104 Mount Vernon St · Detroit, MI 48202

$120,000

4 bd · 1.0 ba · 1,246 sqft · SingleFamily public records · 821 Days on market

Built 1910 2,178 sqft lot $96/sqft · 46% 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
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Rent growth +1.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Can't miss renovation opportunity in Detroit's culture-rich North End community! This townhome is located steps away from the Detroit People's Food Co-Op, See You Tomorrow, a can't miss breakfast spot, and in the midst of several recently completed new construction communities and planned new development projects. This is an end unit with its own private entry. The 3rd floor offers a location for an expansive primary suite or impressive bonus room and can be plumbed for a 3rd bathroom. Located one mile from the Q-Line, two miles from Midtown and a short walk from exciting new dining and grocery options. This development opportunity is one you can't miss! The adjoining unit is also available for sale MLS 20240017480.

Key facts

• 2,178 sq ft lot
• Built 1910
• Listed 821 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $712 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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 falling (-5.1%/yr); 257 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $1,898/mo this rent would consume 52% of the median local household income ($44k/yr) (locally 1258% 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 $830 of loan paydown is wiped out by about $4k 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 + 0.0% rent growth), your $34k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 821 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 22y 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.
• Current owner paid $4k; list at $120k implies a 2895% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 821 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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: 1.58% ✓
• Cap rate: 13.41%
• Cash-on-cash: 25.42%
• DSCR: 2.13
• GRM: 5.3

CMA / ARV

• ARV (median comp): $305,869
• List price: $120,000
• Delta: -60.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
87 Hazelwood St	0.47mi	3/1.0 (-1)	1,302 (+4%)	1mo	$27,000	$21	65
1015 Clay St	0.50mi	3/1.0 (-1)	1,350 (+8%)	8mo	$18,000	$13	51
993 Mount Vernon St	0.50mi	3/1.0 (-1)	1,194 (-4%)	17mo	$40,000	$34	50
650 Melbourne St	0.38mi	4/1.5	1,360 (+9%)	18mo	$35,000	$26	50
530 Kenilworth St	0.72mi	3/1.0 (-1)	1,323 (+6%)	4mo	$68,000	$51	48
910 E Philadelphia St	0.46mi	3/1.5 (-1)	1,130 (-9%)	19mo	$7,500	$7	40
7370 Melrose St	0.58mi	3/2.0 (-1)	1,350 (+8%)	18mo	$235,000	$174	35
1203 W Euclid St	0.71mi	3/1.0 (-1)	1,150 (-8%)	18mo	$31,500	$27	33

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 15.6%
• Equity multiple: 1.60×
• Total profit: $20,327
• Equity at exit: $17,892

10-year hold

• IRR: 22.0%
• Equity multiple: 2.62×
• Total profit: $54,587
• Equity at exit: $10,375

Cash invested: $33,600 (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 →

ZIP-level market 48202

• Rents YoY: -5.1%
• Active inventory: 257
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,898 high
• Mortgage (P&I): −$629
• Tax from tax record: −$109 /mo · $1,304/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $712

Break-even live

Break-even rent $997

Max offer price $120,000

Occupancy floor 58%

Sensitivity live

Price	-10% $780	-5% $746	+0% $712	+5% $678	+10% $644
Rent	-10% $562	-5% $637	+0% $712	+5% $787	+10% $862
Rate	-1.0pp $772	-0.5pp $742	base $712	+0.5pp $681	+1.0pp $649

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
68 E Philadelphia St Detroit, MI	3.0	2.0	1000	$1,750	$1.75	44d	1	0.18mi
8410 Brush St Detroit, MI	3.0	2.5	1300	$2,200	$1.69	2d	1	0.24mi
8416 Brush St Detroit, MI	3.0	1.5	1200	$2,200	$1.83	2d	1	0.24mi
156 Leicester Ct Apt 2 Detroit, MI	3.0	1.0	1000	$1,250	$1.25	44d	1	0.62mi
1226 Virginia Park St Unit 1226 Virginia Park, Upper V 1/10/26 (T) Detroit, MI	3.0	1.0	1100	$1,200	$1.09	44d	1	0.74mi
7640 Woodrow Wilson St Unit 1 Detroit, MI	3.0	1.5	1095	$1,400	$1.28	44d	1	0.98mi
275 E Palmer St Detroit, MI	3.0	3.0	1500	$2,950	$1.97	44d	1	1.00mi
613 Belmont St Detroit, MI	3.0	1.0	1100	$1,350	$1.23	18d	1	1.10mi
6183 Hecla St Detroit, MI	3.0	1.0	1100	$1,700	$1.55	25d	1	1.19mi
506 E Kirby St Unit 6 Detroit, MI	3.0	1.0	1000	$1,399	$1.40	13d	1	1.21mi
2047 Seward St Detroit, MI	3.0	1.0	1421	$1,523	$1.07	5d	1	1.26mi
520 Englewood St Detroit, MI	4.0	1.5	1086	$1,725	$1.59	25d	1	1.29mi
1427 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,850	$1.68	25d	1	1.34mi
1427 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,750	$1.59	44d	1	1.34mi
9844 Woodrow Wilson St Detroit, MI	3.0	1.0	1187	$1,300	$1.10	13d	1	1.37mi
2254 Taylor St Unit Taylor St unit Detroit, MI	3.0	1.0	1307	$1,550	$1.19	4d	1	1.47mi

Listing history 30 events

1. 2026-06-18
   days on market $120,000 Active 821 DOM
2. 2026-06-17
   days on market $120,000 Active 820 DOM
3. 2026-06-15
   days on market $120,000 Active 818 DOM
4. 2026-06-13
   days on market $120,000 Active 816 DOM
5. 2026-06-13
   days on market $120,000 Active 815 DOM
6. 2026-06-09
   days on market $120,000 Active 812 DOM
7. 2026-06-08
   days on market $120,000 Active 811 DOM
8. 2026-06-07
   days on market $120,000 Active 810 DOM
9. 2026-06-04
   days on market $120,000 Active 807 DOM
10. 2026-06-03
    days on market $120,000 Active 806 DOM
11. 2026-06-01
    days on market $120,000 Active 804 DOM
12. 2026-05-31
    days on market $120,000 Active 803 DOM
13. 2025-04-22
    status Active 725-char remark

    Show marketing remark (725 chars)

    Can't miss renovation opportunity in Detroit's culture-rich North End community! This townhome is located steps away from the Detroit People's Food Co-Op, See You Tomorrow, a can't miss breakfast spot, and in the midst of several recently completed new construction communities and planned new development projects. This is an end unit with its own private entry. The 3rd floor offers a location for an expansive primary suite or impressive bonus room and can be plumbed for a 3rd bathroom. Located one mile from the Q-Line, two miles from Midtown and a short walk from exciting new dining and grocery options. This development opportunity is one you can't miss! The adjoining unit is also available for sale MLS 20240017480.

14. 2025-04-22
    status Active 725-char remark

    Show marketing remark (725 chars)

    Can't miss renovation opportunity in Detroit's culture-rich North End community! This townhome is located steps away from the Detroit People's Food Co-Op, See You Tomorrow, a can't miss breakfast spot, and in the midst of several recently completed new construction communities and planned new development projects. This is an end unit with its own private entry. The 3rd floor offers a location for an expansive primary suite or impressive bonus room and can be plumbed for a 3rd bathroom. Located one mile from the Q-Line, two miles from Midtown and a short walk from exciting new dining and grocery options. This development opportunity is one you can't miss! The adjoining unit is also available for sale MLS 20240017480.

15. 2025-03-11
    historical Accepting Backup Offers 725-char remark

    Show marketing remark (725 chars)

    Can't miss renovation opportunity in Detroit's culture-rich North End community! This townhome is located steps away from the Detroit People's Food Co-Op, See You Tomorrow, a can't miss breakfast spot, and in the midst of several recently completed new construction communities and planned new development projects. This is an end unit with its own private entry. The 3rd floor offers a location for an expansive primary suite or impressive bonus room and can be plumbed for a 3rd bathroom. Located one mile from the Q-Line, two miles from Midtown and a short walk from exciting new dining and grocery options. This development opportunity is one you can't miss! The adjoining unit is also available for sale MLS 20240017480.

16. 2025-03-11
    historical Active Under Contract 725-char remark

    Show marketing remark (725 chars)

    Can't miss renovation opportunity in Detroit's culture-rich North End community! This townhome is located steps away from the Detroit People's Food Co-Op, See You Tomorrow, a can't miss breakfast spot, and in the midst of several recently completed new construction communities and planned new development projects. This is an end unit with its own private entry. The 3rd floor offers a location for an expansive primary suite or impressive bonus room and can be plumbed for a 3rd bathroom. Located one mile from the Q-Line, two miles from Midtown and a short walk from exciting new dining and grocery options. This development opportunity is one you can't miss! The adjoining unit is also available for sale MLS 20240017480.

17. 2024-03-19
    listed $120,000 Active 725-char remark

    Show marketing remark (725 chars)

    Can't miss renovation opportunity in Detroit's culture-rich North End community! This townhome is located steps away from the Detroit People's Food Co-Op, See You Tomorrow, a can't miss breakfast spot, and in the midst of several recently completed new construction communities and planned new development projects. This is an end unit with its own private entry. The 3rd floor offers a location for an expansive primary suite or impressive bonus room and can be plumbed for a 3rd bathroom. Located one mile from the Q-Line, two miles from Midtown and a short walk from exciting new dining and grocery options. This development opportunity is one you can't miss! The adjoining unit is also available for sale MLS 20240017480.

18. 2024-03-19
    listed $120,000 Active 725-char remark

    Show marketing remark (725 chars)

    Can't miss renovation opportunity in Detroit's culture-rich North End community! This townhome is located steps away from the Detroit People's Food Co-Op, See You Tomorrow, a can't miss breakfast spot, and in the midst of several recently completed new construction communities and planned new development projects. This is an end unit with its own private entry. The 3rd floor offers a location for an expansive primary suite or impressive bonus room and can be plumbed for a 3rd bathroom. Located one mile from the Q-Line, two miles from Midtown and a short walk from exciting new dining and grocery options. This development opportunity is one you can't miss! The adjoining unit is also available for sale MLS 20240017480.

19. 2013-07-29
    soldstatus $4,007
20. 2013-07-29
    soldstatus $4,007
21. 2013-06-21
    historical
22. 2013-06-21
    historical
23. 2013-05-10
    listed $4,000
24. 2013-05-10
    listed $4,000
25. 2013-03-26
    historical
26. 2013-03-26
    historical
27. 2012-05-04
    listed $7,500
28. 2012-05-04
    listed $7,500
29. 2005-05-05
    historical
30. 2004-09-16
    listed $44,900

ⓘ 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: $1,304 · $109/mo
• Projected year-2 tax: $1,576 · $131/mo
• Expected delta: +$272/yr (+$23/mo · 20.9%)

ⓘ 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 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,780
• − Mortgage interest: −$6,722
• − Property taxes: −$1,304
• − Insurance: −$600
• − Repairs & maintenance: −$1,822
• − Management: −$1,822
• − Depreciation: −$3,491
• Taxable income: $7,019
• Est. tax owed @ 24.0%: −$1,685
• After-tax cash flow: $6,857/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): 15,780
• Household income: $43,627
• Rent vs Own: 69.1% rent · 30.9% own
• Severe rent burden: 1258.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 60% White 26% Asian 6% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 3% Slovak 1% Lithuanian 1%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 90% English-only · Other Indo-European 3% Arabic 2% Spanish 2%

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: ▼ -239.24%
• Current HPI: 145.5509
• Rent YoY: ▼ -5.13%
• 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

+167.3% since first listed

18 events — show timeline

• 2025-04-22 Relisted — MiRealSource-MiMLS
• 2025-04-22 Relisted — REALCOMP
• 2025-03-11 Contingent — MiRealSource-MiMLS
• 2025-03-11 Contingent — REALCOMP
• 2024-03-19 Listed $120,000 REALCOMP
• 2024-03-19 Listed $120,000 MiRealSource-MiMLS
• 2013-07-29 Sold (MLS) $4,007 MiRealSource-MiMLS
• 2013-07-29 Sold (MLS) $4,007 REALCOMP
• 2013-06-21 Listing Removed — MiRealSource-MiMLS
• 2013-06-21 Listing Removed — REALCOMP
• 2013-05-10 Listed $4,000 MiRealSource-MiMLS
• 2013-05-10 Listed $4,000 REALCOMP
• 2013-03-26 Listing Removed — MiRealSource-MiMLS
• 2013-03-26 Listing Removed — REALCOMP
• 2012-05-04 Listed $7,500 MiRealSource-MiMLS
• 2012-05-04 Listed $7,500 REALCOMP
• 2005-05-05 Listing Removed — REALCOMP
• 2004-09-16 Listed $44,900 REALCOMP

Property tax history

+9.8%/yr

Latest (2025): $1,304 · -9.1% YoY. Source: county tax records.