5019 Larchmont · Detroit, MI 48204

$28,999

3 bd · 1.0 ba · 1,296 sqft · SingleFamily public records · 446 Days on market

Built 1912 1,309 sqft lot $22/sqft · 24% below area Est $27k · 9% over

---

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
• Appreciation +10.0/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• ARV discount +3.3/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks MLS

Makes a good investment. Needs work more info call Listing Agent Ray 313 685-7208. Transaction fee $497

Key facts

• 1,309 sq ft lot
• Built 1912
• Listed 446 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $29k.

Deal economics

• At list price, monthly cash flow is $739 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $29k).
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.
• Cap rate 36.9% 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: 244 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 43% 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 42% of the median local income ($34k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $3k of equity ($200 loan paydown + $3k 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 $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 446 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y ago; this cycle's ask has dropped $20k (41%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $2k; list at $29k implies a 1606% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $25,519 (12.0% below list)

Questions for the listing agent

1. It's been on market 446 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 1912 — 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: 4.21% ✓
• Cap rate: 36.89%
• Cash-on-cash: 109.26%
• DSCR: 5.86
• GRM: 2.0

CMA / ARV

• ARV (median comp): $26,504
• List price: $28,999
• Delta: 9.41%
• Verdict: FAIR
• Comps: 17 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5327 Vancouver St	0.38mi	3/1.0	1,274 (-2%)	5mo	$40,000	$31	75
5362 Allendale St	0.29mi	3/1.0	1,200 (-7%)	2mo	$70,000	$58	73
6410 Scotten St	0.44mi	3/1.0	1,354 (+4%)	3mo	$47,000	$35	70
5357 Spokane Ave	0.50mi	3/1.5	1,288 (-1%)	6mo	$47,997	$37	69
5524 Seebaldt St	0.34mi	4/2.5 (+1)	1,323 (+2%)	5mo	$144,000	$109	66
4497 Vancouver St	0.39mi	3/1.5	1,412 (+9%)	1mo	$150,000	$106	64
5297 Vancouver St	0.37mi	4/1.5 (+1)	1,363 (+5%)	4mo	$60,000	$44	64
5535 Vancouver St	0.46mi	3/1.0	1,440 (+11%)	3mo	$110,000	$76	58
5250 Vancouver St	0.37mi	4/2.0 (+1)	1,450 (+12%)	1mo	$151,000	$104	53
5260 Spokane St	0.49mi	2/1.0 (-1)	1,438 (+11%)	7mo	$12,250	$9	48
3532 Moore Pl Pl	0.74mi	3/1.5	1,181 (-9%)	1mo	$12,000	$10	48
6419 Roosevelt St	0.70mi	3/1.0	1,143 (-12%)	1mo	$15,000	$13	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: —
• Equity multiple: 8.75×
• Total profit: $62,915
• Equity at exit: $26,125

10-year hold

• IRR: —
• Equity multiple: 19.27×
• Total profit: $148,312
• Equity at exit: $56,339

Cash invested: $8,120 (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 48204

• Home prices YoY: 18.5%
• Active inventory: 244
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $1,221 high
• Mortgage (P&I): −$152
• Tax from tax record: −$61 /mo · $730/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $739

Break-even live

Break-even rent $285

Max offer price $28,999

Occupancy floor 34%

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: $7,250
• Closing costs: $870
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4566 Seebaldt St Detroit, MI	2.0	1.0	1200	$1,250	$1.04	22d	1	0.14mi
5101 Oregon St Detroit, MI	2.0	1.0	1000	$1,049	$1.05	44d	1	0.25mi
6307 Woodrow St Detroit, MI	2.0	1.0	1000	$750	$0.75	44d	1	0.29mi
5398 Allendale St Detroit, MI	2.0	1.0	1100	$1,200	$1.09	24d	1	0.33mi
4016 Hogarth St Unit 4018 Hogarth Lower Detroit, MI	2.0	1.0	1200	$1,100	$0.92	3d	1	0.48mi
4915 Maplewood St Detroit, MI	3.0	1.0	1324	$1,100	$0.83	17d	1	0.48mi
4345 W Euclid St Unit 2 Detroit, MI	3.0	1.0	1300	$1,450	$1.12	24d	1	0.55mi
4345 W Euclid St Unit 1 Detroit, MI	3.0	1.0	1300	$1,400	$1.08	24d	1	0.55mi
4426 McGraw Ave Unit 1 Detroit, MI	3.0	1.0	1400	$1,200	$0.86	44d	1	0.61mi
3757 Blaine St Detroit, MI	3.0	1.0	1169	$1,480	$1.27	17d	1	0.82mi
1565 W Grand Blvd Unit 1 Detroit, MI	2.0	1.0	910	$700	$0.77	22d	1	0.83mi
1565 W Grand Blvd Unit 1 Detroit, MI	2.0	1.0	910	$700	$0.77	24d	1	0.83mi
3012 Lothrop Detroit, MI	2.0	1.0	1800	$1,300	$0.72	3d	1	0.84mi
8762 Epworth St Unit 8768 Detroit, MI	2.0	1.0	900	$1,000	$1.11	24d	1	0.86mi
3786 Carter St Unit 2 Detroit, MI	3.0	1.0	1400	$1,100	$0.79	24d	1	0.87mi
3259 W Philadelphia St Detroit, MI	3.0	1.0	1293	$1,400	$1.08	17d	1	0.88mi
1493 W Grand Blvd Detroit, MI	2.0	1.0	1250	$1,145	$0.92	44d	1	0.96mi
3220 Gladstone St Detroit, MI	3.0	1.0	1248	$1,200	$0.96	44d	1	1.07mi
3759 Atkinson St Unit 2 Detroit, MI	2.0	1.0	919	$1,200	$1.31	24d	1	1.12mi
6077 Linwood St Detroit, MI	2.0	1.0	1200	$2,000	$1.67	44d	1	1.18mi
7424 Wykes St Detroit, MI	3.0	1.0	1200	$1,100	$0.92	44d	1	1.19mi
2504 W Euclid St Unit 2504 Detroit, MI	3.0	1.0	1475	$1,650	$1.12	44d	1	1.27mi
2506 W Euclid St Detroit, MI	3.0	1.0	1475	$1,675	$1.14	44d	1	1.27mi
2504 W Euclid St Unit 2506 Detroit, MI	3.0	1.0	1475	$1,675	$1.14	44d	1	1.28mi
2531 Pingree St Unit 2 (FL 2) Detroit, MI	3.0	1.0	893	$1,100	$1.23	2d	1	1.30mi
3422 Edison St Detroit, MI	3.0	1.0	1300	$1,295	$1.00	17d	1	1.30mi
6144 16th St Detroit, MI	3.0	1.0	1284	$1,200	$0.93	44d	1	1.32mi
9789 Chenlot St Unit 1 Detroit, MI	2.0	1.0	1000	$1,000	$1.00	5d	1	1.32mi
8353 Alpine St Detroit, MI	2.0	1.0	1000	$1,050	$1.05	44d	1	1.42mi
2463 Taylor St Detroit, MI	3.0	1.0	1350	$1,100	$0.81	44d	1	1.47mi

Listing history 28 events

1. 2026-06-18
   days on market $28,999 Active 446 DOM
2. 2026-06-17
   days on market $28,999 Active 445 DOM
3. 2026-06-15
   days on market $28,999 Active 443 DOM
4. 2026-06-13
   days on market $28,999 Active 441 DOM
5. 2026-06-13
   days on market $28,999 Active 440 DOM
6. 2026-06-09
   days on market $28,999 Active 437 DOM
7. 2026-06-08
   days on market $28,999 Active 436 DOM
8. 2026-06-07
   days on market $28,999 Active 435 DOM
9. 2026-06-04
   days on market $28,999 Active 432 DOM
10. 2026-06-03
    days on market $28,999 Active 431 DOM
11. 2026-06-01
    days on market $28,999 Active 429 DOM
12. 2026-05-31
    days on market $28,999 Active 428 DOM
13. 2025-09-13
    price $28,999 103-char remark

    Show marketing remark (103 chars)

    Makes a good investment. Needs work more info call Listing Agent Ray 313 685-7208. Transaction fee $497

14. 2025-09-12
    price $28,999 103-char remark

    Show marketing remark (103 chars)

    Makes a good investment. Needs work more info call Listing Agent Ray 313 685-7208. Transaction fee $497

15. 2025-09-12
    price $29,900 103-char remark

    Show marketing remark (103 chars)

    Makes a good investment. Needs work more info call Listing Agent Ray 313 685-7208. Transaction fee $497

16. 2025-09-12
    price $28,999

    Show marketing remark (103 chars)

    Makes a good investment. Needs work more info call Listing Agent Ray 313 685-7208. Transaction fee $497

17. 2025-09-12
    price $29,900

    Show marketing remark (103 chars)

    Makes a good investment. Needs work more info call Listing Agent Ray 313 685-7208. Transaction fee $497

18. 2025-07-25
    price $39,990 103-char remark

    Show marketing remark (103 chars)

    Makes a good investment. Needs work more info call Listing Agent Ray 313 685-7208. Transaction fee $497

19. 2025-07-24
    price $39,990 103-char remark

    Show marketing remark (103 chars)

    Makes a good investment. Needs work more info call Listing Agent Ray 313 685-7208. Transaction fee $497

20. 2025-07-24
    price $39,990

    Show marketing remark (103 chars)

    Makes a good investment. Needs work more info call Listing Agent Ray 313 685-7208. Transaction fee $497

21. 2025-03-29
    listed $49,000 Active 103-char remark

    Show marketing remark (103 chars)

    Makes a good investment. Needs work more info call Listing Agent Ray 313 685-7208. Transaction fee $497

22. 2025-03-29
    listed $49,000 Active 103-char remark

    Show marketing remark (103 chars)

    Makes a good investment. Needs work more info call Listing Agent Ray 313 685-7208. Transaction fee $497

23. 2025-03-29
    listed $49,000 Active

    Show marketing remark (103 chars)

    Makes a good investment. Needs work more info call Listing Agent Ray 313 685-7208. Transaction fee $497

24. 2008-07-28
    soldstatus $1,700
25. 2008-06-04
    listed $2,750
26. 2007-05-11
    soldstatus $82,000
27. 2006-04-11
    historical
28. 2005-11-08
    listed $23,000

ⓘ 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: $730 · $61/mo
• Projected year-2 tax: $730 · $61/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: $14,648
• − Mortgage interest: −$1,624
• − Property taxes: −$730
• − Insurance: −$145
• − Repairs & maintenance: −$1,172
• − Management: −$1,172
• − Depreciation: −$844
• Taxable income: $8,961
• Est. tax owed @ 24.0%: −$2,151
• After-tax cash flow: $6,721/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): 20,696
• Household income: $34,468
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 1418.0

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 (86%)
• Race & ethnicity: Black 86% Two or more races 7% Hispanic / Latino 5% White 4% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Hispanic 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 36.51%
• Current HPI: 234.0465
• 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

+26.1% since first listed

16 events — show timeline

• 2025-09-13 Price Changed $28,999 MiRealSource-MiMLS
• 2025-09-12 Price Changed $28,999 REALCOMP
• 2025-09-12 Price Changed $29,900 REALCOMP
• 2025-09-12 Price Changed $28,999 SW Michigan MLS
• 2025-09-12 Price Changed $29,900 SW Michigan MLS
• 2025-07-25 Price Changed $39,990 MiRealSource-MiMLS
• 2025-07-24 Price Changed $39,990 REALCOMP
• 2025-07-24 Price Changed $39,990 SW Michigan MLS
• 2025-03-29 Listed $49,000 SW Michigan MLS
• 2025-03-29 Listed $49,000 REALCOMP
• 2025-03-29 Listed $49,000 MiRealSource-MiMLS
• 2008-07-28 Sold (MLS) $1,700 REALCOMP
• 2008-06-04 Listed $2,750 REALCOMP
• 2007-05-11 Sold (Public Records) $82,000 Public Records
• 2006-04-11 Listing Removed — REALCOMP
• 2005-11-08 Listed $23,000 REALCOMP

Property tax history

-3.9%/yr

Latest (2025): $730 · -53.3% YoY. Source: county tax records.