1933 #1 St Unit 11th Unit 1 · Detroit, MI 48216 1519

$245,000

3 bd · 1.0 ba · 2,400 sqft · Condo · 80 Days on market

Built 1915 Good condition $102/sqft · 63% below area $1/mo HOA ↓ 26% since listing

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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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Schools +0.9/10.0

Listing remarks MLS

Discover your new home at 1933 11th Street in historic Corktown! Located in the heart of this vibrant neighborhood, you'll be steps from Michigan Avenue and just a short stroll from Ford Motor Company's new Mobility Headquarters. This beautiful 3 bedroom / 1 bath condo boasts original wood floors and unique character throughout its 1,200 square feet. Enjoy relaxing in your living room with views of downtown Detroit or sipping your morning coffee on your private patio. The open floor plan and abundance of natural light make this home perfect for entertaining or everyday living. An added bonus is the attic space, which can be converted into an additional bedroom, home office, artist studio, guest suite or recreation room – increasing the total square footage of your home. With its rich history and modern amenities, this condo has something for everyone. Important Notes: * Parcel has recently been split into two separate parcel ID's from original Duplex. * Lot Dimensions, Road Frontage Feet & Acres are TBD.

Key facts

• Open floor plan
• Attic space
• Private patio

Tags

• HISTORIC CORKTOWN
• VIEWS OF DOWNTOWN DETROIT
• PRIVATE PATIO
• OPEN FLOOR PLAN
• ABUNDANCE OF NATURAL LIGHT
• ATTIC SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $245k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $855 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $230k (6.0% below list) — sets the bar for market timing.

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: 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.
• Zoned schools: Burton International Academy (math 2% / reading 12%, grade F, #1,308 of 1,397 statewide, top 95%, 501 students, 85% FRL); Northwestern High School (math 10% / reading 10%, grade F, #659 of 713 statewide, top 97%, 358 students, 88% FRL) — zoned schools at 87% FRL track the district average.
• Market conditions: 3 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 31d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($2k loan paydown + $7k appreciation (3.0% local appreciation)).
• 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 + 3.0% rent growth), your $69k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($230k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $50k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $230,300 (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 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.32% ✓
• Cap rate: 10.48%
• Cash-on-cash: 14.96%
• DSCR: 1.67
• GRM: 6.3

CMA / ARV

• ARV (median comp): $660,714
• List price: $245,000
• Delta: -62.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1760 Wabash St	0.21mi	3/2.5	2,100 (-12%)	0mo	$675,000	$321	63
2037 11th St #7	0.07mi	2/2.5 (-1)	2,054 (-14%)	0mo	$600,000	$292	61
1350 Bagley St	0.28mi	3/2.0	2,016 (-16%)	2mo	$695,000	$345	56
246 Edmund Pl	1.34mi	2/3.0 (-1)	2,270 (-5%)	3mo	$910,000	$401	41
3942 17th St	1.20mi	4/2.0 (+1)	2,160 (-10%)	0mo	$142,500	$66	39
3945 17th St	1.21mi	3/1.5	1,944 (-19%)	0mo	$165,000	$85	38
3919 17th St	1.18mi	3/1.5	1,888 (-21%)	0mo	$99,000	$52	38
1481 Hubbard St	1.30mi	3/1.5	2,892 (+20%)	1mo	$200,000	$69	37
2527 John R St	1.26mi	3/1.5	1,987 (-17%)	3mo	$370,000	$186	36
229 Alfred St	1.34mi	2/2.5 (-1)	2,130 (-11%)	3mo	$725,000	$340	33
627 W Alexandrine St #1	1.28mi	2/2.5 (-1)	2,038 (-15%)	3mo	$805,000	$395	27
2850 John R St	1.32mi	2/3.5 (-1)	2,005 (-16%)	3mo	$706,400	$352	23

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.5%
• Equity multiple: 2.22×
• Total profit: $84,028
• Equity at exit: $110,163

10-year hold

• IRR: 22.6%
• Equity multiple: 4.25×
• Total profit: $222,907
• Equity at exit: $169,774

Cash invested: $68,600 (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 →

Active competition Active MLS

• For sale now: 1 active
• Median asking: $584,900 ($288/sqft)
• Median days on market: 84 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -4.5% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 48216 1519

• Active inventory: 3
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $3,227 high
• Mortgage (P&I): −$1,285
• Tax est. 1.5%: −$306 /mo · $3,675/yr
• Insurance: −$102
• HOA: −$1
• Vacancy / Maint / Mgmt: −$678
• Net cashflow: $855

Break-even live

Break-even rent $2,144

Max offer price $245,000

Occupancy floor 68%

Sensitivity live

Price	-10% $1,024	-5% $940	+0% $855	+5% $770	+10% $686
Rent	-10% $600	-5% $728	+0% $855	+5% $983	+10% $1,110
Rate	-1.0pp $979	-0.5pp $917	base $855	+0.5pp $792	+1.0pp $727

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: $61,250
• Closing costs: $7,350
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1611 Michigan Ave Detroit, MI	3.0	1.0–3.5	1623	$5,250	$3.23	0d	7	0.07mi
1714 Bagley St Detroit, MI	3.0	2.5	2500	$3,500	$1.40	100d	1	0.11mi
1620 Michigan Ave Detroit, MI	2.0	1.0–2.0	1052	$3,500	$3.33	0d	1	0.13mi
2313 17th St Detroit, MI	2.0	1.0	2649	$3,250	$1.23	43d	1	0.55mi
525 W Lafayette Blvd Detroit, MI	1.0–3.0	1.0–2.0	1848	$2,775	$1.50	7d	3	0.83mi
525 W Lafayette Blvd Detroit, MI	2.0–3.0	2.0	1546	$4,250	$2.75	139d	3	0.83mi
525 W Lafayette Blvd Detroit, MI	2.0–3.0	1.0–2.0	1848	$2,775	$1.50	18d	2	0.83mi
525 W Lafayette Blvd Detroit, MI	1.0–3.0	1.0–2.0	1409	$2,775	$1.97	24d	3	0.83mi
10 Grand River Ave Detroit, MI	1.0–2.0	1.0–2.5	1487	$3,780	$2.54	5d	5	1.05mi
10 Witherell St Detroit, MI	3.0	1.0–2.5	1263	$5,140	$4.07	5d	8	1.07mi
2520 Woodward Ave Detroit, MI	3.0	1.5	2100	$2,450	$1.17	78d	1	1.12mi
2566 Woodward Ave Detroit, MI	2.0	1.5	2239	$3,000	$1.34	83d	1	1.13mi
2644 Woodward Ave #57 Detroit, MI	2.0	2.0	2155	$3,500	$1.62	93d	1	1.16mi
1250 Library St #31 Detroit, MI	2.0	2.0	2800	$3,200	$1.14	139d	1	1.18mi
262 W Grand Blvd Unit 2 Detroit, MI	4.0	1.5	1800	$2,050	$1.14	4d	1	1.18mi
135 Winder St Detroit, MI	2.0	2.0	2000	$3,200	$1.60	10d	1	1.20mi
1492 Vinewood St Detroit, MI	4.0	2.0	1682	$2,300	$1.37	30d	1	1.21mi
1323 Broadway St Detroit, MI	2.0	1.0–2.0	1650	$2,500	$1.52	64d	1	1.21mi

HOA detail $1/mo · $12/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-09-23
   days on market $245,000 Active 80 DOM
2. 2026-09-22
   days on market $245,000 Active 79 DOM
3. 2026-09-21
   days on market $245,000 Active 78 DOM
4. 2026-09-20
   days on market $245,000 Active 77 DOM
5. 2026-09-19
   days on market $245,000 Active 76 DOM
6. 2026-09-18
   days on market $245,000 Active 75 DOM
7. 2026-09-17
   days on market $245,000 Active 74 DOM
8. 2026-09-16
   days on market $245,000 Active 73 DOM
9. 2026-09-15
   days on market $245,000 Active 72 DOM
10. 2026-09-14
    days on market $245,000 Active 71 DOM
11. 2026-09-13
    days on market $245,000 Active 70 DOM
12. 2026-09-12
    days on market $245,000 Active 69 DOM
13. 2026-09-11
    days on market $245,000 Active 68 DOM
14. 2026-09-05
    days on market $245,000 Active 62 DOM
15. 2026-09-04
    days on market $245,000 Active 61 DOM
16. 2026-09-03
    days on market $245,000 Active 60 DOM
17. 2026-08-31
    days on market $245,000 Active 57 DOM
18. 2026-08-30
    days on market $245,000 Active 56 DOM
19. 2026-08-29
    days on market $245,000 Active 55 DOM
20. 2026-08-28
    days on market $245,000 Active 54 DOM
21. 2026-08-27
    days on market $245,000 Active 53 DOM
22. 2026-08-26
    days on market $245,000 Active 52 DOM
23. 2026-08-25
    days on market $245,000 Active 51 DOM
24. 2026-08-24
    days on market $245,000 Active 50 DOM
25. 2026-08-23
    days on market $245,000 Active 49 DOM
26. 2026-08-22
    days on market $245,000 Active 48 DOM
27. 2026-08-21
    days on market $245,000 Active 47 DOM
28. 2026-08-20
    days on market $245,000 Active 46 DOM
29. 2026-08-19
    days on market $245,000 Active 45 DOM
30. 2026-08-18
    days on market $245,000 Active 44 DOM
31. 2026-08-17
    days on market $245,000 Active 43 DOM
32. 2026-08-16
    days on market $245,000 Active 42 DOM
33. 2026-08-15
    days on market $245,000 Active 41 DOM
34. 2026-08-15
    pricedays on marketlisting id $245,000 Active 40 DOM
35. 2026-06-30
    days on market $260,000 Active 156 DOM
36. 2026-06-29
    days on market $260,000 Active 155 DOM
37. 2026-06-28
    days on market $260,000 Active 154 DOM
38. 2026-06-27
    days on market $260,000 Active 153 DOM
39. 2026-06-26
    days on market $260,000 Active 152 DOM
40. 2026-06-24
    days on market $260,000 Active 150 DOM
41. 2026-06-22
    days on market $260,000 Active 148 DOM
42. 2026-06-21
    days on market $260,000 Active 147 DOM
43. 2026-06-18
    days on market $260,000 Active 144 DOM
44. 2026-06-17
    days on market $260,000 Active 143 DOM
45. 2026-06-15
    days on market $260,000 Active 141 DOM
46. 2026-06-13
    days on market $260,000 Active 139 DOM
47. 2026-06-13
    days on market $260,000 Active 138 DOM
48. 2026-06-09
    days on market $260,000 Active 135 DOM
49. 2026-06-08
    days on market $260,000 Active 134 DOM
50. 2026-06-07
    days on market $260,000 Active 133 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $38,723
• − Mortgage interest: −$13,724
• − Property taxes: −$3,675
• − Insurance: −$1,225
• − Repairs & maintenance: −$3,098
• − Management: −$3,098
• − HOA: −$12
• − Depreciation: −$7,127
• Taxable income: $6,765
• Est. tax owed @ 24.0%: −$1,623
• After-tax cash flow: $8,638/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab Est. rehab $12,000–$36,000 screening

This 1933 condo in Corktown is in good condition with original wood floors and unique character. It offers a good balance of maintenance and updates that can further enhance its value.

Value-add opportunities

• Resale Paint the exterior siding — A fresh coat of paint can enhance the curb appeal and make the home look more inviting. ↑
• Rental Clean the gutters — Clean gutters improve the home's appearance and reduce the risk of water damage, which is important for rental properties. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 9/100

Zoned Schools

Elementary Burton International Academy F MI #1,308/1,397 Nat'l #40,092/41,679 High Northwestern High School F MI #659/713 Nat'l #15,975/17,239

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

B Composite livability gradescore 73/100

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

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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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

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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

-26.1% since first listed

7 events — show timeline

• 2026-04-02 Price Changed $275,000 MiRealSource-MiMLS
• 2026-01-25 Listed $295,000 MiRealSource-MiMLS
• 2026-01-23 Listing Removed — MiRealSource-MiMLS
• 2026-01-09 Price Changed $295,000 MiRealSource-MiMLS
• 2025-07-30 Listed $300,000 MiRealSource-MiMLS
• 2025-07-28 Listing Removed — MiRealSource-MiMLS
• 2025-02-23 Listed $372,000 MiRealSource-MiMLS