9103 Manor St · Detroit, MI 48204

$48,000

2 bd · 1.0 ba · 878 sqft · SingleFamily public records · 69 Days on market

Built 1937 4,356 sqft lot $55/sqft · at area comps Est $48k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.2/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks MLS

Excellent opportunity to purchase this 2-bedroom 1-bathroom house in Detroit's 48204 Zip code. With a little bit of work, this property will make a great fit for both homeowners and investors alike.

Key facts

• 4,356 sq ft lot
• Garage
• Built 1937

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $48k.

Deal economics

• At list price, monthly cash flow is $466 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• Recommended offer: $45k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.9% vs local median 10.0% 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: 248 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 72% 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).

Forward outlook

• In year one you build about $5k of equity ($332 loan paydown + $5k appreciation (10.0% local appreciation)).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($45k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 3y ago; this cycle's ask has dropped $10k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $48k implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $45,120 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.10% ✓
• Cap rate: 17.95%
• Cash-on-cash: 41.62%
• DSCR: 2.85
• GRM: 4.0

CMA / ARV

• ARV (median comp): $47,702
• List price: $48,000
• Delta: 0.62%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9366 Steel St	0.30mi	3/1.0 (+1)	900 (+2%)	10mo	$59,000	$66	69
9265 Birwood St	0.23mi	3/1.0 (+1)	908 (+3%)	15mo	$57,000	$63	66
11337 Steel St	0.74mi	3/1.0 (+1)	880 (+0%)	1mo	$35,000	$40	59
8950 Birwood St	0.22mi	3/1.0 (+1)	964 (+10%)	17mo	$102,000	$106	54
9359 Steel St	0.31mi	3/1.0 (+1)	802 (-9%)	15mo	$40,000	$50	53
9614 Schaefer Hwy	0.70mi	3/1.0 (+1)	909 (+4%)	10mo	$60,000	$66	49
9149 Cheyenne St	0.38mi	3/1.0 (+1)	955 (+9%)	18mo	$85,000	$89	48
9020 Ohio St	0.72mi	2/1.0	849 (-3%)	18mo	$61,100	$72	46
9222 Hartwell St	0.49mi	3/1.0 (+1)	1,000 (+14%)	5mo	$70,000	$70	45
10139 Maplelawn St	0.65mi	3/1.0 (+1)	912 (+4%)	17mo	$15,000	$16	44
11331 Steel St	0.73mi	3/1.0 (+1)	983 (+12%)	18mo	$42,000	$43	26
8099 Wyoming St	0.72mi	3/1.0 (+1)	995 (+13%)	16mo	$130,000	$131	26

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 56.6%
• Equity multiple: 5.16×
• Total profit: $55,849
• Equity at exit: $43,242

10-year hold

• IRR: 50.1%
• Equity multiple: 11.50×
• Total profit: $141,148
• Equity at exit: $93,253

Cash invested: $13,440 (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 48204

• Home prices YoY: 18.5%
• Active inventory: 248
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,010 high
• Mortgage (P&I): −$252
• Tax est. 1.5%: −$60 /mo · $720/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$212
• Net cashflow: $466

Break-even live

Break-even rent $420

Max offer price $48,000

Occupancy floor 49%

Sensitivity live

Price	-10% $499	-5% $483	+0% $466	+5% $450	+10% $433
Rent	-10% $386	-5% $426	+0% $466	+5% $506	+10% $546
Rate	-1.0pp $490	-0.5pp $478	base $466	+0.5pp $454	+1.0pp $441

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: $12,000
• Closing costs: $1,440
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9415 Meyers Rd Detroit, MI	1.0	1.0	720	$897	$1.25	45d	1	0.32mi
9419 Meyers Rd Detroit, MI	1.0	1.0	720	$894	$1.24	45d	1	0.32mi
8283 Pinehurst St Unit 2 Detroit, MI	2.0	1.0	1000	$900	$0.90	45d	1	0.41mi
9558 Meyers Rd Detroit, MI	3.0	1.0	950	$1,150	$1.21	45d	1	0.41mi
10303 Morley St #1 Detroit, MI	2.0	1.0	950	$950	$1.00	45d	1	0.47mi
9340 Hartwell St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	45d	1	0.52mi
10345 Crocuslawn Ave Unit 2 Detroit, MI	2.0	1.0	850	$950	$1.12	45d	1	0.54mi
9353 Kentucky St Detroit, MI	2.0	1.0	800	$999	$1.25	19d	1	0.57mi
10002 Manor Unit 2 Detroit, MI	3.0	1.0	1100	$1,150	$1.05	45d	1	0.65mi
10002 Manor Unit 1 Detroit, MI	2.0	1.0	1000	$1,050	$1.05	45d	1	0.65mi
9022 Northlawn St Detroit, MI	2.0	1.0	1100	$1,300	$1.18	25d	1	0.78mi
12775 Plymouth Rd Apt 11 Detroit, MI	1.0	1.0	725	$635	$0.88	45d	1	0.83mi
12775 Plymouth Rd Unit 16 Detroit, MI	2.0	1.0	1009	$825	$0.82	45d	1	0.83mi
12775 Plymouth Rd Apt 23 Detroit, MI	1.0	1.0	650	$605	$0.93	45d	1	0.83mi
8544 Cloverlawn St Detroit, MI	2.0	1.0	800	$800	$1.00	19d	1	0.87mi
13717 Keal St Detroit, MI	2.0	1.0	799	$1,000	$1.25	45d	1	0.88mi
11411 Wyoming Ave Unit 102 Detroit, MI	1.0	1.0	600	$925	$1.54	45d	1	0.89mi
11411 Wyoming Ave Apt 205 Detroit, MI	1.0	1.0	800	$1,000	$1.25	12d	1	0.89mi
11411 Wyoming Ave Detroit, MI	1.0	1.0	750	$850	$1.13	25d	1	0.89mi
13310 Plymouth Rd Unit 05 Detroit, MI	1.0	1.0	650	$595	$0.92	45d	1	0.97mi
13310 Plymouth Rd Unit 1 Detroit, MI	1.0	1.0	650	$645	$0.99	45d	1	0.97mi
8353 Alpine St Detroit, MI	2.0	1.0	1000	$1,050	$1.05	45d	1	1.05mi
9590 Marlowe St Detroit, MI	2.0	1.0	877	$1,430	$1.63	45d	1	1.17mi
14740 W Chicago Unit B Detroit, MI	2.0	1.0	900	$845	$0.94	45d	1	1.20mi
8114 Marlowe St Unit home Detroit, MI	3.0	1.0	985	$1,350	$1.37	45d	1	1.21mi
8212 Lauder St Detroit, MI	3.0	1.0	1026	$1,150	$1.12	45d	1	1.24mi
7100 Freda St Dearborn, MI	1.0	1.0	900	$895	$0.99	45d	3	1.26mi
12468 Mendota St Detroit, MI	2.0	1.0	1100	$1,100	$1.00	45d	1	1.32mi
12468 Mendota St Detroit, MI	2.0	1.0	1100	$1,000	$0.91	25d	1	1.32mi
7405 Garden St Unit 6 Detroit, MI	1.0	1.0	650	$795	$1.22	19d	1	1.33mi
7405 Garden St Unit 8 Detroit, MI	1.0	1.0	650	$795	$1.22	0d	1	1.33mi
9386 Coyle St Detroit, MI	3.0	1.0	1000	$1,300	$1.30	3d	1	1.34mi
9546 Sussex St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	45d	1	1.42mi
10015 Robson St Detroit, MI	3.0	2.0	1000	$1,400	$1.40	19d	1	1.42mi
8604 Whitcomb St Detroit, MI	3.0	2.0	1033	$1,300	$1.26	45d	1	1.43mi
9917 Sussex St Detroit, MI	2.0	1.0	800	$1,375	$1.72	45d	1	1.49mi

Listing history 37 events

1. 2026-06-21
   days on market $48,000 Active 69 DOM
2. 2026-06-18
   days on market $48,000 Active 66 DOM
3. 2026-06-17
   days on market $48,000 Active 65 DOM
4. 2026-06-15
   days on market $48,000 Active 63 DOM
5. 2026-06-13
   days on market $48,000 Active 61 DOM
6. 2026-06-13
   days on market $48,000 Active 60 DOM
7. 2026-06-09
   days on market $48,000 Active 57 DOM
8. 2026-06-08
   days on market $48,000 Active 56 DOM
9. 2026-06-07
   days on market $48,000 Active 55 DOM
10. 2026-06-04
    days on market $48,000 Active 52 DOM
11. 2026-06-03
    days on market $48,000 Active 51 DOM
12. 2026-06-02
    days on market $48,000 Active 50 DOM
13. 2026-06-01
    days on market $48,000 Active 49 DOM
14. 2026-05-31
    days on market $48,000 Active 48 DOM
15. 2026-04-13
    listed $58,000 Active 198-char remark

    Show marketing remark (198 chars)

    Excellent opportunity to purchase this 2-bedroom 1-bathroom house in Detroit's 48204 Zip code. With a little bit of work, this property will make a great fit for both homeowners and investors alike.

16. 2026-04-13
    listed $58,000 Active 198-char remark

    Show marketing remark (198 chars)

    Excellent opportunity to purchase this 2-bedroom 1-bathroom house in Detroit's 48204 Zip code. With a little bit of work, this property will make a great fit for both homeowners and investors alike.

17. 2024-01-19
    soldstatus $25,000 Sold
18. 2024-01-19
    soldstatus $25,000 Closed
19. 2024-01-16
    status Pending
20. 2024-01-16
    status Pending
21. 2024-01-02
    status Active
22. 2024-01-02
    status Active
23. 2024-01-01
    historical
24. 2024-01-01
    historical
25. 2023-12-13
    price $50,000
26. 2023-12-12
    price $50,000
27. 2023-11-18
    status Active
28. 2023-11-18
    status Active
29. 2023-11-05
    status Pending
30. 2023-11-05
    status Pending
31. 2023-11-03
    historical Accepting Backup Offers
32. 2023-11-03
    historical Accepting Backup Offers
33. 2023-10-27
    listed $55,000 Active
34. 2023-10-27
    listed $55,000 Active
35. 2023-10-25
    historical $55,000
36. 2023-10-25
    historical $55,000
37. 1993-10-27
    soldstatus $14,000

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 69% 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,120
• − Mortgage interest: −$2,689
• − Property taxes: −$720
• − Insurance: −$240
• − Repairs & maintenance: −$970
• − Management: −$970
• − Depreciation: −$1,396
• Taxable income: $5,136
• Est. tax owed @ 24.0%: −$1,233
• After-tax cash flow: $4,362/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): 20,696
• Household income: $34,468
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 1418.0

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 (86%)
• Race & ethnicity: Black 86% Two or more races 7% Hispanic / Latino 5% White 4% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Hispanic 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 36.51%
• Current HPI: 234.0465
• 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

+314.3% since first listed

23 events — show timeline

• 2026-04-13 Listed $58,000 REALCOMP
• 2026-04-13 Listed $58,000 MiRealSource-MiMLS
• 2024-01-19 Sold (MLS) $25,000 MiRealSource-MiMLS
• 2024-01-19 Sold (MLS) $25,000 REALCOMP
• 2024-01-16 Pending — MiRealSource-MiMLS
• 2024-01-16 Pending — REALCOMP
• 2024-01-02 Relisted — MiRealSource-MiMLS
• 2024-01-02 Relisted — REALCOMP
• 2024-01-01 Listing Removed — MiRealSource-MiMLS
• 2024-01-01 Listing Removed — REALCOMP
• 2023-12-13 Price Changed $50,000 MiRealSource-MiMLS
• 2023-12-12 Price Changed $50,000 REALCOMP
• 2023-11-18 Relisted — MiRealSource-MiMLS
• 2023-11-18 Relisted — REALCOMP
• 2023-11-05 Pending — MiRealSource-MiMLS
• 2023-11-05 Pending — REALCOMP
• 2023-11-03 Contingent — MiRealSource-MiMLS
• 2023-11-03 Contingent — REALCOMP
• 2023-10-27 Listed $55,000 MiRealSource-MiMLS
• 2023-10-27 Listed $55,000 REALCOMP
• 2023-10-25 Coming Soon $55,000 MiRealSource-MiMLS
• 2023-10-25 Coming Soon $55,000 REALCOMP
• 1993-10-27 Sold (Public Records) $14,000 Public Records

Property tax history

+1.0%/yr

Latest (2025): $2,580 · +124.2% YoY. Source: county tax records.