4702 Mitchell St · Detroit, MI 48207

$70,000

4 bd · 1.5 ba · 1,502 sqft · SingleFamily public records · 334 Days on market

Built 1910 3,049 sqft lot $47/sqft · 31% below area Est $102k · 31% under ↓ 42% since listing

---

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
• Appreciation +3.6/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks MLS

Great project opportunity in the up-and-coming Poletown neighborhood! This large four-bedroom house offers endless possibilities. Currently a blank slate, it's ready for you to customize however you envision. Centrally located, it's close to Midtown, Downtown, and Islandview/ West Village, with Eastern Market just minutes away. The garage also presents unique potential - consider turning it into a workshop or a small storefront. Whether you're looking to build your dream home or your next investment, this property is full of promise.

Key facts

• Centrally located
• Close to midtown
• Close to islandview

Tags

• POLETOWN NEIGHBORHOOD
• CENTRALLY LOCATED
• CLOSE TO MIDTOWN
• CLOSE TO DOWNTOWN
• CLOSE TO ISLANDVIEW
• CLOSE TO WEST VILLAGE

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.7% 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 rising (+3.5%/yr); 244 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $1,918/mo this rent would consume 48% of the median local household income ($48k/yr) (locally 2017% 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 (-2.8%/yr); year-one equity from $484 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 (-2.8% appreciation + 3.5% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 334 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $50k (42%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 334 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 1910 — 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: 2.74% ✓
• Cap rate: 24.74%
• Cash-on-cash: 65.88%
• DSCR: 3.93
• GRM: 3.0

CMA / ARV

• ARV (median comp): $101,539
• List price: $70,000
• Delta: -31.06%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3345 E Ferry St	0.52mi	3/1.0 (-1)	1,363 (-9%)	1mo	$13,500	$10	52
1974 E Grand Blvd	0.68mi	4/2.0	1,648 (+10%)	7mo	$137,500	$83	44
5235 Mount Elliott St	0.58mi	3/1.0 (-1)	1,380 (-8%)	14mo	$33,500	$24	40
5430 Elmwood St	0.45mi	3/2.5 (-1)	1,700 (+13%)	13mo	$185,400	$109	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-2.79% appreciation · 3.53% rent growth · sell at horizon

5-year hold

• IRR: 65.9%
• Equity multiple: 4.00×
• Total profit: $58,832
• Equity at exit: $11,090

10-year hold

• IRR: 70.2%
• Equity multiple: 8.36×
• Total profit: $144,272
• Equity at exit: $7,179

Cash invested: $19,600 (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 48207

• Home prices YoY: -2.0%
• Rents YoY: 3.5%
• Active inventory: 244
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,918 high
• Mortgage (P&I): −$367
• Tax from tax record: −$43 /mo · $515/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $1,076

Break-even live

Break-even rent $556

Max offer price $70,000

Occupancy floor 39%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 5 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	1.02mi
4811 Seyburn St Detroit, MI	3.0	1.0	1196	$1,037	$0.87	17d	1	1.29mi
2972 Field St Detroit, MI	3.0	1.0	1225	$1,395	$1.14	17d	1	1.34mi
2003 Orleans St Unit 528 Detroit, MI	4.0	2.0	1800	$2,500	$1.39	44d	1	1.42mi
1348 Village Dr Detroit, MI	3.0	2.5	2100	$2,295	$1.09	24d	1	1.49mi

Listing history 18 events

1. 2026-06-18
   days on market $70,000 Active 334 DOM
2. 2026-06-17
   days on market $70,000 Active 333 DOM
3. 2026-06-15
   days on market $70,000 Active 331 DOM
4. 2026-06-13
   days on market $70,000 Active 329 DOM
5. 2026-06-13
   days on market $70,000 Active 328 DOM
6. 2026-06-09
   days on market $70,000 Active 325 DOM
7. 2026-06-08
   days on market $70,000 Active 324 DOM
8. 2026-06-07
   days on market $70,000 Active 323 DOM
9. 2026-06-04
   days on market $70,000 Active 320 DOM
10. 2026-06-03
    days on market $70,000 Active 319 DOM
11. 2026-06-01
    days on market $70,000 Active 317 DOM
12. 2026-05-31
    days on market $70,000 Active 316 DOM
13. 2026-04-07
    price $70,000 539-char remark

    Show marketing remark (539 chars)

    Great project opportunity in the up-and-coming Poletown neighborhood! This large four-bedroom house offers endless possibilities. Currently a blank slate, it's ready for you to customize however you envision. Centrally located, it's close to Midtown, Downtown, and Islandview/ West Village, with Eastern Market just minutes away. The garage also presents unique potential - consider turning it into a workshop or a small storefront. Whether you're looking to build your dream home or your next investment, this property is full of promise.

14. 2026-04-06
    price $70,000 555-char remark

    Show marketing remark (555 chars)

    Great project opportunity in the up-and-coming Poletown neighborhood! This large four-bedroom house offers endless possibilities. Currently a blank slate, it’s ready for you to customize however you envision. Centrally located, it’s close to Midtown, Downtown, and Islandview/ West Village, with Eastern Market just minutes away. The garage also presents unique potential—consider turning it into a workshop or a small storefront. Whether you're looking to build your dream home or your next investment, this property is full of promise.

15. 2025-10-03
    price $95,000 539-char remark

    Show marketing remark (539 chars)

    Great project opportunity in the up-and-coming Poletown neighborhood! This large four-bedroom house offers endless possibilities. Currently a blank slate, it's ready for you to customize however you envision. Centrally located, it's close to Midtown, Downtown, and Islandview/ West Village, with Eastern Market just minutes away. The garage also presents unique potential - consider turning it into a workshop or a small storefront. Whether you're looking to build your dream home or your next investment, this property is full of promise.

16. 2025-10-02
    price $95,000 555-char remark

    Show marketing remark (555 chars)

    Great project opportunity in the up-and-coming Poletown neighborhood! This large four-bedroom house offers endless possibilities. Currently a blank slate, it’s ready for you to customize however you envision. Centrally located, it’s close to Midtown, Downtown, and Islandview/ West Village, with Eastern Market just minutes away. The garage also presents unique potential—consider turning it into a workshop or a small storefront. Whether you're looking to build your dream home or your next investment, this property is full of promise.

17. 2025-07-19
    listed $120,000 Active 555-char remark

    Show marketing remark (539 chars)

    Great project opportunity in the up-and-coming Poletown neighborhood! This large four-bedroom house offers endless possibilities. Currently a blank slate, it's ready for you to customize however you envision. Centrally located, it's close to Midtown, Downtown, and Islandview/ West Village, with Eastern Market just minutes away. The garage also presents unique potential - consider turning it into a workshop or a small storefront. Whether you're looking to build your dream home or your next investment, this property is full of promise.

18. 2025-07-19
    listed $120,000 Active 539-char remark

    Show marketing remark (539 chars)

    Great project opportunity in the up-and-coming Poletown neighborhood! This large four-bedroom house offers endless possibilities. Currently a blank slate, it's ready for you to customize however you envision. Centrally located, it's close to Midtown, Downtown, and Islandview/ West Village, with Eastern Market just minutes away. The garage also presents unique potential - consider turning it into a workshop or a small storefront. Whether you're looking to build your dream home or your next investment, this property is full of promise.

ⓘ 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: $515 · $43/mo
• Projected year-2 tax: $796 · $66/mo
• Expected delta: +$282/yr (+$23/mo · 54.7%)

ⓘ 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 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,015
• − Mortgage interest: −$3,921
• − Property taxes: −$515
• − Insurance: −$350
• − Repairs & maintenance: −$1,841
• − Management: −$1,841
• − Depreciation: −$2,036
• Taxable income: $12,511
• Est. tax owed @ 24.0%: −$3,003
• After-tax cash flow: $9,910/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): 20,848
• Household income: $47,831
• Rent vs Own: 74.2% rent · 25.8% own
• Severe rent burden: 2017.0

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 (74%)
• Race & ethnicity: Black 74% White 18% Two or more races 4% Asian 3% Hispanic / Latino 2%
• Common ancestry: Romanian 2% Italian 1% Lithuanian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% 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: ▼ -2.79%
• Current HPI: 136.6328
• Rent YoY: ▲ 3.53%
• 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

-41.7% since first listed

6 events — show timeline

• 2026-04-07 Price Changed $70,000 MiRealSource-MiMLS
• 2026-04-06 Price Changed $70,000 REALCOMP
• 2025-10-03 Price Changed $95,000 MiRealSource-MiMLS
• 2025-10-02 Price Changed $95,000 REALCOMP
• 2025-07-19 Listed $120,000 REALCOMP
• 2025-07-19 Listed $120,000 MiRealSource-MiMLS

Property tax history

-2.5%/yr

Latest (2025): $515 · -52.6% YoY. Source: county tax records.