18982 Joann St · Detroit, MI 48205

$60,000

2 bd · 1.0 ba · 739 sqft · SingleFamily public records · 80 Days on market

Built 1951 4,792 sqft lot $81/sqft · 27% above area Est $51k · 17% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Selling AS-IS. All-brick ranch offering 800 sq ft of main floor living space plus a full 800 sq ft basement. This cozy 2-bedroom, 1-bathroom home features a practical layout, perfect for first-time buyers, downsizers, or investors. Enjoy the durability of brick construction, with room to personalize or expand in the full basement. Located within the Detroit School District and conveniently situated near major roads, parks, and local amenities. Great potential at an affordable price—don’t miss out!

Key facts

• Near major roads
• Full basement
• Near parks

Tags

• BRICK CONSTRUCTION
• FULL BASEMENT
• NEAR MAJOR ROADS
• NEAR PARKS
• NEAR LOCAL AMENITIES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $517 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.6% 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 rising (+1.3%/yr); 373 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 35% of the median local income ($39k/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 $415 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 + 1.3% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 30y ago; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $27k; list at $60k implies a 123% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $56,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1951 — 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: 1.91% ✓
• Cap rate: 16.64%
• Cash-on-cash: 36.94%
• DSCR: 2.64
• GRM: 4.4

CMA / ARV

• ARV (median comp): $51,156
• List price: $60,000
• Delta: 17.29%
• 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
19392 Pelkey St	0.33mi	2/1.0	731 (-1%)	2mo	$30,000	$41	81
19161 Joann St	0.11mi	2/1.0	816 (+10%)	6mo	$70,000	$86	72
19170 Schoenherr St	0.28mi	3/1.0 (+1)	797 (+8%)	0mo	$25,500	$32	69
19140 Pelkey St	0.21mi	2/1.0	689 (-7%)	16mo	$63,000	$91	66
13225 E State Fair St	0.56mi	2/1.0	750 (+2%)	16mo	$25,000	$33	58
19758 Waltham St	0.55mi	3/1.0 (+1)	790 (+7%)	3mo	$6,000	$8	55
19997 Alcoy St	0.66mi	2/1.0	721 (-2%)	14mo	$43,000	$60	54
19988 Joann St	0.65mi	2/1.0	718 (-3%)	18mo	$26,000	$36	50
20061 Westphalia St	0.74mi	2/1.0	712 (-4%)	13mo	$75,000	$105	48
20058 Joann St	0.73mi	2/1.0	722 (-2%)	20mo	$63,000	$87	46
19722 Waltham St	0.52mi	2/1.0	842 (+14%)	12mo	$50,000	$59	42
20035 Hickory St	0.71mi	3/1.0 (+1)	840 (+14%)	17mo	$23,000	$27	24

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 · 1.33% rent growth · sell at horizon

5-year hold

• IRR: 31.0%
• Equity multiple: 2.27×
• Total profit: $21,328
• Equity at exit: $8,946

10-year hold

• IRR: 37.2%
• Equity multiple: 4.18×
• Total profit: $53,485
• Equity at exit: $5,188

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 48205

• Home prices YoY: -28.1%
• Rents YoY: 1.3%
• Active inventory: 373
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,144 high
• Mortgage (P&I): −$315
• Tax from tax record: −$47 /mo · $566/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $517

Break-even live

Break-even rent $490

Max offer price $60,000

Occupancy floor 50%

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 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13503 E McNichols Rd Unit 7 Detroit, MI	1.0	1.0	750	$800	$1.07	17d	1	0.55mi
19335 Hoover St Detroit, MI	2.0	1.0	620	$1,099	$1.77	43d	1	0.79mi
19335 Hoover St Detroit, MI	2.0	1.0	620	$1,099	$1.77	17d	1	0.79mi
20242 Hickory St Detroit, MI	3.0	1.0	747	$1,300	$1.74	11d	1	0.87mi
14103 Rochelle Ave Unit 3 Detroit, MI	1.0	1.0	700	$800	$1.14	43d	1	0.91mi
18667 Algonac St Detroit, MI	1.0	1.0	680	$1,999	$2.94	17d	1	1.08mi
15030 Rossini Dr Unit 2 Detroit, MI	1.0	1.0	720	$800	$1.11	43d	1	1.37mi
21412 Waltham Rd Warren, MI	2.0	1.0	696	$1,225	$1.76	43d	1	1.42mi

Listing history 32 events

1. 2026-06-18
   days on market $60,000 Active 80 DOM
2. 2026-06-17
   days on market $60,000 Active 79 DOM
3. 2026-06-15
   days on market $60,000 Active 77 DOM
4. 2026-06-13
   days on market $60,000 Active 75 DOM
5. 2026-06-13
   days on market $60,000 Active 74 DOM
6. 2026-06-09
   days on market $60,000 Active 71 DOM
7. 2026-06-08
   days on market $60,000 Active 70 DOM
8. 2026-06-07
   days on market $60,000 Active 69 DOM
9. 2026-06-04
   days on market $60,000 Active 66 DOM
10. 2026-06-03
    days on market $60,000 Active 65 DOM
11. 2026-06-02
    days on market $60,000 Active 64 DOM
12. 2026-06-01
    days on market $60,000 Active 63 DOM
13. 2026-05-31
    days on market $60,000 Active 62 DOM
14. 2026-04-07
    price $60,000 514-char remark

    Show marketing remark (514 chars)

    Selling AS-IS. All-brick ranch offering 800 sq ft of main floor living space plus a full 800 sq ft basement. This cozy 2-bedroom, 1-bathroom home features a practical layout, perfect for first-time buyers, downsizers, or investors. Enjoy the durability of brick construction, with room to personalize or expand in the full basement. Located within the Detroit School District and conveniently situated near major roads, parks, and local amenities. Great potential at an affordable price—don’t miss out!

15. 2026-04-06
    price $60,000 502-char remark

    Show marketing remark (502 chars)

    Selling AS-IS. All-brick ranch offering 800 sq ft of main floor living space plus a full 800 sq ft basement. This cozy 2-bedroom, 1-bathroom home features a practical layout, perfect for first-time buyers, downsizers, or investors. Enjoy the durability of brick construction, with room to personalize or expand in the full basement. Located within the Detroit School District and conveniently situated near major roads, parks, and local amenities. Great potential at an affordable price-don't miss out!

16. 2026-03-30
    listed $65,000 Active 502-char remark

    Show marketing remark (514 chars)

    Selling AS-IS. All-brick ranch offering 800 sq ft of main floor living space plus a full 800 sq ft basement. This cozy 2-bedroom, 1-bathroom home features a practical layout, perfect for first-time buyers, downsizers, or investors. Enjoy the durability of brick construction, with room to personalize or expand in the full basement. Located within the Detroit School District and conveniently situated near major roads, parks, and local amenities. Great potential at an affordable price—don’t miss out!

17. 2026-03-30
    listed $65,000 Active 514-char remark

    Show marketing remark (514 chars)

    Selling AS-IS. All-brick ranch offering 800 sq ft of main floor living space plus a full 800 sq ft basement. This cozy 2-bedroom, 1-bathroom home features a practical layout, perfect for first-time buyers, downsizers, or investors. Enjoy the durability of brick construction, with room to personalize or expand in the full basement. Located within the Detroit School District and conveniently situated near major roads, parks, and local amenities. Great potential at an affordable price—don’t miss out!

18. 2025-10-03
    historical
19. 2025-08-22
    price $55,000
20. 2025-08-22
    price $55,000
21. 2025-07-26
    listed $65,000 Active
22. 2025-07-26
    listed $65,000 Active
23. 2006-10-31
    historical
24. 2006-10-31
    historical
25. 2006-05-11
    listed $59,900
26. 2006-05-10
    listed $59,900
27. 1996-12-26
    soldstatus $26,900
28. 1996-12-26
    soldstatus $17,000
29. 1996-08-30
    soldstatus $26,900
30. 1996-07-01
    historical
31. 1996-06-07
    listed $26,900
32. 1993-03-22
    soldstatus $17,000

ⓘ 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: $566 · $47/mo
• Projected year-2 tax: $745 · $62/mo
• Expected delta: +$179/yr (+$15/mo · 31.6%)

ⓘ 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 ≥96°F today · 15 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: $13,733
• − Mortgage interest: −$3,361
• − Property taxes: −$566
• − Insurance: −$300
• − Repairs & maintenance: −$1,099
• − Management: −$1,099
• − Depreciation: −$1,745
• Taxable income: $5,563
• Est. tax owed @ 24.0%: −$1,335
• After-tax cash flow: $4,872/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): 34,187
• Household income: $38,966
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 2121.0

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 (93%)
• Race & ethnicity: Black 93% White 3% Two or more races 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▼ -91.80%
• Current HPI: 235.0926
• Rent YoY: ▲ 1.33%
• 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

+252.9% since first listed

19 events — show timeline

• 2026-04-07 Price Changed $60,000 MiRealSource-MiMLS
• 2026-04-06 Price Changed $60,000 REALCOMP
• 2026-03-30 Listed $65,000 REALCOMP
• 2026-03-30 Listed $65,000 MiRealSource-MiMLS
• 2025-10-03 Listing Removed — MiRealSource-MiMLS
• 2025-08-22 Price Changed $55,000 MiRealSource-MiMLS
• 2025-08-22 Price Changed $55,000 REALCOMP
• 2025-07-26 Listed $65,000 REALCOMP
• 2025-07-26 Listed $65,000 MiRealSource-MiMLS
• 2006-10-31 Listing Removed — REALCOMP
• 2006-10-31 Listing Removed — MiRealSource-MiMLS
• 2006-05-11 Listed $59,900 REALCOMP
• 2006-05-10 Listed $59,900 MiRealSource-MiMLS
• 1996-12-26 Sold (Public Records) $17,000 Public Records
• 1996-12-26 Sold (Public Records) $26,900 Public Records
• 1996-08-30 Sold (MLS) $26,900 MiRealSource-MiMLS
• 1996-07-01 Listing Removed — MiRealSource-MiMLS
• 1996-06-07 Listed $26,900 MiRealSource-MiMLS
• 1993-03-22 Sold (Public Records) $17,000 Public Records

Property tax history

-2.5%/yr

Latest (2025): $566 · -65.8% YoY. Source: county tax records.