3771 24th · Detroit, MI 48208

$39,999

4 bd · 2.0 ba · 2,062 sqft · SingleFamily public records · 447 Days on market

Built 1913 0.48 ac lot $19/sqft · 67% 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

4 bedrooms 2 bathrooms. Needs Rehab, Nice block with new construction house. Call Listing Agent for more information. Ray 313 685-7208

Key facts

• 0.48 acre lot
• Built 1913
• Listed 447 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 48.9% 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: 184 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $2,138/mo this rent would consume 71% of the median local household income ($36k/yr) (locally 601% 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 $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 ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 447 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 19y ago; this cycle's ask has dropped $20k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $3k; list at $40k implies a 1329% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,199 (12.0% below list)

Questions for the listing agent

1. It's been on market 447 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 1913 — 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. 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?
8. 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.
9. 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.
10. 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: 5.34% ✓
• Cap rate: 48.85%
• Cash-on-cash: 152.00%
• DSCR: 7.76
• GRM: 1.6

CMA / ARV

• ARV (median comp): $156,597
• List price: $39,999
• Delta: -74.46%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3917 16th St	0.64mi	4/2.0	2,037 (-1%)	3mo	$35,000	$17	66
3027 Williams Street St	0.42mi	4/2.0	2,300 (+12%)	22mo	$149,000	$65	43
2931 Poplar St	0.34mi	3/1.5 (-1)	1,756 (-15%)	22mo	$290,000	$165	34

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: —
• Equity multiple: 8.49×
• Total profit: $83,899
• Equity at exit: $5,964

10-year hold

• IRR: —
• Equity multiple: 17.92×
• Total profit: $189,517
• Equity at exit: $3,458

Cash invested: $11,200 (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 48208

• Home prices YoY: -5.9%
• Active inventory: 184
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $2,138 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$44 /mo · $524/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $1,419

Break-even live

Break-even rent $342

Max offer price $39,999

Occupancy floor 29%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3934 Avery St Detroit, MI	5.0	2.0	2500	$3,000	$1.20	43d	1	1.11mi
4426 McGraw Ave Unit 1 Detroit, MI	3.0	1.0	1400	$1,200	$0.86	43d	1	1.15mi
1646 Mc Kinstry St Unit 1F McKinstry Detroit, MI	4.0	1.0	1879	$1,200	$0.64	5d	1	1.23mi
1714 Bagley St Detroit, MI	3.0	2.5	2500	$3,500	$1.40	4d	1	1.50mi

Listing history 31 events

1. 2026-06-18
   days on market $39,999 Active 447 DOM
2. 2026-06-17
   days on market $39,999 Active 446 DOM
3. 2026-06-15
   days on market $39,999 Active 444 DOM
4. 2026-06-13
   days on market $39,999 Active 442 DOM
5. 2026-06-13
   days on market $39,999 Active 441 DOM
6. 2026-06-09
   days on market $39,999 Active 438 DOM
7. 2026-06-08
   days on market $39,999 Active 437 DOM
8. 2026-06-07
   days on market $39,999 Active 436 DOM
9. 2026-06-04
   days on market $39,999 Active 433 DOM
10. 2026-06-03
    days on market $39,999 Active 432 DOM
11. 2026-06-01
    days on market $39,999 Active 430 DOM
12. 2026-05-31
    days on market $39,999 Active 429 DOM
13. 2025-09-13
    price $39,999 134-char remark

    Show marketing remark (134 chars)

    4 bedrooms 2 bathrooms. Needs Rehab, Nice block with new construction house. Call Listing Agent for more information. Ray 313 685-7208

14. 2025-09-12
    price $39,999 134-char remark

    Show marketing remark (134 chars)

    4 bedrooms 2 bathrooms. Needs Rehab, Nice block with new construction house. Call Listing Agent for more information. Ray 313 685-7208

15. 2025-09-12
    price $39,999

    Show marketing remark (134 chars)

    4 bedrooms 2 bathrooms. Needs Rehab, Nice block with new construction house. Call Listing Agent for more information. Ray 313 685-7208

16. 2025-07-25
    price $49,990 134-char remark

    Show marketing remark (134 chars)

    4 bedrooms 2 bathrooms. Needs Rehab, Nice block with new construction house. Call Listing Agent for more information. Ray 313 685-7208

17. 2025-07-24
    price $49,990 134-char remark

    Show marketing remark (134 chars)

    4 bedrooms 2 bathrooms. Needs Rehab, Nice block with new construction house. Call Listing Agent for more information. Ray 313 685-7208

18. 2025-07-24
    price $49,990

    Show marketing remark (134 chars)

    4 bedrooms 2 bathrooms. Needs Rehab, Nice block with new construction house. Call Listing Agent for more information. Ray 313 685-7208

19. 2025-04-03
    status Active 134-char remark

    Show marketing remark (134 chars)

    4 bedrooms 2 bathrooms. Needs Rehab, Nice block with new construction house. Call Listing Agent for more information. Ray 313 685-7208

20. 2025-04-03
    status Active 134-char remark

    Show marketing remark (134 chars)

    4 bedrooms 2 bathrooms. Needs Rehab, Nice block with new construction house. Call Listing Agent for more information. Ray 313 685-7208

21. 2025-04-03
    status Active

    Show marketing remark (134 chars)

    4 bedrooms 2 bathrooms. Needs Rehab, Nice block with new construction house. Call Listing Agent for more information. Ray 313 685-7208

22. 2025-04-01
    status Pending 134-char remark

    Show marketing remark (134 chars)

    4 bedrooms 2 bathrooms. Needs Rehab, Nice block with new construction house. Call Listing Agent for more information. Ray 313 685-7208

23. 2025-04-01
    status Pending 134-char remark

    Show marketing remark (134 chars)

    4 bedrooms 2 bathrooms. Needs Rehab, Nice block with new construction house. Call Listing Agent for more information. Ray 313 685-7208

24. 2025-04-01
    status Pending

    Show marketing remark (134 chars)

    4 bedrooms 2 bathrooms. Needs Rehab, Nice block with new construction house. Call Listing Agent for more information. Ray 313 685-7208

25. 2025-03-26
    listed $59,900 Active 134-char remark

    Show marketing remark (134 chars)

    4 bedrooms 2 bathrooms. Needs Rehab, Nice block with new construction house. Call Listing Agent for more information. Ray 313 685-7208

26. 2025-03-25
    listed $59,900 Active 134-char remark

    Show marketing remark (134 chars)

    4 bedrooms 2 bathrooms. Needs Rehab, Nice block with new construction house. Call Listing Agent for more information. Ray 313 685-7208

27. 2025-03-25
    listed $59,900 Active

    Show marketing remark (134 chars)

    4 bedrooms 2 bathrooms. Needs Rehab, Nice block with new construction house. Call Listing Agent for more information. Ray 313 685-7208

28. 2008-12-05
    soldstatus $2,800
29. 2008-09-15
    listed $5,000
30. 2008-05-21
    historical
31. 2007-09-26
    listed $24,900

ⓘ 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: $524 · $44/mo
• Projected year-2 tax: $570 · $47/mo
• Expected delta: +$46/yr (+$4/mo · 8.8%)

ⓘ 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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,651
• − Mortgage interest: −$2,241
• − Property taxes: −$524
• − Insurance: −$200
• − Repairs & maintenance: −$2,052
• − Management: −$2,052
• − Depreciation: −$1,164
• Taxable income: $17,419
• Est. tax owed @ 24.0%: −$4,181
• After-tax cash flow: $12,843/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): 8,037
• Household income: $36,194
• Rent vs Own: 65.7% rent · 34.3% own
• Severe rent burden: 601.0

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: Predominantly Black (66%)
• Race & ethnicity: Black 66% White 23% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 3% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 5% 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: ▼ -10.56%
• Current HPI: 168.8907
• Rent YoY: —
• 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

+60.6% since first listed

19 events — show timeline

• 2025-09-13 Price Changed $39,999 MiRealSource-MiMLS
• 2025-09-12 Price Changed $39,999 REALCOMP
• 2025-09-12 Price Changed $39,999 SW Michigan MLS
• 2025-07-25 Price Changed $49,990 MiRealSource-MiMLS
• 2025-07-24 Price Changed $49,990 REALCOMP
• 2025-07-24 Price Changed $49,990 SW Michigan MLS
• 2025-04-03 Relisted — REALCOMP
• 2025-04-03 Relisted — MiRealSource-MiMLS
• 2025-04-03 Relisted — SW Michigan MLS
• 2025-04-01 Pending — REALCOMP
• 2025-04-01 Pending — MiRealSource-MiMLS
• 2025-04-01 Pending — SW Michigan MLS
• 2025-03-26 Listed $59,900 REALCOMP
• 2025-03-25 Listed $59,900 SW Michigan MLS
• 2025-03-25 Listed $59,900 MiRealSource-MiMLS
• 2008-12-05 Sold (MLS) $2,800 REALCOMP
• 2008-09-15 Listed $5,000 REALCOMP
• 2008-05-21 Listing Removed — REALCOMP
• 2007-09-26 Listed $24,900 REALCOMP

Property tax history

+0.5%/yr

Latest (2025): $524 · -40.2% YoY. Source: county tax records.