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

$260,000

3 bd · 1.0 ba · 1,200 sqft · Condo · 144 Days on market

Built 1915 Good condition $217/sqft · 45% below area Est $473k · 45% under $1/mo HOA ↓ 26% since listing

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +8.0/30.0
• Rent growth +4.3/5.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Appreciation +2.7/10.0
• 1% rule +2.5/10.0
• DSCR +2.1/10.0
• Schools +1.3/10.0

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 $260k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-264 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $222k (14.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (25.3% below list).
• Recommended offer: $194k (25.3% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 10.2% 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 rising fast (+7.3%/yr); 105 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $1,942/mo this rent would consume 53% of the median local household income ($44k/yr) (locally 431% 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 $2k of loan paydown is wiped out by about $8k 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

• It's been on market 144 days — a 12% lower offer ($229k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $35k (12%) 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 $194,157 (25.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 144 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.75% ✗
• Cap rate: 5.07%
• Cash-on-cash: -4.35%
• DSCR: 0.81
• GRM: 11.2

CMA / ARV

• ARV (median comp): $472,793
• List price: $260,000
• Delta: -45.01%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.3% rent growth · sell at horizon

5-year hold

• IRR: -19.0%
• Equity multiple: 0.31×
• Total profit: $-50,149
• Equity at exit: $38,767

10-year hold

• IRR: -4.6%
• Equity multiple: 0.64×
• Total profit: $-25,893
• Equity at exit: $22,480

Cash invested: $72,800 (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 48216

• Home prices YoY: -2.3%
• Rents YoY: 7.3%
• Active inventory: 105
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,942 medium
• Mortgage (P&I): −$1,363
• Tax est. 1.5%: −$325 /mo · $3,900/yr
• Insurance: −$108
• HOA: −$1
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $-264

Break-even live

Break-even rent $2,276

Max offer price $221,804

Occupancy floor —

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1611 Michigan Ave Detroit, MI	1.0–2.0	1.0–2.5	1487	$4,750	$3.19	1d	8	0.07mi
1640 Bagley St #13 Detroit, MI	2.0	2.5	1400	$4,250	$3.04	43d	1	0.11mi
1620 Michigan Ave Detroit, MI	2.0	1.0–2.0	1052	$3,500	$3.33	1d	1	0.13mi
2223 Wabash St Detroit, MI	2.0	2.0	1300	$2,800	$2.15	12d	1	0.29mi
2732 Harrison St Detroit, MI	2.0	2.5	1320	$2,750	$2.08	43d	1	0.46mi
3143 Trumbull Unit 301 Detroit, MI	2.0	1.0	1000	$1,650	$1.65	21d	1	0.71mi
3309 14th St Detroit, MI	1.0–3.0	1.0–2.5	942	$2,230	$2.37	1d	11	0.80mi
1001 W Jefferson Ave Unit 300-22I Detroit, MI	2.0	2.0	1040	$2,000	$1.92	23d	1	0.82mi
525 W Lafayette Blvd Detroit, MI	2.0–3.0	2.0	1546	$4,250	$2.75	43d	3	0.83mi
525 W Lafayette Blvd Detroit, MI	1.0–3.0	1.0–2.0	1546	$4,250	$2.75	2d	4	0.83mi
150 Bagley St Detroit, MI	1.0–2.0	1.0–2.5	960	$4,100	$4.27	17d	1	0.90mi
415 Clifford St Detroit, MI	2.0	1.0–2.0	755	$1,999	$2.65	5d	9	0.90mi
1265 Washington Blvd Detroit, MI	2.0	1.0–2.5	944	$5,560	$5.89	1d	9	0.92mi
321 W Lafayette Blvd Detroit, MI	1.0–2.0	1.0–2.0	834	$3,135	$3.76	2d	4	0.93mi
76 W Adams Ave Detroit, MI	1.0–2.0	1.0–2.0	881	$2,787	$3.16	24d	10	0.97mi
1215 Griswold St Detroit, MI	2.0–3.0	2.0	912	$2,420	$2.65	3d	2	1.00mi
1249 Griswold St Unit 0309 Detroit, MI	2.0	1.0	864	$1,999	$2.31	43d	1	1.00mi
111 State St Unit 1024673P Detroit, MI	2.0	2.0	1291	$8,342	$6.46	23d	1	1.02mi
111 State St Unit 1024679P Detroit, MI	2.0	2.0	1248	$7,718	$6.18	12d	1	1.02mi
1133 Griswold St Detroit, MI	2.0	2.0	956	$2,400	$2.51	23d	1	1.04mi
1212 Griswold St Unit 1024685P Detroit, MI	2.0	2.0	1291	$11,873	$9.20	23d	1	1.05mi
10 Witherell St Detroit, MI	1.0–2.0	1.0–2.5	1394	$6,000	$4.30	5d	8	1.07mi
3984 Commonwealth St Unit B Detroit, MI	3.0	2.0	1100	$2,400	$2.18	24d	1	1.11mi
2835 23rd St Unit 2 Detroit, MI	3.0	2.0	1100	$1,450	$1.32	16d	1	1.13mi
66 Winder St #458 Detroit, MI	2.0	2.0	1300	$2,600	$2.00	24d	1	1.14mi
14 Charlotte St Detroit, MI	1.0–2.0	1.0	680	$1,825	$2.68	43d	2	1.18mi
3998 15th St Unit 1 Detroit, MI	2.0	1.0	1200	$1,300	$1.08	43d	1	1.20mi
600 Woodward Ave Detroit, MI	2.0	2.5	1392	$5,817	$4.18	1d	4	1.20mi
1323 Broadway St Detroit, MI	2.0	1.0	1500	$2,200	$1.47	43d	1	1.21mi
1729 Vinewood St Unit 2 Detroit, MI	2.0	1.0	893	$775	$0.87	12d	1	1.23mi
711 W Alexandrine St Detroit, MI	1.0–2.0	1.0–1.5	742	$1,840	$2.48	5d	4	1.23mi
944 W Alexandrine St Unit 1 Detroit, MI	3.0	1.0	1100	$1,950	$1.77	43d	1	1.23mi
3439 Woodward Ave Detroit, MI	2.0	1.0–2.0	901	$3,400	$3.77	1d	5	1.24mi
310 Gratiot Ave Detroit, MI	2.0	1.0–2.0	753	$3,635	$4.83	20d	13	1.28mi
40 Davenport St Detroit, MI	2.0	1.0–2.0	517	$2,065	$3.99	1d	9	1.30mi
675 W Willis St Detroit, MI	1.0–3.0	1.0	631	$1,695	$2.69	1d	4	1.32mi
640 W Willis St Detroit, MI	1.0–2.0	1.0	1037	$1,750	$1.69	5d	10	1.37mi
555 Brush St Unit 3104 Detroit, MI	2.0	2.0	1020	$2,195	$2.15	44d	1	1.38mi
555 Brush St Unit 2706 Detroit, MI	2.0	2.0	1410	$2,075	$1.47	44d	1	1.38mi
555 Brush St Unit 2912 Detroit, MI	2.0	2.0	1265	$1,860	$1.47	44d	1	1.38mi

HOA detail condo

• Monthly dues: $1 · $12/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-18
   days on market $260,000 Active 144 DOM
2. 2026-06-17
   days on market $260,000 Active 143 DOM
3. 2026-06-15
   days on market $260,000 Active 141 DOM
4. 2026-06-13
   days on market $260,000 Active 139 DOM
5. 2026-06-13
   days on market $260,000 Active 138 DOM
6. 2026-06-09
   days on market $260,000 Active 135 DOM
7. 2026-06-08
   days on market $260,000 Active 134 DOM
8. 2026-06-07
   days on market $260,000 Active 133 DOM
9. 2026-06-04
   days on market $260,000 Active 130 DOM
10. 2026-06-03
    days on market $260,000 Active 129 DOM
11. 2026-06-01
    days on market $260,000 Active 127 DOM
12. 2026-05-31
    days on market $260,000 Active 126 DOM
13. 2026-04-02
    price $275,000 1047-char remark

    Show marketing remark (1047 chars)

    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.

14. 2026-01-25
    listed $295,000 Active 1047-char remark

    Show marketing remark (1047 chars)

    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.

15. 2026-01-23
    historical
16. 2026-01-09
    price $295,000
17. 2025-07-30
    listed $300,000 Active
18. 2025-07-28
    historical
19. 2025-02-23
    listed $372,000 Active

ⓘ 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: $23,299
• − Mortgage interest: −$14,564
• − Property taxes: −$3,900
• − Insurance: −$1,300
• − Repairs & maintenance: −$1,864
• − Management: −$1,864
• − HOA: −$12
• − Depreciation: −$7,564
• Taxable loss: −$7,769
• Est. tax savings @ 24.0%: +$1,864
• After-tax cash flow: $-1,303/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

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.

Renovation cost estimate screening

Value-add ROI direction

• 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. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 5,865
• Household income: $44,335
• Rent vs Own: 64.6% rent · 35.4% own
• Severe rent burden: 431.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Black 37% White 32% Hispanic / Latino 24% Two or more races 10%
• Hispanic origin (detail): Mexican 18% Puerto Rican 2%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 15% Arabic 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: ▼ -4.60%
• Current HPI: 194.458
• Rent YoY: ▲ 7.30%
• 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

-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