2905 Putnam St · Detroit, MI 48208

$60,000

3 bd · 1.0 ba · 1,105 sqft · SingleFamily public records · 52 Days on market

Built 1909 3,049 sqft lot $54/sqft · 11% below area Est $68k · 11% 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 +12.6/15.0
• 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

Listing remarks MLS

Frame house in Core city that needs a full rehab. Great location, close to Downtown, Corktown. This would be a great project home for an investor or owner occupant. Sold AS IS BATVAI

Key facts

• Corktown
• Close to downtown
• 3,049 sq ft lot

Tags

• CLOSE TO DOWNTOWN
• CORKTOWN

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Sewer available; Water available
• Home design: Single-family residence; Two levels; Entry at lower level with steps; Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Paved road access; Lot approximately 0.07 acres (30 x 98.51)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Wall furnace; No central cooling
• Interior features: Crawl space basement; Total of 4 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $795 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 22.2% 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: 184 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 51% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $1,687/mo this rent would consume 56% of the median local household income ($36k/yr) (locally 601% 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 (-3.0%/yr); year-one equity from $415 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 (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $50k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 4.0% of price; built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $58,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 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 1909 — 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. 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: 2.81% ✓
• Cap rate: 22.20%
• Cash-on-cash: 56.80%
• DSCR: 3.53
• GRM: 3.0

CMA / ARV

• ARV (median comp): $67,700
• List price: $60,000
• Delta: -11.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5261 24th St	0.37mi	3/1.0	1,132 (+2%)	12mo	$87,000	$77	69
6419 Roosevelt St	0.64mi	3/1.0	1,143 (+3%)	1mo	$15,000	$13	64
5043 Rosa Parks Blvd	0.64mi	3/1.0	1,100 (-0%)	9mo	$124,900	$114	62
3532 Moore Pl Pl	0.61mi	3/1.5	1,181 (+7%)	1mo	$12,000	$10	57
6080 16th St	0.71mi	3/1.0	1,160 (+5%)	23mo	$119,000	$103	39
6050 16th St	0.69mi	2/2.0 (-1)	1,086 (-2%)	23mo	$265,000	$244	37
3722 Tillman St	0.74mi	4/1.0 (+1)	1,150 (+4%)	22mo	$85,000	$74	35
2681 Nebraska St	0.71mi	4/2.5 (+1)	1,238 (+12%)	20mo	$189,700	$153	19

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: 55.3%
• Equity multiple: 3.44×
• Total profit: $41,028
• Equity at exit: $8,946

10-year hold

• IRR: 60.4%
• Equity multiple: 7.03×
• Total profit: $101,356
• Equity at exit: $5,188

Cash invested: $16,800 (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 48208

• Home prices YoY: -5.9%
• Active inventory: 184
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,687 high
• Mortgage (P&I): −$315
• Tax from tax record: −$198 /mo · $2,370/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $795

Break-even live

Break-even rent $680

Max offer price $60,000

Occupancy floor 48%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4619 16th St Detroit, MI	3.0	1.0	1100	$1,250	$1.14	3d	1	0.39mi
6077 Linwood St Detroit, MI	2.0	1.0	1200	$2,000	$1.67	43d	1	0.63mi
3998 15th St Unit 1 Detroit, MI	2.0	1.0	1200	$1,300	$1.08	43d	1	0.64mi
1493 W Grand Blvd Detroit, MI	2.0	1.0	1250	$1,145	$0.92	43d	1	0.71mi
1565 W Grand Blvd Unit 1 Detroit, MI	2.0	1.0	910	$700	$0.77	24d	1	0.73mi
1565 W Grand Blvd Unit 1 Detroit, MI	2.0	1.0	910	$700	$0.77	22d	1	0.73mi
6144 16th St Detroit, MI	3.0	1.0	1284	$1,200	$0.93	43d	1	0.78mi
4848 Commonwealth St Unit 4 Detroit, MI	2.0	1.0	710	$1,245	$1.75	43d	1	0.83mi
3984 Commonwealth St Unit B Detroit, MI	3.0	2.0	1100	$2,400	$2.18	24d	1	1.00mi
6183 Hecla St Detroit, MI	3.0	1.0	1100	$1,700	$1.55	24d	1	1.02mi
3309 14th St Detroit, MI	1.0–3.0	1.0–2.5	942	$2,230	$2.37	1d	11	1.02mi
4426 McGraw Ave Unit 1 Detroit, MI	3.0	1.0	1400	$1,200	$0.86	43d	1	1.03mi
2835 23rd St Unit 2 Detroit, MI	3.0	2.0	1100	$1,450	$1.32	16d	1	1.13mi
6307 Woodrow St Detroit, MI	2.0	1.0	1000	$750	$0.75	43d	1	1.19mi
4016 Hogarth St Unit 4018 Hogarth Lower Detroit, MI	2.0	1.0	1200	$1,100	$0.92	3d	1	1.20mi
7340 Churchill St Unit 2 Detroit, MI	2.0	1.0	1046	$1,100	$1.05	24d	1	1.20mi
3143 Trumbull Unit 301 Detroit, MI	2.0	1.0	1000	$1,650	$1.65	22d	1	1.29mi
1800 W Bethune St Unit 1228665P Detroit, MI	2.0	1.0	904	$3,135	$3.47	43d	1	1.30mi
1800 W Bethune St Detroit, MI	2.0	1.0	800	$1,850	$2.31	43d	1	1.30mi
1800 W Bethune St Detroit, MI	2.0	1.0	656	$1,645	$2.51	24d	3	1.30mi
944 W Alexandrine St Unit 1 Detroit, MI	3.0	1.0	1100	$1,950	$1.77	43d	1	1.31mi
4566 Seebaldt St Detroit, MI	2.0	1.0	1200	$1,250	$1.04	22d	1	1.31mi
7640 Woodrow Wilson St Unit 1 Detroit, MI	3.0	1.5	1095	$1,400	$1.28	43d	1	1.37mi
2047 Seward St Detroit, MI	3.0	1.0	1421	$1,523	$1.07	5d	1	1.38mi
701 W Canfield St Unit 1 Detroit, MI	2.0	1.5	1144	$3,250	$2.84	43d	1	1.38mi
701 W Canfield St Unit 4 Detroit, MI	2.0	1.5	1094	$3,000	$2.74	43d	1	1.38mi
2732 Harrison St Detroit, MI	2.0	2.5	1320	$2,750	$2.08	43d	1	1.40mi
677 W Canfield St Detroit, MI	2.0	1.5	1200	$2,750	$2.29	17d	1	1.40mi
669 W Canfield St Unit 2 Detroit, MI	2.0	2.0	1500	$2,400	$1.60	43d	1	1.41mi
4709 2nd Ave Detroit, MI	1.0–2.0	1.0	672	$1,350	$2.01	2d	2	1.43mi
675 W Willis St Detroit, MI	1.0–3.0	1.0	631	$1,695	$2.69	2d	4	1.43mi
711 W Alexandrine St Detroit, MI	1.0–2.0	1.0–1.5	742	$1,840	$2.48	5d	4	1.44mi
2504 W Euclid St Unit 2504 Detroit, MI	3.0	1.0	1475	$1,650	$1.12	43d	1	1.44mi
2506 W Euclid St Detroit, MI	3.0	1.0	1475	$1,675	$1.14	43d	1	1.45mi
2504 W Euclid St Unit 2506 Detroit, MI	3.0	1.0	1475	$1,675	$1.14	43d	1	1.45mi
640 W Willis St Detroit, MI	1.0–2.0	1.0	1037	$1,750	$1.69	5d	10	1.45mi
5440 Milford St Unit 1 Detroit, MI	2.0	1.0	850	$1,150	$1.35	43d	1	1.46mi
3259 W Philadelphia St Detroit, MI	3.0	1.0	1293	$1,400	$1.08	16d	1	1.47mi
1974 Virginia Park St Detroit, MI	2.0	2.0	1200	$1,995	$1.66	43d	1	1.49mi

Listing history 16 events

1. 2026-06-18
   days on market $60,000 Active 52 DOM
2. 2026-06-17
   days on market $60,000 Active 51 DOM
3. 2026-06-15
   days on market $60,000 Active 49 DOM
4. 2026-06-13
   days on market $60,000 Active 47 DOM
5. 2026-06-13
   days on market $60,000 Active 46 DOM
6. 2026-06-09
   days on market $60,000 Active 43 DOM
7. 2026-06-08
   days on market $60,000 Active 42 DOM
8. 2026-06-07
   days on market $60,000 Active 41 DOM
9. 2026-06-04
   days on market $60,000 Active 38 DOM
10. 2026-06-03
    days on market $60,000 Active 37 DOM
11. 2026-06-02
    days on market $60,000 Active 36 DOM
12. 2026-06-01
    days on market $60,000 Active 35 DOM
13. 2026-05-31
    days on market $60,000 Active 34 DOM
14. 2026-04-27
    listed $60,000 Active 182-char remark

    Show marketing remark (182 chars)

    Frame house in Core city that needs a full rehab. Great location, close to Downtown, Corktown. This would be a great project home for an investor or owner occupant. Sold AS IS BATVAI

15. 2026-04-27
    listed $60,000 Active 182-char remark

    Show marketing remark (182 chars)

    Frame house in Core city that needs a full rehab. Great location, close to Downtown, Corktown. This would be a great project home for an investor or owner occupant. Sold AS IS BATVAI

16. 2019-04-05
    soldstatus $50,000

ⓘ 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: $2,370 · $198/mo
• Projected year-2 tax: $2,370 · $198/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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,239
• − Mortgage interest: −$3,361
• − Property taxes: −$2,370
• − Insurance: −$300
• − Repairs & maintenance: −$1,619
• − Management: −$1,619
• − Depreciation: −$1,745
• Taxable income: $9,224
• Est. tax owed @ 24.0%: −$2,214
• After-tax cash flow: $7,329/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): 8,037
• Household income: $36,194
• Rent vs Own: 65.7% rent · 34.3% own
• Severe rent burden: 601.0

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 (66%)
• Race & ethnicity: Black 66% White 23% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 3% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 5% 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: ▼ -10.56%
• Current HPI: 168.8907
• 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

+20.0% since first listed

5 events — show timeline

• 2026-05-28 Relisted — REALCOMP
• 2026-05-27 Listing Removed — REALCOMP
• 2026-04-27 Listed $60,000 REALCOMP
• 2026-04-27 Listed $60,000 MiRealSource-MiMLS
• 2019-04-05 Sold (Public Records) $50,000 Public Records

Property tax history

+13.8%/yr

Latest (2025): $2,370 · +72.7% YoY. Source: county tax records.