4849 Springle St · Detroit, MI 48215

$4,500

3 bd · 1.5 ba · 1,824 sqft · Townhouse public records · 139 Days on market

Built 1926 4,792 sqft lot

---

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

* * * FINAL PROPOSALS DUE BY 7/27/19 * * * Subject address is included as part of a 4 Property Bundle Sale Totaling $18,000. Each deed shall represent a sale price of $4,500/property. HOMES ARE NOT BEING SOLD INDIVIDUALLY, NO EXCEPTIONS. Addresses included: 4800 Springle, 4811 Springle, 4826 Springle and 4849 Springle. All offers must be supported by Proof of Funds for both the Purchase Price, as well as the construction costs. The sale of said property is open to homeowners, investors and developers. The Seller will consider a rehab proposal. Seller Addendum's to be provided upon acceptance of qualifying offer. This sale is contingent upon Buyer & Seller execution of a Development Agreement. Contact agent with additional questions. See attachments for Offer Requirements. BTVAI

Key facts

• 4,792 sq ft lot
• Built 1926
• Listed 139 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $4k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $4k).
• Recommended offer: $4k (12.0% below list) — sets the bar for market timing.
• Cap rate 287.5% 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: 137 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $31 of loan paydown is wiped out by about $135 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 $1k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($4k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y 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: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $3,960 (12.0% below list)

Questions for the listing agent

1. It's been on market 139 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 1926 — 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. 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?
8. 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.
9. 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.
10. 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: 30.54% ✓
• Cap rate: 287.49%
• Cash-on-cash: 1004.27%
• DSCR: 45.68
• GRM: 0.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 53.74×
• Total profit: $66,452
• Equity at exit: $671

10-year hold

• IRR: —
• Equity multiple: 115.63×
• Total profit: $144,430
• Equity at exit: $389

Cash invested: $1,260 (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 48215

• Home prices YoY: -24.1%
• Active inventory: 137
• Price-to-rent: 0.3×

Monthly cashflow live

• Estimated rent: $1,374 high
• Mortgage (P&I): −$24
• Tax est. 1.5%: −$6 /mo · $68/yr
• Insurance: −$2
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $1,054

Break-even live

Break-even rent $39

Max offer price $4,500

Occupancy floor 18%

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: $1,125
• Closing costs: $135
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5966 Eastlawn St Unit NA Detroit, MI	3.0	1.5	1366	$1,500	$1.10	24d	1	0.76mi
3937 Beniteau St Unit 1 Detroit, MI	2.0	1.0	1250	$900	$0.72	43d	1	0.97mi
4251 Wayburn St Detroit, MI	3.0	1.5	1326	$1,650	$1.24	43d	1	0.98mi
5045 Fairview St Detroit, MI	3.0	1.0	1303	$1,200	$0.92	43d	1	1.01mi
5747 Lakepointe St Detroit, MI	3.0	1.5	1316	$1,473	$1.12	43d	1	1.12mi
2174 Springle St Detroit, MI	3.0	1.0	2256	$1,150	$0.51	1d	1	1.16mi
4487 French Rd Detroit, MI	4.0	2.0	1280	$1,800	$1.41	43d	1	1.19mi
4510 Harding St Detroit, MI	3.0	1.0	2394	$1,500	$0.63	17d	1	1.22mi
9168 Wayburn St Detroit, MI	3.0	1.0	1274	$1,300	$1.02	20d	1	1.28mi
5791 Somerset Ave Detroit, MI	3.0	2.0	1660	$1,400	$0.84	17d	1	1.33mi
9400 Lakepointe St Detroit, MI	3.0	1.0	1300	$1,150	$0.88	5d	1	1.36mi
1334 Maryland St Grosse Pointe Park, MI	2.0	1.0	1786	$1,200	$0.67	18d	1	1.42mi
9755 Wayburn St Detroit, MI	3.0	2.0	1498	$1,400	$0.93	3d	1	1.48mi
11806 Wilshire Dr Detroit, MI	4.0	3.0	2000	$1,600	$0.80	24d	1	1.49mi

Listing history 20 events

1. 2025-06-27
   status Pending
2. 2025-03-25
   historical
3. 2024-12-17
   status Pending
4. 2021-10-15
   status Pending
5. 2021-10-12
   historical
6. 2021-09-20
   status Pending
7. 2021-09-14
   historical
8. 2021-03-05
   status Pending
9. 2021-03-02
   historical
10. 2020-05-08
    status Pending
11. 2020-05-05
    historical
12. 2020-02-14
    status Pending
13. 2020-02-13
    historical
14. 2019-11-11
    status Pending 801-char remark

    Show marketing remark (801 chars)

    * * * FINAL PROPOSALS DUE BY 7/27/19 * * * Subject address is included as part of a 4 Property Bundle Sale Totaling $18,000. Each deed shall represent a sale price of $4,500/property. HOMES ARE NOT BEING SOLD INDIVIDUALLY, NO EXCEPTIONS. Addresses included: 4800 Springle, 4811 Springle, 4826 Springle and 4849 Springle. All offers must be supported by Proof of Funds for both the Purchase Price, as well as the construction costs. The sale of said property is open to homeowners, investors and developers. The Seller will consider a rehab proposal. Seller Addendum's to be provided upon acceptance of qualifying offer. This sale is contingent upon Buyer & Seller execution of a Development Agreement. Contact agent with additional questions. See attachments for Offer Requirements. BTVAI

15. 2019-11-11
    status Pending

    Show marketing remark (801 chars)

    * * * FINAL PROPOSALS DUE BY 7/27/19 * * * Subject address is included as part of a 4 Property Bundle Sale Totaling $18,000. Each deed shall represent a sale price of $4,500/property. HOMES ARE NOT BEING SOLD INDIVIDUALLY, NO EXCEPTIONS. Addresses included: 4800 Springle, 4811 Springle, 4826 Springle and 4849 Springle. All offers must be supported by Proof of Funds for both the Purchase Price, as well as the construction costs. The sale of said property is open to homeowners, investors and developers. The Seller will consider a rehab proposal. Seller Addendum's to be provided upon acceptance of qualifying offer. This sale is contingent upon Buyer & Seller execution of a Development Agreement. Contact agent with additional questions. See attachments for Offer Requirements. BTVAI

16. 2019-06-25
    listed $4,500 Active

    Show marketing remark (801 chars)

    * * * FINAL PROPOSALS DUE BY 7/27/19 * * * Subject address is included as part of a 4 Property Bundle Sale Totaling $18,000. Each deed shall represent a sale price of $4,500/property. HOMES ARE NOT BEING SOLD INDIVIDUALLY, NO EXCEPTIONS. Addresses included: 4800 Springle, 4811 Springle, 4826 Springle and 4849 Springle. All offers must be supported by Proof of Funds for both the Purchase Price, as well as the construction costs. The sale of said property is open to homeowners, investors and developers. The Seller will consider a rehab proposal. Seller Addendum's to be provided upon acceptance of qualifying offer. This sale is contingent upon Buyer & Seller execution of a Development Agreement. Contact agent with additional questions. See attachments for Offer Requirements. BTVAI

17. 2019-06-25
    listed $4,500 Active 801-char remark

    Show marketing remark (801 chars)

    * * * FINAL PROPOSALS DUE BY 7/27/19 * * * Subject address is included as part of a 4 Property Bundle Sale Totaling $18,000. Each deed shall represent a sale price of $4,500/property. HOMES ARE NOT BEING SOLD INDIVIDUALLY, NO EXCEPTIONS. Addresses included: 4800 Springle, 4811 Springle, 4826 Springle and 4849 Springle. All offers must be supported by Proof of Funds for both the Purchase Price, as well as the construction costs. The sale of said property is open to homeowners, investors and developers. The Seller will consider a rehab proposal. Seller Addendum's to be provided upon acceptance of qualifying offer. This sale is contingent upon Buyer & Seller execution of a Development Agreement. Contact agent with additional questions. See attachments for Offer Requirements. BTVAI

18. 2003-03-04
    soldstatus $26,000 227-char remark

    Show marketing remark (227 chars)

    ALL CLEAN AND FRESHLY PAINTED TWO FAMILY HOME. TWO BEDROOMS EACH. DINING ROOMS. ALL CITY CERTS ARE COMPLETED. BUYER IS TO SIGN A LETTER OF COMPLIANCE WITH THE CITY OF DETROIT TO COMPLETE REPAIRS. MUST SELL !! MAKE AN OFFER !!!!

19. 2003-02-14
    historical 227-char remark

    Show marketing remark (227 chars)

    ALL CLEAN AND FRESHLY PAINTED TWO FAMILY HOME. TWO BEDROOMS EACH. DINING ROOMS. ALL CITY CERTS ARE COMPLETED. BUYER IS TO SIGN A LETTER OF COMPLIANCE WITH THE CITY OF DETROIT TO COMPLETE REPAIRS. MUST SELL !! MAKE AN OFFER !!!!

20. 2002-06-26
    listed $32,000 227-char remark

    Show marketing remark (227 chars)

    ALL CLEAN AND FRESHLY PAINTED TWO FAMILY HOME. TWO BEDROOMS EACH. DINING ROOMS. ALL CITY CERTS ARE COMPLETED. BUYER IS TO SIGN A LETTER OF COMPLIANCE WITH THE CITY OF DETROIT TO COMPLETE REPAIRS. MUST SELL !! MAKE AN OFFER !!!!

ⓘ 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: $16,490
• − Mortgage interest: −$252
• − Property taxes: −$68
• − Insurance: −$22
• − Repairs & maintenance: −$1,319
• − Management: −$1,319
• − Depreciation: −$131
• Taxable income: $13,379
• Est. tax owed @ 24.0%: −$3,211
• After-tax cash flow: $9,443/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
• City population: 572,865
• Population (ZIP): 10,238

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 (87%)
• Race & ethnicity: Black 87% White 9% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Romanian 1% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% 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: ▼ -60.84%
• Current HPI: 191.0405
• Rent YoY: —
• Metro: —
• 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

-85.9% since first listed

20 events — show timeline

• 2025-06-27 Pending — REALCOMP
• 2025-03-25 Listing Removed — REALCOMP
• 2024-12-17 Pending — REALCOMP
• 2021-10-15 Pending — REALCOMP
• 2021-10-12 Listing Removed — REALCOMP
• 2021-09-20 Pending — REALCOMP
• 2021-09-14 Listing Removed — REALCOMP
• 2021-03-05 Pending — REALCOMP
• 2021-03-02 Listing Removed — REALCOMP
• 2020-05-08 Pending — REALCOMP
• 2020-05-05 Listing Removed — REALCOMP
• 2020-02-14 Pending — REALCOMP
• 2020-02-13 Listing Removed — REALCOMP
• 2019-11-11 Pending — MiRealSource-MiMLS
• 2019-11-11 Pending — REALCOMP
• 2019-06-25 Listed $4,500 MiRealSource-MiMLS
• 2019-06-25 Listed $4,500 REALCOMP
• 2003-03-04 Sold (MLS) $26,000 MiRealSource-MiMLS
• 2003-02-14 Listing Removed — MiRealSource-MiMLS
• 2002-06-26 Listed $32,000 MiRealSource-MiMLS

Property tax history

-47.7%/yr

Latest (2016): $340 · +0.0% YoY. Source: county tax records.