3280 Fullerton St St · Detroit, MI 48238

$90,000

6 bd · 2.5 ba · 2,820 sqft · Townhouse public records · 115 Days on market

Built 1926 4,356 sqft lot $32/sqft · 58% below area

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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
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

BRAND NEW ROOF, ALL PROFESSIONALLY INSTALLED, WITH BRAND NEW WOOD UNDERNEATH IT. BRAND NEW GUTTERS ALL THE WAY AROUND. CLASSIC DETROIT ARCHITECTURE ON THIS PROPERTY WITH TRUE ORIGINAL CHARM. READY FOR YOUR UPDATES & REFURBISHING INSIDE and OUT. REVITALIZATION IS SPREADING IN THE AREA & NEIGHBORHOOD IN A BIG WAY! MAKE AN OFFER .

Key facts

• 4,356 sq ft lot
• Garage
• Built 1926

What this means for you Summary

Snapshot

• This is a 6-bed/2.5-bath townhouse listed at $90k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $82k (9.0% below list) — sets the bar for market timing.
• Cap rate 19.8% 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: Rents rising fast (+6.1%/yr); 348 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).
• At $2,082/mo this rent would consume 75% of the median local household income ($33k/yr) (locally 2172% 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 $622 of loan paydown is wiped out by about $3k 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 + 6.1% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $25k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $81,900 (9.0% below list)

Questions for the listing agent

1. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — 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: 2.31% ✓
• Cap rate: 19.77%
• Cash-on-cash: 48.15%
• DSCR: 3.14
• GRM: 3.6

CMA / ARV

• ARV (median comp): $213,404
• List price: $90,000
• Delta: -57.83%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.14% rent growth · sell at horizon

5-year hold

• IRR: 49.2%
• Equity multiple: 3.25×
• Total profit: $56,637
• Equity at exit: $13,419

10-year hold

• IRR: 56.0%
• Equity multiple: 7.43×
• Total profit: $162,097
• Equity at exit: $7,782

Cash invested: $25,200 (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 48238

• Home prices YoY: -14.4%
• Rents YoY: 6.1%
• Active inventory: 348
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $2,082 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$124 /mo · $1,492/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $1,011

Break-even live

Break-even rent $802

Max offer price $90,000

Occupancy floor 46%

Sensitivity live

Price	-10% $1,062	-5% $1,037	+0% $1,011	+5% $986	+10% $960
Rent	-10% $847	-5% $929	+0% $1,011	+5% $1,093	+10% $1,176
Rate	-1.0pp $1,056	-0.5pp $1,034	base $1,011	+0.5pp $988	+1.0pp $964

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13225 Santa Rosa Dr Detroit, MI	5.0	2.0	2100	$1,700	$0.81	6d	1	0.82mi
1699 Glynn Ct Detroit, MI	5.0	3.5	2542	$2,500	$0.98	23d	1	1.25mi
8951 La Salle Blvd Detroit, MI	5.0	2.5	2440	$2,500	$1.02	16d	1	1.39mi
2509 Gladstone St Unit NA Detroit, MI	6.0	3.0	3008	$2,000	$0.66	11d	1	1.48mi

Listing history 19 events

1. 2026-06-21
   days on market $90,000 Active 115 DOM
2. 2026-06-18
   days on market $90,000 Active 112 DOM
3. 2026-06-17
   days on market $90,000 Active 111 DOM
4. 2026-06-15
   days on market $90,000 Active 109 DOM
5. 2026-06-13
   days on market $90,000 Active 107 DOM
6. 2026-06-13
   days on market $90,000 Active 106 DOM
7. 2026-06-09
   days on market $90,000 Active 103 DOM
8. 2026-06-08
   days on market $90,000 Active 102 DOM
9. 2026-06-07
   days on market $90,000 Active 101 DOM
10. 2026-06-04
    days on market $90,000 Active 98 DOM
11. 2026-06-03
    days on market $90,000 Active 97 DOM
12. 2026-06-01
    days on market $90,000 Active 95 DOM
13. 2026-05-31
    days on market $90,000 Active 94 DOM
14. 2026-02-27
    listed $115,000 Active 341-char remark

    Show marketing remark (486 chars)

    BRAND NEW ROOF , HIGH-END & PROFESSIONALLY INSTALLED WITH BRAND NEW WOOD REPLACEMENT UNDERNEATH IT. BRAND NEW GUTTERS ALL THE WAY AROUND . CLASSIC DETROIT ARCHITECTURE IN A VERY UP & COMING NEIGHBORHOOD. REVITALIZATION IS FULL STEAM AHEAD IN THE IMMEDIATE AREA WITH BIKE-LANES AND FRESHENED SURROUNDINGS. THIS 6 BEDROOM HOME , OR 3-BEDROOM UP & 3-BEDROOM DOWN DUPLEX , IS AWAITING YOUR UPDATING and REFURBISHMENT INSIDE AND OUT; AMAZING POTENTIAL. MAKE AN OFFER TODAY.

15. 2026-02-27
    listed $115,000 Active 486-char remark

    Show marketing remark (486 chars)

    BRAND NEW ROOF , HIGH-END & PROFESSIONALLY INSTALLED WITH BRAND NEW WOOD REPLACEMENT UNDERNEATH IT. BRAND NEW GUTTERS ALL THE WAY AROUND . CLASSIC DETROIT ARCHITECTURE IN A VERY UP & COMING NEIGHBORHOOD. REVITALIZATION IS FULL STEAM AHEAD IN THE IMMEDIATE AREA WITH BIKE-LANES AND FRESHENED SURROUNDINGS. THIS 6 BEDROOM HOME , OR 3-BEDROOM UP & 3-BEDROOM DOWN DUPLEX , IS AWAITING YOUR UPDATING and REFURBISHMENT INSIDE AND OUT; AMAZING POTENTIAL. MAKE AN OFFER TODAY.

16. 2026-02-27
    listed $115,000 Active

    Show marketing remark (486 chars)

    BRAND NEW ROOF , HIGH-END & PROFESSIONALLY INSTALLED WITH BRAND NEW WOOD REPLACEMENT UNDERNEATH IT. BRAND NEW GUTTERS ALL THE WAY AROUND . CLASSIC DETROIT ARCHITECTURE IN A VERY UP & COMING NEIGHBORHOOD. REVITALIZATION IS FULL STEAM AHEAD IN THE IMMEDIATE AREA WITH BIKE-LANES AND FRESHENED SURROUNDINGS. THIS 6 BEDROOM HOME , OR 3-BEDROOM UP & 3-BEDROOM DOWN DUPLEX , IS AWAITING YOUR UPDATING and REFURBISHMENT INSIDE AND OUT; AMAZING POTENTIAL. MAKE AN OFFER TODAY.

17. 2026-02-27
    listed $115,000 Active

    Show marketing remark (486 chars)

    BRAND NEW ROOF , HIGH-END & PROFESSIONALLY INSTALLED WITH BRAND NEW WOOD REPLACEMENT UNDERNEATH IT. BRAND NEW GUTTERS ALL THE WAY AROUND . CLASSIC DETROIT ARCHITECTURE IN A VERY UP & COMING NEIGHBORHOOD. REVITALIZATION IS FULL STEAM AHEAD IN THE IMMEDIATE AREA WITH BIKE-LANES AND FRESHENED SURROUNDINGS. THIS 6 BEDROOM HOME , OR 3-BEDROOM UP & 3-BEDROOM DOWN DUPLEX , IS AWAITING YOUR UPDATING and REFURBISHMENT INSIDE AND OUT; AMAZING POTENTIAL. MAKE AN OFFER TODAY.

18. 2026-02-26
    historical $115,000 341-char remark

    Show marketing remark (341 chars)

    BRAND NEW ROOF, ALL PROFESSIONALLY INSTALLED, WITH BRAND NEW WOOD UNDERNEATH IT. BRAND NEW GUTTERS ALL THE WAY AROUND. CLASSIC DETROIT ARCHITECTURE ON THIS PROPERTY WITH TRUE ORIGINAL CHARM. READY FOR YOUR UPDATES & REFURBISHING INSIDE and OUT. REVITALIZATION IS SPREADING IN THE AREA & NEIGHBORHOOD IN A BIG WAY! MAKE AN OFFER .

19. 2026-02-25
    historical $115,000 486-char remark

    Show marketing remark (486 chars)

    BRAND NEW ROOF , HIGH-END & PROFESSIONALLY INSTALLED WITH BRAND NEW WOOD REPLACEMENT UNDERNEATH IT. BRAND NEW GUTTERS ALL THE WAY AROUND . CLASSIC DETROIT ARCHITECTURE IN A VERY UP & COMING NEIGHBORHOOD. REVITALIZATION IS FULL STEAM AHEAD IN THE IMMEDIATE AREA WITH BIKE-LANES AND FRESHENED SURROUNDINGS. THIS 6 BEDROOM HOME , OR 3-BEDROOM UP & 3-BEDROOM DOWN DUPLEX , IS AWAITING YOUR UPDATING and REFURBISHMENT INSIDE AND OUT; AMAZING POTENTIAL. MAKE AN OFFER TODAY.

ⓘ 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: $1,492 · $124/mo
• Projected year-2 tax: $1,492 · $124/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: $24,986
• − Mortgage interest: −$5,041
• − Property taxes: −$1,492
• − Insurance: −$450
• − Repairs & maintenance: −$1,999
• − Management: −$1,999
• − Depreciation: −$2,618
• Taxable income: $11,387
• Est. tax owed @ 24.0%: −$2,733
• After-tax cash flow: $9,400/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): 24,731
• Household income: $33,315
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 2172.0

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% Two or more races 3% White 1%
• Foreign-born: 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: ▼ -31.96%
• Current HPI: 189.6227
• Rent YoY: ▲ 6.14%
• 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

+0.0% since first listed

6 events — show timeline

• 2026-02-27 Listed $115,000 MiRealSource-MiMLS
• 2026-02-27 Listed $115,000 MiRealSource-MiMLS
• 2026-02-27 Listed $115,000 REALCOMP
• 2026-02-27 Listed $115,000 REALCOMP
• 2026-02-26 Coming Soon $115,000 MiRealSource-MiMLS
• 2026-02-25 Coming Soon $115,000 MiRealSource-MiMLS

Property tax history

-2.0%/yr

Latest (2025): $1,492 · +752.6% YoY. Source: county tax records.