4703 Drexel St · Detroit, MI 48215

$35,900

4 bd · 1.5 ba · 900 sqft · SingleFamily public records · 118 Days on market

Built 1922 3,049 sqft lot $40/sqft · 14% below area Est $71k · 49% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

This Home is part of Freddie Mac's First Look Program thru 03/21/2026. Home has 2BRs and full bath on 1st floor and a possible 2BRs and a full bath upstairs, with a possible loft. Note; the furnace and hot water tank are missing. Home is being sold As-Is.

Key facts

• 3,049 sq ft lot
• Built 1922
• Listed 118 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $36k.

Deal economics

• At list price, monthly cash flow is $767 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $36k).
• Recommended offer: $33k (9.0% below list) — sets the bar for market timing.
• Cap rate 31.9% 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: 137 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $248 of loan paydown is wiped out by about $1k 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y ago; this cycle's ask has dropped $24k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $6k; list at $36k implies a 498% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $32,669 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1922 — 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: 3.58% ✓
• Cap rate: 31.95%
• Cash-on-cash: 91.62%
• DSCR: 5.08
• GRM: 2.3

CMA / ARV

• ARV (median comp): $70,535
• List price: $35,900
• Delta: -49.10%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4133 Lenox St	0.35mi	3/1.0 (-1)	968 (+8%)	5mo	$18,101	$19	60
4159 Springle St	0.40mi	3/1.0 (-1)	917 (+2%)	14mo	$54,000	$59	59
4810 Ashland St	0.59mi	3/1.5 (-1)	872 (-3%)	22mo	$65,000	$75	44
3958 Lenox St	0.40mi	3/1.0 (-1)	1,024 (+14%)	14mo	$60,000	$59	40
3416 Algonquin St	0.67mi	3/1.0 (-1)	967 (+7%)	21mo	$90,000	$93	32
5517 Marlborough St	0.61mi	3/2.0 (-1)	1,000 (+11%)	20mo	$45,500	$46	30
4700 Maryland St	0.75mi	3/1.0 (-1)	950 (+6%)	23mo	$103,000	$108	30
5981 Lenox St	0.74mi	3/1.0 (-1)	1,027 (+14%)	21mo	$33,500	$33	18

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: 92.4%
• Equity multiple: 5.29×
• Total profit: $43,081
• Equity at exit: $5,353

10-year hold

• IRR: 95.2%
• Equity multiple: 11.00×
• Total profit: $100,532
• Equity at exit: $3,104

Cash invested: $10,052 (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 48215

• Home prices YoY: -24.1%
• Active inventory: 137
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,285 high
• Mortgage (P&I): −$188
• Tax est. 1.5%: −$45 /mo · $538/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $767

Break-even live

Break-even rent $314

Max offer price $35,900

Occupancy floor 35%

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: $8,975
• Closing costs: $1,077
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4667 Eastlawn St Detroit, MI	3.0	1.0	646	$1,095	$1.70	3d	1	0.17mi
1415 Maryland St Grosse Pointe Park, MI	3.0	1.0	700	$1,275	$1.82	43d	1	1.07mi
1367 Wayburn St Unit 1 Grosse Pointe Park, MI	3.0	1.0	816	$1,250	$1.53	43d	1	1.09mi
5751 Nottingham Rd Unit 5/21/26 Detroit, MI	3.0	1.0	1100	$1,250	$1.14	14d	1	1.10mi
1348 Wayburn St Grosse Pointe, MI	3.0	2.0	1035	$2,200	$2.13	24d	1	1.13mi
13137 Elmdale St Detroit, MI	3.0	1.0	1115	$1,400	$1.26	24d	1	1.31mi
13400 Longview St Detroit, MI	3.0	1.5	1000	$1,400	$1.40	43d	1	1.36mi
5028 Bedford St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	4d	1	1.42mi
12210 Longview St Detroit, MI	3.0	1.0	1020	$1,100	$1.08	43d	1	1.46mi
9927 Beaconsfield St Detroit, MI	3.0	1.0	942	$1,375	$1.46	14d	1	1.47mi

Listing history 25 events

1. 2026-06-18
   days on market $35,900 Active 118 DOM
2. 2026-06-17
   days on market $35,900 Active 117 DOM
3. 2026-06-15
   days on market $35,900 Active 115 DOM
4. 2026-06-13
   days on market $35,900 Active 113 DOM
5. 2026-06-13
   pricedays on market $35,900 Active 112 DOM
6. 2026-06-09
   days on market $39,900 Active 109 DOM
7. 2026-06-08
   days on market $39,900 Active 108 DOM
8. 2026-06-07
   days on market $39,900 Active 107 DOM
9. 2026-06-04
   days on market $39,900 Active 104 DOM
10. 2026-06-03
    days on market $39,900 Active 103 DOM
11. 2026-06-01
    days on market $39,900 Active 101 DOM
12. 2026-05-31
    days on market $39,900 Active 100 DOM
13. 2026-05-15
    price $39,900 255-char remark

    Show marketing remark (255 chars)

    This Home is part of Freddie Mac's First Look Program thru 03/21/2026. Home has 2BRs and full bath on 1st floor and a possible 2BRs and a full bath upstairs, with a possible loft. Note; the furnace and hot water tank are missing. Home is being sold As-Is.

14. 2026-05-14
    price $39,900 255-char remark

    Show marketing remark (255 chars)

    This Home is part of Freddie Mac's First Look Program thru 03/21/2026. Home has 2BRs and full bath on 1st floor and a possible 2BRs and a full bath upstairs, with a possible loft. Note; the furnace and hot water tank are missing. Home is being sold As-Is.

15. 2026-04-08
    price $49,900 255-char remark

    Show marketing remark (255 chars)

    This Home is part of Freddie Mac's First Look Program thru 03/21/2026. Home has 2BRs and full bath on 1st floor and a possible 2BRs and a full bath upstairs, with a possible loft. Note; the furnace and hot water tank are missing. Home is being sold As-Is.

16. 2026-04-08
    price $49,900 255-char remark

    Show marketing remark (255 chars)

    This Home is part of Freddie Mac's First Look Program thru 03/21/2026. Home has 2BRs and full bath on 1st floor and a possible 2BRs and a full bath upstairs, with a possible loft. Note; the furnace and hot water tank are missing. Home is being sold As-Is.

17. 2026-02-21
    listed $59,900 Active 255-char remark

    Show marketing remark (255 chars)

    This Home is part of Freddie Mac's First Look Program thru 03/21/2026. Home has 2BRs and full bath on 1st floor and a possible 2BRs and a full bath upstairs, with a possible loft. Note; the furnace and hot water tank are missing. Home is being sold As-Is.

18. 2026-02-20
    listed $59,900 Active 255-char remark

    Show marketing remark (255 chars)

    This Home is part of Freddie Mac's First Look Program thru 03/21/2026. Home has 2BRs and full bath on 1st floor and a possible 2BRs and a full bath upstairs, with a possible loft. Note; the furnace and hot water tank are missing. Home is being sold As-Is.

19. 2008-02-20
    historical
20. 2008-01-15
    listed $9,900
21. 2006-06-21
    historical
22. 2006-05-05
    historical
23. 2005-10-09
    listed $68,899
24. 2005-10-05
    listed $78,899
25. 1998-08-28
    soldstatus $6,000

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 28% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 14 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: $15,426
• − Mortgage interest: −$2,011
• − Property taxes: −$538
• − Insurance: −$180
• − Repairs & maintenance: −$1,234
• − Management: −$1,234
• − Depreciation: −$1,044
• Taxable income: $9,184
• Est. tax owed @ 24.0%: −$2,204
• After-tax cash flow: $7,005/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
• City population: 572,865
• Population (ZIP): 10,238

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 (87%)
• Race & ethnicity: Black 87% White 9% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Romanian 1% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 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: ▼ -60.84%
• Current HPI: 191.0405
• Rent YoY: —
• Metro: —
• 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

+565.0% since first listed

13 events — show timeline

• 2026-05-15 Price Changed $39,900 MiRealSource-MiMLS
• 2026-05-14 Price Changed $39,900 REALCOMP
• 2026-04-08 Price Changed $49,900 MiRealSource-MiMLS
• 2026-04-08 Price Changed $49,900 REALCOMP
• 2026-02-21 Listed $59,900 REALCOMP
• 2026-02-20 Listed $59,900 MiRealSource-MiMLS
• 2008-02-20 Listing Removed — REALCOMP
• 2008-01-15 Listed $9,900 REALCOMP
• 2006-06-21 Listing Removed — REALCOMP
• 2006-05-05 Listing Removed — MiRealSource-MiMLS
• 2005-10-09 Listed $68,899 REALCOMP
• 2005-10-05 Listed $78,899 MiRealSource-MiMLS
• 1998-08-28 Sold (Public Records) $6,000 Public Records

Property tax history

-23.1%/yr

Latest (2025): $15 · -11.7% YoY. Source: county tax records.