10952 Peerless St · Detroit, MI 48224

$49,000

3 bd · 1.0 ba · 1,033 sqft · SingleFamily public records · 43 Days on market

Built 1948 5,227 sqft lot $47/sqft · 20% below area Est $62k · 20% under ↓ 45% 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

Handyman Special – Sold AS IS This 3-bedroom brick bungalow is a fantastic opportunity for investors or buyers looking to add value. Ideally located just minutes from Denby High School and Harper Woods High School, the property offers a spacious floor plan and hardwood flooring throughout. The home does need work, including damage to the basement and flooring, but is priced accordingly—please refer to photos for details. Exterior features include a dimensional roof, a 2-car detached garage, and a large fenced yard. Conveniently situated on Detroit’s southeast side near the Grosse Pointes and Harper Woods, with close proximity to St. John Hospital. Sold strictly AS IS. Cash buyers only. $495 processing fee payable to listing broker at closing Buyer to receive clean title, warranty deed, and title insurance

Key facts

• Hardwood flooring
• Brick bungalow
• Fenced yard

Tags

• BRICK BUNGALOW
• HARDWOOD FLOORING
• DIMENSIONAL ROOF
• DETACHED GARAGE
• FENCED YARD
• SPACIOUS FLOOR PLAN

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $49k.

Deal economics

• At list price, monthly cash flow is $623 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.6% 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: Rents flat; 484 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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 36% 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 $339 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 $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 23y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.9% of price; built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $47,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — 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. 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. 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: 2.74% ✓
• Cap rate: 21.56%
• Cash-on-cash: 54.51%
• DSCR: 3.43
• GRM: 3.0

CMA / ARV

• ARV (median comp): $61,592
• List price: $49,000
• Delta: -20.44%
• 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
10945 Peerless St	0.03mi	3/1.0	964 (-7%)	2mo	$54,000	$56	86
20244 Mccormick St	0.20mi	3/1.0	1,000 (-3%)	1mo	$75,000	$75	84
11017 Worden St	0.09mi	3/1.0	961 (-7%)	0mo	$47,500	$49	84
11640 Somerset Ave	0.25mi	3/2.0	1,028 (-0%)	0mo	$70,000	$68	83
10830 Mckinney St	0.39mi	3/1.0	1,066 (+3%)	1mo	$40,199	$38	76
20300 Mccormick St	0.22mi	3/1.0	940 (-9%)	1mo	$60,000	$64	74
11545 Roxbury St	0.51mi	3/1.0	1,003 (-3%)	1mo	$65,000	$65	71
9369 Sanilac St	0.31mi	3/1.0	1,124 (+9%)	1mo	$65,000	$58	70
6135 Marseilles St	0.71mi	3/1.0	988 (-4%)	0mo	$55,000	$56	60
10319 Mckinney St	0.68mi	4/1.0 (+1)	990 (-4%)	1mo	$25,000	$25	56
6106 Oldtown St	0.74mi	3/1.5	961 (-7%)	1mo	$132,000	$137	51
6156 Lodewyck St	0.71mi	3/1.0	900 (-13%)	1mo	$51,000	$57	45

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: 49.9%
• Equity multiple: 3.10×
• Total profit: $28,835
• Equity at exit: $7,306

10-year hold

• IRR: 54.4%
• Equity multiple: 5.72×
• Total profit: $64,791
• Equity at exit: $4,237

Cash invested: $13,720 (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: 3.0×

Monthly cashflow live

• Estimated rent: $1,343 high
• Mortgage (P&I): −$257
• Tax from tax record: −$160 /mo · $1,921/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $623

Break-even live

Break-even rent $554

Max offer price $49,000

Occupancy floor 49%

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10985 Peerless St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	4d	1	0.07mi
10870 Marne St Detroit, MI	3.0	1.0	1156	$1,100	$0.95	17d	1	0.08mi
10542 Lanark St Detroit, MI	3.0	1.0	1023	$1,250	$1.22	43d	1	0.21mi
19982 McCormick St Detroit, MI	3.0	1.0	866	$1,200	$1.39	3d	1	0.25mi
10692 Meuse St Detroit, MI	3.0	1.0	955	$1,250	$1.31	12d	1	0.31mi
20461 Kingsville St Harper Woods, MI	4.0	1.0	1100	$1,399	$1.27	14d	1	0.36mi
19639 Moross Rd Unit 1 Detroit, MI	2.0	1.0	900	$1,100	$1.22	43d	1	0.38mi
10370 Britain St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	43d	1	0.41mi
10400 Britain St Detroit, MI	3.0	1.0	890	$1,100	$1.24	43d	1	0.42mi
19435 McCormick St Detroit, MI	3.0	2.0	1148	$1,300	$1.13	17d	1	0.49mi
11529 Roxbury St Detroit, MI	2.0	1.0	720	$1,200	$1.67	12d	1	0.50mi
19442 Kingsville St Harper Woods, MI	3.0	1.0	1000	$1,500	$1.50	17d	1	0.50mi
9313 Harvard Rd Detroit, MI	3.0	1.5	1329	$1,200	$0.90	17d	1	0.50mi
20926 Moross Rd Grosse Pointe, MI	3.0	1.0	1200	$1,350	$1.12	43d	1	0.50mi
19661 Kenosha St Harper Woods, MI	3.0	2.0	1000	$1,400	$1.40	24d	1	0.52mi
17710 Chester St Detroit, MI	2.0	1.0	984	$1,250	$1.27	43d	1	0.53mi
17720 Chester St Detroit, MI	2.0	1.0	986	$1,250	$1.27	43d	1	0.53mi
6325 Neff Ave Detroit, MI	3.0	1.0	1000	$1,500	$1.50	2d	1	0.55mi
10177 Boleyn St Detroit, MI	3.0	1.0	767	$1,250	$1.63	43d	1	0.56mi
9241 Boleyn St Detroit, MI	3.0	1.0	1350	$1,350	$1.00	43d	1	0.56mi
11776 Rossiter St Detroit, MI	3.0	1.0	964	$1,150	$1.19	11d	1	0.57mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	43d	1	0.57mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	14d	1	0.57mi
19365 Kingsville St Harper Woods, MI	4.0	1.5	996	$1,650	$1.66	14d	1	0.58mi
6304 Bluehill St Detroit, MI	3.0	1.0	1088	$1,500	$1.38	43d	1	0.58mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	43d	1	0.59mi
10037 Grayton St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	3d	1	0.61mi
6225 Oldtown St Detroit, MI	3.0	1.0	1330	$1,199	$0.90	17d	1	0.61mi
11620 Rossiter St Detroit, MI	3.0	1.0	1140	$1,200	$1.05	17d	1	0.62mi
19203 Edgefield St Harper Woods, MI	2.0	1.0	1100	$1,100	$1.00	24d	1	0.62mi
6181 Neff Ave Detroit, MI	3.0	1.0	1102	$1,299	$1.18	17d	1	0.62mi
6301 Lodewyck St Detroit, MI	3.0	1.0	1084	$1,300	$1.20	12d	1	0.63mi
11235 Roxbury St Detroit, MI	3.0	1.0	1062	$1,325	$1.25	17d	1	0.64mi
19144 Moross Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	43d	1	0.65mi
6154 Woodhall St Detroit, MI	2.0	1.0	1136	$1,000	$0.88	43d	1	0.65mi
6175 Marseilles St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	43d	1	0.66mi
11689 Wayburn St Detroit, MI	3.0	1.0	1142	$1,350	$1.18	43d	1	0.71mi
11911 Lansdowne St Detroit, MI	4.0	1.0	1350	$1,400	$1.04	43d	1	0.76mi
5955 Guilford St Detroit, MI	3.0	1.0	802	$1,400	$1.75	17d	1	0.78mi
21401 Kingsville St Harper Woods, MI	2.0	1.0	944	$1,200	$1.27	24d	1	0.81mi

Listing history 44 events

1. 2026-06-04
   days on market $49,000 Active 43 DOM
2. 2026-06-03
   days on market $49,000 Active 42 DOM
3. 2026-06-02
   days on market $49,000 Active 41 DOM
4. 2026-06-01
   days on market $49,000 Active 40 DOM
5. 2026-05-31
   days on market $49,000 Active 39 DOM
6. 2026-04-22
   listed $49,000 Active 834-char remark

   Show marketing remark (837 chars)

   Handyman Special – Sold AS IS This 3-bedroom brick bungalow is a fantastic opportunity for investors or buyers looking to add value. Ideally located just minutes from Denby High School and Harper Woods High School, the property offers a spacious floor plan and hardwood flooring throughout. The home does need work, including damage to the basement and flooring, but is priced accordingly - please refer to photos for details. Exterior features include a dimensional roof, a 2-car detached garage, and a large fenced yard. Conveniently situated on Detroit's southeast side near the Grosse Pointes and Harper Woods, with close proximity to St. John Hospital. Sold strictly AS IS. Cash buyers only. $495 processing fee payable to listing broker at closing Buyer to receive clean title, warranty deed, and title insurance

7. 2026-04-22
   listed $49,000 Active 837-char remark

   Show marketing remark (837 chars)

   Handyman Special – Sold AS IS This 3-bedroom brick bungalow is a fantastic opportunity for investors or buyers looking to add value. Ideally located just minutes from Denby High School and Harper Woods High School, the property offers a spacious floor plan and hardwood flooring throughout. The home does need work, including damage to the basement and flooring, but is priced accordingly - please refer to photos for details. Exterior features include a dimensional roof, a 2-car detached garage, and a large fenced yard. Conveniently situated on Detroit's southeast side near the Grosse Pointes and Harper Woods, with close proximity to St. John Hospital. Sold strictly AS IS. Cash buyers only. $495 processing fee payable to listing broker at closing Buyer to receive clean title, warranty deed, and title insurance

8. 2025-12-16
   historical
9. 2025-12-16
   historical
10. 2025-05-21
    listed $54,999 Active
11. 2025-05-21
    listed $54,999 Active
12. 2025-03-26
    historical
13. 2025-03-26
    historical
14. 2025-03-08
    price $54,995
15. 2025-03-07
    price $54,995
16. 2024-12-16
    historical
17. 2024-12-16
    listed $84,000 Active
18. 2024-12-16
    listed $84,000 Active
19. 2024-12-16
    historical
20. 2024-10-29
    listed $84,900 Active
21. 2024-10-29
    listed $84,900 Active
22. 2024-10-28
    historical
23. 2024-10-28
    historical
24. 2024-09-06
    listed $84,900 Active
25. 2024-09-06
    listed $84,900 Active
26. 2024-07-26
    historical
27. 2024-07-26
    historical
28. 2024-07-20
    price $84,900
29. 2024-07-19
    price $84,900
30. 2024-07-07
    listed $87,900 Active
31. 2024-07-07
    listed $87,900 Active
32. 2024-07-03
    historical
33. 2024-07-03
    historical
34. 2024-04-18
    price $87,900
35. 2024-04-18
    price $87,900
36. 2024-02-08
    listed $89,000 Active
37. 2024-02-08
    listed $89,000 Active
38. 2024-02-05
    historical
39. 2024-02-05
    historical
40. 2020-05-07
    soldstatus $62,900
41. 2017-02-01
    soldstatus $65,000
42. 2004-03-29
    soldstatus $91,500
43. 2004-01-04
    soldstatus $89,900
44. 2003-11-20
    listed $89,900

ⓘ 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: $1,921 · $160/mo
• Projected year-2 tax: $1,921 · $160/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 ≥95°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: $16,111
• − Mortgage interest: −$2,745
• − Property taxes: −$1,921
• − Insurance: −$245
• − Repairs & maintenance: −$1,289
• − Management: −$1,289
• − Depreciation: −$1,425
• Taxable income: $7,197
• Est. tax owed @ 24.0%: −$1,727
• After-tax cash flow: $5,751/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

-45.5% since first listed

39 events — show timeline

• 2026-04-22 Listed $49,000 MiRealSource-MiMLS
• 2026-04-22 Listed $49,000 REALCOMP
• 2025-12-16 Listing Removed — MiRealSource-MiMLS
• 2025-12-16 Listing Removed — REALCOMP
• 2025-05-21 Listed $54,999 MiRealSource-MiMLS
• 2025-05-21 Listed $54,999 REALCOMP
• 2025-03-26 Listing Removed — MiRealSource-MiMLS
• 2025-03-26 Listing Removed — REALCOMP
• 2025-03-08 Price Changed $54,995 MiRealSource-MiMLS
• 2025-03-07 Price Changed $54,995 REALCOMP
• 2024-12-16 Listing Removed — MiRealSource-MiMLS
• 2024-12-16 Listed $84,000 MiRealSource-MiMLS
• 2024-12-16 Listed $84,000 REALCOMP
• 2024-12-16 Listing Removed — REALCOMP
• 2024-10-29 Listed $84,900 MiRealSource-MiMLS
• 2024-10-29 Listed $84,900 REALCOMP
• 2024-10-28 Listing Removed — MiRealSource-MiMLS
• 2024-10-28 Listing Removed — REALCOMP
• 2024-09-06 Listed $84,900 MiRealSource-MiMLS
• 2024-09-06 Listed $84,900 REALCOMP
• 2024-07-26 Listing Removed — MiRealSource-MiMLS
• 2024-07-26 Listing Removed — REALCOMP
• 2024-07-20 Price Changed $84,900 MiRealSource-MiMLS
• 2024-07-19 Price Changed $84,900 REALCOMP
• 2024-07-07 Listed $87,900 MiRealSource-MiMLS
• 2024-07-07 Listed $87,900 REALCOMP
• 2024-07-03 Listing Removed — MiRealSource-MiMLS
• 2024-07-03 Listing Removed — REALCOMP
• 2024-04-18 Price Changed $87,900 MiRealSource-MiMLS
• 2024-04-18 Price Changed $87,900 REALCOMP
• 2024-02-08 Listed $89,000 MiRealSource-MiMLS
• 2024-02-08 Listed $89,000 REALCOMP
• 2024-02-05 Coming Soon — REALCOMP
• 2024-02-05 Coming Soon — MiRealSource-MiMLS
• 2020-05-07 Sold (Public Records) $62,900 Public Records
• 2017-02-01 Sold (Public Records) $65,000 Public Records
• 2004-03-29 Sold (Public Records) $91,500 Public Records
• 2004-01-04 Sold (MLS) $89,900 REALCOMP
• 2003-11-20 Listed $89,900 REALCOMP

Property tax history

+0.8%/yr

Latest (2025): $1,921 · -54.3% YoY. Source: county tax records.