4249 Elmhurst St · Detroit, MI 48204

$34,900

3 bd · 2.0 ba · 2,112 sqft · Townhouse public records · 67 Days on market

Built 1925 3,485 sqft lot

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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 +7.5/15.0
• 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

Opportunity knocks at 4249 Elmhurst in Detroit! This bank-owned multi-family property is ready for a full transformation and offers tremendous upside for the savvy investor or experienced rehabber. Located in an established neighborhood with strong rental demand, this property is the perfect value-add project. With solid bones and generous layout, it presents the chance to renovate, reposition, and significantly increase cash flow potential. Whether you're looking to add to your rental portfolio, complete a fix-and-flip, or create long-term passive income, this is the kind of opportunity that doesn't last. Bring your vision, your contractor, and your creativity - the upside is there for those ready to unlock it.

Key facts

• Strong rental demand
• Solid bones
• Value-add project

Tags

• MULTI-FAMILY PROPERTY
• ESTABLISHED NEIGHBORHOOD
• STRONG RENTAL DEMAND
• VALUE-ADD PROJECT
• SOLID BONES
• GENEROUS LAYOUT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $35k.

Deal economics

• At list price, monthly cash flow is $835 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $33k (6.0% below list) — sets the bar for market timing.
• Cap rate 35.0% 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: 244 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $1,452/mo this rent would consume 51% of the median local household income ($34k/yr) (locally 1418% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $4k of equity ($241 loan paydown + $3k 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 $10k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 3y ago; this cycle's ask has dropped $10k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.9% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $32,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 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 1925 — 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. 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.
9. 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.
10. 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: 4.16% ✓
• Cap rate: 35.01%
• Cash-on-cash: 102.56%
• DSCR: 5.56
• GRM: 2.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 8.40×
• Total profit: $72,265
• Equity at exit: $31,441

10-year hold

• IRR: —
• Equity multiple: 18.51×
• Total profit: $171,109
• Equity at exit: $67,803

Cash invested: $9,772 (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: 244
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $1,452 high
• Mortgage (P&I): −$183
• Tax from tax record: −$114 /mo · $1,372/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $835

Break-even live

Break-even rent $395

Max offer price $34,900

Occupancy floor 37%

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: $8,725
• Closing costs: $1,047
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12546 Broadstreet Ave Detroit, MI	3.0	1.5	1899	$1,250	$0.66	44d	1	0.35mi
3322 Webb St Detroit, MI	3.0	1.0	1600	$1,250	$0.78	16d	1	0.38mi
3322 Webb St Unit 2 Detroit, MI	3.0	1.0	1656	$1,350	$0.82	43d	1	0.38mi
3322 Webb St Unit 1 Detroit, MI	3.0	1.0	1656	$1,350	$0.82	43d	1	0.38mi
4341 Glendale St Detroit, MI	4.0	2.5	1832	$1,680	$0.92	5d	1	0.46mi
3241 Lawrence St Detroit, MI	4.0	2.0	2636	$1,800	$0.68	16d	1	0.51mi
3031 Lawrence St Detroit, MI	4.0	1.0	1700	$1,600	$0.94	16d	1	0.57mi
2986 Richton St Detroit, MI	3.0	1.0	2600	$1,200	$0.46	16d	1	0.58mi
12123 Santa Rosa Dr Detroit, MI	2.0	1.0	1680	$1,000	$0.60	24d	1	0.60mi
4046 Tyler St Detroit, MI	2.0	1.0	2378	$1,050	$0.44	12d	1	0.60mi
3747 Tyler St Detroit, MI	3.0	1.0	2600	$1,700	$0.65	24d	1	0.62mi
2925 Calvert St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	16d	1	0.72mi
2655 Collingwood St Detroit, MI	4.0	1.5	1881	$2,700	$1.44	1d	1	0.81mi
3209 W Grand St Detroit, MI	3.0	1.0	1550	$1,103	$0.71	43d	1	0.92mi
2474 Fullerton St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	15d	1	0.99mi
3786 Carter St Unit 2 Detroit, MI	3.0	1.0	1400	$1,100	$0.79	24d	1	1.10mi
12303 Cloverlawn St Detroit, MI	3.0	1.5	1454	$1,400	$0.96	43d	1	1.12mi
2045 Calvert St Detroit, MI	2.0	2.0	1400	$1,600	$1.14	43d	1	1.23mi
8951 La Salle Blvd Unit NA Detroit, MI	4.0	2.5	2440	$2,500	$1.02	10d	1	1.33mi
8951 La Salle Blvd Detroit, MI	4.0	2.5	2440	$2,500	$1.02	1d	1	1.33mi
1929 Calvert Ave Unit 2 Detroit, MI	3.0	1.0	1414	$1,199	$0.85	15d	1	1.33mi
2509 Gladstone St Unit 1 Detroit, MI	3.0	2.0	3000	$2,650	$0.88	1d	1	1.36mi
2302 Hazelwood St Unit 1 Detroit, MI	3.0	1.0	1550	$1,273	$0.82	24d	1	1.40mi
5315 Spokane St Detroit, MI	3.0	1.0	2110	$1,200	$0.57	16d	1	1.47mi

Listing history 28 events

1. 2026-04-20
   status Pending 723-char remark

   Show marketing remark (723 chars)

   Opportunity knocks at 4249 Elmhurst in Detroit! This bank-owned multi-family property is ready for a full transformation and offers tremendous upside for the savvy investor or experienced rehabber. Located in an established neighborhood with strong rental demand, this property is the perfect value-add project. With solid bones and generous layout, it presents the chance to renovate, reposition, and significantly increase cash flow potential. Whether you're looking to add to your rental portfolio, complete a fix-and-flip, or create long-term passive income, this is the kind of opportunity that doesn't last. Bring your vision, your contractor, and your creativity - the upside is there for those ready to unlock it.

2. 2026-04-20
   status Pending

   Show marketing remark (723 chars)

   Opportunity knocks at 4249 Elmhurst in Detroit! This bank-owned multi-family property is ready for a full transformation and offers tremendous upside for the savvy investor or experienced rehabber. Located in an established neighborhood with strong rental demand, this property is the perfect value-add project. With solid bones and generous layout, it presents the chance to renovate, reposition, and significantly increase cash flow potential. Whether you're looking to add to your rental portfolio, complete a fix-and-flip, or create long-term passive income, this is the kind of opportunity that doesn't last. Bring your vision, your contractor, and your creativity - the upside is there for those ready to unlock it.

3. 2026-03-18
   price $34,900 723-char remark

   Show marketing remark (723 chars)

   Opportunity knocks at 4249 Elmhurst in Detroit! This bank-owned multi-family property is ready for a full transformation and offers tremendous upside for the savvy investor or experienced rehabber. Located in an established neighborhood with strong rental demand, this property is the perfect value-add project. With solid bones and generous layout, it presents the chance to renovate, reposition, and significantly increase cash flow potential. Whether you're looking to add to your rental portfolio, complete a fix-and-flip, or create long-term passive income, this is the kind of opportunity that doesn't last. Bring your vision, your contractor, and your creativity - the upside is there for those ready to unlock it.

4. 2026-03-17
   price $34,900
5. 2026-02-12
   listed $44,900 Active 723-char remark

   Show marketing remark (723 chars)

   Opportunity knocks at 4249 Elmhurst in Detroit! This bank-owned multi-family property is ready for a full transformation and offers tremendous upside for the savvy investor or experienced rehabber. Located in an established neighborhood with strong rental demand, this property is the perfect value-add project. With solid bones and generous layout, it presents the chance to renovate, reposition, and significantly increase cash flow potential. Whether you're looking to add to your rental portfolio, complete a fix-and-flip, or create long-term passive income, this is the kind of opportunity that doesn't last. Bring your vision, your contractor, and your creativity - the upside is there for those ready to unlock it.

6. 2026-02-12
   listed $44,900 Active

   Show marketing remark (723 chars)

   Opportunity knocks at 4249 Elmhurst in Detroit! This bank-owned multi-family property is ready for a full transformation and offers tremendous upside for the savvy investor or experienced rehabber. Located in an established neighborhood with strong rental demand, this property is the perfect value-add project. With solid bones and generous layout, it presents the chance to renovate, reposition, and significantly increase cash flow potential. Whether you're looking to add to your rental portfolio, complete a fix-and-flip, or create long-term passive income, this is the kind of opportunity that doesn't last. Bring your vision, your contractor, and your creativity - the upside is there for those ready to unlock it.

7. 2025-08-16
   status Pending
8. 2025-08-16
   status Pending
9. 2025-08-16
   historical
10. 2025-08-16
    historical
11. 2025-08-01
    listed $49,000 Active
12. 2025-08-01
    listed $49,000 Active
13. 2024-12-17
    historical
14. 2024-12-16
    historical
15. 2024-08-30
    price $125,000
16. 2024-08-29
    price $125,000
17. 2024-08-29
    price $125,000
18. 2024-08-15
    historical $800
19. 2024-07-19
    listed $800
20. 2024-06-07
    historical $800
21. 2024-06-06
    price $800
22. 2024-05-16
    listed $132,000 Active
23. 2024-05-16
    listed $132,000 Active
24. 2024-05-09
    listed $900
25. 2024-01-20
    historical $900
26. 2023-12-13
    price $900
27. 2023-12-01
    listed $1,100
28. 2023-10-19
    soldstatus $108,000

ⓘ 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: $1,372 · $114/mo
• Projected year-2 tax: $1,372 · $114/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 5/10 Major FEMA zone X (unshaded) · 67% 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: $17,424
• − Mortgage interest: −$1,955
• − Property taxes: −$1,372
• − Insurance: −$174
• − Repairs & maintenance: −$1,394
• − Management: −$1,394
• − Depreciation: −$1,015
• Taxable income: $10,119
• Est. tax owed @ 24.0%: −$2,429
• After-tax cash flow: $7,593/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

-67.7% since first listed

28 events — show timeline

• 2026-04-20 Pending — MiRealSource-MiMLS
• 2026-04-20 Pending — REALCOMP
• 2026-03-18 Price Changed $34,900 MiRealSource-MiMLS
• 2026-03-17 Price Changed $34,900 REALCOMP
• 2026-02-12 Listed $44,900 REALCOMP
• 2026-02-12 Listed $44,900 MiRealSource-MiMLS
• 2025-08-16 Pending — MiRealSource-MiMLS
• 2025-08-16 Pending — REALCOMP
• 2025-08-16 Listing Removed — REALCOMP
• 2025-08-16 Listing Removed — MiRealSource-MiMLS
• 2025-08-01 Listed $49,000 REALCOMP
• 2025-08-01 Listed $49,000 MiRealSource-MiMLS
• 2024-12-17 Listing Removed — MiRealSource-MiMLS
• 2024-12-16 Listing Removed — REALCOMP
• 2024-08-30 Price Changed $125,000 MiRealSource-MiMLS
• 2024-08-29 Price Changed $125,000 REALCOMP
• 2024-08-29 Price Changed $125,000 SW Michigan MLS
• 2024-08-15 Rental Removed $800 APPFOLIO
• 2024-07-19 Listed for Rent $800 APPFOLIO
• 2024-06-07 Rental Removed $800 APPFOLIO
• 2024-06-06 Price Changed $800 APPFOLIO
• 2024-05-16 Listed $132,000 MiRealSource-MiMLS
• 2024-05-16 Listed $132,000 REALCOMP
• 2024-05-09 Listed for Rent $900 APPFOLIO
• 2024-01-20 Rental Removed $900 APPFOLIO
• 2023-12-13 Price Changed $900 APPFOLIO
• 2023-12-01 Listed for Rent $1,100 APPFOLIO
• 2023-10-19 Sold (Public Records) $108,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $1,372 · -34.0% YoY. Source: county tax records.