18109 Cornwall St · Detroit, MI 48224

$72,500

2 bd · 1.0 ba · 600 sqft · SingleFamily public records · 87 Days on market

Built 1946 3,920 sqft lot $121/sqft · 40% above area Est $52k · 40% over

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Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 2-bedroom bungalow currently tenant-occupied at $1,000/month, offering immediate cash flow for investors. This well-maintained home features a functional layout, full basement for additional storage or potential living space, and classic bungalow appeal. A great addition to any rental portfolio!

Key facts

• Full basement
• Functional layout
• 3,920 sq ft lot

Tags

• FULL BASEMENT
• FUNCTIONAL LAYOUT
• CLASSIC BUNGALOW APPEAL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $72k.

Deal economics

• At list price, monthly cash flow is $378 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $72k).
• Recommended offer: $68k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.5% vs local median 10.1% in Detroit — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 492 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $501 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 + 0.7% rent growth), your $20k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y 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 $60k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,150 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1946 — 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. 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: 1.49% ✓
• Cap rate: 12.55%
• Cash-on-cash: 22.35%
• DSCR: 1.99
• GRM: 5.6

CMA / ARV

• ARV (median comp): $51,875
• List price: $72,500
• Delta: 39.76%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4528 Marseilles St	0.20mi	3/1.0 (+1)	637 (+6%)	7mo	$77,500	$122	70
5220 Lafontaine St	0.38mi	2/1.0	604 (+1%)	14mo	$30,500	$50	69
5310 Lafontaine St	0.42mi	2/1.0	629 (+5%)	16mo	$69,900	$111	59
5558 Radnor St	0.43mi	2/1.0	660 (+10%)	6mo	$18,000	$27	58
5036 Farmbrook St	0.17mi	2/1.0	670 (+12%)	18mo	$28,000	$42	58
5031 Anatole St	0.28mi	2/1.0	654 (+9%)	18mo	$85,000	$130	57
5057 Anatole St	0.27mi	1/1.0 (-1)	573 (-4%)	22mo	$67,000	$117	56
5577 Radnor St	0.44mi	1/1.0 (-1)	566 (-6%)	23mo	$10,000	$18	45
4367 Neff Ave	0.45mi	2/1.0	687 (+14%)	21mo	$17,000	$25	38

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: 12.6%
• Equity multiple: 1.49×
• Total profit: $9,916
• Equity at exit: $10,810

10-year hold

• IRR: 19.7%
• Equity multiple: 2.49×
• Total profit: $30,182
• Equity at exit: $6,268

Cash invested: $20,300 (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: 492
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,080 high
• Mortgage (P&I): −$380
• Tax from tax record: −$65 /mo · $775/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $378

Break-even live

Break-even rent $601

Max offer price $72,500

Occupancy floor 60%

Sensitivity live

Price	-10% $419	-5% $399	+0% $378	+5% $357	+10% $337
Rent	-10% $293	-5% $335	+0% $378	+5% $421	+10% $463
Rate	-1.0pp $415	-0.5pp $396	base $378	+0.5pp $359	+1.0pp $340

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: $18,125
• Closing costs: $2,175
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4837 Cadieux Rd Unit 9 Detroit, MI	2.0	1.0	650	$1,200	$1.85	44d	1	0.69mi
4811 Cadieux Rd Unit 10 Detroit, MI	2.0	1.0	663	$1,200	$1.81	44d	1	0.69mi
4811 Cadieux Rd Unit 11 Detroit, MI	2.0	1.0	663	$1,200	$1.81	22d	1	0.69mi
4811 Cadieux Rd Unit 2 Detroit, MI	1.0	1.0	600	$950	$1.58	44d	1	0.69mi
4865 Cadieux Rd Unit 11 Detroit, MI	2.0	1.0	630	$1,200	$1.90	44d	1	0.70mi
17161 Denver St Detroit, MI	1.0	1.0	700	$800	$1.14	13d	1	0.87mi
17161 Denver St Apt 10 Detroit, MI	1.0	1.0	700	$800	$1.14	11d	1	0.87mi
16927 Chandler Park Dr Unit 3_ Detroit, MI	1.0	1.0	600	$900	$1.50	16d	1	0.93mi
21301 Kingsville St Apt 108 Harper Woods, MI	1.0	1.0	700	$900	$1.29	4d	1	1.09mi
5284 Devonshire Rd Detroit, MI	2.0	1.0	650	$1,050	$1.62	25d	1	1.39mi
5284 Devonshire Rd Unit 2 Detroit, MI	1.0	1.0	750	$1,050	$1.40	16d	1	1.39mi
9140 Whittier Ave Unit 1 Detroit, MI	1.0	1.0	550	$700	$1.27	44d	1	1.41mi

Listing history 27 events

1. 2026-06-21
   days on market $72,500 Active 87 DOM
2. 2026-06-18
   days on market $72,500 Active 84 DOM
3. 2026-06-17
   days on market $72,500 Active 83 DOM
4. 2026-06-15
   days on market $72,500 Active 81 DOM
5. 2026-06-13
   days on market $72,500 Active 79 DOM
6. 2026-06-13
   days on market $72,500 Active 78 DOM
7. 2026-06-09
   days on market $72,500 Active 75 DOM
8. 2026-06-08
   days on market $72,500 Active 74 DOM
9. 2026-06-07
   days on market $72,500 Active 73 DOM
10. 2026-06-04
    days on market $72,500 Active 70 DOM
11. 2026-06-03
    days on market $72,500 Active 69 DOM
12. 2026-06-02
    days on market $72,500 Active 68 DOM
13. 2026-06-02
    price $72,500 Active 67 DOM
14. 2026-06-01
    days on market $75,000 Active 67 DOM
15. 2026-05-31
    days on market $75,000 Active 66 DOM
16. 2026-03-26
    listed $75,000 Active 305-char remark

    Show marketing remark (305 chars)

    Charming 2-bedroom bungalow currently tenant-occupied at $1,000/month, offering immediate cash flow for investors. This well-maintained home features a functional layout, full basement for additional storage or potential living space, and classic bungalow appeal. A great addition to any rental portfolio!

17. 2026-03-26
    listed $75,000 Active 305-char remark

    Show marketing remark (305 chars)

    Charming 2-bedroom bungalow currently tenant-occupied at $1,000/month, offering immediate cash flow for investors. This well-maintained home features a functional layout, full basement for additional storage or potential living space, and classic bungalow appeal. A great addition to any rental portfolio!

18. 2025-08-17
    historical
19. 2025-08-17
    historical
20. 2024-05-23
    listed $65,000 Active
21. 2024-05-23
    listed $65,000 Active
22. 2023-06-24
    historical
23. 2023-06-24
    historical
24. 2023-03-15
    listed $65,000 Active
25. 2023-03-14
    listed $65,000 Active
26. 2020-02-14
    soldstatus $60,000
27. 1992-08-25
    soldstatus $14,000

ⓘ 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: $775 · $65/mo
• Projected year-2 tax: $946 · $79/mo
• Expected delta: +$171/yr (+$14/mo · 22.1%)

ⓘ 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: $12,956
• − Mortgage interest: −$4,061
• − Property taxes: −$775
• − Insurance: −$362
• − Repairs & maintenance: −$1,037
• − Management: −$1,037
• − Depreciation: −$2,109
• Taxable income: $3,576
• Est. tax owed @ 24.0%: −$858
• After-tax cash flow: $3,678/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

+435.7% since first listed

12 events — show timeline

• 2026-03-26 Listed $75,000 REALCOMP
• 2026-03-26 Listed $75,000 MiRealSource-MiMLS
• 2025-08-17 Listing Removed — REALCOMP
• 2025-08-17 Listing Removed — MiRealSource-MiMLS
• 2024-05-23 Listed $65,000 REALCOMP
• 2024-05-23 Listed $65,000 MiRealSource-MiMLS
• 2023-06-24 Listing Removed — MiRealSource-MiMLS
• 2023-06-24 Listing Removed — REALCOMP
• 2023-03-15 Listed $65,000 REALCOMP
• 2023-03-14 Listed $65,000 MiRealSource-MiMLS
• 2020-02-14 Sold (Public Records) $60,000 Public Records
• 1992-08-25 Sold (Public Records) $14,000 Public Records

Property tax history

-6.4%/yr

Latest (2025): $775 · -53.4% YoY. Source: county tax records.