1164 Meldrum St · Detroit, MI 48207

$25,000

3 bd · 1.5 ba · 1,589 sqft · SingleFamily public records · 8 Days on market

Built 1900 6,534 sqft lot

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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

Great investment opportunity in Island view! Vacant 3-bed, 1-bath 2-story home on an extra lot with solid upside. Property needs a full renovation roof replacement, electrical updates, driveway and garage repairs but offers strong potential in a rapidly improving area. House sell AS IS

Key facts

• Extra lot
• Electrical updates
• Full renovation

Tags

• INVESTMENT OPPORTUNITY
• EXTRA LOT
• FULL RENOVATION
• ROOF REPLACEMENT
• ELECTRICAL UPDATES
• DRIVEWAY REPAIRS

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Cap rate 72.1% 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; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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 $1,953/mo this rent would consume 49% 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 $173 of loan paydown is wiped out by about $698 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $10k; list at $25k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $25,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 7.81% ✓
• Cap rate: 72.06%
• Cash-on-cash: 234.86%
• DSCR: 11.45
• GRM: 1.1

CMA / ARV

• ARV (on-the-fly): $209,748
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1400 Helen St	0.33mi	3/2.0	1,464 (-8%)	3mo	$220,000	$150	67
1426 Canton St	0.28mi	4/1.5 (+1)	1,464 (-8%)	10mo	$170,000	$116	60
2559 Helen St	0.66mi	3/1.5	1,508 (-5%)	3mo	$85,000	$56	59
3140 Woods Cir	0.55mi	3/0.5	1,678 (+6%)	5mo	$221,600	$132	57
370 E Grand Blvd	0.43mi	3/2.5	1,575 (-1%)	23mo	$248,000	$157	55
1415 Baldwin St	0.64mi	3/2.0	1,720 (+8%)	3mo	$150,000	$87	52
368 E Grand Blvd	0.43mi	3/2.5	1,742 (+10%)	14mo	$140,000	$80	48
3104 Woods Cir	0.52mi	4/2.5 (+1)	1,744 (+10%)	5mo	$265,000	$152	46
2131 Townsend St	0.66mi	3/1.5	1,799 (+13%)	2mo	$75,000	$42	45
2433 Townsend St	0.75mi	3/2.0	1,500 (-6%)	14mo	$295,000	$197	42
2429 Sheridan St	0.70mi	4/2.0 (+1)	1,800 (+13%)	21mo	$275,000	$153	21

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: 13.07×
• Total profit: $84,503
• Equity at exit: $3,961

10-year hold

• IRR: —
• Equity multiple: 28.23×
• Total profit: $190,593
• Equity at exit: $2,564

Cash invested: $7,000 (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 48207

• Home prices YoY: -2.0%
• Rents YoY: 3.5%
• Active inventory: 244
• Price-to-rent: 1.1×

Monthly cashflow live

• Estimated rent: $1,953 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $1,370

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 25%

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1440 Robert Bradby Dr Detroit, MI	2.0	2.0	1250	$1,472	$1.18	43d	1	0.22mi
1738 Canton St Unit 1 Detroit, MI	4.0	1.0	2244	$1,650	$0.74	43d	1	0.30mi
6533 E Jefferson Ave Detroit, MI	2.0	1.0–2.0	1181	$1,500	$1.27	24d	3	0.40mi
6533 E Jefferson Ave Detroit, MI	2.0	1.0–2.0	1094	$1,500	$1.37	17d	2	0.40mi
6533 E Jefferson Ave #421 Detroit, MI	2.0	1.0	1063	$2,200	$2.07	15d	1	0.40mi
374 E Grand Blvd Unit 2A Detroit, MI	2.0	2.0	1450	$2,750	$1.90	43d	1	0.42mi
1348 Village Dr Detroit, MI	3.0	2.5	2100	$2,295	$1.09	24d	1	0.44mi
1454 Townsend St #101 Detroit, MI	2.0	2.0	1268	$2,500	$1.97	3d	1	0.61mi
2928 Prince Hall Dr Detroit, MI	2.0	2.0	1425	$2,000	$1.40	5d	1	0.65mi
3500 E Jefferson Detroit, MI	1.0–2.0	1.0–2.0	1012	$2,560	$2.53	2d	5	0.71mi
7700 E Jefferson Ave Detroit, MI	2.0	1.0	877	$1,795	$2.05	43d	1	0.76mi
7918 E Lafayette St #4 Detroit, MI	3.0	1.0	1150	$1,800	$1.57	18d	1	0.79mi
2972 Field St Detroit, MI	3.0	1.0	1225	$1,395	$1.14	17d	1	0.83mi
8001 Kercheval Ave Detroit, MI	1.0–2.0	1.0–2.0	984	$2,270	$2.31	1d	3	0.88mi
500 River Pl Dr Detroit, MI	1.0–3.0	1.0–2.0	950	$2,000	$2.11	43d	1	0.89mi
8100 E Jefferson Ave Detroit, MI	3.0	1.0–3.0	1089	$2,210	$2.03	19d	20	0.98mi
3631 Helen St Unit 3635 Detroit, MI	4.0	2.0	2157	$1,650	$0.76	43d	1	1.00mi
3325 Gratiot Ave Unit R Detroit, MI	2.0	1.0	1200	$1,000	$0.83	43d	1	1.04mi
3323 Gratiot Ave Unit R Detroit, MI	2.0	1.0	1200	$975	$0.81	43d	1	1.04mi
2003 Orleans St Unit 528 Detroit, MI	4.0	2.0	1800	$2,500	$1.39	44d	1	1.28mi
1544 1566 E LAFAYETTE St Detroit, MI	2.0	1.0–2.0	848	$2,515	$2.97	3d	16	1.30mi
8845 E Jefferson Ave Unit 206 Detroit, MI	2.0	1.5	1230	$1,660	$1.35	43d	1	1.35mi
8845 E Jefferson Ave Unit 207 Detroit, MI	2.0	1.5	1500	$1,695	$1.13	43d	1	1.35mi
8845 E Jefferson Ave Unit 204 Detroit, MI	2.0	1.5	1150	$2,350	$2.04	43d	1	1.35mi
8925 E Jefferson Ave Detroit, MI	1.0–2.0	1.0–2.0	1050	$1,945	$1.85	43d	9	1.39mi
229 Orleans St Detroit, MI	1.0–2.0	1.0–2.5	1087	$2,779	$2.56	2d	10	1.41mi
1 Lafayette Plaisance St Detroit, MI	2.0	1.0	840	$2,337	$2.78	1d	28	1.46mi

Listing history 6 events

1. 2025-12-12
   soldstatus $10,000
2. 2025-12-12
   soldstatus $30,000
3. 2025-12-04
   status Pending 286-char remark

   Show marketing remark (286 chars)

   Great investment opportunity in Island view! Vacant 3-bed, 1-bath 2-story home on an extra lot with solid upside. Property needs a full renovation roof replacement, electrical updates, driveway and garage repairs but offers strong potential in a rapidly improving area. House sell AS IS

4. 2025-12-04
   status Pending

   Show marketing remark (286 chars)

   Great investment opportunity in Island view! Vacant 3-bed, 1-bath 2-story home on an extra lot with solid upside. Property needs a full renovation roof replacement, electrical updates, driveway and garage repairs but offers strong potential in a rapidly improving area. House sell AS IS

5. 2025-11-26
   listed $25,000 Active

   Show marketing remark (286 chars)

   Great investment opportunity in Island view! Vacant 3-bed, 1-bath 2-story home on an extra lot with solid upside. Property needs a full renovation roof replacement, electrical updates, driveway and garage repairs but offers strong potential in a rapidly improving area. House sell AS IS

6. 2025-11-26
   listed $25,000 Active 286-char remark

   Show marketing remark (286 chars)

   Great investment opportunity in Island view! Vacant 3-bed, 1-bath 2-story home on an extra lot with solid upside. Property needs a full renovation roof replacement, electrical updates, driveway and garage repairs but offers strong potential in a rapidly improving area. House sell AS IS

ⓘ 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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,435
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$1,875
• − Management: −$1,875
• − Depreciation: −$727
• Taxable income: $17,058
• Est. tax owed @ 24.0%: −$4,094
• After-tax cash flow: $12,347/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

+20.0% since first listed

6 events — show timeline

• 2025-12-12 Sold (Public Records) $30,000 Public Records
• 2025-12-12 Sold (Public Records) $10,000 Public Records
• 2025-12-04 Pending — MiRealSource-MiMLS
• 2025-12-04 Pending — REALCOMP
• 2025-11-26 Listed $25,000 REALCOMP
• 2025-11-26 Listed $25,000 MiRealSource-MiMLS

Property tax history

+10.6%/yr

Latest (2025): $1,635 · -54.2% YoY. Source: county tax records.