2939 Merrick St · Detroit, MI 48208

$40,000

3 bd · 1.0 ba · 1,081 sqft · SingleFamily public records · 45 Days on market

Built 1910 3,049 sqft lot $37/sqft · 29% below area Est $57k · 29% under ↓ 20% since listing

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

Here is an investment opportunity in Detroit's Core City. 3BR bungalow in need of full rehab. Good candidate to flip or fix up and rent. Verdant block with very few structures. Lots of development happening in this area. Minutes from Corktown, Midtown, Downtown Detroit.

Key facts

• Full rehab
• Midtown
• Candidate to flip

Tags

• INVESTMENT OPPORTUNITY
• FULL REHAB
• CANDIDATE TO FLIP
• DEVELOPMENT HAPPENING
• MINUTES FROM CORKTOWN
• MIDTOWN

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer; Sewer and water available
• Home design: Single-family residence; Two levels; Ground-level entry with steps
• Construction: Aluminum siding
• Exterior features: Paved road access; Lot approximately 30 x 100.6 (0.07 acres)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Crawl space basement; Total of 5 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $802 ($10k/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: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 30.4% 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: 184 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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 $1,503/mo this rent would consume 50% 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 $277 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 ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: property tax is 4.8% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 3.76% ✓
• Cap rate: 30.36%
• Cash-on-cash: 85.95%
• DSCR: 4.82
• GRM: 2.2

CMA / ARV

• ARV (median comp): $56,555
• List price: $40,000
• Delta: -29.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5261 24th St	0.33mi	3/1.0	1,132 (+5%)	12mo	$87,000	$77	67
6419 Roosevelt St	0.57mi	3/1.0	1,143 (+6%)	1mo	$15,000	$13	63
5043 Rosa Parks Blvd	0.68mi	3/1.0	1,100 (+2%)	9mo	$124,900	$114	58
3532 Moore Pl Pl	0.54mi	3/1.5	1,181 (+9%)	1mo	$12,000	$10	56
6050 16th St	0.65mi	2/2.0 (-1)	1,086 (+0%)	23mo	$265,000	$244	40
6080 16th St	0.67mi	3/1.0	1,160 (+7%)	23mo	$119,000	$103	37
2681 Nebraska St	0.65mi	4/2.5 (+1)	1,238 (+14%)	20mo	$189,700	$153	18

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: 86.5%
• Equity multiple: 4.99×
• Total profit: $44,703
• Equity at exit: $5,964

10-year hold

• IRR: 89.6%
• Equity multiple: 10.38×
• Total profit: $105,083
• 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: 2.2×

Monthly cashflow live

• Estimated rent: $1,503 high
• Mortgage (P&I): −$210
• Tax from tax record: −$159 /mo · $1,903/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $802

Break-even live

Break-even rent $487

Max offer price $40,000

Occupancy floor 42%

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 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4619 16th St Detroit, MI	3.0	1.0	1100	$1,250	$1.14	2d	1	0.46mi
6077 Linwood St Detroit, MI	2.0	1.0	1200	$2,000	$1.67	43d	1	0.55mi
1493 W Grand Blvd Detroit, MI	2.0	1.0	1250	$1,145	$0.92	43d	1	0.70mi
1565 W Grand Blvd Unit 1 Detroit, MI	2.0	1.0	910	$700	$0.77	21d	1	0.71mi
1565 W Grand Blvd Unit 1 Detroit, MI	2.0	1.0	910	$700	$0.77	24d	1	0.71mi
6144 16th St Detroit, MI	3.0	1.0	1284	$1,200	$0.93	43d	1	0.71mi
3998 15th St Unit 1 Detroit, MI	2.0	1.0	1200	$1,300	$1.08	43d	1	0.72mi
4848 Commonwealth St Unit 4 Detroit, MI	2.0	1.0	710	$1,245	$1.75	43d	1	0.86mi
6183 Hecla St Detroit, MI	3.0	1.0	1100	$1,700	$1.55	24d	1	0.97mi
4426 McGraw Ave Unit 1 Detroit, MI	3.0	1.0	1400	$1,200	$0.86	43d	1	0.99mi
3984 Commonwealth St Unit B Detroit, MI	3.0	2.0	1100	$2,400	$2.18	24d	1	1.06mi
3309 14th St Detroit, MI	1.0–3.0	1.0–2.5	942	$2,230	$2.37	1d	11	1.11mi
4016 Hogarth St Unit 4018 Hogarth Lower Detroit, MI	2.0	1.0	1200	$1,100	$0.92	3d	1	1.11mi
6307 Woodrow St Detroit, MI	2.0	1.0	1000	$750	$0.75	43d	1	1.13mi
7340 Churchill St Unit 2 Detroit, MI	2.0	1.0	1046	$1,100	$1.05	24d	1	1.14mi
2835 23rd St Unit 2 Detroit, MI	3.0	2.0	1100	$1,450	$1.32	16d	1	1.21mi
1800 W Bethune St Unit 1228665P Detroit, MI	2.0	1.0	904	$3,135	$3.47	43d	1	1.24mi
4566 Seebaldt St Detroit, MI	2.0	1.0	1200	$1,250	$1.04	21d	1	1.24mi
1800 W Bethune St Detroit, MI	2.0	1.0	656	$1,645	$2.51	24d	3	1.24mi
1800 W Bethune St Detroit, MI	2.0	1.0	800	$1,850	$2.31	43d	1	1.24mi
2047 Seward St Detroit, MI	3.0	1.0	1421	$1,523	$1.07	5d	1	1.30mi
7640 Woodrow Wilson St Unit 1 Detroit, MI	3.0	1.5	1095	$1,400	$1.28	43d	1	1.31mi
2504 W Euclid St Unit 2504 Detroit, MI	3.0	1.0	1475	$1,650	$1.12	43d	1	1.36mi
944 W Alexandrine St Unit 1 Detroit, MI	3.0	1.0	1100	$1,950	$1.77	43d	1	1.36mi
2506 W Euclid St Detroit, MI	3.0	1.0	1475	$1,675	$1.14	43d	1	1.36mi
2504 W Euclid St Unit 2506 Detroit, MI	3.0	1.0	1475	$1,675	$1.14	43d	1	1.36mi
3143 Trumbull Unit 301 Detroit, MI	2.0	1.0	1000	$1,650	$1.65	21d	1	1.37mi
3259 W Philadelphia St Detroit, MI	3.0	1.0	1293	$1,400	$1.08	16d	1	1.38mi
5440 Milford St Unit 1 Detroit, MI	2.0	1.0	850	$1,150	$1.35	43d	1	1.41mi
1974 Virginia Park St Detroit, MI	2.0	2.0	1200	$1,995	$1.66	43d	1	1.42mi
701 W Canfield St Unit 4 Detroit, MI	2.0	1.5	1094	$3,000	$2.74	43d	1	1.43mi
701 W Canfield St Unit 1 Detroit, MI	2.0	1.5	1144	$3,250	$2.84	43d	1	1.43mi
677 W Canfield St Detroit, MI	2.0	1.5	1200	$2,750	$2.29	17d	1	1.45mi
4345 W Euclid St Unit 2 Detroit, MI	3.0	1.0	1300	$1,450	$1.12	24d	1	1.45mi
4345 W Euclid St Unit 1 Detroit, MI	3.0	1.0	1300	$1,400	$1.08	24d	1	1.45mi
669 W Canfield St Unit 2 Detroit, MI	2.0	2.0	1500	$2,400	$1.60	43d	1	1.46mi
2531 Pingree St Unit 2 (FL 2) Detroit, MI	3.0	1.0	893	$1,100	$1.23	2d	1	1.46mi
4709 2nd Ave Detroit, MI	1.0–2.0	1.0	672	$1,350	$2.01	1d	2	1.46mi
1710 Virginia Park St Detroit, MI	2.0	2.0	1350	$1,300	$0.96	5d	1	1.48mi
675 W Willis St Detroit, MI	1.0–3.0	1.0	631	$1,695	$2.69	1d	4	1.48mi

Listing history 16 events

1. 2026-06-18
   days on market $40,000 Active 45 DOM
2. 2026-06-17
   days on market $40,000 Active 44 DOM
3. 2026-06-15
   days on market $40,000 Active 42 DOM
4. 2026-06-13
   days on market $40,000 Active 40 DOM
5. 2026-06-13
   days on market $40,000 Active 39 DOM
6. 2026-06-09
   days on market $40,000 Active 36 DOM
7. 2026-06-08
   days on market $40,000 Active 35 DOM
8. 2026-06-07
   days on market $40,000 Active 34 DOM
9. 2026-06-04
   days on market $40,000 Active 31 DOM
10. 2026-06-03
    days on market $40,000 Active 30 DOM
11. 2026-06-02
    days on market $40,000 Active 29 DOM
12. 2026-06-01
    days on market $40,000 Active 28 DOM
13. 2026-05-31
    days on market $40,000 Active 27 DOM
14. 2026-05-04
    listed $40,000 Active 270-char remark

    Show marketing remark (270 chars)

    Here is an investment opportunity in Detroit's Core City. 3BR bungalow in need of full rehab. Good candidate to flip or fix up and rent. Verdant block with very few structures. Lots of development happening in this area. Minutes from Corktown, Midtown, Downtown Detroit.

15. 2026-05-04
    listed $40,000 Active 270-char remark

    Show marketing remark (270 chars)

    Here is an investment opportunity in Detroit's Core City. 3BR bungalow in need of full rehab. Good candidate to flip or fix up and rent. Verdant block with very few structures. Lots of development happening in this area. Minutes from Corktown, Midtown, Downtown Detroit.

16. 2019-04-16
    soldstatus $50,000

ⓘ 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: $1,903 · $159/mo
• Projected year-2 tax: $1,903 · $159/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 ≥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: $18,035
• − Mortgage interest: −$2,241
• − Property taxes: −$1,903
• − Insurance: −$200
• − Repairs & maintenance: −$1,443
• − Management: −$1,443
• − Depreciation: −$1,164
• Taxable income: $9,642
• Est. tax owed @ 24.0%: −$2,314
• After-tax cash flow: $7,313/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

-20.0% since first listed

3 events — show timeline

• 2026-05-04 Listed $40,000 MiRealSource-MiMLS
• 2026-05-04 Listed $40,000 REALCOMP
• 2019-04-16 Sold (Public Records) $50,000 Public Records

Property tax history

+11.9%/yr

Latest (2025): $1,903 · +38.4% YoY. Source: county tax records.