3690 Three Mile Dr · Detroit, MI 48224

$114,000

3 bd · 1.5 ba · 1,608 sqft · SingleFamily public records · 273 Days on market

Built 1925 4,792 sqft lot $71/sqft · 33% below area Est $171k · 33% under

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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 +28.6/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• 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

\ sq ft 1608 \ 1 full bath \ 3 bedS \ 858 basement sq ft \ 0.11 total acres.

Key facts

• 4,792 sq ft lot
• Built 1925
• Listed 273 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $114k.

Deal economics

• At list price, monthly cash flow is $376 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $114k).
• Recommended offer: $100k (12.0% below list) — sets the bar for market timing.

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; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 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).
• This rent runs 38% 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 $788 of loan paydown is wiped out by about $3k 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 273 days — a 12% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• 16 sale attempts since 32y ago; this cycle's ask has dropped $36k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $43k; list at $114k implies a 165% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 273 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 1925 — 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. 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: 1.26% ✓
• Cap rate: 10.25%
• Cash-on-cash: 14.15%
• DSCR: 1.63
• GRM: 6.6

CMA / ARV

• ARV (median comp): $171,215
• List price: $114,000
• Delta: -33.42%
• 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
4310 Devonshire Rd	0.32mi	3/1.0	1,650 (+3%)	5mo	$29,000	$18	75
4368 Buckingham Ave	0.41mi	3/1.0	1,560 (-3%)	4mo	$92,000	$59	71
3930 Yorkshire Rd	0.35mi	3/1.0	1,704 (+6%)	2mo	$275,000	$161	70
4143 Bedford St	0.22mi	3/1.5	1,440 (-10%)	6mo	$195,000	$135	68
3619 Buckingham Ave	0.26mi	3/1.5	1,374 (-15%)	1mo	$175,000	$127	63
4657 Courville St	0.47mi	3/1.5	1,765 (+10%)	5mo	$100,000	$57	58
4331 Balfour Rd	0.52mi	3/2.0	1,793 (+12%)	1mo	$160,000	$89	54
4121 Harvard St	0.51mi	3/1.5	1,373 (-15%)	1mo	$189,000	$138	51
1386 Three Mile Dr	0.33mi	4/2.5 (+1)	1,802 (+12%)	6mo	$390,000	$216	51
4836 Kensington Ave	0.64mi	4/1.5 (+1)	1,752 (+9%)	1mo	$195,000	$111	50
3930 Cadieux Rd	0.59mi	3/1.5	1,400 (-13%)	4mo	$92,000	$66	48
4643 Somerset Ave	0.66mi	3/1.5	1,366 (-15%)	3mo	$80,000	$59	42

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: 1.9%
• Equity multiple: 1.07×
• Total profit: $2,292
• Equity at exit: $16,998

10-year hold

• IRR: 9.2%
• Equity multiple: 1.64×
• Total profit: $20,310
• Equity at exit: $9,857

Cash invested: $31,920 (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: 6.6×

Monthly cashflow live

• Estimated rent: $1,433 high
• Mortgage (P&I): −$598
• Tax from tax record: −$111 /mo · $1,330/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $376

Break-even live

Break-even rent $957

Max offer price $114,000

Occupancy floor 69%

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: $28,500
• Closing costs: $3,420
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3626 Courville St Detroit, MI	3.0	1.0	1260	$1,300	$1.03	44d	1	0.09mi
3651 Buckingham Ave Detroit, MI	3.0	1.0	1320	$1,300	$0.98	17d	1	0.26mi
3625 Chatsworth St Detroit, MI	3.0	1.5	1182	$1,295	$1.10	24d	1	0.37mi
4627 Bedford St Unit 1 Detroit, MI	2.0	1.0	1050	$945	$0.90	20d	1	0.44mi
1312 Somerset Ave Grosse Pointe Park, MI	2.0	1.0	1200	$1,400	$1.17	17d	1	0.66mi
5050 Three Mile Dr Detroit, MI	2.0	1.0	2127	$1,150	$0.54	44d	1	0.71mi
1236 Beaconsfield Ave Unit 1 Grosse Pointe Park, MI	2.0	1.0	1100	$1,600	$1.45	24d	1	0.80mi
1334 Maryland St Grosse Pointe Park, MI	2.0	1.0	1786	$1,200	$0.67	18d	1	0.83mi
4251 Wayburn St Detroit, MI	3.0	1.5	1326	$1,650	$1.24	44d	1	0.83mi
890 Neff Rd Grosse Pointe, MI	2.0	1.0	1100	$2,000	$1.82	24d	1	0.86mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	17d	1	0.87mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	17d	1	0.87mi
5574 Buckingham Ave Detroit, MI	3.0	1.0	1430	$1,450	$1.01	4d	1	1.01mi
5751 Nottingham Rd Unit 5/21/26 Detroit, MI	3.0	1.0	1100	$1,250	$1.14	15d	1	1.21mi
5791 Somerset Ave Detroit, MI	3.0	2.0	1660	$1,400	$0.84	17d	1	1.23mi
5747 Lakepointe St Detroit, MI	3.0	1.5	1316	$1,473	$1.12	44d	1	1.28mi
832 Harcourt Rd Grosse Pointe Park, MI	2.0	2.5	1675	$1,850	$1.10	2d	1	1.32mi
15857 Evanston St Detroit, MI	3.0	1.5	1232	$1,250	$1.01	5d	1	1.36mi
371 Neff Rd Grosse Pointe, MI	3.0	1.5	1835	$2,395	$1.31	24d	1	1.37mi
5786 Neff Ave Detroit, MI	3.0	1.5	1100	$1,225	$1.11	17d	1	1.41mi
9409 Balfour Rd Detroit, MI	3.0	1.0	1195	$1,200	$1.00	44d	1	1.42mi
861 Beaconsfield Ave Grosse Pointe Park, MI	2.0	1.0	1300	$1,500	$1.15	13d	1	1.44mi

Listing history 49 events

1. 2026-06-18
   days on market $114,000 Active 273 DOM
2. 2026-06-17
   days on market $114,000 Active 272 DOM
3. 2026-06-15
   days on market $114,000 Active 270 DOM
4. 2026-06-13
   days on market $114,000 Active 268 DOM
5. 2026-06-13
   days on market $114,000 Active 267 DOM
6. 2026-06-09
   days on market $114,000 Active 264 DOM
7. 2026-06-08
   days on market $114,000 Active 263 DOM
8. 2026-06-07
   days on market $114,000 Active 262 DOM
9. 2026-06-04
   days on market $114,000 Active 259 DOM
10. 2026-06-03
    days on market $114,000 Active 258 DOM
11. 2026-06-01
    days on market $114,000 Active 256 DOM
12. 2026-05-31
    days on market $114,000 Active 255 DOM
13. 2026-04-29
    status Active 84-char remark

    Show marketing remark (75 chars)

    | sq ft 1608 | 1 full bath | 3 bedS | 858 basement sq ft| 0.11 total acres.

14. 2026-04-29
    status Active 75-char remark

    Show marketing remark (75 chars)

    | sq ft 1608 | 1 full bath | 3 bedS | 858 basement sq ft| 0.11 total acres.

15. 2026-04-28
    status Pending 84-char remark

    Show marketing remark (75 chars)

    | sq ft 1608 | 1 full bath | 3 bedS | 858 basement sq ft| 0.11 total acres.

16. 2026-04-28
    status Pending 75-char remark

    Show marketing remark (75 chars)

    | sq ft 1608 | 1 full bath | 3 bedS | 858 basement sq ft| 0.11 total acres.

17. 2026-04-27
    price $114,000 75-char remark

    Show marketing remark (84 chars)

    \ sq ft 1608 \ 1 full bath \ 3 bedS \ 858 basement sq ft \ 0.11 total acres.

18. 2026-04-27
    price $114,000 84-char remark

    Show marketing remark (84 chars)

    \ sq ft 1608 \ 1 full bath \ 3 bedS \ 858 basement sq ft \ 0.11 total acres.

19. 2025-09-16
    listed $150,000 Active 84-char remark

    Show marketing remark (75 chars)

    | sq ft 1608 | 1 full bath | 3 bedS | 858 basement sq ft| 0.11 total acres.

20. 2025-09-16
    listed $150,000 Active 75-char remark

    Show marketing remark (75 chars)

    | sq ft 1608 | 1 full bath | 3 bedS | 858 basement sq ft| 0.11 total acres.

21. 2024-08-23
    historical
22. 2024-01-08
    price $153,000
23. 2024-01-08
    status Active
24. 2024-01-03
    historical
25. 2024-01-03
    historical
26. 2023-08-23
    listed $165,000 Active
27. 2023-08-23
    listed $153,000
28. 2022-11-12
    historical
29. 2022-11-11
    historical
30. 2022-09-23
    status Active
31. 2022-04-12
    historical
32. 2022-01-28
    status Active
33. 2022-01-13
    historical
34. 2021-11-12
    listed $189,900 Active
35. 2021-11-12
    listed $189,900 Active
36. 2016-10-24
    historical
37. 2016-10-24
    historical
38. 2016-10-24
    historical
39. 2016-04-15
    listed $12,500 Active
40. 2016-03-25
    price $12,500
41. 2016-03-24
    price $12,500
42. 2016-02-07
    status Active
43. 2016-02-01
    historical
44. 2015-12-07
    listed $18,499 Active
45. 2015-12-07
    listed $18,499 Active
46. 1994-11-14
    soldstatus $43,000
47. 1994-10-20
    historical
48. 1994-10-19
    soldstatus $43,000
49. 1994-07-07
    listed $44,900

ⓘ 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: $1,330 · $111/mo
• Projected year-2 tax: $1,543 · $129/mo
• Expected delta: +$213/yr (+$18/mo · 16.0%)

ⓘ 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 · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,201
• − Mortgage interest: −$6,386
• − Property taxes: −$1,330
• − Insurance: −$570
• − Repairs & maintenance: −$1,376
• − Management: −$1,376
• − Depreciation: −$3,316
• Taxable income: $2,847
• Est. tax owed @ 24.0%: −$683
• After-tax cash flow: $3,832/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

+153.9% since first listed

37 events — show timeline

• 2026-04-29 Relisted — REALCOMP
• 2026-04-29 Relisted — MiRealSource-MiMLS
• 2026-04-28 Pending — REALCOMP
• 2026-04-28 Pending — MiRealSource-MiMLS
• 2026-04-27 Price Changed $114,000 MiRealSource-MiMLS
• 2026-04-27 Price Changed $114,000 REALCOMP
• 2025-09-16 Listed $150,000 MiRealSource-MiMLS
• 2025-09-16 Listed $150,000 REALCOMP
• 2024-08-23 Listing Removed — MiRealSource-MiMLS
• 2024-01-08 Price Changed $153,000 MiRealSource-MiMLS
• 2024-01-08 Relisted — MiRealSource-MiMLS
• 2024-01-03 Listing Removed — REALCOMP
• 2024-01-03 Listing Removed — MiRealSource-MiMLS
• 2023-08-23 Listed $153,000 REALCOMP
• 2023-08-23 Listed $165,000 MiRealSource-MiMLS
• 2022-11-12 Listing Removed — MiRealSource-MiMLS
• 2022-11-11 Listing Removed — REALCOMP
• 2022-09-23 Relisted — REALCOMP
• 2022-04-12 Listing Removed — REALCOMP
• 2022-01-28 Relisted — REALCOMP
• 2022-01-13 Listing Removed — REALCOMP
• 2021-11-12 Listed $189,900 MiRealSource-MiMLS
• 2021-11-12 Listed $189,900 REALCOMP
• 2016-10-24 Listing Removed — REALCOMP
• 2016-10-24 Listing Removed — MiRealSource-MiMLS
• 2016-10-24 Listing Removed — MiRealSource-MiMLS
• 2016-04-15 Listed $12,500 MiRealSource-MiMLS
• 2016-03-25 Price Changed $12,500 MiRealSource-MiMLS
• 2016-03-24 Price Changed $12,500 REALCOMP
• 2016-02-07 Relisted — REALCOMP
• 2016-02-01 Listing Removed — REALCOMP
• 2015-12-07 Listed $18,499 MiRealSource-MiMLS
• 2015-12-07 Listed $18,499 REALCOMP
• 1994-11-14 Sold (Public Records) $43,000 Public Records
• 1994-10-20 Listing Removed — MiRealSource-MiMLS
• 1994-10-19 Sold (MLS) $43,000 MiRealSource-MiMLS
• 1994-07-07 Listed $44,900 MiRealSource-MiMLS

Property tax history

-0.3%/yr

Latest (2025): $1,330 · -54.0% YoY. Source: county tax records.