12373 Griggs St · Detroit, MI 48204

$60,000

3 bd · 1.0 ba · 1,122 sqft · SingleFamily public records · 6 Days on market

Built 1946 3,920 sqft lot $53/sqft · 33% above area Est $45k · 33% over

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

Listing remarks MLS

At the distinguished address of 12373 Griggs St in Detroit, MI, USA, stands a single family residence, its foundational structure dating to its construction in 1946. The property provides three distinct bedrooms, each offering private accommodations designed to foster individual comfort and repose. These dedicated spaces allow for personalized sanctuaries within the home. As a single family residence, this property provides a dedicated environment for personal autonomy, offering a self-contained domain away from shared living spaces. Its construction in 1946 underscores its standing as an established dwelling within the community. This single family residence offers a private and independent setting for individual lifestyle aspirations. Please note: There is a caretaker currently living in the property - please do not disturb. The house is equipped with a furnace and water heater.

Key facts

• 3,920 sq ft lot
• Built 1946
• Listed 5 days

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Ground-level entry
• Construction: Brick construction; Block foundation; Built with above-grade finished area of 1,122 square feet
• Exterior features: Paved road access; Lot roughly 35 x 108 ft (0.09 acres)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Unfinished basement; Total of 3 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $412 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Cap rate 14.5% vs local median 10.1% 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: 248 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).
• This rent runs 40% 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 $6k of equity ($415 loan paydown + $6k 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 $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 8y ago; this cycle's ask has dropped $10k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $60k implies a 264% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $60,000

Questions for the listing agent

1. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.93% ✓
• Cap rate: 14.54%
• Cash-on-cash: 29.46%
• DSCR: 2.31
• GRM: 4.3

CMA / ARV

• ARV (median comp): $45,083
• List price: $60,000
• Delta: 44.18%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12440 Mendota St	0.10mi	3/1.0	1,035 (-8%)	2mo	$39,999	$39	81
13124 Kentucky St	0.34mi	3/1.5	1,140 (+2%)	10mo	$31,000	$27	71
12754 Mendota St	0.18mi	3/1.0	1,224 (+9%)	8mo	$28,500	$23	70
13558 Pinehurst St	0.46mi	4/1.0 (+1)	1,099 (-2%)	2mo	$135,000	$123	68
12740 Mendota St	0.17mi	3/1.0	972 (-13%)	6mo	$90,000	$93	64
12026 Manor Arc	0.38mi	3/1.0	1,200 (+7%)	8mo	$65,000	$54	64
12096 Meyers Rd	0.37mi	3/1.0	1,248 (+11%)	0mo	$30,000	$24	64
11642 Griggs St	0.44mi	2/1.0 (-1)	1,056 (-6%)	7mo	$9,000	$9	59
12610 Ilene St	0.09mi	4/2.0 (+1)	1,285 (+14%)	9mo	$36,750	$29	55
11437 Manor St	0.57mi	3/1.0	1,006 (-10%)	5mo	$53,900	$54	52
8691 Elmira St	0.70mi	3/1.0	1,001 (-11%)	10mo	$35,000	$35	41
13581 Cloverlawn St	0.71mi	4/2.0 (+1)	1,240 (+10%)	4mo	$143,000	$115	37

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: 46.7%
• Equity multiple: 4.51×
• Total profit: $59,019
• Equity at exit: $54,053

10-year hold

• IRR: 40.6%
• Equity multiple: 10.12×
• Total profit: $153,284
• Equity at exit: $116,567

Cash invested: $16,800 (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: 248
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,157 high
• Mortgage (P&I): −$315
• Tax from tax record: −$162 /mo · $1,942/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $412

Break-even live

Break-even rent $635

Max offer price $60,000

Occupancy floor 59%

Sensitivity live

Price	-10% $446	-5% $429	+0% $412	+5% $395	+10% $379
Rent	-10% $321	-5% $367	+0% $412	+5% $458	+10% $504
Rate	-1.0pp $443	-0.5pp $428	base $412	+0.5pp $397	+1.0pp $381

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12468 Mendota St Detroit, MI	2.0	1.0	1100	$1,100	$1.00	45d	1	0.12mi
12468 Mendota St Detroit, MI	2.0	1.0	1100	$1,000	$0.91	25d	1	0.12mi
12144 Washburn St Detroit, MI	3.0	1.0	1200	$1,200	$1.00	16d	1	0.25mi
12703 Northlawn St Detroit, MI	2.0	1.0	1365	$1,053	$0.77	21d	1	0.46mi
13620 Kentucky St Detroit, MI	3.0	1.0	1248	$1,200	$0.96	6d	1	0.52mi
12303 Cloverlawn St Detroit, MI	3.0	1.5	1454	$1,400	$0.96	45d	1	0.53mi
13965 Mendota St Detroit, MI	3.0	1.0	1222	$1,294	$1.06	18d	1	0.59mi
12775 Plymouth Rd Unit 16 Detroit, MI	2.0	1.0	1009	$825	$0.82	45d	1	0.66mi
13979 Cherrylawn St Detroit, MI	3.0	1.0	1296	$1,334	$1.03	21d	1	0.72mi
10002 Manor Unit 2 Detroit, MI	3.0	1.0	1100	$1,150	$1.05	45d	1	0.77mi
10002 Manor Unit 1 Detroit, MI	2.0	1.0	1000	$1,050	$1.05	45d	1	0.77mi
14011 Roselawn St Detroit, MI	4.0	1.5	1300	$1,450	$1.12	18d	1	0.85mi
14011 Roselawn St Detroit, MI	4.0	1.5	1300	$1,450	$1.12	3d	1	0.85mi
14242 Ohio St Detroit, MI	4.0	1.0	1400	$1,000	$0.71	45d	1	0.87mi
10345 Crocuslawn Ave Unit 2 Detroit, MI	2.0	1.0	850	$950	$1.12	45d	1	0.89mi
10359 Violetlawn St Unit 1 Detroit, MI	2.0	1.0	1200	$985	$0.82	45d	1	0.94mi
13620 Tuller St Detroit, MI	4.0	1.0	1064	$1,374	$1.29	13d	1	0.94mi
2926 Ewald Cir Detroit, MI	2.0	1.0	800	$900	$1.12	18d	1	0.96mi
12415 Monica St Detroit, MI	2.0	1.0	1000	$1,200	$1.20	45d	1	0.98mi
10303 Morley St #1 Detroit, MI	2.0	1.0	950	$950	$1.00	45d	1	0.99mi
9558 Meyers Rd Detroit, MI	3.0	1.0	950	$1,150	$1.21	45d	1	1.01mi
Ohio St Unit 4 Detroit, MI	4.0	1.5	1400	$750	$0.54	45d	1	1.05mi
12663 Stoepel St Unit 1 Detroit, MI	2.0	1.0	750	$975	$1.30	19d	1	1.09mi
12663 Stoepel St Detroit, MI	2.0	1.0	1100	$1,050	$0.95	23d	1	1.09mi
12032 Santa Rosa Dr Unit 1 Detroit, MI	3.0	1.0	900	$1,423	$1.58	6d	1	1.12mi
14570 Cherrylawn St Detroit, MI	3.0	1.0	840	$1,250	$1.49	13d	1	1.14mi
14550 Northlawn St Detroit, MI	3.0	2.0	950	$1,200	$1.26	18d	1	1.14mi
9353 Kentucky St Detroit, MI	2.0	1.0	800	$999	$1.25	18d	1	1.14mi
12019 Stoepel St Detroit, MI	2.0	1.0	1000	$943	$0.94	6d	1	1.15mi
13717 Keal St Detroit, MI	2.0	1.0	799	$1,000	$1.25	45d	1	1.18mi
2690 Ewald Cir Detroit, MI	1.0–2.0	1.0	750	$900	$1.20	25d	4	1.19mi
14881 Mendota St Detroit, MI	3.0	1.0	1026	$1,100	$1.07	25d	1	1.25mi
9355 Ward St Detroit, MI	3.0	1.0	1200	$1,327	$1.11	45d	1	1.26mi
14656 Roselawn St Detroit, MI	3.0	1.0	1000	$1,200	$1.20	18d	1	1.27mi
14284 Cruse St Detroit, MI	3.0	1.0	1121	$1,150	$1.03	18d	1	1.32mi
4336 Buena Vista St Detroit, MI	3.0	1.0	1300	$1,100	$0.85	45d	1	1.34mi
14847 Cheyenne St Detroit, MI	3.0	2.0	849	$1,150	$1.35	19d	1	1.35mi
4287 W Grand St Unit 4289 Detroit, MI	3.0	1.0	1250	$1,000	$0.80	45d	1	1.35mi
13331 Strathmoor St Detroit, MI	3.0	1.0	1084	$1,100	$1.01	18d	1	1.36mi
9340 Hartwell St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	45d	1	1.36mi

Listing history 37 events

1. 2026-06-21
   days on market $60,000 Active 6 DOM
2. 2026-06-18
   days on market $60,000 Active 3 DOM
3. 2026-06-17
   pricedays on market $60,000 Active 2 DOM

   Show marketing remark (895 chars)

   At the distinguished address of 12373 Griggs St in Detroit, MI, USA, stands a single family residence, its foundational structure dating to its construction in 1946. The property provides three distinct bedrooms, each offering private accommodations designed to foster individual comfort and repose. These dedicated spaces allow for personalized sanctuaries within the home. As a single family residence, this property provides a dedicated environment for personal autonomy, offering a self-contained domain away from shared living spaces. Its construction in 1946 underscores its standing as an established dwelling within the community. This single family residence offers a private and independent setting for individual lifestyle aspirations. Please note: There is a caretaker currently living in the property - please do not disturb. The house is equipped with a furnace and water heater.

4. 2026-06-15
   pricedays on marketlisting id $70,000 Active 1 DOM

   Show marketing remark (895 chars)

   At the distinguished address of 12373 Griggs St in Detroit, MI, USA, stands a single family residence, its foundational structure dating to its construction in 1946. The property provides three distinct bedrooms, each offering private accommodations designed to foster individual comfort and repose. These dedicated spaces allow for personalized sanctuaries within the home. As a single family residence, this property provides a dedicated environment for personal autonomy, offering a self-contained domain away from shared living spaces. Its construction in 1946 underscores its standing as an established dwelling within the community. This single family residence offers a private and independent setting for individual lifestyle aspirations. Please note: There is a caretaker currently living in the property - please do not disturb. The house is equipped with a furnace and water heater.

5. 2026-06-13
   days on market $65,000 Active 92 DOM
6. 2026-06-13
   days on market $65,000 Active 91 DOM
7. 2026-06-09
   days on market $65,000 Active 88 DOM
8. 2026-06-08
   days on market $65,000 Active 87 DOM
9. 2026-06-07
   days on market $65,000 Active 86 DOM
10. 2026-06-04
    days on market $65,000 Active 83 DOM
11. 2026-06-03
    days on market $65,000 Active 82 DOM
12. 2026-06-01
    days on market $65,000 Active 80 DOM
13. 2026-05-31
    days on market $65,000 Active 79 DOM
14. 2026-05-06
    price $70,000 895-char remark
15. 2026-05-06
    price $70,000 899-char remark
16. 2026-05-02
    price $75,000 895-char remark
17. 2026-05-01
    price $75,000 899-char remark
18. 2026-04-15
    price $80,000 895-char remark
19. 2026-04-15
    price $80,000 899-char remark
20. 2026-03-13
    listed $85,000 Active 895-char remark
21. 2026-03-13
    listed $85,000 Active 899-char remark
22. 2023-10-13
    historical
23. 2023-10-13
    historical
24. 2023-04-17
    listed $78,100 Active
25. 2023-04-17
    listed $78,100 Active
26. 2019-09-12
    soldstatus $16,500 Closed
27. 2019-09-12
    soldstatus $16,500
28. 2019-08-20
    historical
29. 2019-08-20
    historical
30. 2019-06-13
    listed $30,000 Active
31. 2019-06-13
    listed $30,000
32. 2019-06-01
    historical
33. 2018-12-07
    price $30,000
34. 2018-11-01
    listed $38,000 Active
35. 2018-11-01
    listed $30,000
36. 2001-04-24
    soldstatus $20,000
37. 1995-08-09
    soldstatus $20,000

ⓘ 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: $1,942 · $162/mo
• Projected year-2 tax: $1,942 · $162/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 · 14 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: $13,883
• − Mortgage interest: −$3,361
• − Property taxes: −$1,942
• − Insurance: −$300
• − Repairs & maintenance: −$1,111
• − Management: −$1,111
• − Depreciation: −$1,745
• Taxable income: $4,313
• Est. tax owed @ 24.0%: −$1,035
• After-tax cash flow: $3,915/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

+200.0% since first listed

32 events — show timeline

• 2026-06-17 Price Changed $60,000 MiRealSource-MiMLS
• 2026-06-16 Price Changed $60,000 REALCOMP
• 2026-06-15 Listed $70,000 REALCOMP
• 2026-06-15 Listed $70,000 MiRealSource-MiMLS
• 2026-06-13 Listing Removed — MiRealSource-MiMLS
• 2026-06-13 Listing Removed — REALCOMP
• 2026-05-21 Price Changed $65,000 MiRealSource-MiMLS
• 2026-05-20 Price Changed $65,000 REALCOMP
• 2026-05-06 Price Changed $70,000 MiRealSource-MiMLS
• 2026-05-06 Price Changed $70,000 REALCOMP
• 2026-05-02 Price Changed $75,000 MiRealSource-MiMLS
• 2026-05-01 Price Changed $75,000 REALCOMP
• 2026-04-15 Price Changed $80,000 MiRealSource-MiMLS
• 2026-04-15 Price Changed $80,000 REALCOMP
• 2026-03-13 Listed $85,000 MiRealSource-MiMLS
• 2026-03-13 Listed $85,000 REALCOMP
• 2023-10-13 Listing Removed — MiRealSource-MiMLS
• 2023-10-13 Listing Removed — REALCOMP
• 2023-04-17 Listed $78,100 MiRealSource-MiMLS
• 2023-04-17 Listed $78,100 REALCOMP
• 2019-09-12 Sold (MLS) $16,500 MiRealSource-MiMLS
• 2019-09-12 Sold (MLS) $16,500 REALCOMP
• 2019-08-20 Listing Removed — REALCOMP
• 2019-08-20 Listing Removed — MiRealSource-MiMLS
• 2019-06-13 Listed $30,000 REALCOMP
• 2019-06-13 Listed $30,000 MiRealSource-MiMLS
• 2019-06-01 Listing Removed — MiRealSource-MiMLS
• 2018-12-07 Price Changed $30,000 MiRealSource-MiMLS
• 2018-11-01 Listed $38,000 MiRealSource-MiMLS
• 2018-11-01 Listed $30,000 REALCOMP
• 2001-04-24 Sold (Public Records) $20,000 Public Records
• 1995-08-09 Sold (Public Records) $20,000 Public Records

Property tax history

+19.2%/yr

Latest (2025): $1,942 · +1.1% YoY. Source: county tax records.