9824 Philip St · Detroit, MI 48224

$57,000

3 bd · 1.0 ba · 997 sqft · SingleFamily public records · 8 Days on market

Built 1938 3,485 sqft lot Est $53k · 8% over

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Why this score? — see what drove the C+ 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 +4.0/15.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Value-Add Opportunity in 48224!Bring your vision to this solid brick home, offering a fantastic canvas for investors or experienced DIY enthusiasts. This property is an ideal project for those looking to add value in a growing neighborhood. With a strong foundation and classic architectural bones, this home is ready for a complete transformation to bring it back to its full potential. The home is being sold strictly ''as-is, '' allowing the next owner full creative control over the renovation process. Priced to reflect the condition and the work required, this is a prime opportunity for someone ready to roll up their sleeves and build equity. Whether you are looking for your next flip or a long-term rental hold, 9824 Philip offers the space and location to make it happen. BATVAI Send all offers to porter. [email protected]

Key facts

• Strong foundation
• Solid brick home
• 3,485 sq ft lot

Tags

• SOLID BRICK HOME
• STRONG FOUNDATION
• CLASSIC ARCHITECTURAL BONES

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water
• Home design: Single-family residence; Residential property; Built in 1938
• Construction: Brick construction; Asphalt roof; Built in 1938
• Exterior features: Brick exterior; Asphalt roof; 0.08-acre lot; Public water

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating
• Interior features: Six total rooms; Michigan-style basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $57k.

Deal economics

• At list price, monthly cash flow is $616 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $57k).
• Cap rate 19.3% 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: Rents flat; 484 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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).
• This rent runs 34% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $394 of loan paydown is wiped out by about $2k 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 + 0.7% rent growth), your $16k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 7y 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: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,000

Questions for the listing agent

1. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 2.24% ✓
• Cap rate: 19.25%
• Cash-on-cash: 46.28%
• DSCR: 3.06
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $52,841
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9768 Manistique St	0.08mi	3/1.0	986 (-1%)	0mo	$35,000	$35	94
10696 Stratman St	0.35mi	3/1.5	1,000 (+0%)	3mo	$53,000	$53	78
10904 N Mogul St	0.32mi	3/1.0	1,045 (+5%)	0mo	$113,000	$108	77
10058 Greensboro St	0.40mi	3/1.0	928 (-7%)	3mo	$40,000	$43	67
9500 Lakepointe St	0.31mi	3/1.0	1,130 (+13%)	0mo	$125,000	$111	63
14728 Wilfred St	0.59mi	3/1.0	1,050 (+5%)	3mo	$30,500	$29	62
10326 Beaconsfield St	0.61mi	3/1.0	1,042 (+4%)	3mo	$66,000	$63	62
9459 Lakepointe St	0.30mi	3/1.0	855 (-14%)	2mo	$40,000	$47	61
10441 Roxbury St	0.47mi	3/1.5	1,127 (+13%)	3mo	$59,000	$52	52
10318 Beaconsfield St	0.61mi	3/1.5	1,146 (+15%)	1mo	$78,000	$68	44
5777 Lakepointe St	0.68mi	4/2.5 (+1)	1,075 (+8%)	2mo	$174,999	$163	43
13136 Maiden St	0.63mi	4/1.0 (+1)	1,144 (+15%)	1mo	$10,000	$9	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 · 0.73% rent growth · sell at horizon

5-year hold

• IRR: 40.9%
• Equity multiple: 2.70×
• Total profit: $27,134
• Equity at exit: $8,499

10-year hold

• IRR: 46.1%
• Equity multiple: 4.95×
• Total profit: $63,000
• Equity at exit: $4,928

Cash invested: $15,960 (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 48224

• Rents YoY: 0.7%
• Active inventory: 484
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,278 high
• Mortgage (P&I): −$299
• Tax est. 1.5%: −$71 /mo · $855/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $616

Break-even live

Break-even rent $499

Max offer price $57,000

Occupancy floor 47%

Sensitivity live

Price	-10% $655	-5% $635	+0% $616	+5% $596	+10% $576
Rent	-10% $515	-5% $565	+0% $616	+5% $666	+10% $717
Rate	-1.0pp $644	-0.5pp $630	base $616	+0.5pp $601	+1.0pp $586

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: $14,250
• Closing costs: $1,710
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9516 Wayburn St Detroit, MI	2.0	1.0	800	$950	$1.19	18d	1	0.22mi
10644 Stratman St Detroit, MI	2.0	1.0	1000	$1,200	$1.20	18d	1	0.31mi
10141 Roxbury St Detroit, MI	3.0	1.0	1115	$1,000	$0.90	44d	1	0.31mi
9190 Hayes St Unit 1 Detroit, MI	2.0	1.0	750	$850	$1.13	15d	1	0.35mi
9927 Beaconsfield St Detroit, MI	3.0	1.0	942	$1,375	$1.46	15d	1	0.40mi
13400 Longview St Detroit, MI	3.0	1.5	1000	$1,400	$1.40	44d	1	0.50mi
9747 Somerset Ave Detroit, MI	2.0	1.0	797	$1,100	$1.38	44d	1	0.51mi
13137 Elmdale St Detroit, MI	3.0	1.0	1115	$1,400	$1.26	25d	1	0.62mi
13067 Wade St Detroit, MI	2.0	1.0	660	$900	$1.36	5d	1	0.70mi
5751 Nottingham Rd Unit 5/21/26 Detroit, MI	3.0	1.0	1100	$1,250	$1.14	15d	1	0.72mi
10404 Somerset Ave Detroit, MI	3.0	1.0	1108	$1,475	$1.33	4d	1	0.81mi
15010 Cedargrove St Detroit, MI	3.0	1.5	1018	$1,350	$1.33	44d	1	0.95mi
11235 Roxbury St Detroit, MI	3.0	1.0	1062	$1,325	$1.25	18d	1	1.00mi
5235 Chatsworth St Detroit, MI	2.0	1.0	900	$1,050	$1.17	44d	1	1.04mi
10037 Grayton St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	4d	1	1.08mi
10177 Boleyn St Detroit, MI	3.0	1.0	767	$1,250	$1.63	44d	1	1.10mi
5284 Devonshire Rd Detroit, MI	2.0	1.0	650	$1,050	$1.62	25d	1	1.12mi
12201 Morang Ave Unit 8 Detroit, MI	2.0	1.0	610	$875	$1.43	44d	1	1.16mi
5112 Haverhill St Unit 1 Detroit, MI	2.0	1.0	1000	$1,100	$1.10	44d	1	1.17mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	44d	1	1.18mi
15494 Mapleridge St Detroit, MI	3.0	1.0	937	$1,275	$1.36	44d	1	1.18mi
12210 Longview St Detroit, MI	3.0	1.0	1020	$1,100	$1.08	44d	1	1.20mi
10400 Britain St Detroit, MI	3.0	1.0	890	$1,100	$1.24	44d	1	1.21mi
10370 Britain St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	44d	1	1.22mi
11529 Roxbury St Detroit, MI	2.0	1.0	720	$1,200	$1.67	13d	1	1.24mi
5783 Yorkshire Rd Detroit, MI	2.0	1.0	1040	$1,200	$1.15	44d	1	1.26mi
12740 August St Detroit, MI	2.0	1.0	900	$1,300	$1.44	5d	1	1.27mi
11776 Rossiter St Detroit, MI	3.0	1.0	964	$1,150	$1.19	12d	1	1.27mi
5031 Bedford St Detroit, MI	2.0	1.0	876	$1,870	$2.13	2d	1	1.28mi
5028 Bedford St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	5d	1	1.30mi
10692 Meuse St Detroit, MI	3.0	1.0	955	$1,250	$1.31	13d	1	1.31mi
4667 Eastlawn St Detroit, MI	3.0	1.0	646	$1,095	$1.70	4d	1	1.40mi
4391 Nottingham Rd Unit 4393 Detroit, MI	2.0	1.0	1038	$950	$0.92	5d	1	1.43mi
12716 Riad St Detroit, MI	3.0	1.0	974	$1,275	$1.31	18d	1	1.44mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	44d	1	1.49mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	15d	1	1.50mi

Listing history 7 events

1. 2026-06-18
   days on market $57,000 Active 8 DOM
2. 2026-06-17
   days on market $57,000 Active 7 DOM
3. 2026-06-16
   days on market $57,000 Active 6 DOM
4. 2026-06-15
   days on market $57,000 Active 5 DOM
5. 2026-06-13
   days on market $57,000 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $57,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥95°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: $15,334
• − Mortgage interest: −$3,193
• − Property taxes: −$855
• − Insurance: −$285
• − Repairs & maintenance: −$1,227
• − Management: −$1,227
• − Depreciation: −$1,658
• Taxable income: $6,889
• Est. tax owed @ 24.0%: −$1,653
• After-tax cash flow: $5,733/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): 39,668
• Household income: $44,856
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 2515.0

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 (88%)
• Race & ethnicity: Black 88% White 8% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Iranian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · 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: ▼ -226.38%
• Current HPI: 161.886
• Rent YoY: ▲ 0.73%
• 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

+63.3% since first listed

21 events — show timeline

• 2026-06-10 Listed $57,000 REALCOMP
• 2026-06-10 Listed $57,000 MiRealSource-MiMLS
• 2026-06-10 Listed $57,000 SW Michigan MLS
• 2023-06-01 Sold (Public Records) $80,000 Public Records
• 2022-02-09 Sold (Public Records) $79,500 Public Records
• 2022-01-14 Price Changed $950 RENT.
• 2021-02-25 Sold (Public Records) $51,000 Public Records
• 2021-01-22 Sold (MLS) $51,000 MiRealSource-MiMLS
• 2021-01-22 Sold (MLS) $51,000 REALCOMP
• 2021-01-12 Pending — MiRealSource-MiMLS
• 2021-01-12 Pending — REALCOMP
• 2021-01-02 Listed $55,000 MiRealSource-MiMLS
• 2021-01-02 Listed $55,000 REALCOMP
• 2020-01-01 Listing Removed — MiRealSource-MiMLS
• 2020-01-01 Listing Removed — REALCOMP
• 2019-12-01 Price Changed $32,900 MiRealSource-MiMLS
• 2019-11-30 Price Changed $32,900 REALCOMP
• 2019-11-26 Price Changed $33,900 MiRealSource-MiMLS
• 2019-11-26 Price Changed $33,900 REALCOMP
• 2019-11-20 Listed $34,900 MiRealSource-MiMLS
• 2019-11-20 Listed $34,900 REALCOMP

Property tax history

+8.6%/yr

Latest (2025): $3,270 · +91.2% YoY. Source: county tax records.