3518 E Palmer St · Detroit, MI 48211

$39,900

3 bd · 1.5 ba · 1,930 sqft · SingleFamily public records · 14 Days on market

Built 1891 3,920 sqft lot ↓ 8% since listing

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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
• Appreciation +2.1/10.0
• Schools +1.3/10.0

Listing remarks MLS

Investment opportunity in Poletown! Good candidate to flip of fix up and rent. Spacious kitchen. Partial basement. 1 car detached garage. Located on a quiet block with a parklike setting. The neighboring lots to the west of the property owned by DLBA. Superbly located minutes from Eastern Market, Islandview, Villages, Downtown Detroit.

Key facts

• 3,920 sq ft lot
• Garage
• Built 1891

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer; Water and sewer available
• Home design: Two-story single family residence; Ground-level entry with steps
• Construction: Wood siding; Brick/mortar foundation; Above-grade finished area reported
• Exterior features: Paved road access; Lot approximately 0.09 acres (30 x 128.8)

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Unfinished basement; Six total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Cap rate 43.3% 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: 85 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

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

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts; this cycle's ask has dropped $5k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1891 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $39,900

Questions for the listing agent

1. Built in 1891 — 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. 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?
6. 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.
7. 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.
8. 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: 4.74% ✓
• Cap rate: 43.28%
• Cash-on-cash: 132.10%
• DSCR: 6.88
• GRM: 1.8

CMA / ARV

• ARV (on-the-fly): $11,580
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5659 Frontenac Ave	0.72mi	3/1.0	1,852 (-4%)	0mo	$10,000	$5	57
5430 Elmwood St	0.19mi	3/2.5	1,700 (-12%)	13mo	$185,400	$109	56
5120 McDougall St	0.39mi	4/2.0 (+1)	2,204 (+14%)	1mo	$12,500	$6	50
5120 Mcdougall St	0.39mi	4/2.0 (+1)	2,204 (+14%)	1mo	$12,500	$6	50
1974 E Grand Blvd	0.27mi	4/2.0 (+1)	1,648 (-15%)	7mo	$137,500	$83	50
5414 Concord	0.54mi	3/1.0	2,020 (+5%)	24mo	$3,000	$1	45

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: 7.43×
• Total profit: $71,886
• Equity at exit: $5,949

10-year hold

• IRR: —
• Equity multiple: 15.64×
• Total profit: $163,545
• Equity at exit: $3,450

Cash invested: $11,172 (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 48211

• Home prices YoY: -2.9%
• Active inventory: 85
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,891 medium
• Mortgage (P&I): −$209
• Tax from tax record: −$38 /mo · $455/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $1,230

Break-even live

Break-even rent $334

Max offer price $39,900

Occupancy floor 30%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3631 Helen St Unit 3635 Detroit, MI	4.0	2.0	2157	$1,650	$0.76	43d	1	1.22mi
5858 Seneca St Detroit, MI	3.0	1.0	1348	$999	$0.74	17d	1	1.37mi
5918 St Antoine Detroit, MI	2.0	1.0–2.0	1187	$3,370	$2.84	1d	2	1.44mi

Listing history 10 events

1. 2026-06-18
   days on market $39,900 Active 14 DOM
2. 2026-06-17
   days on market $39,900 Active 13 DOM
3. 2026-06-16
   days on market $39,900 Active 12 DOM
4. 2026-06-15
   pricedays on market $39,900 Active 11 DOM
5. 2026-06-13
   days on market $45,000 Active 9 DOM
6. 2026-06-13
   days on market $45,000 Active 8 DOM
7. 2026-06-09
   days on market $45,000 Active 5 DOM
8. 2026-06-08
   days on market $45,000 Active 4 DOM
9. 2026-06-07
   remarks 338-char remark
10. 2026-06-07
    listed $45,000 Active 3 DOM

ⓘ 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: $455 · $38/mo
• Projected year-2 tax: $535 · $45/mo
• Expected delta: +$80/yr (+$7/mo · 17.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 69% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 14 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: $22,688
• − Mortgage interest: −$2,235
• − Property taxes: −$455
• − Insurance: −$200
• − Repairs & maintenance: −$1,815
• − Management: −$1,815
• − Depreciation: −$1,161
• Taxable income: $15,008
• Est. tax owed @ 24.0%: −$3,602
• After-tax cash flow: $11,156/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
• City population: 572,865
• Population (ZIP): 5,556

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 0.61)
• Race & ethnicity: White 45% Black 42% Two or more races 7% Asian 2% Hispanic / Latino 2% Native American 1%
• Common ancestry: Romanian 1% Slovak 1%
• Foreign-born: 25% · Canada
• Languages at home: 57% English-only · Arabic 38% Spanish 1% Tagalog/Filipino 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: ▼ -5.80%
• Current HPI: 191.8607
• Rent YoY: —
• Metro: —
• 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

-8.2% since first listed

12 events — show timeline

• 2026-06-04 Listed $45,000 REALCOMP
• 2026-06-04 Listed $45,000 MiRealSource-MiMLS
• 2026-01-07 Listing Removed — MiRealSource-MiMLS
• 2025-12-04 Price Changed $44,000 MiRealSource-MiMLS
• 2025-12-03 Price Changed $44,000 REALCOMP
• 2025-10-13 Relisted — MiRealSource-MiMLS
• 2025-10-13 Relisted — REALCOMP
• 2025-10-13 Pending — MiRealSource-MiMLS
• 2025-10-13 Pending — REALCOMP
• 2025-10-13 Listing Removed — REALCOMP
• 2025-10-08 Listed $49,000 REALCOMP
• 2025-10-08 Listed $49,000 MiRealSource-MiMLS

Property tax history

+1.2%/yr

Latest (2025): $455 · +1.5% YoY. Source: county tax records.