3417 Gray St · Detroit, MI 48215

$22,500

4 bd · 2.5 ba · 2,500 sqft · Townhouse public records · 61 Days on market

Built 1924 4,356 sqft lot $9/sqft · 80% below area

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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).

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

Listing remarks MLS

Fantastic opportunity on this duplex on Detroit’s east side, a growing market that continues to attract savvy investors. This two-story, 2,500 sq. ft. property offers two 2-bed, 1-bath units, each with about 1,200 sq. ft. of living space and a full basement. Needs work, and the price reflects the condition, making it a strong fit for investors looking to add equity and boost long-term cash flow. BATVAI. Sold As-is. LAND CONTRACT TERMS AVAILABLE at $35,000 purchase price, $10,000 down payment, 11% interest for 60 month at $575/mo

Key facts

• 4,356 sq ft lot
• Built 1924
• Listed 61 days

🏷️ Possibly a rental listed for sale. The $22,500 price doesn't fit this home's estimated sale value (~$112,787) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath townhouse listed at $22k.

Deal economics

• At list price, monthly cash flow is $788 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $22k).
• Recommended offer: $21k (6.0% below list) — sets the bar for market timing.
• Cap rate 48.3% 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: 137 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $156 of loan paydown is wiped out by about $675 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 + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($21k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 4y ago; this cycle's ask has dropped $5k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.4% of price; built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $21,150 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 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 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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 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: 5.51% ✓
• Cap rate: 48.33%
• Cash-on-cash: 150.12%
• DSCR: 7.68
• GRM: 1.5

CMA / ARV

• ARV (median comp): $112,787
• List price: $22,500
• Delta: -78.99%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 8.40×
• Total profit: $46,592
• Equity at exit: $3,355

10-year hold

• IRR: —
• Equity multiple: 17.73×
• Total profit: $105,372
• Equity at exit: $1,945

Cash invested: $6,300 (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 48215

• Home prices YoY: -24.1%
• Active inventory: 137
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $1,239 medium
• Mortgage (P&I): −$118
• Tax from tax record: −$63 /mo · $758/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $788

Break-even live

Break-even rent $241

Max offer price $22,500

Occupancy floor 31%

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: $5,625
• Closing costs: $675
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2174 Springle St Detroit, MI	3.0	1.0	2256	$1,150	$0.51	1d	1	0.45mi
4510 Harding St Detroit, MI	3.0	1.0	2394	$1,500	$0.63	17d	1	1.40mi

Listing history 44 events

1. 2026-06-18
   days on market $22,500 Active 61 DOM
2. 2026-06-17
   price $22,500 Active 60 DOM
3. 2026-06-17
   days on market $23,700 Active 60 DOM
4. 2026-06-15
   days on market $23,700 Active 58 DOM
5. 2026-06-13
   days on market $23,700 Active 56 DOM
6. 2026-06-13
   days on market $23,700 Active 55 DOM
7. 2026-06-09
   days on market $23,700 Active 52 DOM
8. 2026-06-08
   days on market $23,700 Active 51 DOM
9. 2026-06-07
   days on market $23,700 Active 50 DOM
10. 2026-06-04
    days on market $23,700 Active 47 DOM
11. 2026-06-03
    pricedays on market $23,700 Active 46 DOM
12. 2026-06-02
    days on market $25,500 Active 45 DOM
13. 2026-06-01
    days on market $25,500 Active 44 DOM
14. 2026-05-31
    days on market $25,500 Active 43 DOM
15. 2026-04-17
    listed $27,500 Active 540-char remark

    Show marketing remark (534 chars)

    Fantastic opportunity on this duplex on Detroit's east side, a growing market that continues to attract savvy investors. This two-story, 2,500 sq. ft. property offers two 2-bed, 1-bath units, each with about 1,200 sq. ft. of living space and a full basement. Needs work, and the price reflects the condition, making it a strong fit for investors looking to add equity and boost long-term cash flow. BATVAI. Sold As-is. LAND CONTRACT TERMS AVAILABLE at $35,000 purchase price, $10,000 down payment, 11% interest for 60 month at $575/mo

16. 2026-04-17
    listed $27,500 Active 534-char remark

    Show marketing remark (534 chars)

    Fantastic opportunity on this duplex on Detroit's east side, a growing market that continues to attract savvy investors. This two-story, 2,500 sq. ft. property offers two 2-bed, 1-bath units, each with about 1,200 sq. ft. of living space and a full basement. Needs work, and the price reflects the condition, making it a strong fit for investors looking to add equity and boost long-term cash flow. BATVAI. Sold As-is. LAND CONTRACT TERMS AVAILABLE at $35,000 purchase price, $10,000 down payment, 11% interest for 60 month at $575/mo

17. 2026-04-17
    listed $27,500 Active

    Show marketing remark (534 chars)

    Fantastic opportunity on this duplex on Detroit's east side, a growing market that continues to attract savvy investors. This two-story, 2,500 sq. ft. property offers two 2-bed, 1-bath units, each with about 1,200 sq. ft. of living space and a full basement. Needs work, and the price reflects the condition, making it a strong fit for investors looking to add equity and boost long-term cash flow. BATVAI. Sold As-is. LAND CONTRACT TERMS AVAILABLE at $35,000 purchase price, $10,000 down payment, 11% interest for 60 month at $575/mo

18. 2026-04-17
    listed $27,500 Active

    Show marketing remark (534 chars)

    Fantastic opportunity on this duplex on Detroit's east side, a growing market that continues to attract savvy investors. This two-story, 2,500 sq. ft. property offers two 2-bed, 1-bath units, each with about 1,200 sq. ft. of living space and a full basement. Needs work, and the price reflects the condition, making it a strong fit for investors looking to add equity and boost long-term cash flow. BATVAI. Sold As-is. LAND CONTRACT TERMS AVAILABLE at $35,000 purchase price, $10,000 down payment, 11% interest for 60 month at $575/mo

19. 2025-12-11
    historical
20. 2025-12-11
    historical
21. 2025-12-01
    price $25,000
22. 2025-12-01
    price $25,000
23. 2025-11-13
    price $30,000
24. 2025-11-12
    price $30,000
25. 2025-11-11
    listed $35,000 Active
26. 2025-11-11
    listed $35,000 Active
27. 2023-05-25
    status Pending
28. 2023-05-25
    status Pending
29. 2023-05-25
    historical
30. 2023-05-25
    historical
31. 2023-03-25
    price $30,000
32. 2023-03-25
    price $30,000
33. 2023-03-20
    listed $40,000 Active
34. 2023-03-20
    historical
35. 2023-03-20
    listed $40,000 Active
36. 2023-03-20
    historical
37. 2023-02-07
    price $50,000
38. 2023-02-07
    price $50,000
39. 2022-12-13
    listed $60,000 Active
40. 2022-12-13
    listed $60,000 Active
41. 2022-07-30
    historical
42. 2022-07-30
    historical
43. 2022-04-12
    listed $25,000 Active
44. 2022-04-12
    listed $25,000 Active

ⓘ 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: $758 · $63/mo
• Projected year-2 tax: $758 · $63/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 ≥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: $14,866
• − Mortgage interest: −$1,260
• − Property taxes: −$758
• − Insurance: −$112
• − Repairs & maintenance: −$1,189
• − Management: −$1,189
• − Depreciation: −$655
• Taxable income: $9,702
• Est. tax owed @ 24.0%: −$2,329
• After-tax cash flow: $7,129/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
• City population: 572,865
• Population (ZIP): 10,238

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 (87%)
• Race & ethnicity: Black 87% White 9% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Romanian 1% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% 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: ▼ -60.84%
• Current HPI: 191.0405
• Rent YoY: —
• Metro: —
• 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

+10.0% since first listed

30 events — show timeline

• 2026-04-17 Listed $27,500 MiRealSource-MiMLS
• 2026-04-17 Listed $27,500 REALCOMP
• 2026-04-17 Listed $27,500 MiRealSource-MiMLS
• 2026-04-17 Listed $27,500 REALCOMP
• 2025-12-11 Listing Removed — MiRealSource-MiMLS
• 2025-12-11 Listing Removed — REALCOMP
• 2025-12-01 Price Changed $25,000 MiRealSource-MiMLS
• 2025-12-01 Price Changed $25,000 REALCOMP
• 2025-11-13 Price Changed $30,000 MiRealSource-MiMLS
• 2025-11-12 Price Changed $30,000 REALCOMP
• 2025-11-11 Listed $35,000 MiRealSource-MiMLS
• 2025-11-11 Listed $35,000 REALCOMP
• 2023-05-25 Pending — MiRealSource-MiMLS
• 2023-05-25 Pending — REALCOMP
• 2023-05-25 Listing Removed — MiRealSource-MiMLS
• 2023-05-25 Listing Removed — REALCOMP
• 2023-03-25 Price Changed $30,000 MiRealSource-MiMLS
• 2023-03-25 Price Changed $30,000 REALCOMP
• 2023-03-20 Listing Removed — MiRealSource-MiMLS
• 2023-03-20 Listed $40,000 MiRealSource-MiMLS
• 2023-03-20 Listing Removed — REALCOMP
• 2023-03-20 Listed $40,000 REALCOMP
• 2023-02-07 Price Changed $50,000 MiRealSource-MiMLS
• 2023-02-07 Price Changed $50,000 REALCOMP
• 2022-12-13 Listed $60,000 MiRealSource-MiMLS
• 2022-12-13 Listed $60,000 REALCOMP
• 2022-07-30 Listing Removed — MiRealSource-MiMLS
• 2022-07-30 Listing Removed — REALCOMP
• 2022-04-12 Listed $25,000 MiRealSource-MiMLS
• 2022-04-12 Listed $25,000 REALCOMP

Property tax history

+0.7%/yr

Latest (2025): $758 · +18.1% YoY. Source: county tax records.