29821 Munro St · Gibraltar, MI 48173

$172,900

2 bd · 1.0 ba · 842 sqft · SingleFamily public records · 43 Days on market

Built 1920 4,356 sqft lot $205/sqft · 13% below area Est $198k · 13% under

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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 +13.2/15.0
• Cash flow +8.5/30.0
• Livability +3.9/5.0
• Schools +3.4/10.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming and full of character, this well-maintained 2-bedroom, 1-bath brick ranch offers the perfect blend of comfort, convenience, and location. Step inside to find fresh paint throughout, professionally cleaned carpets, and a warm, inviting living room featuring a beautiful natural fireplace - perfect for cozy evenings at home. Outside, enjoy a peaceful backyard with beautiful cherry trees and grapevines, creating a unique and relaxing outdoor setting. Ideally located within walking distance to local parks, restaurants, neighborhood bars, Dairy Queen, the river, and marina, this home offers a lifestyle that combines small-town charm with everyday convenience. Whether you're looking for your first home, downsizing, or searching for a weekend retreat near the water, this brick ranch is a must-see!

Key facts

• 4,356 sq ft lot
• Built 1920
• Listed 43 days

Property features AI

Finance

• HOA & community: Sidewalks in the community

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story; Ground-level entry; Brick construction
• Construction: Brick exterior
• Exterior features: Fenced backyard; Paved road access

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Wood-burning fireplace in the living room; Crawl space basement; Three total rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $173k.

Deal economics

• At list price, monthly cash flow is $-152 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $146k (15.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (23.1% below list).
• Recommended offer: $133k (23.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 77/100 on livability (#133 in MI, #3,254 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Gibraltar School District (suburban): math 29% / reading 46% proficiency, ranked #219 of 540 in MI (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 54 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $5k 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 43 days — a 3% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 6y ago 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.
• Current owner paid $114k; list at $173k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,878 (23.1% 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 43 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 0.77% ✗
• Cap rate: 5.24%
• Cash-on-cash: -3.78%
• DSCR: 0.83
• GRM: 10.8

CMA / ARV

• ARV (median comp): $197,781
• List price: $172,900
• Delta: -12.58%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
29272 Adams Dr	0.18mi	2/1.0	951 (+13%)	9mo	$195,000	$205	63
29112 Denison St	0.35mi	1/1.0 (-1)	751 (-11%)	21mo	$100,000	$133	43

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: -22.6%
• Equity multiple: 0.22×
• Total profit: $-37,700
• Equity at exit: $25,780

10-year hold

• IRR: -16.9%
• Equity multiple: 0.07×
• Total profit: $-45,228
• Equity at exit: $14,949

Cash invested: $48,412 (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 48173

• Active inventory: 54
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,329 medium
• Mortgage (P&I): −$907
• Tax from tax record: −$223 /mo · $2,681/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $-152

Break-even live

Break-even rent $1,522

Max offer price $145,976

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: $43,225
• Closing costs: $5,187
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14221 Park St Rockwood, MI	2.0–3.0	1.5–2.5	1166	$1,395	$1.20	1d	10	0.59mi
30040 Kingsbridge Dr Rockwood, MI	1.0–2.0	1.0	775	$1,250	$1.61	1d	1	0.90mi

Listing history 30 events

1. 2026-06-18
   days on market $172,900 Active 43 DOM
2. 2026-06-17
   days on market $172,900 Active 42 DOM
3. 2026-06-16
   days on market $172,900 Active 41 DOM
4. 2026-06-15
   days on market $172,900 Active 40 DOM
5. 2026-06-13
   days on market $172,900 Active 38 DOM
6. 2026-06-09
   days on market $172,900 Active 34 DOM
7. 2026-06-08
   days on market $172,900 Active 33 DOM
8. 2026-06-07
   days on market $172,900 Active 32 DOM
9. 2026-06-04
   days on market $172,900 Active 29 DOM
10. 2026-06-03
    days on market $172,900 Active 28 DOM
11. 2026-06-02
    days on market $172,900 Active 27 DOM
12. 2026-06-01
    days on market $172,900 Active 26 DOM
13. 2026-05-31
    days on market $172,900 Active 25 DOM
14. 2026-05-19
    price $172,900 809-char remark

    Show marketing remark (809 chars)

    Charming and full of character, this well-maintained 2-bedroom, 1-bath brick ranch offers the perfect blend of comfort, convenience, and location. Step inside to find fresh paint throughout, professionally cleaned carpets, and a warm, inviting living room featuring a beautiful natural fireplace - perfect for cozy evenings at home. Outside, enjoy a peaceful backyard with beautiful cherry trees and grapevines, creating a unique and relaxing outdoor setting. Ideally located within walking distance to local parks, restaurants, neighborhood bars, Dairy Queen, the river, and marina, this home offers a lifestyle that combines small-town charm with everyday convenience. Whether you're looking for your first home, downsizing, or searching for a weekend retreat near the water, this brick ranch is a must-see!

15. 2026-05-18
    price $172,900 813-char remark
16. 2026-05-06
    listed $179,900 Active 813-char remark

    Show marketing remark (809 chars)

    Charming and full of character, this well-maintained 2-bedroom, 1-bath brick ranch offers the perfect blend of comfort, convenience, and location. Step inside to find fresh paint throughout, professionally cleaned carpets, and a warm, inviting living room featuring a beautiful natural fireplace - perfect for cozy evenings at home. Outside, enjoy a peaceful backyard with beautiful cherry trees and grapevines, creating a unique and relaxing outdoor setting. Ideally located within walking distance to local parks, restaurants, neighborhood bars, Dairy Queen, the river, and marina, this home offers a lifestyle that combines small-town charm with everyday convenience. Whether you're looking for your first home, downsizing, or searching for a weekend retreat near the water, this brick ranch is a must-see!

17. 2026-05-06
    listed $179,900 Active 809-char remark

    Show marketing remark (809 chars)

    Charming and full of character, this well-maintained 2-bedroom, 1-bath brick ranch offers the perfect blend of comfort, convenience, and location. Step inside to find fresh paint throughout, professionally cleaned carpets, and a warm, inviting living room featuring a beautiful natural fireplace - perfect for cozy evenings at home. Outside, enjoy a peaceful backyard with beautiful cherry trees and grapevines, creating a unique and relaxing outdoor setting. Ideally located within walking distance to local parks, restaurants, neighborhood bars, Dairy Queen, the river, and marina, this home offers a lifestyle that combines small-town charm with everyday convenience. Whether you're looking for your first home, downsizing, or searching for a weekend retreat near the water, this brick ranch is a must-see!

18. 2021-02-18
    soldstatus $113,500
19. 2021-02-05
    soldstatus $113,500 Sold

    Show marketing remark (473 chars)

    Check out this "Picture Perfect" ranch in beautiful Gibraltar. This cute ranch offers a large kitchen and two nice sized bedrooms with lots of closet space. This charming home is situated on a nice yard and has a great front and side porch. It also has a cement patio area in the back yard. City inspection has been ordered, buyer to assume repairs. Bathroom light is not working. Room sizes are estimated, BATVAI. Thank you for your interest in this lovely home!

20. 2021-02-05
    soldstatus $113,500 Closed

    Show marketing remark (473 chars)

    Check out this "Picture Perfect" ranch in beautiful Gibraltar. This cute ranch offers a large kitchen and two nice sized bedrooms with lots of closet space. This charming home is situated on a nice yard and has a great front and side porch. It also has a cement patio area in the back yard. City inspection has been ordered, buyer to assume repairs. Bathroom light is not working. Room sizes are estimated, BATVAI. Thank you for your interest in this lovely home!

21. 2020-12-30
    status Pending

    Show marketing remark (473 chars)

    Check out this "Picture Perfect" ranch in beautiful Gibraltar. This cute ranch offers a large kitchen and two nice sized bedrooms with lots of closet space. This charming home is situated on a nice yard and has a great front and side porch. It also has a cement patio area in the back yard. City inspection has been ordered, buyer to assume repairs. Bathroom light is not working. Room sizes are estimated, BATVAI. Thank you for your interest in this lovely home!

22. 2020-12-30
    status Pending

    Show marketing remark (473 chars)

    Check out this "Picture Perfect" ranch in beautiful Gibraltar. This cute ranch offers a large kitchen and two nice sized bedrooms with lots of closet space. This charming home is situated on a nice yard and has a great front and side porch. It also has a cement patio area in the back yard. City inspection has been ordered, buyer to assume repairs. Bathroom light is not working. Room sizes are estimated, BATVAI. Thank you for your interest in this lovely home!

23. 2020-12-23
    status Active

    Show marketing remark (473 chars)

    Check out this "Picture Perfect" ranch in beautiful Gibraltar. This cute ranch offers a large kitchen and two nice sized bedrooms with lots of closet space. This charming home is situated on a nice yard and has a great front and side porch. It also has a cement patio area in the back yard. City inspection has been ordered, buyer to assume repairs. Bathroom light is not working. Room sizes are estimated, BATVAI. Thank you for your interest in this lovely home!

24. 2020-12-23
    status Active

    Show marketing remark (473 chars)

    Check out this "Picture Perfect" ranch in beautiful Gibraltar. This cute ranch offers a large kitchen and two nice sized bedrooms with lots of closet space. This charming home is situated on a nice yard and has a great front and side porch. It also has a cement patio area in the back yard. City inspection has been ordered, buyer to assume repairs. Bathroom light is not working. Room sizes are estimated, BATVAI. Thank you for your interest in this lovely home!

25. 2020-11-17
    status Pending

    Show marketing remark (473 chars)

    Check out this "Picture Perfect" ranch in beautiful Gibraltar. This cute ranch offers a large kitchen and two nice sized bedrooms with lots of closet space. This charming home is situated on a nice yard and has a great front and side porch. It also has a cement patio area in the back yard. City inspection has been ordered, buyer to assume repairs. Bathroom light is not working. Room sizes are estimated, BATVAI. Thank you for your interest in this lovely home!

26. 2020-11-17
    status Pending

    Show marketing remark (473 chars)

    Check out this "Picture Perfect" ranch in beautiful Gibraltar. This cute ranch offers a large kitchen and two nice sized bedrooms with lots of closet space. This charming home is situated on a nice yard and has a great front and side porch. It also has a cement patio area in the back yard. City inspection has been ordered, buyer to assume repairs. Bathroom light is not working. Room sizes are estimated, BATVAI. Thank you for your interest in this lovely home!

27. 2020-11-13
    listed $110,000 Active

    Show marketing remark (473 chars)

    Check out this "Picture Perfect" ranch in beautiful Gibraltar. This cute ranch offers a large kitchen and two nice sized bedrooms with lots of closet space. This charming home is situated on a nice yard and has a great front and side porch. It also has a cement patio area in the back yard. City inspection has been ordered, buyer to assume repairs. Bathroom light is not working. Room sizes are estimated, BATVAI. Thank you for your interest in this lovely home!

28. 2020-11-13
    listed $110,000 Active

    Show marketing remark (473 chars)

    Check out this "Picture Perfect" ranch in beautiful Gibraltar. This cute ranch offers a large kitchen and two nice sized bedrooms with lots of closet space. This charming home is situated on a nice yard and has a great front and side porch. It also has a cement patio area in the back yard. City inspection has been ordered, buyer to assume repairs. Bathroom light is not working. Room sizes are estimated, BATVAI. Thank you for your interest in this lovely home!

29. 1998-04-09
    soldstatus $74,500
30. 1991-04-11
    soldstatus $12,000

ⓘ 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: $2,681 · $223/mo
• Projected year-2 tax: $2,681 · $223/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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,945
• − Mortgage interest: −$9,685
• − Property taxes: −$2,681
• − Insurance: −$864
• − Repairs & maintenance: −$1,276
• − Management: −$1,276
• − Depreciation: −$5,030
• Taxable loss: −$4,866
• Est. tax savings @ 24.0%: +$1,168
• After-tax cash flow: $-661/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: Gibraltar School District
• NCES district ID: 2615870
• Math proficiency: 29% ▼ -9.00%
• Reading proficiency: 46% ▼ -6.00%
• Median HH income: $64,791
• Composite: 33.77/100
• National rank: #5367
• State rank: #219 of 540 in MI

Livability — Gibraltar

• Score: 77/100
• State rank: #133
• US rank: #3254

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment B+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gibraltar, MI
• Population (ZIP): 12,984

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 White (86%)
• Race & ethnicity: White 86% Two or more races 7% Hispanic / Latino 6% Asian 3% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 11% Lithuanian 6% Slovak 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Tagalog/Filipino 2% Spanish 1% Other Indo-European 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: ▼ -153.48%
• Current HPI: 205.5632
• 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

+1340.8% since first listed

17 events — show timeline

• 2026-05-19 Price Changed $172,900 MiRealSource-MiMLS
• 2026-05-18 Price Changed $172,900 REALCOMP
• 2026-05-06 Listed $179,900 REALCOMP
• 2026-05-06 Listed $179,900 MiRealSource-MiMLS
• 2021-02-18 Sold (Public Records) $113,500 Public Records
• 2021-02-05 Sold (MLS) $113,500 MiRealSource-MiMLS
• 2021-02-05 Sold (MLS) $113,500 REALCOMP
• 2020-12-30 Pending — MiRealSource-MiMLS
• 2020-12-30 Pending — REALCOMP
• 2020-12-23 Relisted — MiRealSource-MiMLS
• 2020-12-23 Relisted — REALCOMP
• 2020-11-17 Pending — MiRealSource-MiMLS
• 2020-11-17 Pending — REALCOMP
• 2020-11-13 Listed $110,000 MiRealSource-MiMLS
• 2020-11-13 Listed $110,000 REALCOMP
• 1998-04-09 Sold (Public Records) $74,500 Public Records
• 1991-04-11 Sold (Public Records) $12,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $2,681 · +359.6% YoY. Source: county tax records.