4003 Pingree St · Detroit, MI 48204

$200,000

6 bd · 2.0 ba · 3,060 sqft · Townhouse public records · 94 Days on market

Built 1916 3,920 sqft lot $65/sqft · 6% below area Est $262k · 24% under

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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 +18.0/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +5.6/10.0
• 1% rule +4.3/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks MLS

Fully renovated and move-in ready! This updated 2 family brick home features a brand new kitchen and beautifully renovated bathrooms, along with fresh updates throughout the entire property. Gas hook-ups are available for a washer and dryer. Conveniently located just minutes from Downtown Detroit, making it a great option for a first-time homebuyer or an investor looking to add to their portfolio. A great opportunity to own an updated home close to the city! BTVAI

Key facts

• New kitchen
• Renovated bathrooms
• Gas hook-ups

Tags

• NEW KITCHEN
• RENOVATED BATHROOMS
• GAS HOOK-UPS
• MINUTES FROM DOWNTOWN DETROIT

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath townhouse listed at $200k.

Deal economics

• At list price, monthly cash flow is $173 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (7.3% below list).
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 10.2% 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: 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: 244 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y 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 $15k; list at $200k implies a 1233% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $182,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1916 — 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: 0.93% ✗
• Cap rate: 7.33%
• Cash-on-cash: 3.71%
• DSCR: 1.16
• GRM: 9.0

CMA / ARV

• ARV (median comp): $261,527
• List price: $200,000
• Delta: -23.53%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.9%
• Equity multiple: 3.14×
• Total profit: $119,912
• Equity at exit: $180,176

10-year hold

• IRR: 23.6%
• Equity multiple: 7.15×
• Total profit: $344,403
• Equity at exit: $388,556

Cash invested: $56,000 (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 48204

• Home prices YoY: 18.5%
• Active inventory: 244
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,853 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$159 /mo · $1,909/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $173

Break-even live

Break-even rent $1,635

Max offer price $200,000

Occupancy floor 86%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3799 W Philadelphia St Detroit, MI	5.0	2.0	2200	$1,650	$0.75	16d	1	0.07mi
2509 Gladstone St Unit NA Detroit, MI	6.0	3.0	3008	$2,000	$0.66	10d	1	0.74mi
8951 La Salle Blvd Detroit, MI	5.0	2.5	2440	$2,500	$1.02	14d	1	0.87mi
2028 Gladstone St Unit 1 Detroit, MI	5.0	2.0	2500	$2,850	$1.14	3d	1	1.07mi
1699 Glynn Ct Detroit, MI	5.0	3.5	2542	$2,500	$0.98	21d	1	1.48mi

Listing history 17 events

1. 2026-06-18
   days on market $200,000 Active 94 DOM
2. 2026-06-17
   days on market $200,000 Active 93 DOM
3. 2026-06-15
   days on market $200,000 Active 91 DOM
4. 2026-06-13
   days on market $200,000 Active 89 DOM
5. 2026-06-13
   days on market $200,000 Active 88 DOM
6. 2026-06-09
   days on market $200,000 Active 85 DOM
7. 2026-06-08
   days on market $200,000 Active 84 DOM
8. 2026-06-07
   days on market $200,000 Active 83 DOM
9. 2026-06-04
   days on market $200,000 Active 80 DOM
10. 2026-06-03
    pricedays on market $200,000 Active 79 DOM
11. 2026-06-01
    days on market $210,000 Active 77 DOM
12. 2026-05-31
    days on market $210,000 Active 76 DOM
13. 2026-03-16
    listed $210,000 Active 468-char remark

    Show marketing remark (468 chars)

    Fully renovated and move-in ready! This updated 2 family brick home features a brand new kitchen and beautifully renovated bathrooms, along with fresh updates throughout the entire property. Gas hook-ups are available for a washer and dryer. Conveniently located just minutes from Downtown Detroit, making it a great option for a first-time homebuyer or an investor looking to add to their portfolio. A great opportunity to own an updated home close to the city! BTVAI

14. 2026-03-16
    listed $210,000 Active 468-char remark

    Show marketing remark (468 chars)

    Fully renovated and move-in ready! This updated 2 family brick home features a brand new kitchen and beautifully renovated bathrooms, along with fresh updates throughout the entire property. Gas hook-ups are available for a washer and dryer. Conveniently located just minutes from Downtown Detroit, making it a great option for a first-time homebuyer or an investor looking to add to their portfolio. A great opportunity to own an updated home close to the city! BTVAI

15. 2007-04-16
    soldstatus $15,000
16. 2007-04-09
    historical
17. 2006-06-26
    listed $15,000

ⓘ 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: $1,909 · $159/mo
• Projected year-2 tax: $2,495 · $208/mo
• Expected delta: +$585/yr (+$49/mo · 30.7%)

ⓘ 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) · 72% 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 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,241
• − Mortgage interest: −$11,203
• − Property taxes: −$1,909
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,779
• − Management: −$1,779
• − Depreciation: −$5,818
• Taxable loss: −$1,248
• Est. tax savings @ 24.0%: +$300
• After-tax cash flow: $2,375/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): 20,696
• Household income: $34,468
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 1418.0

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 (86%)
• Race & ethnicity: Black 86% Two or more races 7% Hispanic / Latino 5% White 4% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Hispanic 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 36.51%
• Current HPI: 234.0465
• 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

+1300.0% since first listed

5 events — show timeline

• 2026-03-16 Listed $210,000 REALCOMP
• 2026-03-16 Listed $210,000 MiRealSource-MiMLS
• 2007-04-16 Sold (MLS) $15,000 MiRealSource-MiMLS
• 2007-04-09 Listing Removed — MiRealSource-MiMLS
• 2006-06-26 Listed $15,000 MiRealSource-MiMLS

Property tax history

+17.0%/yr

Latest (2025): $1,909 · -50.9% YoY. Source: county tax records.