591 Chalmers St · Detroit, MI 48215

$39,900

3 bd · 1.5 ba · 1,556 sqft · SingleFamily public records · 3 Days on market

Built 1926 5,663 sqft lot $26/sqft · 79% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

High & Best Due Sunday 5/17/26 at 3pm. Estate Sale. This 3 Bedroom 1.5 Bath Brick Colonial has tons of potential. Almost 1600 sq ft. Prime Location in Jefferson/Chalmers neighborhood. Just minutes to the Detroit River! Fenced in yard. Home needs work & is priced to sell. Set your showing today.

Key facts

• Brick colonial
• Prime location
• Fenced in yard

Tags

• BRICK COLONIAL
• PRIME LOCATION
• FENCED IN YARD

Property features AI

Finance

• HOA & community: Homeowners association present

Exterior

• Parking: On-street parking; Assigned parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels
• Construction: Brick construction; Block foundation; Built above grade (finished area approximately 1,556)
• Exterior features: Front porch; Fenced lot; Paved road access

Interior

• Kitchen: Gas water heater
• Bedrooms: Total rooms: 3
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fans
• Interior features: High ceilings; High-speed internet; Wood-burning fireplace in the living room; Full basement with block foundation
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $422 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Cap rate 32.8% 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; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $276 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 20y ago 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: flood insurance adds $460/mo; built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $39,900

Questions for the listing agent

1. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 3.62% ✓
• Cap rate: 32.84%
• Cash-on-cash: 94.80%
• DSCR: 5.22
• GRM: 2.3

CMA / ARV

• ARV (median comp): $190,774
• List price: $39,900
• Delta: -79.09%
• 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
591 Chalmers St	0.00mi	3/1.5	1,556 (0%)	1mo	$50,000	$32	99
847 Barrington Rd	0.36mi	2/1.5 (-1)	1,586 (+2%)	6mo	$338,000	$213	69
319 Marlborough St	0.38mi	3/1.0	1,610 (+4%)	9mo	$80,000	$50	67
976 Lakepointe St	0.61mi	3/1.5	1,582 (+2%)	4mo	$412,500	$261	65
220 Newport St	0.56mi	3/1.5	1,518 (-2%)	6mo	$246,000	$162	65
605 Lakewood St	0.07mi	2/1.0 (-1)	1,374 (-12%)	6mo	$89,900	$65	65
221 Chalmers St	0.55mi	4/2.0 (+1)	1,560 (+0%)	7mo	$189,000	$121	61
883 Lakepointe St	0.50mi	3/1.5	1,734 (+11%)	2mo	$475,000	$274	56
785 Barrington Rd	0.37mi	2/1.0 (-1)	1,369 (-12%)	2mo	$296,000	$216	54
1060 Chalmers St	0.42mi	4/1.5 (+1)	1,368 (-12%)	8mo	$36,890	$27	49
1075 Wayburn St	0.71mi	3/1.0	1,400 (-10%)	8mo	$275,000	$196	41
1315 Newport St	0.66mi	4/1.0 (+1)	1,364 (-12%)	0mo	$10,000	$7	41

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: 42.8%
• Equity multiple: 2.85×
• Total profit: $20,718
• Equity at exit: $5,949

10-year hold

• IRR: 49.1%
• Equity multiple: 5.82×
• Total profit: $53,859
• Equity at exit: $3,450

Cash invested: $11,172 (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: 2.3×

Monthly cashflow live

• Estimated rent: $1,444 high
• Mortgage (P&I): −$209
• Tax from tax record: −$32 /mo · $384/yr
• Insurance: −$17
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $422

Break-even live

Break-even rent $909

Max offer price $39,900

Occupancy floor 66%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
875 Philip St Detroit, MI	3.0	1.0	1353	$1,400	$1.03	43d	1	0.33mi
734 Ashland St Detroit, MI	3.0	1.0	1110	$1,300	$1.17	22d	1	0.34mi
734 Ashland St Detroit, MI	3.0	1.0	1110	$1,300	$1.17	24d	1	0.34mi
13010 Avondale St Detroit, MI	1.0–2.0	1.0–2.0	1003	$1,725	$1.72	1d	1	0.47mi
861 Beaconsfield Ave Grosse Pointe Park, MI	2.0	1.0	1300	$1,500	$1.15	12d	1	0.57mi
832 Harcourt Rd Grosse Pointe Park, MI	2.0	2.5	1675	$1,850	$1.10	2d	1	1.03mi
1236 Beaconsfield Ave Unit 1 Grosse Pointe Park, MI	2.0	1.0	1100	$1,600	$1.45	24d	1	1.05mi
1334 Maryland St Grosse Pointe Park, MI	2.0	1.0	1786	$1,200	$0.67	18d	1	1.10mi
1312 Somerset Ave Grosse Pointe Park, MI	2.0	1.0	1200	$1,400	$1.17	16d	1	1.19mi

Listing history 11 events

1. 2026-05-18
   status Pending 307-char remark

   Show marketing remark (307 chars)

   High & Best Due Sunday 5/17/26 at 3pm. Estate Sale. This 3 Bedroom 1.5 Bath Brick Colonial has tons of potential. Almost 1600 sq ft. Prime Location in Jefferson/Chalmers neighborhood. Just minutes to the Detroit River! Fenced in yard. Home needs work & is priced to sell. Set your showing today.

2. 2026-05-18
   status Pending 307-char remark

   Show marketing remark (307 chars)

   High & Best Due Sunday 5/17/26 at 3pm. Estate Sale. This 3 Bedroom 1.5 Bath Brick Colonial has tons of potential. Almost 1600 sq ft. Prime Location in Jefferson/Chalmers neighborhood. Just minutes to the Detroit River! Fenced in yard. Home needs work & is priced to sell. Set your showing today.

3. 2026-05-15
   listed $39,900 Active 307-char remark

   Show marketing remark (307 chars)

   High & Best Due Sunday 5/17/26 at 3pm. Estate Sale. This 3 Bedroom 1.5 Bath Brick Colonial has tons of potential. Almost 1600 sq ft. Prime Location in Jefferson/Chalmers neighborhood. Just minutes to the Detroit River! Fenced in yard. Home needs work & is priced to sell. Set your showing today.

4. 2026-05-15
   listed $39,900 Active 307-char remark

   Show marketing remark (307 chars)

   High & Best Due Sunday 5/17/26 at 3pm. Estate Sale. This 3 Bedroom 1.5 Bath Brick Colonial has tons of potential. Almost 1600 sq ft. Prime Location in Jefferson/Chalmers neighborhood. Just minutes to the Detroit River! Fenced in yard. Home needs work & is priced to sell. Set your showing today.

5. 2009-09-10
   soldstatus $9,000

   Show marketing remark (193 chars)

   GREAT INVESTMENT OPPERTUNITY! THIS IS A BRICK, 2 STORY BUNGALOW WITH 3 BEDROOMS, 1 FULL BATH AND 1 LAV. , A NATURAL FIRPLACE IN THE LIVINGROOM, FLORIDA ROOM, BASEMENT, PATIO AND FENCED IN YARD.

6. 2009-08-06
   listed $9,000

   Show marketing remark (193 chars)

   GREAT INVESTMENT OPPERTUNITY! THIS IS A BRICK, 2 STORY BUNGALOW WITH 3 BEDROOMS, 1 FULL BATH AND 1 LAV. , A NATURAL FIRPLACE IN THE LIVINGROOM, FLORIDA ROOM, BASEMENT, PATIO AND FENCED IN YARD.

7. 2007-01-30
   soldstatus $34,000
8. 2007-01-30
   soldstatus $34,000
9. 2006-12-21
   historical
10. 2006-11-01
    listed $33,900
11. 2006-11-01
    listed $33,900

ⓘ 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: $384 · $32/mo
• Projected year-2 tax: $499 · $42/mo
• Expected delta: +$115/yr (+$10/mo · 29.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 74% 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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,324
• − Mortgage interest: −$2,235
• − Property taxes: −$384
• − Insurance: −$5,724
• − Repairs & maintenance: −$1,386
• − Management: −$1,386
• − Depreciation: −$1,161
• Taxable income: $5,048
• Est. tax owed @ 24.0%: −$1,211
• After-tax cash flow: $3,855/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

+47.5% since first listed

13 events — show timeline

• 2026-05-28 Sold (MLS) $50,000 REALCOMP
• 2026-05-28 Sold (MLS) $50,000 MiRealSource-MiMLS
• 2026-05-18 Pending — REALCOMP
• 2026-05-18 Pending — MiRealSource-MiMLS
• 2026-05-15 Listed $39,900 REALCOMP
• 2026-05-15 Listed $39,900 MiRealSource-MiMLS
• 2009-09-10 Sold (MLS) $9,000 REALCOMP
• 2009-08-06 Listed $9,000 REALCOMP
• 2007-01-30 Sold (MLS) $34,000 MiRealSource-MiMLS
• 2007-01-30 Sold (MLS) $34,000 REALCOMP
• 2006-12-21 Listing Removed — MiRealSource-MiMLS
• 2006-11-01 Listed $33,900 MiRealSource-MiMLS
• 2006-11-01 Listed $33,900 REALCOMP

Property tax history

+1.0%/yr

Latest (2025): $384 · +2.1% YoY. Source: county tax records.