3962 Miracles Blvd · Detroit, MI 48201

$364,990

2 bd · 1.5 ba · 1,848 sqft · Condo · 98 Days on market

Built 2014 $198/sqft · 42% below area Est $633k · 42% under $120/mo HOA · 5% of rent ↓ 8% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +7.0/30.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Appreciation +2.2/10.0
• Schools +1.3/10.0
• DSCR +1.2/10.0

Listing remarks MLS

Enjoy Living in the Heart of the City. Whether you are looking for a full time residence or weekend retreat you will experience the perfect blend of timeless charm and modern luxury in one of Detroit's most coveted neighborhoods. Nestled in the historic Woodbridge district, this move in ready duplex condominium offers unparalleled access to the best of the city - just minutes from DMC, Henry Ford Health, Wayne State University, and the vibrant scenes of Corktown, Eastern Market, and the downtown sports and theater districts. Step outside your door and into a walkable neighborhood filled with acclaimed restaurants, stylish cocktail bars, boutique shopping, and cultural icons like the Detroit Institute of Arts. Inside, this residence features a large kitchen, ceramic and plank flooring throughout, and a finished basement for entertaining, office, workout or play area . A true urban retreat, this home offers the sophistication of low maintenance living with the convenience of one of Detroit's most vibrant, walkable locations.

Key facts

• $120 HOA
• Garage
• Built 2014

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $365k.

Deal economics

• At list price, monthly cash flow is $-539 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $287k (21.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $266k (27.1% below list).
• Recommended offer: $266k (27.1% below list) — sets the bar for 1% rule.
• Cap rate 4.5% vs local median 10.2% in Detroit — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 (+2.6%/yr); 76 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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).
• At $2,663/mo this rent would consume 129% of the median local household income ($25k/yr) (locally 1740% 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 $3k of loan paydown is wiped out by about $11k 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.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($332k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Recommended offer $266,252 (27.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.73% ✗
• Cap rate: 4.52%
• Cash-on-cash: -6.33%
• DSCR: 0.72
• GRM: 11.4

CMA / ARV

• ARV (median comp): $632,729
• List price: $364,990
• Delta: -42.31%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.65% rent growth · sell at horizon

5-year hold

• IRR: -27.6%
• Equity multiple: 0.08×
• Total profit: $-94,292
• Equity at exit: $54,421

10-year hold

• IRR: -27.1%
• Equity multiple: -0.27×
• Total profit: $-129,654
• Equity at exit: $31,558

Cash invested: $102,197 (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 48201

• Home prices YoY: -1.3%
• Rents YoY: 2.6%
• Active inventory: 76
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $2,663 high
• Mortgage (P&I): −$1,914
• Tax est. 1.5%: −$456 /mo · $5,475/yr
• Insurance: −$152
• HOA: −$120
• Vacancy / Maint / Mgmt: −$559
• Net cashflow: $-539

Break-even live

Break-even rent $3,345

Max offer price $287,000

Occupancy floor —

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: $91,248
• Closing costs: $10,950
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
640 W Willis St Detroit, MI	1.0–2.0	1.0	1037	$1,750	$1.69	4d	10	0.34mi
669 W Canfield St Unit 2 Detroit, MI	2.0	2.0	1500	$2,400	$1.60	43d	1	0.35mi
3439 Woodward Ave Detroit, MI	2.0	1.0–2.0	901	$3,400	$3.77	1d	5	0.67mi
2732 Harrison St Detroit, MI	2.0	2.5	1320	$2,750	$2.08	43d	1	0.69mi
3309 14th St Detroit, MI	1.0–3.0	1.0–2.5	942	$1,612	$1.71	1d	11	0.75mi
1620 Michigan Ave Detroit, MI	2.0	1.0–2.0	1052	$3,500	$3.33	1d	1	1.00mi
66 Winder St #458 Detroit, MI	2.0	2.0	1300	$2,600	$2.00	24d	1	1.02mi
15 E Kirby St #217 Detroit, MI	2.0	2.0	1280	$2,600	$2.03	43d	1	1.03mi
1611 Michigan Ave Detroit, MI	1.0–2.0	1.0–2.5	1487	$4,750	$3.19	1d	8	1.04mi
2223 Wabash St Detroit, MI	2.0	2.0	1300	$2,800	$2.15	12d	1	1.10mi
150 Bagley St Detroit, MI	1.0–2.0	1.0–2.5	960	$4,100	$4.27	17d	1	1.17mi
1640 Bagley St #13 Detroit, MI	2.0	2.5	1400	$4,250	$3.04	43d	1	1.20mi
1714 Bagley St Detroit, MI	3.0	2.5	2500	$3,500	$1.40	4d	1	1.22mi
275 E Palmer St Detroit, MI	3.0	3.0	1500	$2,950	$1.97	43d	1	1.27mi
10 Witherell St Detroit, MI	1.0–2.0	1.0–2.5	1394	$6,000	$4.30	4d	8	1.29mi
1265 Washington Blvd Detroit, MI	2.0	1.0–2.5	944	$5,560	$5.89	1d	9	1.34mi
111 State St Unit 1024679P Detroit, MI	2.0	2.0	1248	$7,718	$6.18	12d	1	1.45mi
111 State St Unit 1024673P Detroit, MI	2.0	2.0	1291	$8,342	$6.46	23d	1	1.45mi
1212 Griswold St Unit 1024685P Detroit, MI	2.0	2.0	1291	$11,873	$9.20	23d	1	1.46mi
1323 Broadway St Detroit, MI	2.0	1.0	1500	$2,200	$1.47	43d	1	1.49mi
525 W Lafayette Blvd Detroit, MI	1.0–3.0	1.0–2.0	1546	$3,025	$1.96	2d	4	1.49mi
525 W Lafayette Blvd Detroit, MI	2.0–3.0	2.0	1546	$2,225	$1.44	43d	3	1.49mi

HOA detail condo

• Monthly dues: $120 · $1,440/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-18
   days on market $364,990 Active 98 DOM
2. 2026-06-17
   days on market $364,990 Active 97 DOM
3. 2026-06-15
   days on market $364,990 Active 95 DOM
4. 2026-06-13
   days on market $364,990 Active 93 DOM
5. 2026-06-13
   days on market $364,990 Active 92 DOM
6. 2026-06-09
   days on market $364,990 Active 89 DOM
7. 2026-06-08
   days on market $364,990 Active 88 DOM
8. 2026-06-07
   days on market $364,990 Active 87 DOM
9. 2026-06-04
   days on market $364,990 Active 84 DOM
10. 2026-06-03
    days on market $364,990 Active 83 DOM
11. 2026-06-01
    days on market $364,990 Active 81 DOM
12. 2026-05-31
    days on market $364,990 Active 80 DOM
13. 2026-03-13
    listed $368,990 Active 1038-char remark

    Show marketing remark (1038 chars)

    Enjoy Living in the Heart of the City. Whether you are looking for a full time residence or weekend retreat you will experience the perfect blend of timeless charm and modern luxury in one of Detroit's most coveted neighborhoods. Nestled in the historic Woodbridge district, this move in ready duplex condominium offers unparalleled access to the best of the city - just minutes from DMC, Henry Ford Health, Wayne State University, and the vibrant scenes of Corktown, Eastern Market, and the downtown sports and theater districts. Step outside your door and into a walkable neighborhood filled with acclaimed restaurants, stylish cocktail bars, boutique shopping, and cultural icons like the Detroit Institute of Arts. Inside, this residence features a large kitchen, ceramic and plank flooring throughout, and a finished basement for entertaining, office, workout or play area . A true urban retreat, this home offers the sophistication of low maintenance living with the convenience of one of Detroit's most vibrant, walkable locations.

14. 2026-03-13
    listed $368,990 Active 1054-char remark

    Show marketing remark (1038 chars)

    Enjoy Living in the Heart of the City. Whether you are looking for a full time residence or weekend retreat you will experience the perfect blend of timeless charm and modern luxury in one of Detroit's most coveted neighborhoods. Nestled in the historic Woodbridge district, this move in ready duplex condominium offers unparalleled access to the best of the city - just minutes from DMC, Henry Ford Health, Wayne State University, and the vibrant scenes of Corktown, Eastern Market, and the downtown sports and theater districts. Step outside your door and into a walkable neighborhood filled with acclaimed restaurants, stylish cocktail bars, boutique shopping, and cultural icons like the Detroit Institute of Arts. Inside, this residence features a large kitchen, ceramic and plank flooring throughout, and a finished basement for entertaining, office, workout or play area . A true urban retreat, this home offers the sophistication of low maintenance living with the convenience of one of Detroit's most vibrant, walkable locations.

15. 2026-03-13
    historical $368,990 1038-char remark

    Show marketing remark (1038 chars)

    Enjoy Living in the Heart of the City. Whether you are looking for a full time residence or weekend retreat you will experience the perfect blend of timeless charm and modern luxury in one of Detroit's most coveted neighborhoods. Nestled in the historic Woodbridge district, this move in ready duplex condominium offers unparalleled access to the best of the city - just minutes from DMC, Henry Ford Health, Wayne State University, and the vibrant scenes of Corktown, Eastern Market, and the downtown sports and theater districts. Step outside your door and into a walkable neighborhood filled with acclaimed restaurants, stylish cocktail bars, boutique shopping, and cultural icons like the Detroit Institute of Arts. Inside, this residence features a large kitchen, ceramic and plank flooring throughout, and a finished basement for entertaining, office, workout or play area . A true urban retreat, this home offers the sophistication of low maintenance living with the convenience of one of Detroit's most vibrant, walkable locations.

16. 2026-02-04
    historical
17. 2026-02-04
    historical
18. 2026-01-05
    price $389,900
19. 2026-01-04
    price $389,900
20. 2025-11-19
    price $394,900
21. 2025-11-18
    price $394,900
22. 2025-10-05
    listed $399,900 Active
23. 2025-10-05
    listed $399,900 Active

ⓘ 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 ≥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: $31,950
• − Mortgage interest: −$20,445
• − Property taxes: −$5,475
• − Insurance: −$1,825
• − Repairs & maintenance: −$2,556
• − Management: −$2,556
• − HOA: −$1,440
• − Depreciation: −$10,618
• Taxable loss: −$12,965
• Est. tax savings @ 24.0%: +$3,112
• After-tax cash flow: $-3,356/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): 15,091
• Household income: $24,749
• Rent vs Own: 89.0% rent · 11.0% own
• Severe rent burden: 1740.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Black 60% White 25% Asian 7% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Romanian 4% Lithuanian 1% Italian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 91% English-only · Other Indo-European 3% Spanish 1% Chinese 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: ▼ -5.62%
• Current HPI: 415.188
• Rent YoY: ▲ 2.65%
• 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

-7.7% since first listed

11 events — show timeline

• 2026-03-13 Listed $368,990 MiRealSource-MiMLS
• 2026-03-13 Listed $368,990 REALCOMP
• 2026-03-13 Coming Soon $368,990 MiRealSource-MiMLS
• 2026-02-04 Listing Removed — REALCOMP
• 2026-02-04 Listing Removed — MiRealSource-MiMLS
• 2026-01-05 Price Changed $389,900 MiRealSource-MiMLS
• 2026-01-04 Price Changed $389,900 REALCOMP
• 2025-11-19 Price Changed $394,900 MiRealSource-MiMLS
• 2025-11-18 Price Changed $394,900 REALCOMP
• 2025-10-05 Listed $399,900 REALCOMP
• 2025-10-05 Listed $399,900 MiRealSource-MiMLS