2032 Puritan St · Detroit, MI 48203

$15,000

3 bd · 1.0 ba · 994 sqft · SingleFamily public records · 265 Days on market

Built 1922 3,485 sqft lot $15/sqft · 62% below area

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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

3 Bed Bungalow in the Opportunity in Martin Park Neighborhood – Detroit Land Bank Owned. Fantastic opportunity to restore this 3 Bed Bungalow property in the Martin Park neighborhood of Detroit. How to Apply: Interested buyers must submit a proposal that includes: 1. Project Proposal (intended use of structure + timeline) 2. Proof of Funds (bank statement or lender letter) 3. Scope of Work (breakdown of renovation costs) 4. Proof of Previous Projects: (include addresses and photos) Important Note: Sale is contingent on execution of a DLBA Renovation/Development Agreement. The Detroit Land Bank Authority is entitled to a tax recapture for the five (5) tax years following transfer of ownership. This may be incompatible with certain abatements or lot combinations. Waiver requests will be considered on a case-by-case basis and may require a payment in lieu of taxes, determined after review of the development pro forma and financing. BATVAI. IDRBNG.

Key facts

• 3,485 sq ft lot
• Built 1922
• Listed 265 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $15k.

Deal economics

• At list price, monthly cash flow is $881 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $15k).
• Recommended offer: $13k (12.0% below list) — sets the bar for market timing.
• Cap rate 76.7% 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: 216 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 39% of the median local income ($38k/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 $104 of loan paydown is wiped out by about $450 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 $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 265 days — a 12% lower offer ($13k) is reasonable based on typical stale-listing flexibility.
• 24 sale attempts since 14y 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 $100; list at $15k implies a 14900% 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 $13,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 265 days. Have you received any prior offers? Is the seller open to a 12% 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. 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?
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: 8.31% ✓
• Cap rate: 76.74%
• Cash-on-cash: 251.58%
• DSCR: 12.19
• GRM: 1.0

CMA / ARV

• ARV (median comp): $39,542
• List price: $15,000
• Delta: -62.07%
• 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
15560 La Salle Blvd	0.38mi	3/1.0	1,022 (+3%)	1mo	$35,000	$34	77
1952 Louise St	0.11mi	3/1.0	882 (-11%)	2mo	$33,000	$37	75
1983 Brighton St	0.25mi	3/1.0	921 (-7%)	4mo	$40,000	$43	72
15532 Baylis St	0.36mi	3/1.0	968 (-3%)	12mo	$33,500	$35	69
15834 Baylis St	0.23mi	3/1.0	1,065 (+7%)	10mo	$111,500	$105	69
16200 Lawton St	0.51mi	3/1.0	956 (-4%)	4mo	$56,500	$59	66
15488 Wildemere St	0.70mi	3/1.0	949 (-4%)	1mo	$49,900	$53	59
15798 Muirland St	0.70mi	2/1.0 (-1)	943 (-5%)	1mo	$29,000	$31	53
15721 Log Cabin St	0.21mi	2/1.0 (-1)	844 (-15%)	11mo	$23,000	$27	52
15774 Muirland St	0.71mi	2/1.0 (-1)	1,018 (+2%)	10mo	$35,000	$34	49
15455 Wildemere St	0.73mi	3/1.0	1,095 (+10%)	2mo	$18,500	$17	47
15494 Muirland St	0.74mi	2/1.0 (-1)	1,090 (+10%)	9mo	$39,000	$36	37

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: —
• Equity multiple: 13.78×
• Total profit: $53,669
• Equity at exit: $2,237

10-year hold

• IRR: —
• Equity multiple: 29.34×
• Total profit: $119,024
• Equity at exit: $1,297

Cash invested: $4,200 (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 48203

• Home prices YoY: -23.3%
• Active inventory: 216
• Price-to-rent: 1.0×

Monthly cashflow live

• Estimated rent: $1,246 high
• Mortgage (P&I): −$79
• Tax est. 1.5%: −$19 /mo · $225/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $881

Break-even live

Break-even rent $131

Max offer price $15,000

Occupancy floor 24%

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: $3,750
• Closing costs: $450
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16927 Inverness St Detroit, MI	2.0	1.0	897	$1,650	$1.84	16d	1	0.44mi
16174 Princeton St Detroit, MI	2.0	1.0	985	$1,100	$1.12	19d	1	0.44mi
16174 Princeton St Unit 2 Detroit, MI	2.0	1.0	985	$1,100	$1.12	43d	1	0.45mi
15906 Alden St Detroit, MI	3.0	1.0	1030	$1,150	$1.12	16d	1	0.55mi
941 Merton Rd Highland Park, MI	2.0	1.0	850	$1,000	$1.18	43d	1	0.55mi
17449 Manderson Rd Unit 1 Detroit, MI	2.0	1.0	750	$1,150	$1.53	24d	1	0.59mi
730 Whitmore Rd Detroit, MI	1.0–2.0	1.0	850	$850	$1.00	43d	3	0.71mi
931 Covington Dr Unit 202 Highland Park, MI	2.0	2.0	550	$1,400	$2.55	43d	1	0.73mi
17765 Manderson Rd Unit 14 Highland Park, MI	2.0	1.0	1000	$1,175	$1.18	43d	1	0.80mi
17765 Manderson Rd Unit 8 Highland Park, MI	2.0	1.0	1000	$1,215	$1.22	2d	1	0.80mi
2433 Pasadena St Unit 2435 Detroit, MI	2.0	1.0	700	$1,025	$1.46	43d	1	1.04mi
13639 La Salle Blvd Detroit, MI	2.0	1.0	800	$695	$0.87	11d	1	1.08mi
17215 Warrington Dr Detroit, MI	2.0	1.0	1015	$2,000	$1.97	43d	1	1.16mi
27 Pasadena St Highland Park, MI	2.0	1.0	900	$825	$0.92	43d	1	1.23mi
2034 Ewald Cir Detroit, MI	2.0	1.0	1000	$995	$0.99	5d	1	1.25mi
17145 Santa Rosa Dr Unit 1 Detroit, MI	3.0	1.0	1050	$1,400	$1.33	18d	1	1.28mi
7350 Globe St Detroit, MI	3.0	1.0	1000	$1,550	$1.55	3d	1	1.29mi
14950 Stoepel St Detroit, MI	2.0	1.0	600	$900	$1.50	24d	1	1.31mi
17147 Monica St Unit 2 1 Detroit, MI	2.0	1.0	900	$975	$1.08	24d	1	1.34mi
127 W Buena Vista St Unit 129 Highland Park, MI	2.0	1.0	800	$1,000	$1.25	43d	1	1.37mi
17551 Santa Rosa Dr Detroit, MI	2.0	1.0	1036	$1,095	$1.06	43d	1	1.40mi
406 W Goldengate St Detroit, MI	2.0	1.0	1050	$1,100	$1.05	43d	1	1.41mi
404 W Golden Gate Highland Park, MI	2.0	1.0	1050	$1,100	$1.05	43d	1	1.41mi
16722 Tuller St Detroit, MI	3.0	1.5	1100	$1,500	$1.36	16d	1	1.46mi
15771 Turner St Detroit, MI	2.0	1.0	1000	$1,049	$1.05	43d	1	1.50mi

Listing history 50 events

1. 2026-06-18
   days on market $15,000 Active 265 DOM
2. 2026-06-17
   days on market $15,000 Active 264 DOM
3. 2026-06-15
   days on market $15,000 Active 262 DOM
4. 2026-06-13
   days on market $15,000 Active 260 DOM
5. 2026-06-13
   days on market $15,000 Active 259 DOM
6. 2026-06-09
   days on market $15,000 Active 256 DOM
7. 2026-06-08
   days on market $15,000 Active 255 DOM
8. 2026-06-07
   days on market $15,000 Active 254 DOM
9. 2026-06-04
   days on market $15,000 Active 251 DOM
10. 2026-06-03
    days on market $15,000 Active 250 DOM
11. 2026-06-01
    days on market $15,000 Active 248 DOM
12. 2026-05-31
    days on market $15,000 Active 247 DOM
13. 2025-09-27
    listed $15,000 Active 977-char remark

    Show marketing remark (964 chars)

    3 Bed Bungalow in the Opportunity in Martin Park Neighborhood – Detroit Land Bank Owned. Fantastic opportunity to restore this 3 Bed Bungalow property in the Martin Park neighborhood of Detroit. How to Apply: Interested buyers must submit a proposal that includes: 1. Project Proposal (intended use of structure + timeline) 2. Proof of Funds (bank statement or lender letter) 3. Scope of Work (breakdown of renovation costs) 4. Proof of Previous Projects: (include addresses and photos) Important Note: Sale is contingent on execution of a DLBA Renovation/Development Agreement. The Detroit Land Bank Authority is entitled to a tax recapture for the five (5) tax years following transfer of ownership. This may be incompatible with certain abatements or lot combinations. Waiver requests will be considered on a case-by-case basis and may require a payment in lieu of taxes, determined after review of the development pro forma and financing. BATVAI. IDRBNG.

14. 2025-09-27
    listed $15,000 Active 964-char remark

    Show marketing remark (964 chars)

    3 Bed Bungalow in the Opportunity in Martin Park Neighborhood – Detroit Land Bank Owned. Fantastic opportunity to restore this 3 Bed Bungalow property in the Martin Park neighborhood of Detroit. How to Apply: Interested buyers must submit a proposal that includes: 1. Project Proposal (intended use of structure + timeline) 2. Proof of Funds (bank statement or lender letter) 3. Scope of Work (breakdown of renovation costs) 4. Proof of Previous Projects: (include addresses and photos) Important Note: Sale is contingent on execution of a DLBA Renovation/Development Agreement. The Detroit Land Bank Authority is entitled to a tax recapture for the five (5) tax years following transfer of ownership. This may be incompatible with certain abatements or lot combinations. Waiver requests will be considered on a case-by-case basis and may require a payment in lieu of taxes, determined after review of the development pro forma and financing. BATVAI. IDRBNG.

15. 2025-09-26
    historical $15,000 977-char remark

    Show marketing remark (977 chars)

    3 Bed Bungalow in the Opportunity in Martin Park Neighborhood – Detroit Land Bank Owned. Fantastic opportunity to restore this 3 Bed Bungalow property in the Martin Park neighborhood of Detroit. How to Apply: Interested buyers must submit a proposal that includes: 1. Project Proposal (intended use of structure + timeline) 2. Proof of Funds (bank statement or lender letter) 3. Scope of Work (breakdown of renovation costs) 4. Proof of Previous Projects: (include addresses and photos) Important Note: Sale is contingent on execution of a DLBA Renovation/Development Agreement. The Detroit Land Bank Authority is entitled to a tax recapture for the five (5) tax years following transfer of ownership. This may be incompatible with certain abatements or lot combinations. Waiver requests will be considered on a case-by-case basis and may require a payment in lieu of taxes, determined after review of the development pro forma and financing. BATVAI. IDRBNG.

16. 2023-12-13
    historical
17. 2023-12-13
    historical
18. 2023-05-30
    listed $5,000 Active
19. 2023-05-30
    listed $5,000 Active
20. 2023-03-02
    status Active
21. 2023-01-19
    historical
22. 2023-01-18
    status Active
23. 2022-02-08
    status Pending
24. 2021-12-31
    historical
25. 2021-12-31
    historical
26. 2021-10-26
    historical
27. 2021-10-10
    status Pending
28. 2021-10-10
    status Pending
29. 2020-10-23
    status Active
30. 2020-10-14
    historical
31. 2020-09-04
    listed $5,000 Active
32. 2020-09-04
    listed $5,000 Active
33. 2015-09-01
    soldstatus $100
34. 2015-09-01
    soldstatus $100
35. 2015-06-25
    historical
36. 2015-06-23
    listed $100
37. 2015-06-23
    listed $100
38. 2015-05-12
    historical
39. 2015-04-16
    price $1,075
40. 2015-03-11
    status Active
41. 2015-03-04
    historical
42. 2015-02-16
    listed $1,000 Active
43. 2015-02-16
    listed $1,075
44. 2015-02-07
    historical
45. 2015-02-06
    status Active
46. 2015-01-15
    historical
47. 2014-12-03
    historical
48. 2014-08-15
    listed $1,000 Active
49. 2014-08-15
    listed $1,000
50. 2014-05-28
    historical

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $14,950
• − Mortgage interest: −$840
• − Property taxes: −$225
• − Insurance: −$75
• − Repairs & maintenance: −$1,196
• − Management: −$1,196
• − Depreciation: −$436
• Taxable income: $10,981
• Est. tax owed @ 24.0%: −$2,635
• After-tax cash flow: $7,931/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): 20,049
• Household income: $38,404
• Rent vs Own: 48.7% rent · 51.3% own
• Severe rent burden: 1192.0

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 (85%)
• Race & ethnicity: Black 85% White 8% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% French/Haitian/Cajun 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: ▼ -90.13%
• Current HPI: 297.0176
• 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

+328.6% since first listed

51 events — show timeline

• 2025-09-27 Listed $15,000 MiRealSource-MiMLS
• 2025-09-27 Listed $15,000 REALCOMP
• 2025-09-26 Coming Soon $15,000 MiRealSource-MiMLS
• 2023-12-13 Listing Removed — MiRealSource-MiMLS
• 2023-12-13 Listing Removed — REALCOMP
• 2023-05-30 Listed $5,000 MiRealSource-MiMLS
• 2023-05-30 Listed $5,000 REALCOMP
• 2023-03-02 Relisted — REALCOMP
• 2023-01-19 Listing Removed — MiRealSource-MiMLS
• 2023-01-18 Relisted — REALCOMP
• 2022-02-08 Pending — REALCOMP
• 2021-12-31 Listing Removed — REALCOMP
• 2021-12-31 Listing Removed — REALCOMP
• 2021-10-26 Listing Removed — REALCOMP
• 2021-10-10 Pending — MiRealSource-MiMLS
• 2021-10-10 Pending — REALCOMP
• 2020-10-23 Relisted — REALCOMP
• 2020-10-14 Listing Removed — REALCOMP
• 2020-09-04 Listed $5,000 MiRealSource-MiMLS
• 2020-09-04 Listed $5,000 REALCOMP
• 2015-09-01 Sold (MLS) $100 MiRealSource-MiMLS
• 2015-09-01 Sold (MLS) $100 REALCOMP
• 2015-06-25 Listing Removed — MiRealSource-MiMLS
• 2015-06-23 Listed $100 MiRealSource-MiMLS
• 2015-06-23 Listed $100 REALCOMP
• 2015-05-12 Listing Removed — REALCOMP
• 2015-04-16 Price Changed $1,075 REALCOMP
• 2015-03-11 Relisted — REALCOMP
• 2015-03-04 Listing Removed — REALCOMP
• 2015-02-16 Listed $1,075 MiRealSource-MiMLS
• 2015-02-16 Listed $1,000 REALCOMP
• 2015-02-07 Listing Removed — REALCOMP
• 2015-02-06 Relisted — REALCOMP
• 2015-01-15 Listing Removed — MiRealSource-MiMLS
• 2014-12-03 Listing Removed — REALCOMP
• 2014-08-15 Listed $1,000 MiRealSource-MiMLS
• 2014-08-15 Listed $1,000 REALCOMP
• 2014-05-28 Listing Removed — MiRealSource-MiMLS
• 2014-03-03 Listing Removed — REALCOMP
• 2014-03-03 Listed $1,980 REALCOMP
• 2014-03-03 Listed $1,980 MiRealSource-MiMLS
• 2013-02-15 Listing Removed — MiRealSource-MiMLS
• 2012-12-31 Listing Removed — REALCOMP
• 2012-12-31 Listing Removed — MiRealSource-MiMLS
• 2012-08-07 Listed $3,000 REALCOMP
• 2012-08-07 Listed $3,000 MiRealSource-MiMLS
• 2012-06-03 Listing Removed — REALCOMP
• 2012-06-03 Listing Removed — MiRealSource-MiMLS
• 2012-01-26 Listed $3,000 MiRealSource-MiMLS
• 2012-01-03 Listed $3,500 REALCOMP
• 2012-01-03 Listed $3,500 MiRealSource-MiMLS

Property tax history

-25.2%/yr

Latest (2025): $12 · +0.0% YoY. Source: county tax records.