17178 Munich St · Detroit, MI 48224

$44,990

2 bd · 1.0 ba · 1,140 sqft · SingleFamily public records · 101 Days on market

Built 1928 3,049 sqft lot $39/sqft · 38% below area Est $72k · 38% under ↓ 3% since listing

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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 +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Two bedroom Colonial located in an established Detroit neighborhood. This classic home offers approximately 1,140 square feet of living space with a traditional layout featuring a spacious living room, functional kitchen, and well-sized bedrooms. The property includes a full basement providing additional storage or potential workspace. Situated on a manageable city lot, the home offers convenient access to nearby shopping, dining, parks, and major roadways. Ideal opportunity for homeowners or investors looking to add value with light updates while preserving the character of a solid Detroit home.

Key facts

• Manageable city lot
• Convenient access
• Full basement

Tags

• FULL BASEMENT
• MANAGEABLE CITY LOT
• CONVENIENT ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $653 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $41k (9.0% below list) — sets the bar for market timing.
• Cap rate 23.7% 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: Rents flat; 484 active listings in the ZIP; 40 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).
• This rent runs 34% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $312 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 + 0.7% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($41k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 28y ago; this cycle's ask has dropped $4k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $40,940 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 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 1928 — 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: 2.85% ✓
• Cap rate: 23.71%
• Cash-on-cash: 62.19%
• DSCR: 3.77
• GRM: 2.9

CMA / ARV

• ARV (median comp): $72,109
• List price: $44,990
• Delta: -37.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4104 Woodhall St	0.26mi	3/1.0 (+1)	1,090 (-4%)	3mo	$29,900	$27	73
4403 Guilford St	0.06mi	3/1.0 (+1)	1,270 (+11%)	4mo	$35,900	$28	70
4503 Bishop St	0.30mi	3/1.5 (+1)	1,215 (+7%)	3mo	$158,000	$130	66
4154 Grayton St	0.29mi	3/1.5 (+1)	1,227 (+8%)	2mo	$215,000	$175	65
5279 Cadieux Rd	0.49mi	3/2.0 (+1)	1,161 (+2%)	0mo	$68,000	$59	65
3482 Grayton St	0.54mi	3/1.0 (+1)	1,097 (-4%)	3mo	$140,000	$128	61
5210 Farmbrook St	0.67mi	2/1.0	1,188 (+4%)	3mo	$85,000	$72	59
866 Lincoln Rd	0.69mi	2/2.0	1,104 (-3%)	1mo	$249,000	$226	58
5330 Hereford St	0.63mi	3/1.0 (+1)	1,204 (+6%)	3mo	$103,000	$86	54
5220 University Pl	0.57mi	2/1.0	1,001 (-12%)	0mo	$40,000	$40	53
5057 University Pl	0.47mi	3/1.0 (+1)	1,301 (+14%)	3mo	$110,000	$85	47
5762 Oldtown St	0.73mi	3/1.5 (+1)	1,240 (+9%)	2mo	$138,000	$111	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 · 0.73% rent growth · sell at horizon

5-year hold

• IRR: 58.4%
• Equity multiple: 3.50×
• Total profit: $31,474
• Equity at exit: $6,708

10-year hold

• IRR: 62.4%
• Equity multiple: 6.55×
• Total profit: $69,910
• Equity at exit: $3,890

Cash invested: $12,597 (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 48224

• Rents YoY: 0.7%
• Active inventory: 484
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,284 high
• Mortgage (P&I): −$236
• Tax from tax record: −$107 /mo · $1,283/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $653

Break-even live

Break-even rent $458

Max offer price $44,990

Occupancy floor 44%

Sensitivity live

Price	-10% $678	-5% $666	+0% $653	+5% $640	+10% $627
Rent	-10% $551	-5% $602	+0% $653	+5% $704	+10% $754
Rate	-1.0pp $676	-0.5pp $664	base $653	+0.5pp $641	+1.0pp $629

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: $11,248
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17137 Ontario St Unit 1 Detroit, MI	2.0	1.0	982	$1,123	$1.14	25d	1	0.13mi
17161 Denver St Detroit, MI	1.0	1.0	700	$800	$1.14	13d	1	0.44mi
17161 Denver St Apt 10 Detroit, MI	1.0	1.0	700	$800	$1.14	11d	1	0.44mi
16530 E Warren Ave Unit 209 Detroit, MI	1.0	1.0	850	$1,292	$1.52	44d	1	0.48mi
890 Neff Rd Grosse Pointe, MI	2.0	1.0	1100	$2,000	$1.82	25d	1	0.55mi
4627 Bedford St Unit 1 Detroit, MI	2.0	1.0	1050	$945	$0.90	20d	1	0.73mi
3626 Courville St Detroit, MI	3.0	1.0	1260	$1,300	$1.03	44d	1	0.74mi
5028 Bedford St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	5d	1	0.77mi
5786 Neff Ave Detroit, MI	3.0	1.5	1100	$1,225	$1.11	17d	1	0.78mi
5031 Bedford St Detroit, MI	2.0	1.0	876	$1,870	$2.13	0d	1	0.80mi
5783 Yorkshire Rd Detroit, MI	2.0	1.0	1040	$1,200	$1.15	44d	1	0.82mi
5955 Guilford St Detroit, MI	3.0	1.0	802	$1,400	$1.75	18d	1	0.84mi
5112 Haverhill St Unit 1 Detroit, MI	2.0	1.0	1000	$1,100	$1.10	44d	1	0.90mi
5284 Devonshire Rd Unit 2 Detroit, MI	1.0	1.0	750	$1,050	$1.40	15d	1	0.90mi
5915 Farmbrook St Detroit, MI	3.0	1.5	1000	$1,250	$1.25	25d	1	0.94mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	17d	1	0.96mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	18d	1	0.96mi
6154 Woodhall St Detroit, MI	2.0	1.0	1136	$1,000	$0.88	44d	1	0.97mi
3651 Buckingham Ave Detroit, MI	3.0	1.0	1320	$1,300	$0.98	18d	1	0.99mi
6181 Neff Ave Detroit, MI	3.0	1.0	1102	$1,299	$1.18	18d	1	1.00mi
6225 Oldtown St Detroit, MI	3.0	1.0	1330	$1,199	$0.90	18d	1	1.03mi
6304 Bluehill St Detroit, MI	3.0	1.0	1088	$1,500	$1.38	44d	1	1.04mi
5574 Buckingham Ave Detroit, MI	3.0	1.0	1430	$1,450	$1.01	5d	1	1.06mi
6175 Marseilles St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	44d	1	1.06mi
6325 Neff Ave Detroit, MI	3.0	1.0	1000	$1,500	$1.50	3d	1	1.07mi
5235 Chatsworth St Detroit, MI	2.0	1.0	900	$1,050	$1.17	44d	1	1.09mi
3625 Chatsworth St Detroit, MI	3.0	1.5	1182	$1,295	$1.10	25d	1	1.10mi
6301 Lodewyck St Detroit, MI	3.0	1.0	1084	$1,300	$1.20	13d	1	1.13mi
19000 Chandler Park Dr Grosse Pointe, MI	2.0	1.0	1374	$2,300	$1.67	5d	1	1.16mi
19000 Chandler Park Dr Grosse Pointe, MI	2.0	1.0	1374	$2,300	$1.67	0d	1	1.16mi
5025 Somerset Ave Detroit, MI	1.0	1.0	772	$900	$1.17	44d	1	1.17mi
17710 Chester St Detroit, MI	2.0	1.0	984	$1,250	$1.27	44d	1	1.18mi
4391 Nottingham Rd Unit 4393 Detroit, MI	2.0	1.0	1038	$950	$0.92	5d	1	1.18mi
17720 Chester St Detroit, MI	2.0	1.0	986	$1,250	$1.27	44d	1	1.18mi
4151 Nottingham Rd Detroit, MI	2.0	1.0	1022	$1,275	$1.25	18d	1	1.19mi
22144 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,350	$1.65	18d	1	1.20mi
22144 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,350	$1.65	3d	1	1.20mi
22148 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,250	$1.53	18d	1	1.20mi
22148 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,250	$1.53	3d	1	1.20mi
542 Neff Ln Grosse Pointe, MI	2.0	1.0	900	$1,595	$1.77	44d	1	1.22mi

Listing history 25 events

1. 2026-06-18
   days on market $44,990 Active 101 DOM
2. 2026-06-17
   days on market $44,990 Active 100 DOM
3. 2026-06-16
   price $44,990 Active 98 DOM
4. 2026-06-15
   days on market $48,500 Active 98 DOM
5. 2026-06-13
   days on market $48,500 Active 96 DOM
6. 2026-06-13
   days on market $48,500 Active 95 DOM
7. 2026-06-09
   days on market $48,500 Active 92 DOM
8. 2026-06-08
   days on market $48,500 Active 91 DOM
9. 2026-06-07
   days on market $48,500 Active 90 DOM
10. 2026-06-04
    days on market $48,500 Active 87 DOM
11. 2026-06-03
    days on market $48,500 Active 86 DOM
12. 2026-06-01
    days on market $48,500 Active 84 DOM
13. 2026-05-31
    days on market $48,500 Active 83 DOM
14. 2026-03-09
    listed $48,500 Active 603-char remark

    Show marketing remark (603 chars)

    Two bedroom Colonial located in an established Detroit neighborhood. This classic home offers approximately 1,140 square feet of living space with a traditional layout featuring a spacious living room, functional kitchen, and well-sized bedrooms. The property includes a full basement providing additional storage or potential workspace. Situated on a manageable city lot, the home offers convenient access to nearby shopping, dining, parks, and major roadways. Ideal opportunity for homeowners or investors looking to add value with light updates while preserving the character of a solid Detroit home.

15. 2026-03-09
    listed $48,500 Active 603-char remark

    Show marketing remark (603 chars)

    Two bedroom Colonial located in an established Detroit neighborhood. This classic home offers approximately 1,140 square feet of living space with a traditional layout featuring a spacious living room, functional kitchen, and well-sized bedrooms. The property includes a full basement providing additional storage or potential workspace. Situated on a manageable city lot, the home offers convenient access to nearby shopping, dining, parks, and major roadways. Ideal opportunity for homeowners or investors looking to add value with light updates while preserving the character of a solid Detroit home.

16. 2026-03-09
    listed $48,500 Active

    Show marketing remark (603 chars)

    Two bedroom Colonial located in an established Detroit neighborhood. This classic home offers approximately 1,140 square feet of living space with a traditional layout featuring a spacious living room, functional kitchen, and well-sized bedrooms. The property includes a full basement providing additional storage or potential workspace. Situated on a manageable city lot, the home offers convenient access to nearby shopping, dining, parks, and major roadways. Ideal opportunity for homeowners or investors looking to add value with light updates while preserving the character of a solid Detroit home.

17. 2004-11-15
    soldstatus $61,500
18. 2004-11-15
    soldstatus $120,000
19. 2004-10-06
    soldstatus $75,000
20. 2003-12-07
    listed $72,000
21. 1999-03-01
    soldstatus $36,220
22. 1999-03-01
    soldstatus $36,220
23. 1999-01-04
    soldstatus $61,500
24. 1998-11-12
    historical
25. 1998-06-22
    listed $50,000

ⓘ 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: $1,283 · $107/mo
• Projected year-2 tax: $1,283 · $107/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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,409
• − Mortgage interest: −$2,520
• − Property taxes: −$1,283
• − Insurance: −$225
• − Repairs & maintenance: −$1,233
• − Management: −$1,233
• − Depreciation: −$1,309
• Taxable income: $7,607
• Est. tax owed @ 24.0%: −$1,826
• After-tax cash flow: $6,009/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): 39,668
• Household income: $44,856
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 2515.0

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 (88%)
• Race & ethnicity: Black 88% White 8% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Iranian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -226.38%
• Current HPI: 161.886
• Rent YoY: ▲ 0.73%
• 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

-3.0% since first listed

12 events — show timeline

• 2026-03-09 Listed $48,500 REALCOMP
• 2026-03-09 Listed $48,500 MiRealSource-MiMLS
• 2026-03-09 Listed $48,500 SW Michigan MLS
• 2004-11-15 Sold (Public Records) $120,000 Public Records
• 2004-11-15 Sold (Public Records) $61,500 Public Records
• 2004-10-06 Sold (MLS) $75,000 REALCOMP
• 2003-12-07 Listed $72,000 REALCOMP
• 1999-03-01 Sold (Public Records) $36,220 Public Records
• 1999-03-01 Sold (Public Records) $36,220 Public Records
• 1999-01-04 Sold (MLS) $61,500 MiRealSource-MiMLS
• 1998-11-12 Listing Removed — MiRealSource-MiMLS
• 1998-06-22 Listed $50,000 MiRealSource-MiMLS

Property tax history

-1.0%/yr

Latest (2025): $1,283 · -61.7% YoY. Source: county tax records.