16524 Pierson St · Detroit, MI 48219

$94,000

3 bd · 1.0 ba · 1,290 sqft · SingleFamily public records · 156 Days on market

Built 1931 6,098 sqft lot $73/sqft · 18% below area Est $114k · 18% under

---

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 +28.3/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Classic Detroit 3 bed colonial with 2 car garage. Lots of opportunity here with equity to the upside. If your looking for a house you can live in while working on the finishing touches - this is a contender. Nice bones. Large lot with a 2 car garage. Classic colonial layout with 3 beds, 1 bath and large rooms. 1st floor features large kitchen, dining room, and large living room. 2nd floor features 3 bedrooms and full bath. This property is fully functional and needs your finishing touches. . BATVAD.

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1931

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $94k.

Deal economics

• At list price, monthly cash flow is $301 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $94k).
• Recommended offer: $83k (12.0% below list) — sets the bar for market timing.

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 rising fast (+8.0%/yr); 308 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 39% of the median local income ($44k/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 $650 of loan paydown is wiped out by about $3k 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 + 8.0% rent growth), your $26k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($83k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y ago; this cycle's ask has dropped $16k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1931 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 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 1931 — 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: 1.51% ✓
• Cap rate: 10.14%
• Cash-on-cash: 13.72%
• DSCR: 1.61
• GRM: 5.5

CMA / ARV

• ARV (median comp): $114,376
• List price: $94,000
• Delta: -17.81%
• 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
16115 Westbrook St	0.29mi	3/1.5	1,312 (+2%)	4mo	$77,400	$59	78
16871 Pierson St	0.29mi	3/1.0	1,242 (-4%)	3mo	$130,000	$105	78
16216 Westbrook St	0.23mi	3/1.5	1,378 (+7%)	4mo	$72,500	$53	73
15751 Vaughan St	0.49mi	3/1.5	1,244 (-4%)	2mo	$110,000	$88	67
16122 Trinity St	0.17mi	3/2.5	1,152 (-11%)	4mo	$169,900	$147	65
16616 Blackstone St	0.19mi	2/1.0 (-1)	1,102 (-15%)	0mo	$45,000	$41	62
15836 Patton St	0.27mi	3/1.0	1,122 (-13%)	6mo	$42,500	$38	61
15435 Fielding St	0.51mi	2/1.0 (-1)	1,432 (+11%)	1mo	$58,000	$41	52
15776 Evergreen Rd	0.53mi	3/1.0	1,122 (-13%)	4mo	$60,000	$53	50
17216 Chapel St	0.59mi	4/2.0 (+1)	1,367 (+6%)	5mo	$170,000	$124	49
17195 Westmoreland Rd	0.68mi	3/1.5	1,469 (+14%)	6mo	$226,000	$154	38
15487 Greydale St	0.68mi	3/1.5	1,482 (+15%)	6mo	$100,000	$67	36

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 10.4%
• Equity multiple: 1.44×
• Total profit: $11,584
• Equity at exit: $14,016

10-year hold

• IRR: 23.8%
• Equity multiple: 3.64×
• Total profit: $69,505
• Equity at exit: $8,127

Cash invested: $26,320 (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 48219

• Home prices YoY: -10.3%
• Rents YoY: 8.0%
• Active inventory: 308
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,422 high
• Mortgage (P&I): −$493
• Tax from tax record: −$291 /mo · $3,487/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $301

Break-even live

Break-even rent $1,041

Max offer price $94,000

Occupancy floor 74%

Sensitivity live

Price	-10% $354	-5% $328	+0% $301	+5% $274	+10% $248
Rent	-10% $189	-5% $245	+0% $301	+5% $357	+10% $413
Rate	-1.0pp $348	-0.5pp $325	base $301	+0.5pp $277	+1.0pp $252

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: $23,500
• Closing costs: $2,820
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16717 Trinity St Detroit, MI	3.0	1.5	1101	$1,250	$1.14	45d	1	0.19mi
16565 Blackstone St Detroit, MI	3.0	1.5	1592	$1,575	$0.99	45d	1	0.21mi
15815 Evergreen Rd Detroit, MI	3.0	1.0	1350	$1,300	$0.96	45d	1	0.48mi
15712 Vaughan St Detroit, MI	3.0	1.0	1280	$1,400	$1.09	16d	1	0.54mi
17255 Westbrook St Detroit, MI	3.0	2.0	1500	$1,450	$0.97	12d	1	0.56mi
15340 Braile St Detroit, MI	3.0	1.0	883	$1,000	$1.13	6d	1	0.59mi
15519 Plainview Ave Detroit, MI	3.0	1.0	900	$1,396	$1.55	18d	1	0.64mi
15829 Minock St Detroit, MI	3.0	1.5	1200	$1,550	$1.29	25d	1	0.65mi
15318 Kentfield St Detroit, MI	3.0	1.5	900	$1,400	$1.56	45d	1	0.68mi
17624 Patton St Detroit, MI	3.0	1.0	1260	$1,695	$1.35	45d	1	0.75mi
21440 Bennett St Detroit, MI	3.0	1.0	1037	$1,394	$1.34	18d	1	0.79mi
17721 Westbrook St Detroit, MI	4.0	1.0	1040	$1,125	$1.08	25d	1	0.88mi
21451 Glenco St Detroit, MI	3.0	1.0	1026	$1,400	$1.36	18d	1	0.88mi
18134 Vaughan St Detroit, MI	3.0	1.0	1060	$1,150	$1.08	18d	1	0.91mi
18205 Stout St Detroit, MI	3.0	1.0	901	$1,078	$1.20	25d	1	0.91mi
15847 Chatham St Detroit, MI	3.0	1.0	909	$1,325	$1.46	6d	1	0.93mi
18191 Heyden St Detroit, MI	2.0	1.0	917	$1,100	$1.20	25d	1	0.93mi
17238 Shaftsbury Ave Detroit, MI	3.0	1.0	1200	$1,550	$1.29	45d	1	0.96mi
14828 Heyden St Detroit, MI	3.0	1.0	1562	$1,350	$0.86	19d	1	1.01mi
16823 Stahelin Ave Detroit, MI	3.0	2.5	1500	$1,600	$1.07	19d	1	1.02mi
21434 Karl St Detroit, MI	2.0	1.0	1000	$1,350	$1.35	45d	1	1.02mi
17678 Edinborough Rd Detroit, MI	3.0	1.5	1528	$1,650	$1.08	18d	1	1.03mi
17678 Edinborough Rd Detroit, MI	3.0	1.5	1528	$1,650	$1.08	16d	1	1.03mi
18437 Trinity St Detroit, MI	3.0	1.0	875	$1,364	$1.56	16d	1	1.04mi
21455 Pickford St Detroit, MI	2.0	1.0	1000	$1,275	$1.27	45d	1	1.06mi
17328 McIntyre St Unit 2 Detroit, MI	3.0	1.0	1200	$1,250	$1.04	45d	1	1.08mi
18461 Heyden St Detroit, MI	2.0	1.0	1000	$1,050	$1.05	6d	1	1.09mi
17355 McIntyre St Detroit, MI	3.0	1.0	1500	$1,250	$0.83	45d	1	1.11mi
16757 Greenview Ave Unit 1A Detroit, MI	3.0	1.5	1600	$1,500	$0.94	6d	1	1.12mi
18556 Kentfield St Detroit, MI	3.0	1.0	952	$1,250	$1.31	4d	1	1.17mi
17654 Sunderland Rd Detroit, MI	3.0	1.0	1100	$1,500	$1.36	45d	1	1.21mi
18450 Edinborough Rd Detroit, MI	3.0	1.0	1000	$1,500	$1.50	45d	1	1.22mi
19431 Lyndon St Detroit, MI	2.0	1.0	1000	$1,275	$1.27	45d	1	1.33mi
18452 Shaftsbury Ave Detroit, MI	3.0	1.0	927	$1,500	$1.62	18d	1	1.33mi
17654 Greenview Ave Detroit, MI	4.0	1.0	1377	$1,350	$0.98	18d	1	1.34mi
22241 Lyndon St Detroit, MI	3.0	1.0	960	$1,100	$1.15	18d	1	1.38mi
14258 Plainview Ave Detroit, MI	3.0	1.0	918	$1,200	$1.31	45d	1	1.42mi
14177 Bentler St Detroit, MI	4.0	1.0	1000	$1,475	$1.48	45d	1	1.45mi

Listing history 15 events

1. 2026-06-09
   days on market $94,000 Active 156 DOM
2. 2026-06-08
   days on market $94,000 Active 155 DOM
3. 2026-06-08
   price $94,000 Active 154 DOM
4. 2026-06-07
   days on market $99,000 Active 154 DOM
5. 2026-06-04
   days on market $99,000 Active 151 DOM
6. 2026-06-03
   days on market $99,000 Active 150 DOM
7. 2026-06-01
   days on market $99,000 Active 148 DOM
8. 2026-05-31
   days on market $99,000 Active 147 DOM
9. 2026-01-04
   listed $110,000 Active 506-char remark

   Show marketing remark (504 chars)

   Classic Detroit 3 bed colonial with 2 car garage. Lots of opportunity here with equity to the upside. If your looking for a house you can live in while working on the finishing touches - this is a contender. Nice bones. Large lot with a 2 car garage. Classic colonial layout with 3 beds, 1 bath and large rooms. 1st floor features large kitchen, dining room, and large living room. 2nd floor features 3 bedrooms and full bath. This property is fully functional and needs your finishing touches. . BATVAD.

10. 2026-01-04
    listed $110,000 Active 504-char remark

    Show marketing remark (504 chars)

    Classic Detroit 3 bed colonial with 2 car garage. Lots of opportunity here with equity to the upside. If your looking for a house you can live in while working on the finishing touches - this is a contender. Nice bones. Large lot with a 2 car garage. Classic colonial layout with 3 beds, 1 bath and large rooms. 1st floor features large kitchen, dining room, and large living room. 2nd floor features 3 bedrooms and full bath. This property is fully functional and needs your finishing touches. . BATVAD.

11. 2007-06-24
    historical
12. 2007-06-05
    historical
13. 2007-04-24
    listed $7,900
14. 2007-04-24
    listed $7,900
15. 2007-04-24
    listed $7,900

ⓘ 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: $3,487 · $291/mo
• Projected year-2 tax: $3,487 · $291/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 2/10 Low 7 d/yr ≥98°F today · 14 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: $17,069
• − Mortgage interest: −$5,265
• − Property taxes: −$3,487
• − Insurance: −$470
• − Repairs & maintenance: −$1,365
• − Management: −$1,365
• − Depreciation: −$2,735
• Taxable income: $2,381
• Est. tax owed @ 24.0%: −$571
• After-tax cash flow: $3,041/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): 47,208
• Household income: $43,655
• Rent vs Own: 45.1% rent · 54.9% own
• Severe rent burden: 3584.0

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 5% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% 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: ▼ -65.06%
• Current HPI: 563.3263
• Rent YoY: ▲ 8.04%
• 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

+1292.4% since first listed

7 events — show timeline

• 2026-01-04 Listed $110,000 MiRealSource-MiMLS
• 2026-01-04 Listed $110,000 REALCOMP
• 2007-06-24 Listing Removed — MiRealSource-MiMLS
• 2007-06-05 Listing Removed — REALCOMP
• 2007-04-24 Listed $7,900 REALCOMP
• 2007-04-24 Listed $7,900 REALCOMP
• 2007-04-24 Listed $7,900 MiRealSource-MiMLS

Property tax history

+23.0%/yr

Latest (2025): $3,487 · +32.5% YoY. Source: county tax records.