2223 Gray St · Detroit, MI 48215

$39,000

6 bd · 2.0 ba · 2,112 sqft · Townhouse public records · 4 Days on market

Built 1924 4,356 sqft lot $18/sqft · 91% below area ↓ 40% since listing

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

ARE YOU LOOKING FOR A GREAT INVESTMENT OPPORTUNITY IN THE FOX CREEK NEIGHBORHOOD? This is it! Located a few blocks off Mack Avenue, minutes away from Grosse Pointe. This duplex with 2 units with 3 beds/1 bath is ready for its next owner with construction experience. This property would be for an investor looking for a value-add opportunity to flip or rent out, or for an owner-occupant looking to make it their own. For investors interested in flipping: after repair value (ARV) of $200K+! So much potential for a visionary to turn this diamond in the rough into a cash cow or your new primary residence. PRIME LOCATION seconds away from Grosse Pointe on a few blockss off Mack Ave & FCA Mack and Jefferson north assembly plant, w/ tons of restaurants, shopping, and a hospital nearby + easy access to Belle Isle/Detroit River & close to I-94. Great for a quick commute anywhere. This property is being sold AS-IS. Schedule your private showing today! No Seller Financing

Key facts

• Duplex with 2 units
• Close to i-94
• Prime location

Tags

• FOX CREEK NEIGHBORHOOD
• DUPLEX WITH 2 UNITS
• PRIME LOCATION
• EASY ACCESS TO BELLE ISLE
• CLOSE TO I-94

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath townhouse listed at $39k.

Deal economics

• At list price, monthly cash flow is $986 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $39k).
• Cap rate 36.6% 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; 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 $270 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 $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 16 sale attempts since 3y 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 $20k; list at $39k implies a 95% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,000

Questions for the listing agent

1. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 4.22% ✓
• Cap rate: 36.62%
• Cash-on-cash: 108.32%
• DSCR: 5.82
• GRM: 2.0

CMA / ARV

• ARV (median comp): $381,114
• List price: $39,000
• Delta: -89.77%
• Verdict: UNDERPRICED
• Comps: 7 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 6.18×
• Total profit: $56,516
• Equity at exit: $5,815

10-year hold

• IRR: —
• Equity multiple: 12.93×
• Total profit: $130,268
• Equity at exit: $3,372

Cash invested: $10,920 (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: 2.0×

Monthly cashflow live

• Estimated rent: $1,646 medium
• Mortgage (P&I): −$205
• Tax from tax record: −$93 /mo · $1,121/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $986

Break-even live

Break-even rent $398

Max offer price $39,000

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: $9,750
• Closing costs: $1,170
• Reserves months: —
• Total cash needed: —

Listing history 42 events

1. 2026-06-18
   days on market $39,000 Active 4 DOM
2. 2026-06-17
   days on market $39,000 Active 3 DOM
3. 2026-06-16
   days on market $39,000 Active 2 DOM
4. 2026-06-15
   days on marketlisting id $39,000 Active 1 DOM
5. 2026-06-15
   days on market $39,000 Active 3 DOM
6. 2026-06-13
   statusdays on marketlisting id $39,000 Active 1 DOM
7. 2026-02-22
   listed $39,000 Active 985-char remark

   Show marketing remark (985 chars)

   ARE YOU LOOKING FOR A GREAT INVESTMENT OPPORTUNITY IN THE FOX CREEK NEIGHBORHOOD? This is it! Located a few blocks off Mack Avenue, minutes away from Grosse Pointe. This duplex with 2 units with 3 beds/1 bath is ready for its next owner with construction experience. This property would be for an investor looking for a value-add opportunity to flip or rent out, or for an owner-occupant looking to make it their own. For investors interested in flipping: after repair value (ARV) of $200K+! So much potential for a visionary to turn this diamond in the rough into a cash cow or your new primary residence. PRIME LOCATION seconds away from Grosse Pointe on a few blockss off Mack Ave & FCA Mack and Jefferson north assembly plant, w/ tons of restaurants, shopping, and a hospital nearby + easy access to Belle Isle/Detroit River & close to I-94. Great for a quick commute anywhere. This property is being sold AS-IS. Schedule your private showing today! No Seller Financing

8. 2026-02-22
   listed $39,000 Active 985-char remark

   Show marketing remark (985 chars)

   ARE YOU LOOKING FOR A GREAT INVESTMENT OPPORTUNITY IN THE FOX CREEK NEIGHBORHOOD? This is it! Located a few blocks off Mack Avenue, minutes away from Grosse Pointe. This duplex with 2 units with 3 beds/1 bath is ready for its next owner with construction experience. This property would be for an investor looking for a value-add opportunity to flip or rent out, or for an owner-occupant looking to make it their own. For investors interested in flipping: after repair value (ARV) of $200K+! So much potential for a visionary to turn this diamond in the rough into a cash cow or your new primary residence. PRIME LOCATION seconds away from Grosse Pointe on a few blockss off Mack Ave & FCA Mack and Jefferson north assembly plant, w/ tons of restaurants, shopping, and a hospital nearby + easy access to Belle Isle/Detroit River & close to I-94. Great for a quick commute anywhere. This property is being sold AS-IS. Schedule your private showing today! No Seller Financing

9. 2026-02-20
   historical $39,000 985-char remark

   Show marketing remark (985 chars)

   ARE YOU LOOKING FOR A GREAT INVESTMENT OPPORTUNITY IN THE FOX CREEK NEIGHBORHOOD? This is it! Located a few blocks off Mack Avenue, minutes away from Grosse Pointe. This duplex with 2 units with 3 beds/1 bath is ready for its next owner with construction experience. This property would be for an investor looking for a value-add opportunity to flip or rent out, or for an owner-occupant looking to make it their own. For investors interested in flipping: after repair value (ARV) of $200K+! So much potential for a visionary to turn this diamond in the rough into a cash cow or your new primary residence. PRIME LOCATION seconds away from Grosse Pointe on a few blockss off Mack Ave & FCA Mack and Jefferson north assembly plant, w/ tons of restaurants, shopping, and a hospital nearby + easy access to Belle Isle/Detroit River & close to I-94. Great for a quick commute anywhere. This property is being sold AS-IS. Schedule your private showing today! No Seller Financing

10. 2026-02-16
    historical
11. 2026-02-16
    historical
12. 2025-12-15
    listed $39,000 Active
13. 2025-12-15
    listed $39,000 Active
14. 2025-12-15
    historical
15. 2025-12-15
    historical
16. 2025-10-06
    price $39,000
17. 2025-10-06
    price $39,000
18. 2025-09-20
    listed $49,000 Active
19. 2025-09-20
    listed $49,000 Active
20. 2025-09-15
    historical
21. 2025-03-04
    soldstatus $20,000 Closed
22. 2025-03-04
    soldstatus $20,000 Closed
23. 2025-02-24
    status Pending
24. 2025-02-24
    status Pending
25. 2025-02-20
    historical
26. 2025-02-20
    listed $28,000 Active
27. 2025-02-20
    listed $28,000 Active
28. 2025-02-20
    historical
29. 2025-02-10
    status Active
30. 2025-02-10
    status Active
31. 2025-01-21
    status Pending
32. 2025-01-21
    status Pending
33. 2024-06-19
    historical
34. 2024-06-19
    listed $38,000 Active
35. 2024-06-19
    listed $38,000 Active
36. 2024-06-19
    historical
37. 2024-04-23
    listed $55,000 Active
38. 2024-04-23
    historical
39. 2024-04-23
    listed $55,000 Active
40. 2024-04-23
    historical
41. 2023-12-19
    listed $65,000 Active
42. 2023-12-19
    listed $65,000 Active

ⓘ 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: $1,121 · $93/mo
• Projected year-2 tax: $1,121 · $93/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 3/10 Moderate FEMA zone X (unshaded) · 12% 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 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,746
• − Mortgage interest: −$2,185
• − Property taxes: −$1,121
• − Insurance: −$195
• − Repairs & maintenance: −$1,580
• − Management: −$1,580
• − Depreciation: −$1,135
• Taxable income: $11,951
• Est. tax owed @ 24.0%: −$2,868
• After-tax cash flow: $8,961/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

-40.0% since first listed

36 events — show timeline

• 2026-02-22 Listed $39,000 MiRealSource-MiMLS
• 2026-02-22 Listed $39,000 REALCOMP
• 2026-02-20 Coming Soon $39,000 MiRealSource-MiMLS
• 2026-02-16 Listing Removed — REALCOMP
• 2026-02-16 Listing Removed — MiRealSource-MiMLS
• 2025-12-15 Listed $39,000 REALCOMP
• 2025-12-15 Listing Removed — REALCOMP
• 2025-12-15 Listing Removed — MiRealSource-MiMLS
• 2025-12-15 Listed $39,000 MiRealSource-MiMLS
• 2025-10-06 Price Changed $39,000 MiRealSource-MiMLS
• 2025-10-06 Price Changed $39,000 REALCOMP
• 2025-09-20 Listed $49,000 MiRealSource-MiMLS
• 2025-09-20 Listed $49,000 REALCOMP
• 2025-09-15 Coming Soon — MiRealSource-MiMLS
• 2025-03-04 Sold (MLS) $20,000 MiRealSource-MiMLS
• 2025-03-04 Sold (MLS) $20,000 REALCOMP
• 2025-02-24 Pending — MiRealSource-MiMLS
• 2025-02-24 Pending — REALCOMP
• 2025-02-20 Listing Removed — REALCOMP
• 2025-02-20 Listing Removed — MiRealSource-MiMLS
• 2025-02-20 Listed $28,000 MiRealSource-MiMLS
• 2025-02-20 Listed $28,000 REALCOMP
• 2025-02-10 Relisted — MiRealSource-MiMLS
• 2025-02-10 Relisted — REALCOMP
• 2025-01-21 Pending — REALCOMP
• 2025-01-21 Pending — MiRealSource-MiMLS
• 2024-06-19 Listing Removed — MiRealSource-MiMLS
• 2024-06-19 Listed $38,000 MiRealSource-MiMLS
• 2024-06-19 Listed $38,000 REALCOMP
• 2024-06-19 Listing Removed — REALCOMP
• 2024-04-23 Listing Removed — MiRealSource-MiMLS
• 2024-04-23 Listed $55,000 MiRealSource-MiMLS
• 2024-04-23 Listing Removed — REALCOMP
• 2024-04-23 Listed $55,000 REALCOMP
• 2023-12-19 Listed $65,000 MiRealSource-MiMLS
• 2023-12-19 Listed $65,000 REALCOMP

Property tax history

+7.2%/yr

Latest (2025): $1,121 · -47.7% YoY. Source: county tax records.