4753 Mount Elliott St · Detroit, MI 48207

$7,500

3 bd · 1.0 ba · 1,198 sqft · SingleFamily public records · 267 Days on market

Built 1900 5,663 sqft lot $6/sqft · 81% below area

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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
• 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

Wait till you see this investment opportunity! 3 Bedroom 1 Bath Bungalow waiting on your personal touch. This one won't last long! Sale contingent on buyer/seller executed development agreement. Please note that the Detroit Land Bank Authority is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatements and lot combinations that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing.

Key facts

• 5,663 sq ft lot
• Built 1900
• Listed 267 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $8k.

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 ($1k rent vs $8k).
• Recommended offer: $7k (12.0% below list) — sets the bar for market timing.
• Cap rate 180.4% 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; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 37% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-2.8%/yr); year-one equity from $52 of loan paydown is wiped out by about $209 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 $2k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 267 days — a 12% lower offer ($7k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 6y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $6,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 267 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 19.42% ✓
• Cap rate: 180.45%
• Cash-on-cash: 621.97%
• DSCR: 28.67
• GRM: 0.4

CMA / ARV

• ARV (median comp): $40,250
• List price: $7,500
• Delta: -81.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3717 E Kirby St	0.36mi	3/1.0	1,178 (-2%)	4mo	$12,800	$11	77
3652 E Hancock St	0.08mi	2/1.0 (-1)	1,300 (+8%)	11mo	$18,000	$14	68
3515 #3 Ewald Cir	0.55mi	2/1.0 (-1)	1,188 (-1%)	14mo	$47,000	$40	56
3345 E Ferry St	0.54mi	3/1.0	1,363 (+14%)	1mo	$13,500	$10	51
4609 Grandy St	0.65mi	3/2.0	1,100 (-8%)	2mo	$35,200	$32	50
4656 Mitchell St	0.51mi	3/2.0	1,252 (+4%)	18mo	$20,000	$16	50
5237 Field St	0.61mi	3/1.0	1,111 (-7%)	12mo	$35,000	$32	49

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: —
• Equity multiple: 33.85×
• Total profit: $68,984
• Equity at exit: $1,188

10-year hold

• IRR: —
• Equity multiple: 73.74×
• Total profit: $152,748
• Equity at exit: $769

Cash invested: $2,100 (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: 0.4×

Monthly cashflow live

• Estimated rent: $1,457 high
• Mortgage (P&I): −$39
• Tax from tax record: −$20 /mo · $240/yr
• Insurance: −$3
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $1,088

Break-even live

Break-even rent $79

Max offer price $7,500

Occupancy floor 20%

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: $1,875
• Closing costs: $225
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3755 Ellery St Unit 1 Detroit, MI	2.0	1.0	915	$1,200	$1.31	24d	1	0.51mi
3980 Helen St Detroit, MI	2.0	1.0	800	$845	$1.06	16d	1	0.56mi
3323 Gratiot Ave Unit R Detroit, MI	2.0	1.0	1200	$975	$0.81	43d	1	0.67mi
3325 Gratiot Ave Unit R Detroit, MI	2.0	1.0	1200	$1,000	$0.83	43d	1	0.67mi
3511 Concord Ave Detroit, MI	2.0	1.0	750	$1,100	$1.47	43d	1	0.73mi
1973 E Grand Blvd Detroit, MI	2.0	1.0	840	$1,750	$2.08	43d	1	0.79mi
4811 Seyburn St Detroit, MI	3.0	1.0	1196	$1,037	$0.87	17d	1	0.80mi
3460 Field St Detroit, MI	2.0	1.0	1000	$1,260	$1.26	4d	1	0.91mi
2972 Field St Detroit, MI	3.0	1.0	1225	$1,395	$1.14	17d	1	1.03mi
5380 Maxwell St Unit 5380 Detroit, MI	2.0	1.0	1100	$900	$0.82	17d	1	1.07mi
4169 Burns St Detroit, MI	4.0	2.5	1326	$2,300	$1.73	24d	1	1.26mi
5858 Seneca St Detroit, MI	3.0	1.0	1348	$999	$0.74	17d	1	1.32mi
4735 Rohns St Unit 6A Detroit, MI	2.0	1.0	850	$1,100	$1.29	1d	1	1.39mi
4735 Rohns St Unit 4A Detroit, MI	2.0	1.0	850	$1,000	$1.18	1d	1	1.39mi
8843 E Canfield St Detroit, MI	4.0	2.0	1200	$2,400	$2.00	43d	1	1.40mi
2280 E Vernor Hwy Detroit, MI	1.0–3.0	1.0–2.0	872	$1,111	$1.27	20d	1	1.41mi
7410 Kercheval Ave Unit 212 Detroit, MI	2.0	2.0	1017	$1,950	$1.92	43d	1	1.45mi
2928 Prince Hall Dr Detroit, MI	2.0	2.0	1425	$2,000	$1.40	4d	1	1.47mi
374 E Grand Blvd Unit 2A Detroit, MI	2.0	2.0	1450	$2,750	$1.90	43d	1	1.47mi

Listing history 24 events

1. 2026-06-18
   days on market $7,500 Active 267 DOM
2. 2026-06-17
   days on market $7,500 Active 266 DOM
3. 2026-06-15
   days on market $7,500 Active 264 DOM
4. 2026-06-13
   days on market $7,500 Active 262 DOM
5. 2026-06-13
   days on market $7,500 Active 261 DOM
6. 2026-06-09
   days on market $7,500 Active 258 DOM
7. 2026-06-08
   days on market $7,500 Active 257 DOM
8. 2026-06-07
   days on market $7,500 Active 256 DOM
9. 2026-06-04
   days on market $7,500 Active 253 DOM
10. 2026-06-03
    days on market $7,500 Active 252 DOM
11. 2026-06-01
    days on market $7,500 Active 250 DOM
12. 2026-05-31
    days on market $7,500 Active 249 DOM
13. 2025-09-24
    listed $7,500 Active 753-char remark

    Show marketing remark (753 chars)

    Wait till you see this investment opportunity! 3 Bedroom 1 Bath Bungalow waiting on your personal touch. This one won't last long! Sale contingent on buyer/seller executed development agreement. Please note that the Detroit Land Bank Authority is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatements and lot combinations that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing.

14. 2025-09-24
    listed $7,500 Active 753-char remark

    Show marketing remark (753 chars)

    Wait till you see this investment opportunity! 3 Bedroom 1 Bath Bungalow waiting on your personal touch. This one won't last long! Sale contingent on buyer/seller executed development agreement. Please note that the Detroit Land Bank Authority is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatements and lot combinations that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing.

15. 2023-12-13
    historical
16. 2023-12-13
    historical
17. 2022-01-01
    historical
18. 2022-01-01
    historical
19. 2021-12-31
    listed $4,999 Active
20. 2021-12-31
    listed $4,999 Active
21. 2021-10-29
    status Active
22. 2021-10-26
    historical
23. 2020-11-04
    listed $4,999 Active
24. 2020-11-04
    listed $4,999 Active

ⓘ 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: $240 · $20/mo
• Projected year-2 tax: $240 · $20/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 15 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: $17,482
• − Mortgage interest: −$420
• − Property taxes: −$240
• − Insurance: −$38
• − Repairs & maintenance: −$1,399
• − Management: −$1,399
• − Depreciation: −$218
• Taxable income: $13,769
• Est. tax owed @ 24.0%: −$3,305
• After-tax cash flow: $9,757/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

+50.0% since first listed

12 events — show timeline

• 2025-09-24 Listed $7,500 REALCOMP
• 2025-09-24 Listed $7,500 MiRealSource-MiMLS
• 2023-12-13 Listing Removed — MiRealSource-MiMLS
• 2023-12-13 Listing Removed — REALCOMP
• 2022-01-01 Listing Removed — MiRealSource-MiMLS
• 2022-01-01 Listing Removed — REALCOMP
• 2021-12-31 Listed $4,999 MiRealSource-MiMLS
• 2021-12-31 Listed $4,999 REALCOMP
• 2021-10-29 Relisted — REALCOMP
• 2021-10-26 Listing Removed — REALCOMP
• 2020-11-04 Listed $4,999 MiRealSource-MiMLS
• 2020-11-04 Listed $4,999 REALCOMP

Property tax history

-24.4%/yr

Latest (2016): $240 · -43.4% YoY. Source: county tax records.