7394 Patton St · Detroit, MI 48228

$58,000

3 bd · 1.0 ba · 742 sqft · SingleFamily public records · 1 Days on market

Built 1950 4,356 sqft lot Est $58k · at est. ↓ 27% since listing

---

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
• ARV discount +7.4/15.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Some homes are built; others endure. This classic all-brick bungalow in historic Frischkorn's Parkdale Plats blends timeless architecture with everyday comfort. Inside, original hardwood floors, natural light, and a traditional floor plan create a warm, inviting atmosphere. Three bedrooms include a spacious upper-level retreat, while the full basement offers room to expand, create, or simply store. A deep backyard and detached multi-car garage complete the package. Conveniently located near Dearborn, with easy access to downtown Detroit and major commuter routes.

Key facts

• Full basement
• Deep backyard
• 4,356 sq ft lot

Tags

• CLASSIC ALL-BRICK BUNGALOW
• ORIGINAL HARDWOOD FLOORS
• FULL BASEMENT
• DEEP BACKYARD
• DETACHED MULTI-CAR GARAGE

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public sewer; Water available
• Home design: Single-family residence; One and one-half story; Ground-level entry
• Construction: Block and brick construction; Block foundation
• Exterior features: Paved road access; Lot approximately 0.1 acre (35 x 120)

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Unfinished basement; Five total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $58k.

Deal economics

• At list price, monthly cash flow is $676 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $58k).
• Cap rate 20.3% 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 soft (-2.3%/yr); 363 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% 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).
• At $1,329/mo this rent would consume 52% of the median local household income ($31k/yr) (locally 4144% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $401 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 + 0.0% rent growth), your $16k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 14 sale attempts since 25y 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 $8k; list at $58k implies a 625% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $58,000

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 2.29% ✓
• Cap rate: 20.29%
• Cash-on-cash: 49.97%
• DSCR: 3.22
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $57,876
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7730 Braile St	0.21mi	3/1.0	768 (+4%)	2mo	$68,000	$89	83
7280 Heyden St	0.19mi	2/1.5 (-1)	739 (-0%)	4mo	$75,000	$101	80
7282 Plainview Ave	0.37mi	2/1.0 (-1)	730 (-2%)	1mo	$19,000	$26	75
7320 Westwood St	0.55mi	3/1.0	738 (-0%)	2mo	$115,000	$156	72
6816 Evergreen Ave	0.44mi	3/1.0	768 (+4%)	7mo	$50,000	$65	68
7275 Auburn St	0.41mi	3/1.0	803 (+8%)	5mo	$60,000	$75	63
7313 Grandville Ave	0.58mi	2/1.0 (-1)	765 (+3%)	0mo	$70,000	$92	62
8411 Fielding St	0.57mi	2/1.0 (-1)	693 (-7%)	1mo	$47,000	$68	57
8062 Grandville Ave	0.71mi	2/1.0 (-1)	732 (-1%)	6mo	$60,000	$82	54
6803 Grandville Ave	0.67mi	2/1.0 (-1)	700 (-6%)	2mo	$32,000	$46	53
8645 Fielding St	0.73mi	2/1.0 (-1)	693 (-7%)	2mo	$39,000	$56	48
6783 Westwood St	0.63mi	3/1.0	836 (+13%)	4mo	$65,000	$78	46

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 44.3%
• Equity multiple: 2.83×
• Total profit: $29,785
• Equity at exit: $8,648

10-year hold

• IRR: 48.9%
• Equity multiple: 5.09×
• Total profit: $66,364
• Equity at exit: $5,015

Cash invested: $16,240 (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 48228

• Rents YoY: -2.3%
• Active inventory: 363
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,329 high
• Mortgage (P&I): −$304
• Tax from tax record: −$45 /mo · $543/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $676

Break-even live

Break-even rent $473

Max offer price $58,000

Occupancy floor 44%

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: $14,500
• Closing costs: $1,740
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7635 Evergreen Ave Detroit, MI	3.0	1.0	690	$1,350	$1.96	43d	1	0.28mi
22330 W Warren Ave Redford Charter Twp, MI	2.0	1.0	750	$1,200	$1.60	43d	1	0.91mi
19301 Joy Rd Apt 1 Detroit, MI	2.0	1.0	750	$1,100	$1.47	43d	1	0.97mi
7466 W Parkway St Redford, MI	2.0	1.5	672	$1,200	$1.79	2d	1	1.15mi
5777 Southfield Fwy Detroit, MI	2.0	1.0–2.0	667	$1,540	$2.31	2d	10	1.49mi

Listing history 2 events

1. 2026-06-18
   remarks 569-char remark

   Show marketing remark (569 chars)

   Some homes are built; others endure. This classic all-brick bungalow in historic Frischkorn's Parkdale Plats blends timeless architecture with everyday comfort. Inside, original hardwood floors, natural light, and a traditional floor plan create a warm, inviting atmosphere. Three bedrooms include a spacious upper-level retreat, while the full basement offers room to expand, create, or simply store. A deep backyard and detached multi-car garage complete the package. Conveniently located near Dearborn, with easy access to downtown Detroit and major commuter routes.

2. 2026-06-18
   listed $58,000 Active 1 DOM

   Show marketing remark (569 chars)

   Some homes are built; others endure. This classic all-brick bungalow in historic Frischkorn's Parkdale Plats blends timeless architecture with everyday comfort. Inside, original hardwood floors, natural light, and a traditional floor plan create a warm, inviting atmosphere. Three bedrooms include a spacious upper-level retreat, while the full basement offers room to expand, create, or simply store. A deep backyard and detached multi-car garage complete the package. Conveniently located near Dearborn, with easy access to downtown Detroit and major commuter routes.

ⓘ 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: $543 · $45/mo
• Projected year-2 tax: $718 · $60/mo
• Expected delta: +$175/yr (+$15/mo · 32.2%)

ⓘ 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 ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,948
• − Mortgage interest: −$3,249
• − Property taxes: −$543
• − Insurance: −$290
• − Repairs & maintenance: −$1,276
• − Management: −$1,276
• − Depreciation: −$1,687
• Taxable income: $7,627
• Est. tax owed @ 24.0%: −$1,830
• After-tax cash flow: $6,285/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): 50,117
• Household income: $30,680
• Rent vs Own: 50.7% rent · 49.3% own
• Severe rent burden: 4144.0

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 (71%)
• Race & ethnicity: Black 71% White 16% Two or more races 7% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Arab 2% Romanian 2% Lithuanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 82% English-only · Arabic 11% Spanish 5%

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: ▼ -160.81%
• Current HPI: 168.6843
• Rent YoY: ▼ -2.30%
• 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

-27.4% since first listed

30 events — show timeline

• 2026-06-18 Listed $58,000 REALCOMP
• 2026-06-18 Listed $58,000 MiRealSource-MiMLS
• 2023-05-10 Pending — MiRealSource-MiMLS
• 2023-05-10 Pending — REALCOMP
• 2023-05-10 Listing Removed — MiRealSource-MiMLS
• 2023-05-10 Listing Removed — REALCOMP
• 2023-05-07 Listed $55,900 MiRealSource-MiMLS
• 2023-05-07 Listed $55,900 REALCOMP
• 2009-10-28 Sold (MLS) $8,000 REALCOMP
• 2009-06-03 Listing Removed — REALCOMP
• 2009-06-02 Listed $17,900 REALCOMP
• 2007-10-12 Listed $44,900 REALCOMP
• 2007-10-09 Listing Removed — REALCOMP
• 2007-07-26 Listed $74,900 REALCOMP
• 2007-07-20 Listing Removed — MiRealSource-MiMLS
• 2007-07-20 Listing Removed — REALCOMP
• 2007-07-20 Listing Removed — MiRealSource-MiMLS
• 2007-04-20 Listing Removed — REALCOMP
• 2007-04-20 Listed $84,900 REALCOMP
• 2007-04-20 Listed $94,900 MiRealSource-MiMLS
• 2006-12-02 Listed $99,000 REALCOMP
• 2006-12-02 Listed $99,000 MiRealSource-MiMLS
• 2005-09-13 Listing Removed — REALCOMP
• 2005-07-23 Listed $108,900 REALCOMP
• 2002-04-18 Sold (Public Records) $81,700 Public Records
• 2002-01-25 Sold (MLS) $81,700 MiRealSource-MiMLS
• 2002-01-09 Listing Removed — MiRealSource-MiMLS
• 2001-12-08 Listing Removed — MiRealSource-MiMLS
• 2001-10-11 Listed $79,900 MiRealSource-MiMLS
• 2001-08-16 Listed $79,900 MiRealSource-MiMLS

Property tax history

-9.6%/yr

Latest (2025): $543 · +108.0% YoY. Source: county tax records.