10862 Marne St · Detroit, MI 48224

$119,900

3 bd · 1.0 ba · 996 sqft · SingleFamily public records · 12 Days on market

Built 1947 6,098 sqft lot

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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 +20.2/30.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• DSCR +6.4/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice 3 Bedroom, 1 Bathroom Bungalow with 2 car detached garage. Home is tenant occupied, please do not walk property without an appointment.

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1947

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One-and-a-half story; Ground-level entry with steps
• Construction: Brick construction; Block foundation; Built above grade with 1,052 finished square feet
• Exterior features: Paved road access; Lot approximately 0.14 acres (41.25 x 144)

Interior

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

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $151 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Cap rate 7.8% vs local median 10.0% in Detroit — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 36% of the median local income ($45k/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 $829 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 24y 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 $50k; list at $120k implies a 140% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,900

Questions for the listing agent

1. Built in 1947 — 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: 1.14% ✓
• Cap rate: 7.80%
• Cash-on-cash: 5.40%
• DSCR: 1.24
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $63,744
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20244 Mccormick St	0.19mi	3/1.0	1,000 (+0%)	1mo	$75,000	$75	90
11017 Worden St	0.15mi	3/1.0	961 (-4%)	0mo	$47,500	$49	87
20300 Mccormick St	0.19mi	3/1.0	940 (-6%)	1mo	$60,000	$64	81
11640 Somerset Ave	0.31mi	3/2.0	1,028 (+3%)	0mo	$70,000	$68	76
11545 Roxbury St	0.57mi	3/1.0	1,003 (+1%)	1mo	$65,000	$65	72
10830 Mckinney St	0.41mi	3/1.0	1,066 (+7%)	1mo	$40,199	$38	68
6135 Marseilles St	0.65mi	3/1.0	988 (-1%)	0mo	$55,000	$56	68
9369 Sanilac St	0.27mi	3/1.0	1,124 (+13%)	1mo	$65,000	$58	65
10319 Mckinney St	0.70mi	4/1.0 (+1)	990 (-1%)	1mo	$25,000	$25	60
19904 Washtenaw St	0.38mi	3/1.5	1,119 (+12%)	0mo	$96,000	$86	59
6106 Oldtown St	0.71mi	3/1.5	961 (-4%)	1mo	$132,000	$137	58
6156 Lodewyck St	0.66mi	3/1.0	900 (-10%)	1mo	$51,000	$57	53

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: -10.7%
• Equity multiple: 0.62×
• Total profit: $-12,772
• Equity at exit: $17,877

10-year hold

• IRR: -5.3%
• Equity multiple: 0.69×
• Total profit: $-10,339
• Equity at exit: $10,367

Cash invested: $33,572 (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: 7.3×

Monthly cashflow live

• Estimated rent: $1,362 high
• Mortgage (P&I): −$629
• Tax from tax record: −$246 /mo · $2,953/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $151

Break-even live

Break-even rent $1,171

Max offer price $119,900

Occupancy floor 84%

Sensitivity live

Price	-10% $219	-5% $185	+0% $151	+5% $117	+10% $83
Rent	-10% $43	-5% $97	+0% $151	+5% $205	+10% $259
Rate	-1.0pp $211	-0.5pp $182	base $151	+0.5pp $120	+1.0pp $88

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10985 Peerless St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	6d	1	0.08mi
10542 Lanark St Detroit, MI	3.0	1.0	1023	$1,250	$1.22	45d	1	0.18mi
19982 McCormick St Detroit, MI	3.0	1.0	866	$1,200	$1.39	5d	1	0.25mi
20461 Kingsville St Harper Woods, MI	4.0	1.0	1100	$1,399	$1.27	16d	1	0.32mi
10692 Meuse St Detroit, MI	3.0	1.0	955	$1,250	$1.31	14d	1	0.34mi
19639 Moross Rd Unit 1 Detroit, MI	2.0	1.0	900	$1,100	$1.22	45d	1	0.41mi
10370 Britain St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	45d	1	0.45mi
10400 Britain St Detroit, MI	3.0	1.0	890	$1,100	$1.24	45d	1	0.45mi
17710 Chester St Detroit, MI	2.0	1.0	984	$1,250	$1.27	45d	1	0.49mi
17720 Chester St Detroit, MI	2.0	1.0	986	$1,250	$1.27	45d	1	0.49mi
19442 Kingsville St Harper Woods, MI	3.0	1.0	1000	$1,500	$1.50	19d	1	0.52mi
19661 Kenosha St Harper Woods, MI	3.0	2.0	1000	$1,400	$1.40	26d	1	0.52mi
6325 Neff Ave Detroit, MI	3.0	1.0	1000	$1,500	$1.50	4d	1	0.53mi
11529 Roxbury St Detroit, MI	2.0	1.0	720	$1,200	$1.67	14d	1	0.55mi
19203 Edgefield St Harper Woods, MI	2.0	1.0	1100	$1,100	$1.00	26d	1	0.57mi
6304 Bluehill St Detroit, MI	3.0	1.0	1088	$1,500	$1.38	45d	1	0.57mi
10177 Boleyn St Detroit, MI	3.0	1.0	767	$1,250	$1.63	45d	1	0.59mi
6301 Lodewyck St Detroit, MI	3.0	1.0	1084	$1,300	$1.20	0d	1	0.59mi
6301 Lodewyck St Detroit, MI	3.0	1.0	1084	$1,300	$1.20	14d	1	0.59mi
6181 Neff Ave Detroit, MI	3.0	1.0	1102	$1,299	$1.18	19d	1	0.60mi
19365 Kingsville St Harper Woods, MI	4.0	1.5	996	$1,650	$1.66	16d	1	0.60mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	45d	1	0.61mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	16d	1	0.61mi
11776 Rossiter St Detroit, MI	3.0	1.0	964	$1,150	$1.19	13d	1	0.62mi
6175 Marseilles St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	45d	1	0.63mi
10037 Grayton St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	5d	1	0.64mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	45d	1	0.64mi
19144 Moross Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	0.68mi
11235 Roxbury St Detroit, MI	3.0	1.0	1062	$1,325	$1.25	19d	1	0.69mi
21401 Kingsville St Harper Woods, MI	2.0	1.0	944	$1,200	$1.27	26d	1	0.76mi
5955 Guilford St Detroit, MI	3.0	1.0	802	$1,400	$1.75	19d	1	0.76mi
5915 Farmbrook St Detroit, MI	3.0	1.5	1000	$1,250	$1.25	26d	1	0.83mi
5786 Neff Ave Detroit, MI	3.0	1.5	1100	$1,225	$1.11	18d	1	0.84mi
10404 Somerset Ave Detroit, MI	3.0	1.0	1108	$1,475	$1.33	5d	1	0.85mi
19152 Woodside St Harper Woods, MI	3.0	1.0	916	$1,500	$1.64	19d	1	0.85mi
12201 Morang Ave Unit 8 Detroit, MI	2.0	1.0	610	$875	$1.43	45d	1	0.92mi
12716 Riad St Detroit, MI	3.0	1.0	974	$1,275	$1.31	19d	1	0.95mi
5783 Yorkshire Rd Detroit, MI	2.0	1.0	1040	$1,200	$1.15	45d	1	1.00mi
16212 Maddelein St Detroit, MI	2.0	1.0	800	$1,200	$1.50	14d	1	1.17mi
22144 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,350	$1.65	4d	1	1.20mi

Listing history 9 events

1. 2026-06-21
   days on market $119,900 Active 12 DOM
2. 2026-06-18
   days on market $119,900 Active 9 DOM
3. 2026-06-17
   days on market $119,900 Active 8 DOM
4. 2026-06-16
   days on market $119,900 Active 7 DOM
5. 2026-06-15
   days on market $119,900 Active 6 DOM
6. 2026-06-13
   days on market $119,900 Active 4 DOM
7. 2026-06-13
   days on market $119,900 Active 3 DOM
8. 2026-06-10
   remarks 140-char remark
9. 2026-06-10
   listed $119,900 Active 1 DOM

ⓘ 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: $2,953 · $246/mo
• Projected year-2 tax: $2,953 · $246/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 ≥95°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: $16,341
• − Mortgage interest: −$6,716
• − Property taxes: −$2,953
• − Insurance: −$600
• − Repairs & maintenance: −$1,307
• − Management: −$1,307
• − Depreciation: −$3,488
• Taxable loss: −$30
• Est. tax savings @ 24.0%: +$7
• After-tax cash flow: $1,819/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

+49.9% since first listed

10 events — show timeline

• 2026-06-09 Listed $119,900 MiRealSource-MiMLS
• 2026-06-09 Listed $119,900 REALCOMP
• 2018-03-09 Sold (Public Records) $50,000 Public Records
• 2009-03-24 Sold (MLS) $8,000 REALCOMP
• 2008-08-08 Listed $14,400 REALCOMP
• 2002-10-22 Sold (MLS) $83,700 MiRealSource-MiMLS
• 2002-10-22 Sold (MLS) $83,700 REALCOMP
• 2002-08-29 Listing Removed — MiRealSource-MiMLS
• 2002-08-08 Listed $79,990 MiRealSource-MiMLS
• 2002-08-08 Listed $79,990 REALCOMP

Property tax history

+8.6%/yr

Latest (2025): $2,953 · +0.8% YoY. Source: county tax records.