985 Fernhill St · Detroit, MI 48203

$29,900

2 bd · 1.0 ba · 1,224 sqft · SingleFamily public records · 248 Days on market

Built 1923 3,049 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
• 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

Welcome to 985 Fernhill! This Detroit bungalow is 2 bedrooms, 1 bath, and 1224 Sqft. The roof is newer, within the last couple of years. Currently down to the studs and ready for TLC to make it your own. Schedule a showing today! BTVAI

Key facts

• 3,049 sq ft lot
• Built 1923
• Listed 248 days

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two stories; Ground-level entry with steps; Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Covered porch

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating available; No cooling
• Interior features: Unfinished basement; Six total rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $702 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.
• Cap rate 34.5% 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: 216 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 39% of the median local income ($38k/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 $207 of loan paydown is wiped out by about $897 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 $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 248 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y ago; this cycle's ask has dropped $20k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $3k; list at $30k implies a 897% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.7% of price; built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $26,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 248 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 1923 — 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: 4.19% ✓
• Cap rate: 34.47%
• Cash-on-cash: 100.63%
• DSCR: 5.48
• GRM: 2.0

CMA / ARV

• ARV (on-the-fly): $108,936
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
400 Annin St	0.33mi	3/1.0 (+1)	1,187 (-3%)	5mo	$59,000	$50	70
517 W Hollywood	0.55mi	3/2.5 (+1)	1,200 (-2%)	2mo	$110,000	$92	58
19396 Keating St	0.72mi	3/2.0 (+1)	1,300 (+6%)	12mo	$115,578	$89	37
601 Alameda St	0.60mi	3/1.0 (+1)	1,045 (-15%)	8mo	$30,000	$29	36
1331 E Bennett Ave	0.72mi	3/1.5 (+1)	1,102 (-10%)	13mo	$229,900	$209	32

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: —
• Equity multiple: 5.77×
• Total profit: $39,938
• Equity at exit: $4,458

10-year hold

• IRR: —
• Equity multiple: 12.06×
• Total profit: $92,633
• Equity at exit: $2,585

Cash invested: $8,372 (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 48203

• Home prices YoY: -23.3%
• Active inventory: 216
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $1,252 high
• Mortgage (P&I): −$157
• Tax from tax record: −$118 /mo · $1,416/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $702

Break-even live

Break-even rent $364

Max offer price $29,900

Occupancy floor 39%

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: $7,475
• Closing costs: $897
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1291 W State Fair Ave Detroit, MI	1.0–2.0	1.0	700	$950	$1.36	12d	2	0.26mi
574 W Golden Gate Highland Park, MI	3.0	1.0	1315	$1,300	$0.99	43d	1	0.64mi
19703 Keating St Highland Park, MI	3.0	1.0	1000	$1,200	$1.20	16d	1	0.68mi
404 W Golden Gate Highland Park, MI	2.0	1.0	1050	$1,100	$1.05	43d	1	0.70mi
406 W Goldengate St Detroit, MI	2.0	1.0	1050	$1,100	$1.05	43d	1	0.70mi
155 W George Ave Hazel Park, MI	2.0	1.0	725	$1,000	$1.38	24d	1	0.82mi
1561 E Webster St Ferndale, MI	2.0	1.0	939	$1,600	$1.70	24d	1	0.85mi
790 Jewell St Ferndale, MI	2.0	1.0	800	$1,445	$1.81	24d	1	0.92mi
407 E Hayes Ave Hazel Park, MI	3.0	1.0	1000	$1,750	$1.75	24d	1	1.05mi
17765 Manderson Rd Unit 22 Highland Park, MI	1.0	1.0	935	$1,245	$1.33	24d	1	1.09mi
17765 Manderson Rd Unit 8 Highland Park, MI	2.0	1.0	1000	$1,215	$1.22	1d	1	1.09mi
17765 Manderson Rd Unit 14 Highland Park, MI	2.0	1.0	1000	$1,175	$1.18	43d	1	1.09mi
17765 Manderson Rd Unit 14 Highland Park, MI	1.0	1.0	850	$1,195	$1.41	3d	1	1.09mi
226 Fielding St Ferndale, MI	2.0	1.0	1000	$1,500	$1.50	24d	1	1.11mi
224 Fielding St Ferndale, MI	2.0	1.0	1000	$1,800	$1.80	24d	1	1.11mi
1031 Covington Dr Unit 1061 Detroit, MI	2.0	1.0	1200	$1,595	$1.33	43d	1	1.12mi
1029 Covington Dr Unit 1029 Detroit, MI	2.0	1.0	1200	$1,495	$1.25	43d	1	1.12mi
17701 MANDERSON Detroit, MI	1.0	1.0	750	$925	$1.23	16d	9	1.13mi
17701 Manderson Rd Unit 104 Highland Park, MI	1.0	1.0	750	$950	$1.27	43d	1	1.13mi
17701 Manderson Rd Unit 202 Highland Park, MI	1.0	1.0	750	$900	$1.20	43d	1	1.13mi
353 W Webster St Ferndale, MI	2.0	1.0	900	$1,525	$1.69	16d	1	1.13mi
17670 Manderson Rd Unit 17670 Detroit, MI	2.0	1.0	1199	$1,595	$1.33	43d	1	1.14mi
17666 Manderson Rd Unit 17666 Detroit, MI	2.0	1.0	1200	$1,595	$1.33	43d	1	1.14mi
931 Covington Dr Unit 106 Highland Park, MI	1.0	2.0	1000	$1,275	$1.27	43d	1	1.17mi
690 E Marshall St Unit Lower Ferndale, MI	1.0	1.0	700	$1,295	$1.85	10d	1	1.18mi
885 Covington Dr Unit 201 Highland Park, MI	2.0	2.0	1350	$1,695	$1.26	43d	1	1.19mi
20129 Stratford Rd Unit 2 Detroit, MI	2.0	1.0	1100	$1,223	$1.11	24d	1	1.19mi
90 W Meyers Ave Hazel Park, MI	2.0	1.0	831	$1,800	$2.17	24d	1	1.25mi
730 Whitmore Rd Detroit, MI	1.0–2.0	1.0	850	$850	$1.00	43d	3	1.26mi
17550 2nd Ave Detroit, MI	2.0	1.0	1350	$1,150	$0.85	17d	1	1.26mi
17497 Manderson Rd Unit 17A Detroit, MI	1.0	1.0	700	$1,015	$1.45	24d	1	1.27mi
17497 Manderson Rd Unit 17 Detroit, MI	1.0	1.0	700	$1,015	$1.45	21d	1	1.27mi
17497 Manderson Rd Unit 18A Detroit, MI	1.0	1.0	700	$91,015	$130.02	21d	1	1.27mi
20643 Stratford Rd Unit 1 Detroit, MI	2.0	1.5	1000	$1,250	$1.25	43d	1	1.28mi
17461 Manderson Rd Unit 5 Detroit, MI	1.0	1.0	700	$1,015	$1.45	21d	1	1.30mi
17449 Manderson Rd Unit 16 Detroit, MI	1.0	1.0	700	$950	$1.36	24d	1	1.31mi
17449 Manderson Rd Unit 3 Detroit, MI	1.0	1.0	700	$1,015	$1.45	24d	1	1.31mi
17449 Manderson Rd Unit 13 Detroit, MI	1.0	1.0	700	$1,015	$1.45	2d	1	1.31mi
17449 Manderson Rd Unit 8 Detroit, MI	1.0	1.0	700	$950	$1.36	20d	1	1.31mi
17449 Manderson Rd Unit 3 Detroit, MI	1.0	1.0	700	$950	$1.36	2d	1	1.31mi

Listing history 6 events

1. 2026-06-18
   days on market $29,900 Active 248 DOM
2. 2026-06-17
   days on market $29,900 Active 247 DOM
3. 2026-06-15
   days on market $29,900 Active 245 DOM
4. 2026-06-13
   days on market $29,900 Active 243 DOM
5. 2026-06-13
   remarks 235-char remark
6. 2026-06-13
   listed $29,900 Active 242 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: $1,416 · $118/mo
• Projected year-2 tax: $1,416 · $118/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 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $15,028
• − Mortgage interest: −$1,675
• − Property taxes: −$1,416
• − Insurance: −$150
• − Repairs & maintenance: −$1,202
• − Management: −$1,202
• − Depreciation: −$870
• Taxable income: $8,513
• Est. tax owed @ 24.0%: −$2,043
• After-tax cash flow: $6,382/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
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 20,049
• Household income: $38,404
• Rent vs Own: 48.7% rent · 51.3% own
• Severe rent burden: 1192.0

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 (85%)
• Race & ethnicity: Black 85% White 8% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% French/Haitian/Cajun 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: ▼ -90.13%
• Current HPI: 297.0176
• 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

+666.7% since first listed

11 events — show timeline

• 2026-06-11 Relisted — MiRealSource-MiMLS
• 2026-06-11 Relisted — REALCOMP
• 2026-01-12 Listing Removed — MiRealSource-MiMLS
• 2025-08-16 Price Changed $29,900 MiRealSource-MiMLS
• 2025-08-15 Price Changed $29,900 REALCOMP
• 2025-07-17 Price Changed $39,900 MiRealSource-MiMLS
• 2025-07-17 Price Changed $39,900 REALCOMP
• 2025-05-16 Listed $49,900 REALCOMP
• 2025-05-16 Listed $49,900 MiRealSource-MiMLS
• 2007-10-11 Sold (MLS) $3,000 REALCOMP
• 2006-08-17 Listed $3,900 REALCOMP

Property tax history

+2.4%/yr

Latest (2025): $1,416 · +1.5% YoY. Source: county tax records.