483 Philip St · Detroit, MI 48215

$175,000

4 bd · 2.5 ba · 2,276 sqft · MultiFamily public records · 20 Days on market

Built 1924 5,227 sqft lot Est $209k · 16% 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 +30.0/30.0
• ARV discount +14.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Investor special in Detroit's thriving Jefferson Chalmers neighborhood! This fully updated brick duplex features two spacious units, each with 2 bedrooms, 1 bath, living room, formal dining room, and a refreshed kitchen with white shaker cabinets. Both units offer new carpet, good natural light, and a clean, move-in ready condition that tenants love. Situated on a solid lot with great curb appeal, just minutes from the Detroit riverfront, Jefferson East dining and retail corridor, and easy freeway access. Whether you're building your portfolio or looking to house-hack, this is the turnkey opportunity you've been waiting for. Schedule your showing today!

Key facts

• Hardwood flooring
• Great curb appeal
• Refreshed kitchen

Tags

• UPDATED BRICK DUPLEX
• REFRESHED KITCHEN
• HARDWOOD FLOORING
• GOOD NATURAL LIGHT
• MOVE IN READY CONDITION
• GREAT CURB APPEAL

Property features AI

Finance

• Other: Lot roughly 35 x 146.23 (0.12 acre); Zoned for multi-family

Exterior

• Utilities: Public water; Public sewer
• Home design: Multi-family residential property; Two-story building; Brick exterior
• Construction: Brick construction; Brick/mortar foundation
• Exterior features: Paved road access; Pets allowed

Interior

• Bedrooms: Two 2-bedroom units
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Forced air heating (natural gas); No central air
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $564 ($7k/yr) — positive. Per door: $282/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.3% 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: 137 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 + 3.0% rent growth), your $49k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $17.32M (99%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $175k implies a 169% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $172,375 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.52% ✓
• Cap rate: 13.31%
• Cash-on-cash: 25.08%
• DSCR: 2.12
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $209,392
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
674 Alter Rd	0.30mi	4/2.0	2,210 (-3%)	8mo	$125,000	$57	73
440 Alter Rd Rd	0.20mi	4/3.0	2,120 (-7%)	13mo	$300,000	$142	67
567 Philip St	0.11mi	4/2.0	1,970 (-13%)	11mo	$50,000	$25	62
369 Newport St	0.32mi	4/3.0	2,130 (-6%)	15mo	$80,000	$38	60
604 Alter Rd	0.24mi	3/2.0 (-1)	1,964 (-14%)	2mo	$135,000	$69	58
700 Alter Rd	0.32mi	4/2.0	2,448 (+8%)	17mo	$189,900	$78	56
656 Philip St	0.21mi	4/2.0	2,572 (+13%)	16mo	$236,383	$92	53
186 Eastlawn St	0.57mi	4/2.0	2,150 (-6%)	12mo	$170,000	$79	52
857 Beaconsfield Ave	0.48mi	4/2.0	2,032 (-11%)	9mo	$295,000	$145	50
1016 - 1018 Maryland Ave	0.69mi	4/3.0	2,350 (+3%)	18mo	$335,000	$143	46
990 Beaconsfield Ave	0.63mi	4/2.0	2,508 (+10%)	20mo	$360,000	$144	34
1108 Coplin St	0.70mi	4/2.0	1,954 (-14%)	14mo	$221,000	$113	30

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.1%
• Equity multiple: 1.16×
• Total profit: $7,782
• Equity at exit: $26,093

10-year hold

• IRR: 13.7%
• Equity multiple: 2.10×
• Total profit: $53,979
• Equity at exit: $15,131

Cash invested: $49,000 (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 48215

• Home prices YoY: -24.1%
• Active inventory: 137
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,658 high
• Mortgage (P&I): −$918
• Tax from tax record: −$85 /mo · $1,022/yr
• Insurance: −$73
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$558
• Net cashflow: $564

Break-even live

Break-even rent $1,945

Max offer price $175,000

Occupancy floor 74%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,658
Total (2 units)			$2,658

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
371 Piper Blvd Detroit, MI	3.0	1.5	2340	$2,000	$0.85	43d	1	0.42mi
685 Bedford Ln Grosse Pointe Park, MI	4.0	2.5	2690	$4,500	$1.67	10d	1	0.90mi
2174 Springle St Detroit, MI	3.0	1.0	2256	$1,150	$0.51	1d	1	1.22mi

Listing history 13 events

1. 2026-06-18
   days on market $175,000 Active 20 DOM
2. 2026-06-17
   days on market $175,000 Active 19 DOM
3. 2026-06-15
   days on market $175,000 Active 17 DOM
4. 2026-06-13
   days on market $175,000 Active 15 DOM
5. 2026-06-13
   days on market $175,000 Active 14 DOM
6. 2026-06-09
   days on market $175,000 Active 11 DOM
7. 2026-06-08
   days on market $175,000 Active 10 DOM
8. 2026-06-07
   days on market $175,000 Active 9 DOM
9. 2026-06-04
   days on market $175,000 Active 6 DOM
10. 2026-06-03
    days on market $175,000 Active 5 DOM
11. 2026-06-02
    days on market $175,000 Active 4 DOM
12. 2026-06-01
    days on market $175,000 Active 3 DOM
13. 2026-05-31
    days on market $175,000 Active 2 DOM

ⓘ 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: $1,022 · $85/mo
• Projected year-2 tax: $1,858 · $155/mo
• Expected delta: +$837/yr (+$70/mo · 81.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 85% 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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,896
• − Mortgage interest: −$9,803
• − Property taxes: −$1,022
• − Insurance: −$6,400
• − Repairs & maintenance: −$2,552
• − Management: −$2,552
• − Depreciation: −$5,091
• Taxable income: $4,477
• Est. tax owed @ 24.0%: −$1,075
• After-tax cash flow: $5,689/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
• City population: 572,865
• Population (ZIP): 10,238

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 (87%)
• Race & ethnicity: Black 87% White 9% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Romanian 1% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 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: ▼ -60.84%
• Current HPI: 191.0405
• Rent YoY: —
• Metro: —
• 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

+169.2% since first listed

5 events — show timeline

• 2026-05-30 Price Changed $175,000 MiRealSource-MiMLS
• 2026-05-29 Price Changed $175,000 REALCOMP
• 2026-05-29 Listed $17,500,000 REALCOMP
• 2026-05-29 Listed $17,500,000 MiRealSource-MiMLS
• 2005-03-02 Sold (Public Records) $65,000 Public Records

Property tax history

+0.6%/yr

Latest (2025): $1,022 · -46.9% YoY. Source: county tax records.