18043 Syracuse St · Detroit, MI 48234

$59,000

2 bd · 1.0 ba · 735 sqft · SingleFamily public records · 448 Days on market

Built 1958 3,485 sqft lot $80/sqft · 38% above area Est $43k · 38% over ↓ 16% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.2/5.0
• Livability +3.7/5.0
• 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

Great investment property or starter home! Beautiful home.

Key facts

• 3,485 sq ft lot
• Garage
• Built 1958

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $59k.

Deal economics

• At list price, monthly cash flow is $470 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• Recommended offer: $52k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.9% 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: Rents rising fast (+6.7%/yr); 226 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 ($35k/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 $408 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 + 6.7% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 448 days — a 12% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $21k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $51,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 448 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 1958 — 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: 1.86% ✓
• Cap rate: 15.86%
• Cash-on-cash: 34.16%
• DSCR: 2.52
• GRM: 4.5

CMA / ARV

• ARV (median comp): $42,866
• List price: $59,000
• Delta: 37.64%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18116 Bloom St	0.16mi	3/1.0 (+1)	720 (-2%)	23mo	$87,000	$121	65
18485 Moenart St	0.27mi	3/1.0 (+1)	834 (+14%)	4mo	$58,500	$70	57
18677 Fenelon St	0.47mi	2/1.0	682 (-7%)	22mo	$41,000	$60	48

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 · 6.72% rent growth · sell at horizon

5-year hold

• IRR: 33.7%
• Equity multiple: 2.49×
• Total profit: $24,665
• Equity at exit: $8,797

10-year hold

• IRR: 42.5%
• Equity multiple: 5.78×
• Total profit: $78,971
• Equity at exit: $5,101

Cash invested: $16,520 (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 48234

• Home prices YoY: -11.9%
• Rents YoY: 6.7%
• Active inventory: 226
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,098 medium
• Mortgage (P&I): −$309
• Tax from tax record: −$63 /mo · $754/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $470

Break-even live

Break-even rent $502

Max offer price $59,000

Occupancy floor 52%

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18662 Sunset St Detroit, MI	2.0	1.0	726	$1,250	$1.72	17d	1	0.78mi
18475 Wexford St Unit 1 Detroit, MI	2.0	1.0	500	$950	$1.90	24d	1	1.00mi
7533 Quinn St Unit 1 Detroit, MI	2.0	1.0	700	$850	$1.21	43d	1	1.03mi

Listing history 25 events

1. 2026-06-18
   days on market $59,000 Active 448 DOM
2. 2026-06-17
   days on market $59,000 Active 447 DOM
3. 2026-06-15
   days on market $59,000 Active 445 DOM
4. 2026-06-13
   days on market $59,000 Active 443 DOM
5. 2026-06-13
   days on market $59,000 Active 442 DOM
6. 2026-06-09
   days on market $59,000 Active 439 DOM
7. 2026-06-08
   days on market $59,000 Active 438 DOM
8. 2026-06-07
   days on market $59,000 Active 437 DOM
9. 2026-06-04
   days on market $59,000 Active 434 DOM
10. 2026-06-03
    days on market $59,000 Active 433 DOM
11. 2026-06-01
    days on market $59,000 Active 431 DOM
12. 2026-05-31
    days on market $59,000 Active 430 DOM
13. 2026-03-27
    status Active 58-char remark

    Show marketing remark (58 chars)

    Great investment property or starter home! Beautiful home.

14. 2026-03-27
    historical 58-char remark

    Show marketing remark (58 chars)

    Great investment property or starter home! Beautiful home.

15. 2026-03-12
    price $59,000 58-char remark

    Show marketing remark (58 chars)

    Great investment property or starter home! Beautiful home.

16. 2026-03-12
    price $59,000 58-char remark

    Show marketing remark (58 chars)

    Great investment property or starter home! Beautiful home.

17. 2026-01-29
    price $70,000 58-char remark

    Show marketing remark (58 chars)

    Great investment property or starter home! Beautiful home.

18. 2026-01-28
    price $70,000 58-char remark

    Show marketing remark (58 chars)

    Great investment property or starter home! Beautiful home.

19. 2025-09-10
    price $75,000 58-char remark

    Show marketing remark (58 chars)

    Great investment property or starter home! Beautiful home.

20. 2025-09-10
    price $75,000 58-char remark

    Show marketing remark (58 chars)

    Great investment property or starter home! Beautiful home.

21. 2025-04-22
    status Active 58-char remark

    Show marketing remark (58 chars)

    Great investment property or starter home! Beautiful home.

22. 2025-04-22
    historical 58-char remark

    Show marketing remark (58 chars)

    Great investment property or starter home! Beautiful home.

23. 2025-03-27
    status Active 58-char remark

    Show marketing remark (58 chars)

    Great investment property or starter home! Beautiful home.

24. 2025-03-25
    listed $80,000 Active 58-char remark

    Show marketing remark (58 chars)

    Great investment property or starter home! Beautiful home.

25. 2021-03-16
    soldstatus $69,900

ⓘ 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: $754 · $63/mo
• Projected year-2 tax: $831 · $69/mo
• Expected delta: +$77/yr (+$6/mo · 10.2%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,172
• − Mortgage interest: −$3,305
• − Property taxes: −$754
• − Insurance: −$295
• − Repairs & maintenance: −$1,054
• − Management: −$1,054
• − Depreciation: −$1,716
• Taxable income: $4,994
• Est. tax owed @ 24.0%: −$1,199
• After-tax cash flow: $4,445/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): 32,760
• Household income: $35,322
• Rent vs Own: 47.0% rent · 53.0% own
• Severe rent burden: 2372.0

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 (94%)
• Race & ethnicity: Black 94% White 3% Two or more races 1%
• Common ancestry: Romanian 1%
• Foreign-born: 2% · Canada, Vietnam, Philippines
• Languages at home: 97% English-only · French/Haitian/Cajun 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: ▼ -44.65%
• Current HPI: 328.8978
• Rent YoY: ▲ 6.72%
• 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

-15.6% since first listed

13 events — show timeline

• 2026-03-27 Relisted — REALCOMP
• 2026-03-27 Listing Removed — REALCOMP
• 2026-03-12 Price Changed $59,000 MiRealSource-MiMLS
• 2026-03-12 Price Changed $59,000 REALCOMP
• 2026-01-29 Price Changed $70,000 MiRealSource-MiMLS
• 2026-01-28 Price Changed $70,000 REALCOMP
• 2025-09-10 Price Changed $75,000 MiRealSource-MiMLS
• 2025-09-10 Price Changed $75,000 REALCOMP
• 2025-04-22 Relisted — REALCOMP
• 2025-04-22 Listing Removed — REALCOMP
• 2025-03-27 Relisted — REALCOMP
• 2025-03-25 Listed $80,000 MiRealSource-MiMLS
• 2021-03-16 Sold (Public Records) $69,900 Public Records

Property tax history

-1.6%/yr

Latest (2025): $754 · -53.4% YoY. Source: county tax records.