918 Virginia Park St · Detroit, MI 48202

$249,000

5 bd · 1.5 ba · 2,747 sqft · SingleFamily public records · 158 Days on market

Built 1912 8,712 sqft lot $91/sqft · 28% below area Est $344k · 28% under

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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 +11.2/30.0
• 1% rule +5.4/10.0
• Livability +3.7/5.0
• DSCR +3.3/10.0
• 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

Located in the historic Virginia Park District of Detroit, this spacious 5-bedroom, 3.2-bath home offers 2,747 sq ft of living space on a corner lot with a 2-car garage. The property is white boxed, meaning the major rough work has been completed and inspected, leaving only cosmetic finishes to bring your vision to life. All rough-in inspections are approved, including plumbing, HVAC, electrical, roof, windows, and exterior doors—saving time and construction costs. The flexible floor plan and generous room sizes make this ideal for an owner-occupant or investor seeking a value-add opportunity in a highly regarded neighborhood. Conveniently located less than 10 minutes from downtown Detroit with easy access to major corridors and city amenities. A rare opportunity to finish a nearly complete home in one of Detroit's most historic districts.

Key facts

• Flexible floor plan
• Corner lot
• 8,712 sq ft lot

Tags

• CORNER LOT
• FLEXIBLE FLOOR PLAN
• VALUE-ADD OPPORTUNITY
• HIGHLY REGARDED NEIGHBORHOOD
• EASY ACCESS TO MAJOR CORRIDORS
• CLOSE TO DOWNTOWN DETROIT

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath single-family listed at $249k.

Deal economics

• At list price, monthly cash flow is $-98 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $232k (6.9% below list).
• Meets the 1% rule at list price ($3k rent vs $249k).
• Recommended offer: $219k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.8% vs local median 10.0% 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: 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.
• Zoned schools: Thirkell Elementarymiddle School (math 2% / reading 8%, grade F, #1,325 of 1,397 statewide, top 99%, 501 students, 91% FRL); Northwestern High School (math 10% / reading 10%, grade F, #659 of 713 statewide, top 97%, 358 students, 88% FRL) — zoned schools at 90% FRL track the district average.
• Market conditions: Rents falling (-5.1%/yr); 257 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 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 $2,580/mo this rent would consume 71% 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 $2k of loan paydown is wiped out by about $7k 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 158 days — a 12% lower offer ($219k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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 $70k; list at $249k implies a 256% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $219,120 (12.0% 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 158 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.04% ✓
• Cap rate: 5.82%
• Cash-on-cash: -1.69%
• DSCR: 0.93
• GRM: 8.0

CMA / ARV

• ARV (median comp): $344,337
• List price: $249,000
• Delta: -27.69%
• 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
1640 Estates Dr	0.56mi	4/3.0 (-1)	2,674 (-3%)	0mo	$380,000	$142	58
65 Melbourne St	0.52mi	4/4.5 (-1)	2,650 (-4%)	2mo	$275,000	$104	51
708 Taylor St	0.47mi	4/1.5 (-1)	2,435 (-11%)	7mo	$225,000	$92	48
100 Taylor St	0.56mi	4/2.5 (-1)	2,486 (-10%)	3mo	$140,000	$56	47
1199 Atkinson St	0.57mi	5/2.5	3,060 (+11%)	5mo	$265,000	$87	46
7406 Kipling Ave	0.51mi	4/5.0 (-1)	2,605 (-5%)	4mo	$321,000	$123	45
686 Atkinson St S	0.61mi	5/2.5	2,384 (-13%)	1mo	$195,000	$82	45
237 Alger St	0.67mi	4/3.0 (-1)	2,597 (-6%)	6mo	$337,500	$130	44
1441 Longfellow St	0.73mi	5/2.5	2,463 (-10%)	2mo	$166,000	$67	43
1411 Atkinson St	0.60mi	5/5.5	2,993 (+9%)	7mo	$148,000	$49	35
1475 Atkinson St	0.63mi	4/2.5 (-1)	2,377 (-14%)	6mo	$172,500	$73	34
2007 Virginia Park St	0.67mi	6/4.0 (+1)	2,960 (+8%)	9mo	$362,500	$122	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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -23.3%
• Equity multiple: 0.23×
• Total profit: $-53,851
• Equity at exit: $37,127

10-year hold

• IRR: -33.1%
• Equity multiple: -0.19×
• Total profit: $-82,946
• Equity at exit: $21,529

Cash invested: $69,720 (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: 8.0×

Monthly cashflow live

• Estimated rent: $2,580 high
• Mortgage (P&I): −$1,306
• Tax from tax record: −$726 /mo · $8,718/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$542
• Net cashflow: $-98

Break-even live

Break-even rent $2,704

Max offer price $231,705

Occupancy floor 99%

Sensitivity live

Price	-10% $43	-5% $-27	+0% $-98	+5% $-168	+10% $-239
Rent	-10% $-302	-5% $-200	+0% $-98	+5% $4	+10% $106
Rate	-1.0pp $27	-0.5pp $-35	base $-98	+0.5pp $-162	+1.0pp $-228

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
216 Holbrook Unit Na Detroit, MI	4.0	2.0	2000	$2,200	$1.10	0d	1	0.66mi
216 Holbrook St Detroit, MI	4.0	2.0	2000	$2,000	$1.00	23d	1	0.66mi
2028 Gladstone St Unit 1 Detroit, MI	5.0	2.0	2500	$2,850	$1.14	5d	1	0.78mi
2080 Gladstone St #1 Detroit, MI	4.0	2.0	2426	$3,000	$1.24	0d	1	0.83mi
7370 La Salle Blvd Detroit, MI	4.0	3.0	3610	$4,500	$1.25	45d	1	1.01mi
8951 La Salle Blvd Detroit, MI	4.0	2.5	2440	$2,500	$1.02	3d	1	1.04mi
8951 La Salle Blvd Detroit, MI	5.0	2.5	2440	$2,500	$1.02	16d	1	1.04mi
8951 La Salle Blvd Unit NA Detroit, MI	4.0	2.5	2440	$2,500	$1.02	0d	1	1.04mi
1699 Glynn Ct Detroit, MI	5.0	3.5	2542	$2,500	$0.98	23d	1	1.04mi
2509 Gladstone St Unit NA Detroit, MI	6.0	3.0	3008	$2,000	$0.66	12d	1	1.09mi
2286 Calvert St Detroit, MI	4.0	1.0	3402	$1,450	$0.43	16d	1	1.32mi

Listing history 21 events

1. 2026-06-21
   days on market $249,000 Active 158 DOM
2. 2026-06-18
   days on market $249,000 Active 155 DOM
3. 2026-06-17
   days on market $249,000 Active 154 DOM
4. 2026-06-15
   days on market $249,000 Active 152 DOM
5. 2026-06-13
   days on market $249,000 Active 150 DOM
6. 2026-06-13
   days on market $249,000 Active 149 DOM
7. 2026-06-09
   days on market $249,000 Active 146 DOM
8. 2026-06-08
   days on market $249,000 Active 145 DOM
9. 2026-06-07
   days on market $249,000 Active 144 DOM
10. 2026-06-04
    days on market $249,000 Active 141 DOM
11. 2026-06-03
    days on market $249,000 Active 140 DOM
12. 2026-06-01
    days on market $249,000 Active 138 DOM
13. 2026-05-31
    days on market $249,000 Active 137 DOM
14. 2026-01-14
    listed $249,000 Active 857-char remark

    Show marketing remark (852 chars)

    Located in the historic Virginia Park District of Detroit, this spacious 5-bedroom, 3.2-bath home offers 2,747 sq ft of living space on a corner lot with a 2-car garage. The property is white boxed, meaning the major rough work has been completed and inspected, leaving only cosmetic finishes to bring your vision to life. All rough-in inspections are approved, including plumbing, HVAC, electrical, roof, windows, and exterior doors--saving time and construction costs. The flexible floor plan and generous room sizes make this ideal for an owner-occupant or investor seeking a value-add opportunity in a highly regarded neighborhood. Conveniently located less than 10 minutes from downtown Detroit with easy access to major corridors and city amenities. A rare opportunity to finish a nearly complete home in one of Detroit's most historic districts.

15. 2026-01-14
    listed $249,000 Active 852-char remark

    Show marketing remark (852 chars)

    Located in the historic Virginia Park District of Detroit, this spacious 5-bedroom, 3.2-bath home offers 2,747 sq ft of living space on a corner lot with a 2-car garage. The property is white boxed, meaning the major rough work has been completed and inspected, leaving only cosmetic finishes to bring your vision to life. All rough-in inspections are approved, including plumbing, HVAC, electrical, roof, windows, and exterior doors--saving time and construction costs. The flexible floor plan and generous room sizes make this ideal for an owner-occupant or investor seeking a value-add opportunity in a highly regarded neighborhood. Conveniently located less than 10 minutes from downtown Detroit with easy access to major corridors and city amenities. A rare opportunity to finish a nearly complete home in one of Detroit's most historic districts.

16. 2026-01-14
    listed $249,000 Active

    Show marketing remark (852 chars)

    Located in the historic Virginia Park District of Detroit, this spacious 5-bedroom, 3.2-bath home offers 2,747 sq ft of living space on a corner lot with a 2-car garage. The property is white boxed, meaning the major rough work has been completed and inspected, leaving only cosmetic finishes to bring your vision to life. All rough-in inspections are approved, including plumbing, HVAC, electrical, roof, windows, and exterior doors--saving time and construction costs. The flexible floor plan and generous room sizes make this ideal for an owner-occupant or investor seeking a value-add opportunity in a highly regarded neighborhood. Conveniently located less than 10 minutes from downtown Detroit with easy access to major corridors and city amenities. A rare opportunity to finish a nearly complete home in one of Detroit's most historic districts.

17. 2006-06-14
    soldstatus $70,000
18. 2006-04-03
    soldstatus $70,000
19. 2005-09-28
    listed $71,500
20. 2004-04-26
    soldstatus $270,000
21. 2003-03-17
    soldstatus $107,000

ⓘ 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: $8,718 · $726/mo
• Projected year-2 tax: $8,718 · $726/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 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,958
• − Mortgage interest: −$13,948
• − Property taxes: −$8,718
• − Insurance: −$1,245
• − Repairs & maintenance: −$2,477
• − Management: −$2,477
• − Depreciation: −$7,244
• Taxable loss: −$5,149
• Est. tax savings @ 24.0%: +$1,236
• After-tax cash flow: $61/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

+132.7% since first listed

8 events — show timeline

• 2026-01-14 Listed $249,000 MiRealSource-MiMLS
• 2026-01-14 Listed $249,000 REALCOMP
• 2026-01-14 Listed $249,000 SW Michigan MLS
• 2006-06-14 Sold (Public Records) $70,000 Public Records
• 2006-04-03 Sold (MLS) $70,000 REALCOMP
• 2005-09-28 Listed $71,500 REALCOMP
• 2004-04-26 Sold (Public Records) $270,000 Public Records
• 2003-03-17 Sold (Public Records) $107,000 Public Records

Property tax history

+33.2%/yr

Latest (2025): $8,718 · +11.1% YoY. Source: county tax records.