3027 Waverly St · Detroit, MI 48238

$85,000

3 bd · 1.5 ba · 1,542 sqft · SingleFamily public records · 11 Days on market

Built 1937 4,356 sqft lot Est $122k · 30% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Spacious Brick 3 Bedroom Detroit Westside Home!! Large fenced in backyard. Home sits on double lot. Large bedrooms, formal dining room, kitchen breakfast nook. Close to major freeways, minutes from Downtown Detroit. All viewings must be accompanied by a licensed real estate agent. No trespassing!! Measurements are approximate. BATVAI

Key facts

• 4,356 sq ft lot
• Built 1937
• Listed 11 days

Tags

• LARGE FENCED IN DOUBLE LOT
• CLOSE TO MAJOR FREEWAYS
• MINUTES FROM DOWNTOWN DETROIT

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $471 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Cap rate 12.9% vs local median 10.2% in Detroit — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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); 346 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 41% 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 $1,311/mo this rent would consume 47% 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 $588 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 $24k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,000

Questions for the listing agent

1. Built in 1937 — 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: 1.54% ✓
• Cap rate: 12.95%
• Cash-on-cash: 23.77%
• DSCR: 2.06
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $121,818
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3765 Cortland St	0.51mi	3/1.5	1,587 (+3%)	2mo	$120,000	$76	70
3013 Waverly St	0.02mi	4/3.0 (+1)	1,698 (+10%)	6mo	$170,000	$100	66
2405 Sturtevant St	0.59mi	3/1.5	1,636 (+6%)	3mo	$45,000	$28	60
2360 Oakman Blvd	0.50mi	3/1.5	1,677 (+9%)	8mo	$249,000	$148	55
3730 Pasadena St	0.36mi	3/1.0	1,359 (-12%)	11mo	$83,500	$61	52
4210 Pasadena St	0.55mi	4/2.0 (+1)	1,678 (+9%)	4mo	$239,000	$142	50
4294 W Buena Vista St	0.57mi	3/1.0	1,400 (-9%)	9mo	$110,000	$79	48
1996 W Grand St	0.73mi	3/1.5	1,400 (-9%)	6mo	$40,009	$29	45
2476 Ford St	0.49mi	3/1.0	1,344 (-13%)	12mo	$46,500	$35	44
2467 Highland St	0.57mi	3/1.0	1,421 (-8%)	17mo	$34,000	$24	44
3227 Doris St	0.48mi	4/2.5 (+1)	1,654 (+7%)	16mo	$155,000	$94	43
4072 Kendall St	0.61mi	3/1.5	1,357 (-12%)	15mo	$121,000	$89	39

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 · 6.14% rent growth · sell at horizon

5-year hold

• IRR: 20.4%
• Equity multiple: 1.86×
• Total profit: $20,531
• Equity at exit: $12,674

10-year hold

• IRR: 30.6%
• Equity multiple: 4.16×
• Total profit: $75,265
• Equity at exit: $7,349

Cash invested: $23,800 (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 48238

• Home prices YoY: -14.4%
• Rents YoY: 6.1%
• Active inventory: 346
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,311 high
• Mortgage (P&I): −$446
• Tax from tax record: −$83 /mo · $997/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $471

Break-even live

Break-even rent $714

Max offer price $85,000

Occupancy floor 59%

Sensitivity live

Price	-10% $520	-5% $496	+0% $471	+5% $447	+10% $423
Rent	-10% $368	-5% $420	+0% $471	+5% $523	+10% $575
Rate	-1.0pp $514	-0.5pp $493	base $471	+0.5pp $449	+1.0pp $427

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3209 W Grand St Detroit, MI	3.0	1.0	1550	$1,103	$0.71	44d	1	0.18mi
3740 Tyler St Unit 1 Detroit, MI	3.0	1.0	1300	$1,300	$1.00	5d	1	0.23mi
3812 W Grand St Detroit, MI	2.0	1.0	1100	$1,025	$0.93	17d	1	0.36mi
3224 Monterey St Unit 2E Detroit, MI	2.0	1.0	1200	$1,350	$1.12	44d	1	0.50mi
2474 Fullerton St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	15d	1	0.51mi
4287 W Grand St Unit 4289 Detroit, MI	3.0	1.0	1250	$1,000	$0.80	44d	1	0.56mi
4336 Buena Vista St Detroit, MI	3.0	1.0	1300	$1,100	$0.85	44d	1	0.59mi
4341 Glendale St Detroit, MI	4.0	2.5	1832	$1,680	$0.92	5d	1	0.61mi
12546 Broadstreet Ave Detroit, MI	3.0	1.5	1899	$1,250	$0.66	45d	1	0.70mi
3322 Webb St Detroit, MI	3.0	1.0	1600	$1,250	$0.78	17d	1	0.71mi
3322 Webb St Unit 1 Detroit, MI	3.0	1.0	1656	$1,350	$0.82	44d	1	0.71mi
3322 Webb St Unit 2 Detroit, MI	3.0	1.0	1656	$1,350	$0.82	44d	1	0.71mi
1926 Clements St Detroit, MI	3.0	1.0	1150	$1,150	$1.00	5d	1	0.80mi
1926 Clements St Unit 1926 Detroit, MI	3.0	1.0	1150	$1,250	$1.09	20d	1	0.80mi
3031 Lawrence St Detroit, MI	4.0	1.0	1700	$1,600	$0.94	17d	1	0.85mi
2634 Lawrence St Detroit, MI	3.0	1.5	1388	$1,600	$1.15	2d	1	0.87mi
12663 Stoepel St Detroit, MI	2.0	1.0	1100	$1,050	$0.95	22d	1	0.89mi
11704 Broadstreet Ave Detroit, MI	3.0	1.0	1200	$1,050	$0.88	44d	1	0.93mi
3224 Calvert St Detroit, MI	3.0	1.0	1150	$1,150	$1.00	44d	1	0.95mi
3226 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,200	$1.09	13d	1	0.95mi
3266 Calvert Ave Fl 2 Detroit, MI	3.0	1.0	1279	$1,300	$1.02	25d	1	0.95mi
2655 Collingwood St Detroit, MI	4.0	1.5	1881	$2,700	$1.44	2d	1	0.96mi
15345 Parkside St Detroit, MI	3.0	1.0	1152	$1,300	$1.13	44d	1	0.97mi
2925 Calvert St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	17d	1	0.99mi
13620 Tuller St Detroit, MI	4.0	1.0	1064	$1,374	$1.29	13d	1	0.99mi
2727 Calvert Ave Unit 1 Detroit, MI	3.0	1.5	1350	$1,200	$0.89	44d	1	1.00mi
2653 Calvert Ave Unit 1 Detroit, MI	3.0	1.0	1305	$1,200	$0.92	44d	1	1.02mi
12123 Santa Rosa Dr Detroit, MI	2.0	1.0	1680	$1,000	$0.60	25d	1	1.12mi
2045 Calvert St Detroit, MI	2.0	2.0	1400	$1,600	$1.14	44d	1	1.20mi
14011 Roselawn St Detroit, MI	4.0	1.5	1300	$1,450	$1.12	18d	1	1.23mi
14011 Roselawn St Detroit, MI	4.0	1.5	1300	$1,450	$1.12	2d	1	1.23mi
1929 Calvert Ave Unit 2 Detroit, MI	3.0	1.0	1414	$1,199	$0.85	15d	1	1.27mi
3422 Edison St Detroit, MI	3.0	1.0	1300	$1,295	$1.00	17d	1	1.28mi
13979 Cherrylawn St Detroit, MI	3.0	1.0	1296	$1,334	$1.03	21d	1	1.40mi
12703 Northlawn St Detroit, MI	2.0	1.0	1365	$1,053	$0.77	21d	1	1.44mi
14242 Ohio St Detroit, MI	4.0	1.0	1400	$1,000	$0.71	44d	1	1.44mi
9844 Woodrow Wilson St Detroit, MI	3.0	1.0	1187	$1,300	$1.10	13d	1	1.46mi
12303 Cloverlawn St Detroit, MI	3.0	1.5	1454	$1,400	$0.96	44d	1	1.48mi
Ohio St Unit 4 Detroit, MI	4.0	1.5	1400	$750	$0.54	44d	1	1.49mi

Listing history 4 events

1. 2026-01-28
   status Pending 335-char remark

   Show marketing remark (335 chars)

   Spacious Brick 3 Bedroom Detroit Westside Home!! Large fenced in backyard. Home sits on double lot. Large bedrooms, formal dining room, kitchen breakfast nook. Close to major freeways, minutes from Downtown Detroit. All viewings must be accompanied by a licensed real estate agent. No trespassing!! Measurements are approximate. BATVAI

2. 2026-01-27
   status Pending
3. 2026-01-16
   listed $85,000 Active

   Show marketing remark (335 chars)

   Spacious Brick 3 Bedroom Detroit Westside Home!! Large fenced in backyard. Home sits on double lot. Large bedrooms, formal dining room, kitchen breakfast nook. Close to major freeways, minutes from Downtown Detroit. All viewings must be accompanied by a licensed real estate agent. No trespassing!! Measurements are approximate. BATVAI

4. 2026-01-16
   listed $85,000 Active 335-char remark

   Show marketing remark (335 chars)

   Spacious Brick 3 Bedroom Detroit Westside Home!! Large fenced in backyard. Home sits on double lot. Large bedrooms, formal dining room, kitchen breakfast nook. Close to major freeways, minutes from Downtown Detroit. All viewings must be accompanied by a licensed real estate agent. No trespassing!! Measurements are approximate. BATVAI

ⓘ 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: $997 · $83/mo
• Projected year-2 tax: $1,153 · $96/mo
• Expected delta: +$156/yr (+$13/mo · 15.6%)

ⓘ 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: $15,733
• − Mortgage interest: −$4,761
• − Property taxes: −$997
• − Insurance: −$425
• − Repairs & maintenance: −$1,259
• − Management: −$1,259
• − Depreciation: −$2,473
• Taxable income: $4,559
• Est. tax owed @ 24.0%: −$1,094
• After-tax cash flow: $4,563/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

4 events — show timeline

• 2026-01-28 Pending — MiRealSource-MiMLS
• 2026-01-27 Pending — REALCOMP
• 2026-01-16 Listed $85,000 REALCOMP
• 2026-01-16 Listed $85,000 MiRealSource-MiMLS

Property tax history

-3.8%/yr

Latest (2025): $997 · -11.4% YoY. Source: county tax records.