5250 Alter Rd · Detroit, MI 48224

$84,000

3 bd · 1.0 ba · 1,192 sqft · SingleFamily public records · 49 Days on market

Built 1951 5,227 sqft lot $70/sqft · 12% above area Est $75k · 13% over ↓ 7% since listing

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Why this score? — see what drove the C+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• ARV discount +1.9/15.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Charming 3 bedroom, 1 bath brick home located next to Chandler Park in Detroit! This property offers great potential for homeowners or investors alike. Featuring a spacious layout, a screened in porch perfect for relaxing, an unfinished basement for added storage or future finishing, and a 1-car garage. With a little TLC, this home can truly shine and become a great investment or a comfortable place to call home. Conveniently located near parks, schools, and local amenities. Cash or conventional financing only.

Key facts

• Screened in porch
• Unfinished basement
• Brick home

Tags

• BRICK HOME
• SCREENED IN PORCH
• UNFINISHED BASEMENT
• NEXT TO CHANDLER PARK

Property features AI

Finance

• Other: Residential property in ABBOTT & BEYMERS SUNDERLAND PARK subdivision; Directions: Edsel Ford Fwy to Alter Rd; Cross streets South Hampton St and Frankfort St

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories; Ground-level entry with steps
• Construction: Brick construction; Block foundation; Built above grade finished area of 1,192 square feet
• Exterior features: Paved road access; Lot approximately 0.12 acres (40 x 124.99)

Interior

• Bedrooms: 3 total rooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $84k.

Deal economics

• At list price, monthly cash flow is $326 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $84k).
• Recommended offer: $81k (3.0% below list) — sets the bar for market timing.

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: 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.
• Zoned schools: Ronald Brown Academy (math 10% / reading 10%, grade F, #1,230 of 1,397 statewide, top 91%, 703 students, 88% FRL); East English Village Preparatory Academy At Finney (math 10% / reading 10%, grade F, #659 of 713 statewide, top 97%, 697 students, 85% FRL) — zoned schools at 87% FRL track the district average.
• Market conditions: Rents flat; 492 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 37% of the median local income ($45k/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 $581 of loan paydown is wiped out by about $3k 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 + 0.7% rent growth), your $24k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $6k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.3% of price; built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $81,480 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 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 1951 — 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: 1.66% ✓
• Cap rate: 10.95%
• Cash-on-cash: 16.64%
• DSCR: 1.74
• GRM: 5.0

CMA / ARV

• ARV (median comp): $74,664
• List price: $84,000
• Delta: 12.50%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5566 LAKEPOINTE S S. Chandler Park St	0.24mi	3/1.5	1,108 (-7%)	3mo	$57,000	$51	73
4810 Lakepointe St	0.35mi	4/1.0 (+1)	1,218 (+2%)	3mo	$200,000	$164	72
4844 Manistique St	0.27mi	3/1.0	1,088 (-9%)	2mo	$19,900	$18	71
4619 Balfour Rd	0.59mi	3/1.0	1,188 (-0%)	2mo	$44,000	$37	70
4871 Lakepointe St	0.29mi	3/1.5	1,100 (-8%)	2mo	$160,000	$145	70
4820 Lakepointe St	0.35mi	3/1.5	1,100 (-8%)	2mo	$160,000	$145	67
4404 Somerset Ave	0.60mi	3/1.0	1,292 (+8%)	0mo	$190,000	$147	58
5050 Somerset Ave	0.42mi	3/1.0	1,356 (+14%)	1mo	$84,900	$63	57
5777 Lakepointe St	0.33mi	4/2.5 (+1)	1,075 (-10%)	2mo	$174,999	$163	56
5266 Devonshire Rd	0.73mi	3/1.0	1,274 (+7%)	1mo	$118,000	$93	54
5743 Buckingham Ave	0.65mi	3/1.5	1,328 (+11%)	2mo	$160,000	$120	47
4643 Somerset Ave	0.53mi	3/1.5	1,366 (+15%)	3mo	$80,000	$59	46

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 · 0.73% rent growth · sell at horizon

5-year hold

• IRR: 4.7%
• Equity multiple: 1.18×
• Total profit: $4,185
• Equity at exit: $12,525

10-year hold

• IRR: 11.6%
• Equity multiple: 1.80×
• Total profit: $18,758
• Equity at exit: $7,263

Cash invested: $23,520 (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 48224

• Rents YoY: 0.7%
• Active inventory: 492
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,393 high
• Mortgage (P&I): −$441
• Tax from tax record: −$299 /mo · $3,585/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $326

Break-even live

Break-even rent $980

Max offer price $84,000

Occupancy floor 72%

Sensitivity live

Price	-10% $374	-5% $350	+0% $326	+5% $302	+10% $279
Rent	-10% $216	-5% $271	+0% $326	+5% $381	+10% $436
Rate	-1.0pp $368	-0.5pp $347	base $326	+0.5pp $304	+1.0pp $282

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: $21,000
• Closing costs: $2,520
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5747 Lakepointe St Detroit, MI	3.0	1.5	1316	$1,473	$1.12	45d	1	0.33mi
5751 Nottingham Rd Unit 5/21/26 Detroit, MI	3.0	1.0	1100	$1,225	$1.11	0d	1	0.42mi
5235 Chatsworth St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	0.50mi
5911 Somerset Ave Detroit, MI	3.0	1.0	1200	$1,350	$1.12	0d	1	0.53mi
4391 Nottingham Rd Unit 4393 Detroit, MI	2.0	1.0	1038	$950	$0.92	7d	1	0.55mi
4251 Wayburn St Detroit, MI	3.0	1.5	1326	$1,650	$1.24	45d	1	0.58mi
5966 Eastlawn St Unit NA Detroit, MI	3.0	1.5	1366	$1,500	$1.10	26d	1	0.58mi
9168 Wayburn St Detroit, MI	3.0	1.0	1274	$1,300	$1.02	22d	1	0.65mi
5574 Buckingham Ave Detroit, MI	3.0	1.0	1430	$1,450	$1.01	6d	1	0.66mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	18d	1	0.66mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	19d	1	0.66mi
4151 Nottingham Rd Detroit, MI	2.0	1.0	1022	$1,275	$1.25	19d	1	0.68mi
9400 Lakepointe St Detroit, MI	3.0	1.0	1300	$1,150	$0.88	7d	1	0.69mi
5112 Haverhill St Unit 1 Detroit, MI	2.0	1.0	1000	$1,100	$1.10	45d	1	0.69mi
9190 Hayes St Unit 1 Detroit, MI	2.0	1.0	750	$850	$1.13	17d	1	0.69mi
9409 Balfour Rd Detroit, MI	3.0	1.0	1195	$1,200	$1.00	45d	1	0.71mi
5031 Bedford St Detroit, MI	2.0	1.0	876	$1,870	$2.13	0d	1	0.78mi
15857 Evanston St Detroit, MI	3.0	1.5	1232	$1,250	$1.01	7d	1	0.79mi
9516 Wayburn St Detroit, MI	2.0	1.0	800	$950	$1.19	19d	1	0.81mi
5028 Bedford St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	7d	1	0.81mi
9747 Somerset Ave Detroit, MI	2.0	1.0	797	$1,100	$1.38	45d	1	0.83mi
9927 Beaconsfield St Detroit, MI	3.0	1.0	942	$1,375	$1.46	17d	1	0.85mi
4627 Bedford St Unit 1 Detroit, MI	2.0	1.0	1050	$945	$0.90	22d	1	0.85mi
9755 Wayburn St Detroit, MI	3.0	2.0	1498	$1,400	$0.93	5d	1	0.88mi
9984 Beaconsfield St Detroit, MI	3.0	1.0	1222	$1,575	$1.29	45d	1	0.89mi
10141 Roxbury St Detroit, MI	3.0	1.0	1115	$1,000	$0.90	45d	1	0.93mi
3625 Chatsworth St Detroit, MI	3.0	1.5	1182	$1,295	$1.10	26d	1	1.01mi
3651 Buckingham Ave Detroit, MI	3.0	1.0	1320	$1,300	$0.98	19d	1	1.04mi
1415 Maryland St Grosse Pointe Park, MI	3.0	1.0	700	$1,275	$1.82	45d	1	1.10mi
13400 Longview St Detroit, MI	3.0	1.5	1000	$1,400	$1.40	45d	1	1.11mi
10644 Stratman St Detroit, MI	2.0	1.0	1000	$1,200	$1.20	19d	1	1.12mi
13137 Elmdale St Detroit, MI	3.0	1.0	1115	$1,400	$1.26	26d	1	1.13mi
10724 Whitehill St Detroit, MI	3.0	3.0	1425	$1,550	$1.09	19d	1	1.14mi
1367 Wayburn St Unit 1 Grosse Pointe Park, MI	3.0	1.0	816	$1,250	$1.53	45d	1	1.17mi
10813 Whitehill St Detroit, MI	3.0	1.0	1392	$1,350	$0.97	19d	1	1.19mi
9635 Everts St Detroit, MI	4.0	2.0	1450	$1,650	$1.14	45d	1	1.20mi
5783 Yorkshire Rd Detroit, MI	2.0	1.0	1040	$1,200	$1.15	45d	1	1.20mi
1348 Wayburn St Grosse Pointe, MI	3.0	2.0	1035	$2,000	$1.93	1d	1	1.21mi
1348 Wayburn St Grosse Pointe, MI	3.0	2.0	1035	$2,200	$2.13	26d	1	1.21mi
3626 Courville St Detroit, MI	3.0	1.0	1260	$1,300	$1.03	45d	1	1.26mi

Listing history 17 events

1. 2026-06-15
   days on market $84,000 Active 49 DOM
2. 2026-06-13
   days on market $84,000 Active 47 DOM
3. 2026-06-13
   days on market $84,000 Active 46 DOM
4. 2026-06-09
   days on market $84,000 Active 43 DOM
5. 2026-06-08
   days on market $84,000 Active 42 DOM
6. 2026-06-07
   days on market $84,000 Active 41 DOM
7. 2026-06-04
   days on market $84,000 Active 38 DOM
8. 2026-06-03
   days on market $84,000 Active 37 DOM
9. 2026-06-02
   days on market $84,000 Active 36 DOM
10. 2026-06-01
    days on market $84,000 Active 35 DOM
11. 2026-05-31
    days on market $84,000 Active 34 DOM
12. 2026-05-12
    price $84,000 516-char remark
13. 2026-05-11
    price $84,000 516-char remark
14. 2026-05-01
    price $85,000 516-char remark
15. 2026-05-01
    price $85,000 516-char remark
16. 2026-04-27
    listed $89,900 Active 516-char remark
17. 2026-04-27
    listed $89,900 Active 516-char remark

ⓘ 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: $3,585 · $299/mo
• Projected year-2 tax: $3,585 · $299/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: $16,714
• − Mortgage interest: −$4,705
• − Property taxes: −$3,585
• − Insurance: −$420
• − Repairs & maintenance: −$1,337
• − Management: −$1,337
• − Depreciation: −$2,444
• Taxable income: $2,886
• Est. tax owed @ 24.0%: −$693
• After-tax cash flow: $3,220/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): 39,668
• Household income: $44,856
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 2515.0

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 (88%)
• Race & ethnicity: Black 88% White 8% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Iranian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -226.38%
• Current HPI: 161.886
• Rent YoY: ▲ 0.73%
• 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

-6.6% since first listed

8 events — show timeline

• 2026-06-16 Listing Removed — REALCOMP
• 2026-06-16 Listing Removed — MiRealSource-MiMLS
• 2026-05-12 Price Changed $84,000 MiRealSource-MiMLS
• 2026-05-11 Price Changed $84,000 REALCOMP
• 2026-05-01 Price Changed $85,000 MiRealSource-MiMLS
• 2026-05-01 Price Changed $85,000 REALCOMP
• 2026-04-27 Listed $89,900 REALCOMP
• 2026-04-27 Listed $89,900 MiRealSource-MiMLS

Property tax history

+1.4%/yr

Latest (2025): $3,585 · -20.0% YoY. Source: county tax records.