2241 Vermont St · Detroit, MI 48216

$246,000

2 bd · 1.0 ba · 1,112 sqft · Townhouse public records · 686 Days on market

Built 1900 4,356 sqft lot $221/sqft · 47% above area Est $168k · 47% over

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Why this score? — see what drove the C- 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 +25.1/30.0
• DSCR +8.2/10.0
• 1% rule +5.3/10.0
• Rent growth +4.3/5.0
• Livability +3.7/5.0
• Appreciation +2.7/10.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

Historic Corktown Workers Cottage. In one of Detroit's hottest communities. The last property available. Very few sales in this area. Walking distance to the Ford Michigan Central Station (about 900 feet). Across the street from the Ford Corktown Information Center. Walking distance to where the new Detroit City Football Club Stadium will be constructed. Walking distance to restaurants and entertainment. 9'10" ceilings. Requires complete rehab. We can assist in finding reconstruction loans and project management. We highly recommend Michael Gordon from MGA Architects to design a million dollar property. A partner was going to renovate the property but is booked with other projects for several more years. We intended to tear down the newer rear addition, pickup the whole house and put a new full basement under it (with very high ceilings). Replace the removed portion with a new entertainer's kitchen, chef's kitchen, master suite and garage. Buyer's Agent to verify all information. Buyer to pay $595 Doc Fee. We can assist in having the property renovated to your desires. Using our recommended architect the ARV should be somewhere be somewhere north of $800,000.

Key facts

• 4,356 sq ft lot
• Built 1900
• Listed 685 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $246k.

Deal economics

• At list price, monthly cash flow is $547 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $246k).
• Recommended offer: $216k (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 (+7.3%/yr); 105 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 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).
• At $2,539/mo this rent would consume 69% of the median local household income ($44k/yr) (locally 431% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 + 7.3% rent growth), your $69k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 686 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $12k; list at $246k implies a 1950% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $216,480 (12.0% below list)

Questions for the listing agent

1. It's been on market 686 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 1900 — 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. 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: 1.03% ✓
• Cap rate: 8.96%
• Cash-on-cash: 9.53%
• DSCR: 1.42
• GRM: 8.1

CMA / ARV

• ARV (median comp): $167,829
• List price: $246,000
• Delta: 46.58%
• Verdict: OVERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1640 Bagley St #12	0.33mi	2/2.0	1,043 (-6%)	6mo	$415,000	$398	65
1046 18th St	0.68mi	3/2.5 (+1)	1,027 (-8%)	5mo	$229,900	$224	41
3415 Cochrane St #9	0.72mi	2/2.5	1,250 (+12%)	15mo	$398,750	$319	27
3408 Cochrane St #3	0.67mi	2/2.5	1,261 (+13%)	17mo	$412,200	$327	26
3414 Cochrane St #5	0.72mi	2/2.5	1,261 (+13%)	16mo	$400,450	$318	25
3410 Cochrane St #6	0.73mi	2/2.5	1,261 (+13%)	15mo	$409,350	$325	25
3410 Cochrane St #6	0.73mi	2/2.5	1,261 (+13%)	15mo	$409,350	$325	25
2438 W Lafayette Blvd #34	0.66mi	3/2.0 (+1)	1,254 (+13%)	20mo	$248,000	$198	22
1014 18th St #2	0.70mi	3/2.5 (+1)	1,260 (+13%)	23mo	$247,500	$196	15

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 · 7.3% rent growth · sell at horizon

5-year hold

• IRR: 2.3%
• Equity multiple: 1.09×
• Total profit: $6,333
• Equity at exit: $36,679

10-year hold

• IRR: 15.3%
• Equity multiple: 2.47×
• Total profit: $101,329
• Equity at exit: $21,270

Cash invested: $68,880 (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 48216

• Home prices YoY: -2.3%
• Rents YoY: 7.3%
• Active inventory: 105
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,539 high
• Mortgage (P&I): −$1,290
• Tax from tax record: −$66 /mo · $791/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$533
• Net cashflow: $547

Break-even live

Break-even rent $1,846

Max offer price $246,000

Occupancy floor 73%

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: $61,500
• Closing costs: $7,380
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2223 Wabash St Detroit, MI	2.0	2.0	1300	$2,800	$2.15	12d	1	0.06mi
1611 Michigan Ave Detroit, MI	1.0–2.0	1.0–2.5	1487	$4,750	$3.19	2d	8	0.27mi
1620 Michigan Ave Detroit, MI	2.0	1.0–2.0	1052	$3,500	$3.33	2d	1	0.32mi
2732 Harrison St Detroit, MI	2.0	2.5	1320	$2,750	$2.08	44d	1	0.35mi
1640 Bagley St #13 Detroit, MI	2.0	2.5	1400	$4,250	$3.04	44d	1	0.36mi
3309 14th St Detroit, MI	1.0–3.0	1.0–2.5	942	$1,612	$1.71	2d	11	0.57mi
3143 Trumbull Unit 301 Detroit, MI	2.0	1.0	1000	$1,650	$1.65	22d	1	0.63mi
2835 23rd St Unit 2 Detroit, MI	3.0	2.0	1100	$1,450	$1.32	17d	1	0.87mi
3984 Commonwealth St Unit B Detroit, MI	3.0	2.0	1100	$2,400	$2.18	24d	1	0.99mi
3998 15th St Unit 1 Detroit, MI	2.0	1.0	1200	$1,300	$1.08	44d	1	0.99mi
1729 Vinewood St Unit 2 Detroit, MI	2.0	1.0	893	$775	$0.87	12d	1	1.05mi
727 W Grand Blvd Detroit, MI	1.0	1.5–2.0	900	$1,100	$1.22	44d	4	1.05mi
676 Martin Luther King Junior Blvd Detroit, MI	1.0	1.0	750	$1,200	$1.60	24d	1	1.07mi
1001 W Jefferson Ave Unit 300-22I Detroit, MI	2.0	2.0	1040	$2,000	$1.92	24d	1	1.07mi
525 W Lafayette Blvd Detroit, MI	2.0–3.0	2.0	1546	$2,225	$1.44	44d	3	1.09mi
525 W Lafayette Blvd Detroit, MI	1.0–3.0	1.0–2.0	1546	$3,025	$1.96	2d	4	1.09mi
150 Bagley St Detroit, MI	1.0–2.0	1.0–2.5	960	$4,100	$4.27	18d	1	1.12mi
415 Clifford St Detroit, MI	2.0	1.0–2.0	755	$1,999	$2.65	5d	9	1.13mi
1265 Washington Blvd Detroit, MI	2.0	1.0–2.5	944	$5,560	$5.89	2d	9	1.16mi
76 W Adams Ave Detroit, MI	1.0–2.0	1.0–2.0	881	$2,787	$3.16	24d	10	1.17mi
944 W Alexandrine St Unit 1 Detroit, MI	3.0	1.0	1100	$1,950	$1.77	44d	1	1.19mi
321 W Lafayette Blvd Detroit, MI	1.0–2.0	1.0–2.0	834	$3,135	$3.76	3d	4	1.19mi
4437 Avery St Apt 1N Detroit, MI	1.0	1.0	700	$925	$1.32	12d	1	1.19mi
222 3rd Ave Detroit, MI	1.0	1.0	685	$3,100	$4.53	2d	17	1.21mi
711 W Alexandrine St Detroit, MI	1.0–2.0	1.0–1.5	742	$1,840	$2.48	5d	4	1.21mi
10 W Adams Ave Detroit, MI	1.0	1.0	715	$1,245	$1.74	5d	3	1.24mi
1249 Griswold St Unit 0309 Detroit, MI	2.0	1.0	864	$1,999	$2.31	44d	1	1.24mi
1215 Griswold St Detroit, MI	2.0–3.0	2.0	912	$2,395	$2.62	3d	2	1.24mi
111 State St Unit 1024679P Detroit, MI	2.0	2.0	1248	$7,718	$6.18	12d	1	1.27mi
111 State St Unit 1024673P Detroit, MI	2.0	2.0	1291	$8,342	$6.46	24d	1	1.27mi
4619 16th St Detroit, MI	3.0	1.0	1100	$1,250	$1.14	3d	1	1.27mi
1117 Griswold St Detroit, MI	1.0	1.0	800	$2,020	$2.52	12d	3	1.27mi
10 Grand River Ave Detroit, MI	1.0	1.0	884	$1,850	$2.09	3d	2	1.28mi
1133 Griswold St Detroit, MI	2.0	2.0	956	$2,400	$2.51	24d	1	1.29mi
14 Charlotte St Detroit, MI	1.0–2.0	1.0	680	$1,825	$2.68	44d	2	1.29mi
1214 Griswold St Detroit, MI	1.0	1.0	757	$1,938	$2.56	3d	24	1.29mi
10 Witherell St Detroit, MI	1.0–2.0	1.0–2.5	1394	$6,000	$4.30	5d	8	1.29mi
675 W Willis St Detroit, MI	1.0–3.0	1.0	631	$1,395	$2.21	2d	4	1.29mi
1212 Griswold St Unit 0702 Detroit, MI	1.0	1.0	875	$1,850	$2.11	24d	1	1.30mi
1212 Griswold St Unit 1024685P Detroit, MI	2.0	2.0	1291	$11,873	$9.20	24d	1	1.30mi

Listing history 17 events

1. 2026-06-18
   days on market $246,000 Active 686 DOM
2. 2026-06-17
   days on market $246,000 Active 685 DOM
3. 2026-06-15
   days on market $246,000 Active 683 DOM
4. 2026-06-13
   days on market $246,000 Active 681 DOM
5. 2026-06-13
   days on market $246,000 Active 680 DOM
6. 2026-06-09
   days on market $246,000 Active 677 DOM
7. 2026-06-08
   days on market $246,000 Active 676 DOM
8. 2026-06-07
   days on market $246,000 Active 675 DOM
9. 2026-06-04
   days on market $246,000 Active 672 DOM
10. 2026-06-03
    days on market $246,000 Active 671 DOM
11. 2026-06-01
    days on market $246,000 Active 669 DOM
12. 2026-05-31
    days on market $246,000 Active 668 DOM
13. 2024-08-02
    listed $246,000 Active 1182-char remark

    Show marketing remark (1182 chars)

    Historic Corktown Workers Cottage. In one of Detroit's hottest communities. The last property available. Very few sales in this area. Walking distance to the Ford Michigan Central Station (about 900 feet). Across the street from the Ford Corktown Information Center. Walking distance to where the new Detroit City Football Club Stadium will be constructed. Walking distance to restaurants and entertainment. 9'10" ceilings. Requires complete rehab. We can assist in finding reconstruction loans and project management. We highly recommend Michael Gordon from MGA Architects to design a million dollar property. A partner was going to renovate the property but is booked with other projects for several more years. We intended to tear down the newer rear addition, pickup the whole house and put a new full basement under it (with very high ceilings). Replace the removed portion with a new entertainer's kitchen, chef's kitchen, master suite and garage. Buyer's Agent to verify all information. Buyer to pay $595 Doc Fee. We can assist in having the property renovated to your desires. Using our recommended architect the ARV should be somewhere be somewhere north of $800,000.

14. 2024-08-02
    listed $246,000 Active 1182-char remark

    Show marketing remark (1182 chars)

    Historic Corktown Workers Cottage. In one of Detroit's hottest communities. The last property available. Very few sales in this area. Walking distance to the Ford Michigan Central Station (about 900 feet). Across the street from the Ford Corktown Information Center. Walking distance to where the new Detroit City Football Club Stadium will be constructed. Walking distance to restaurants and entertainment. 9'10" ceilings. Requires complete rehab. We can assist in finding reconstruction loans and project management. We highly recommend Michael Gordon from MGA Architects to design a million dollar property. A partner was going to renovate the property but is booked with other projects for several more years. We intended to tear down the newer rear addition, pickup the whole house and put a new full basement under it (with very high ceilings). Replace the removed portion with a new entertainer's kitchen, chef's kitchen, master suite and garage. Buyer's Agent to verify all information. Buyer to pay $595 Doc Fee. We can assist in having the property renovated to your desires. Using our recommended architect the ARV should be somewhere be somewhere north of $800,000.

15. 2024-07-30
    historical $246,000 1182-char remark

    Show marketing remark (1182 chars)

    Historic Corktown Workers Cottage. In one of Detroit's hottest communities. The last property available. Very few sales in this area. Walking distance to the Ford Michigan Central Station (about 900 feet). Across the street from the Ford Corktown Information Center. Walking distance to where the new Detroit City Football Club Stadium will be constructed. Walking distance to restaurants and entertainment. 9'10" ceilings. Requires complete rehab. We can assist in finding reconstruction loans and project management. We highly recommend Michael Gordon from MGA Architects to design a million dollar property. A partner was going to renovate the property but is booked with other projects for several more years. We intended to tear down the newer rear addition, pickup the whole house and put a new full basement under it (with very high ceilings). Replace the removed portion with a new entertainer's kitchen, chef's kitchen, master suite and garage. Buyer's Agent to verify all information. Buyer to pay $595 Doc Fee. We can assist in having the property renovated to your desires. Using our recommended architect the ARV should be somewhere be somewhere north of $800,000.

16. 2024-07-30
    historical $246,000 1182-char remark

    Show marketing remark (1182 chars)

    Historic Corktown Workers Cottage. In one of Detroit's hottest communities. The last property available. Very few sales in this area. Walking distance to the Ford Michigan Central Station (about 900 feet). Across the street from the Ford Corktown Information Center. Walking distance to where the new Detroit City Football Club Stadium will be constructed. Walking distance to restaurants and entertainment. 9'10" ceilings. Requires complete rehab. We can assist in finding reconstruction loans and project management. We highly recommend Michael Gordon from MGA Architects to design a million dollar property. A partner was going to renovate the property but is booked with other projects for several more years. We intended to tear down the newer rear addition, pickup the whole house and put a new full basement under it (with very high ceilings). Replace the removed portion with a new entertainer's kitchen, chef's kitchen, master suite and garage. Buyer's Agent to verify all information. Buyer to pay $595 Doc Fee. We can assist in having the property renovated to your desires. Using our recommended architect the ARV should be somewhere be somewhere north of $800,000.

17. 1992-11-04
    soldstatus $12,000

ⓘ 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: $791 · $66/mo
• Projected year-2 tax: $2,290 · $191/mo
• Expected delta: +$1,499/yr (+$125/mo · 189.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,465
• − Mortgage interest: −$13,780
• − Property taxes: −$791
• − Insurance: −$1,230
• − Repairs & maintenance: −$2,437
• − Management: −$2,437
• − Depreciation: −$7,156
• Taxable income: $2,633
• Est. tax owed @ 24.0%: −$632
• After-tax cash flow: $5,934/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): 5,865
• Household income: $44,335
• Rent vs Own: 64.6% rent · 35.4% own
• Severe rent burden: 431.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Black 37% White 32% Hispanic / Latino 24% Two or more races 10%
• Hispanic origin (detail): Mexican 18% Puerto Rican 2%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 15% Arabic 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: ▼ -4.60%
• Current HPI: 194.458
• Rent YoY: ▲ 7.30%
• 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

+1950.0% since first listed

5 events — show timeline

• 2024-08-02 Listed $246,000 MiRealSource-MiMLS
• 2024-08-02 Listed $246,000 REALCOMP
• 2024-07-30 Coming Soon $246,000 MiRealSource-MiMLS
• 2024-07-30 Coming Soon $246,000 REALCOMP
• 1992-11-04 Sold (Public Records) $12,000 Public Records

Property tax history

-6.0%/yr

Latest (2025): $791 · -44.0% YoY. Source: county tax records.