   listed $100,000 Active 554-char remark

   Show marketing remark (554 chars)

   Discover this charming home in Detroit's sought-after Morningside neighborhood, filled with character and tons of potential! Featuring beautiful hardwood floors throughout, this spacious layout offers 3 bedrooms and a full bath upstairs, plus an additional half bath in the basement. Situated on a quiet street, this property is perfect for homeowners or investors looking to create something special. With solid bones and endless possibilities, this Morningside gem is ready for its next chapter! This home is perfect for an investor to generate income!

2. 2026-05-07
   listed $100,000 Active 560-char remark

   Show marketing remark (554 chars)

   Discover this charming home in Detroit's sought-after Morningside neighborhood, filled with character and tons of potential! Featuring beautiful hardwood floors throughout, this spacious layout offers 3 bedrooms and a full bath upstairs, plus an additional half bath in the basement. Situated on a quiet street, this property is perfect for homeowners or investors looking to create something special. With solid bones and endless possibilities, this Morningside gem is ready for its next chapter! This home is perfect for an investor to generate income!

3. 2026-04-24
   historical
4. 2025-12-03
   status Active
5. 2025-12-03
   status Active
6. 2025-11-13
   listed $99,900
7. 2025-11-13
   listed Active Under Contract
8. 2025-11-13
   listed Accepting Backup Offers
9. 2025-11-13
   listed $99,900
10. 2012-09-13
    soldstatus $25,000
11. 2012-09-13
    soldstatus $25,000
12. 2012-09-13
    soldstatus $25,000
13. 2012-09-10
    historical
14. 2012-05-16
    listed $34,900
15. 2012-05-15
    listed $34,900
16. 2012-05-15
    listed $34,900
17. 2010-01-14
    soldstatus $15,467
18. 2008-08-15
    listed $12,000
19. 2008-06-13
    historical
20. 2008-04-04
    historical
21. 2007-06-22
    listed $115,509
22. 2007-06-22
    listed $115,509
23. 2007-05-16
    historical
24. 2007-04-06
    listed $121,500
25. 1998-12-03
    soldstatus $127,500
26. 1998-07-27
    soldstatus $127,500
27. 1998-07-27
    soldstatus $127,500
28. 1998-04-21
    historical
29. 1998-02-18
    listed $128,900
30. 1998-02-18
    listed $128,900

ⓘ 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: $2,374 · $198/mo
• Projected year-2 tax: $2,374 · $198/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 · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,594
• − Mortgage interest: −$5,602
• − Property taxes: −$2,374
• − Insurance: −$500
• − Repairs & maintenance: −$1,328
• − Management: −$1,328
• − Depreciation: −$2,909
• Taxable income: $2,555
• Est. tax owed @ 24.0%: −$613
• After-tax cash flow: $3,330/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): 39,668
• Household income: $44,856
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 2515.0

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 (88%)
• Race & ethnicity: Black 88% White 8% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Iranian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -226.38%
• Current HPI: 161.886
• Rent YoY: ▲ 0.73%
• 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

-22.4% since first listed

32 events — show timeline

• 2026-05-20 Pending — MiRealSource-MiMLS
• 2026-05-20 Pending — REALCOMP
• 2026-05-07 Listed $100,000 REALCOMP
• 2026-05-07 Listed $100,000 MiRealSource-MiMLS
• 2026-04-24 Listing Removed — MiRealSource-MiMLS
• 2025-12-03 Relisted — MiRealSource-MiMLS
• 2025-12-03 Relisted — REALCOMP
• 2025-11-13 Listed — REALCOMP
• 2025-11-13 Listed $99,900 REALCOMP
• 2025-11-13 Listed — MiRealSource-MiMLS
• 2025-11-13 Listed $99,900 MiRealSource-MiMLS
• 2012-09-13 Sold (MLS) $25,000 MiRealSource-MiMLS
• 2012-09-13 Sold (MLS) $25,000 REALCOMP
• 2012-09-13 Sold (MLS) $25,000 MiRealSource-MiMLS
• 2012-09-10 Listing Removed — MiRealSource-MiMLS
• 2012-05-16 Listed $34,900 MiRealSource-MiMLS
• 2012-05-15 Listed $34,900 MiRealSource-MiMLS
• 2012-05-15 Listed $34,900 REALCOMP
• 2010-01-14 Sold (MLS) $15,467 REALCOMP
• 2008-08-15 Listed $12,000 REALCOMP
• 2008-06-13 Listing Removed — REALCOMP
• 2008-04-04 Listing Removed — MiRealSource-MiMLS
• 2007-06-22 Listed $115,509 MiRealSource-MiMLS
• 2007-06-22 Listed $115,509 REALCOMP
• 2007-05-16 Listing Removed — REALCOMP
• 2007-04-06 Listed $121,500 REALCOMP
• 1998-12-03 Sold (Public Records) $127,500 Public Records
• 1998-07-27 Sold (MLS) $127,500 REALCOMP
• 1998-07-27 Sold (MLS) $127,500 MiRealSource-MiMLS
• 1998-04-21 Listing Removed — MiRealSource-MiMLS
• 1998-02-18 Listed $128,900 REALCOMP
• 1998-02-18 Listed $128,900 MiRealSource-MiMLS

Property tax history

-2.5%/yr

Latest (2025): $2,374 · -0.9% YoY. Source: county tax records.