1956 Monterey St · Detroit, MI 48206

$17,950

3 bd · 1.0 ba · 876 sqft · SingleFamily public records · 38 Days on market

Built 1918 3,049 sqft lot $20/sqft · 57% below area ↓ 37% since listing

---

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
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor / Handyman Special! 3 bedroom bungalow for less than $30k! This would make a great rental property or flip for an investor, or a clean slate for a homeowner to update and live in. Property needs work and is being sold as-is. Buyers agent to verify all information. Easy showings. Ready to close asap!

Key facts

• 3,049 sq ft lot
• Built 1918
• Listed 37 days

Property features AI

Finance

• Financial info: Annual tax: $710

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residential; Two stories; Ground-level entry with steps
• Construction: Vinyl siding; Block foundation; Built area above grade: 876 square feet
• Exterior features: Paved road access; Alley access

Interior

• Bathrooms: One full bathroom
• Heating & cooling: No heating; No cooling
• Interior features: Unfinished basement; Basement accessible (has basement); Three total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $18k.

Deal economics

• At list price, monthly cash flow is $852 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $18k).
• Recommended offer: $17k (3.0% below list) — sets the bar for market timing.
• Cap rate 63.2% vs local median 10.1% 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 fast (+5.2%/yr); 273 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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).
• This rent runs 33% 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 $124 of loan paydown is wiped out by about $538 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 + 5.2% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($17k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $12k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $17,411 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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: 6.88% ✓
• Cap rate: 63.24%
• Cash-on-cash: 203.39%
• DSCR: 10.05
• GRM: 1.2

CMA / ARV

• ARV (median comp): $41,535
• List price: $17,950
• Delta: -56.78%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.2% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.78×
• Total profit: $54,159
• Equity at exit: $2,676

10-year hold

• IRR: —
• Equity multiple: 26.69×
• Total profit: $129,094
• Equity at exit: $1,552

Cash invested: $5,026 (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 48206

• Rents YoY: 5.2%
• Active inventory: 273
• Price-to-rent: 1.2×

Monthly cashflow live

• Estimated rent: $1,235 high
• Mortgage (P&I): −$94
• Tax est. 1.5%: −$22 /mo · $269/yr
• Insurance: −$7
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $852

Break-even live

Break-even rent $157

Max offer price $17,950

Occupancy floor 26%

Sensitivity live

Price	-10% $864	-5% $858	+0% $852	+5% $846	+10% $839
Rent	-10% $754	-5% $803	+0% $852	+5% $901	+10% $949
Rate	-1.0pp $861	-0.5pp $856	base $852	+0.5pp $847	+1.0pp $842

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: $4,488
• Closing costs: $538
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2023 Tuxedo St Detroit, MI	2.0	1.0	950	$1,050	$1.11	25d	1	0.14mi
2285 Cortland St Detroit, MI	2.0	1.0	900	$1,000	$1.11	18d	1	0.17mi
2638 Richton St Unit 2638 Richton Upper Detroit, MI	2.0	1.0	1000	$900	$0.90	45d	1	0.49mi
2676 Sturtevant St Unit 1 Detroit, MI	2.0	1.0	1000	$1,000	$1.00	25d	1	0.56mi
1427 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,850	$1.68	25d	1	0.59mi
1427 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,750	$1.59	45d	1	0.59mi
1251 Glynn Ct Detroit, MI	2.0	1.0	705	$1,288	$1.83	3d	2	0.67mi
13639 La Salle Blvd Detroit, MI	2.0	1.0	800	$695	$0.87	12d	1	0.77mi
2433 Pasadena St Unit 2435 Detroit, MI	2.0	1.0	700	$1,025	$1.46	45d	1	0.83mi
3226 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,200	$1.09	13d	1	0.88mi
127 W Buena Vista St Unit 129 Highland Park, MI	2.0	1.0	800	$1,000	$1.25	45d	1	0.95mi
3295 Rochester St Unit 2 Detroit, MI	2.0	1.0	800	$1,000	$1.25	5d	1	1.04mi
3295 Rochester St Unit 2 Detroit, MI	2.0	1.0	782	$850	$1.09	45d	1	1.04mi
9 Woodland St Detroit, MI	1.0–2.0	1.0	637	$1,090	$1.71	18d	8	1.11mi
1628 Gladstone St Unit 2 Detroit, MI	2.0	1.0	800	$1,050	$1.31	45d	1	1.13mi
1626 Gladstone St Unit 1 Detroit, MI	2.0	1.0	800	$1,300	$1.62	45d	1	1.13mi
3783 Tyler St Unit Lower Detroit, MI	3.0	1.0	1000	$1,150	$1.15	45d	1	1.15mi
3824 Tyler St Apt 1 Detroit, MI	3.0	1.0	900	$1,523	$1.69	18d	1	1.19mi
2034 Ewald Cir Detroit, MI	2.0	1.0	1000	$995	$0.99	6d	1	1.23mi
3242 Clairmount St Detroit, MI	2.0	1.0	530	$1,300	$2.45	45d	1	1.24mi
2021 Blaine St Detroit, MI	1.0–2.0	1.0	684	$1,200	$1.75	45d	1	1.25mi
27 Pasadena St Highland Park, MI	2.0	1.0	900	$825	$0.92	45d	1	1.27mi
4268 Cortland St Unit 1 Detroit, MI	2.0	1.0	1000	$1,050	$1.05	45d	1	1.28mi
3812 W Grand St Detroit, MI	2.0	1.0	1100	$1,025	$0.93	18d	1	1.30mi
4203 Tyler St Detroit, MI	2.0	1.0	950	$895	$0.94	45d	1	1.30mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	45d	1	1.31mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	25d	1	1.31mi
2531 Pingree St Unit 2 (FL 2) Detroit, MI	3.0	1.0	893	$1,100	$1.23	3d	1	1.32mi
3759 Atkinson St Unit 2 Detroit, MI	2.0	1.0	919	$1,200	$1.31	25d	1	1.33mi
660 Hazelwood St Detroit, MI	1.0–2.0	1.0	536	$1,279	$2.38	6d	8	1.35mi
646 Hazelwood St Detroit, MI	1.0–2.0	1.0	523	$1,187	$2.27	13d	7	1.36mi
70 Clairmount Ave Unit 2B Detroit, MI	2.0	1.0	955	$1,400	$1.47	4d	1	1.37mi
1542 W Euclid St Detroit, MI	2.0	1.0	1100	$1,150	$1.05	6d	1	1.39mi
605 Hazelwood St Detroit, MI	1.0–2.0	1.0	532	$895	$1.68	6d	2	1.41mi
8840 2nd Ave Unit 201 Detroit, MI	2.0	1.0	635	$800	$1.26	45d	1	1.43mi
9376 Otsego St Detroit, MI	3.0	1.0	873	$1,396	$1.60	45d	1	1.45mi
520 Englewood St Detroit, MI	4.0	1.5	1086	$1,725	$1.59	25d	1	1.48mi
1226 Virginia Park St Unit 1226 Virginia Park, Upper V 1/10/26 (T) Detroit, MI	3.0	1.0	1100	$1,200	$1.09	45d	1	1.50mi

Listing history 18 events

1. 2026-06-21
   days on market $17,950 Active 38 DOM
2. 2026-06-18
   price $17,950 Active 35 DOM
3. 2026-06-18
   days on market $18,950 Active 35 DOM
4. 2026-06-17
   days on market $18,950 Active 34 DOM
5. 2026-06-16
   price $18,950 Active 32 DOM
6. 2026-06-15
   days on market $19,950 Active 32 DOM

   Show marketing remark (309 chars)

   Investor / Handyman Special! 3 bedroom bungalow for less than $30k! This would make a great rental property or flip for an investor, or a clean slate for a homeowner to update and live in. Property needs work and is being sold as-is. Buyers agent to verify all information. Easy showings. Ready to close asap!

7. 2026-06-13
   days on market $19,950 Active 30 DOM
8. 2026-06-13
   pricedays on market $19,950 Active 29 DOM
9. 2026-06-09
   days on market $24,950 Active 26 DOM
10. 2026-06-08
    days on market $24,950 Active 25 DOM
11. 2026-06-07
    days on market $24,950 Active 24 DOM
12. 2026-06-04
    days on market $24,950 Active 21 DOM
13. 2026-06-03
    days on market $24,950 Active 20 DOM
14. 2026-06-02
    days on market $24,950 Active 19 DOM
15. 2026-06-01
    days on market $24,950 Active 18 DOM
16. 2026-05-31
    days on market $24,950 Active 17 DOM
17. 2026-05-14
    listed $29,900 Active 309-char remark

    Show marketing remark (309 chars)

    Investor / Handyman Special! 3 bedroom bungalow for less than $30k! This would make a great rental property or flip for an investor, or a clean slate for a homeowner to update and live in. Property needs work and is being sold as-is. Buyers agent to verify all information. Easy showings. Ready to close asap!

18. 2026-05-14
    listed $29,900 Active 309-char remark

    Show marketing remark (309 chars)

    Investor / Handyman Special! 3 bedroom bungalow for less than $30k! This would make a great rental property or flip for an investor, or a clean slate for a homeowner to update and live in. Property needs work and is being sold as-is. Buyers agent to verify all information. Easy showings. Ready to close asap!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,824
• − Mortgage interest: −$1,005
• − Property taxes: −$269
• − Insurance: −$90
• − Repairs & maintenance: −$1,186
• − Management: −$1,186
• − Depreciation: −$522
• Taxable income: $10,565
• Est. tax owed @ 24.0%: −$2,536
• After-tax cash flow: $7,687/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): 15,227
• Household income: $45,046
• Rent vs Own: 46.4% rent · 53.6% own
• Severe rent burden: 646.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 3% Romanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 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: ▼ -139.60%
• Current HPI: 130.9545
• Rent YoY: ▲ 5.20%
• 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

-36.6% since first listed

8 events — show timeline

• 2026-06-15 Price Changed $18,950 MiRealSource-MiMLS
• 2026-06-15 Price Changed $18,950 REALCOMP
• 2026-06-10 Price Changed $19,950 MiRealSource-MiMLS
• 2026-06-10 Price Changed $19,950 REALCOMP
• 2026-05-27 Price Changed $24,950 REALCOMP
• 2026-05-26 Price Changed $24,950 MiRealSource-MiMLS
• 2026-05-14 Listed $29,900 REALCOMP
• 2026-05-14 Listed $29,900 MiRealSource-MiMLS

Property tax history

+4.8%/yr

Latest (2025): $1,391 · +0.3% YoY. Source: county tax records.