1038 Marston St · Detroit, MI 48211

$30,000

4 bd · 1.5 ba · 1,772 sqft · SingleFamily public records · 372 Days on market

Built 1910 3,049 sqft lot $17/sqft · 85% 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
• Appreciation +2.1/10.0
• Schools +1.3/10.0

Listing remarks MLS

Welcome to your next investment opportunity, presented by the Detroit Land Bank Authority! This spacious colonial home offers 4 bedrooms and 1.5 bathrooms, making it an excellent investor special with strong potential. With classic architectural details and generous room sizes, this property is ready for your vision and renovation expertise. Located in a growing neighborhood, this home is a great addition to your portfolio. Don’t miss out—schedule your showing today! This is a bundled listing and includes 1032 Marston! They must be purchased together. Please note that the DLBA is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests.

Key facts

• Growing neighborhood
• 3,049 sq ft lot
• Garage

Tags

• INVESTMENT OPPORTUNITY
• GROWING NEIGHBORHOOD
• CLASSIC ARCHITECTURAL DETAILS

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $30k).
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.
• Cap rate 66.2% 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: 85 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $207 of loan paydown is wiped out by about $900 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 $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 372 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y 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: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $26,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 372 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 1910 — 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: 7.27% ✓
• Cap rate: 66.22%
• Cash-on-cash: 214.02%
• DSCR: 10.52
• GRM: 1.1

CMA / ARV

• ARV (median comp): $287,229
• List price: $30,000
• Delta: -89.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
276 Marston St	0.41mi	4/1.5	1,802 (+2%)	1mo	$76,000	$42	77
445 Chandler St	0.31mi	4/1.5	1,797 (+1%)	10mo	$230,000	$128	75
550 Smith St	0.27mi	4/1.5	1,886 (+6%)	6mo	$250,000	$133	71
574 Melbourne St	0.24mi	5/1.0 (+1)	1,600 (-10%)	8mo	$143,100	$89	59
569 Melbourne St	0.26mi	3/1.0 (-1)	1,824 (+3%)	23mo	$162,000	$89	57
419 King St	0.56mi	3/1.0 (-1)	1,668 (-6%)	7mo	$75,000	$45	51
348 Josephine St	0.63mi	4/1.5	1,978 (+12%)	2mo	$199,000	$101	50
503 Mount Vernon St	0.29mi	4/3.0	1,955 (+10%)	16mo	$366,000	$187	50
48 Mount Vernon Street St	0.57mi	3/2.5 (-1)	1,918 (+8%)	8mo	$370,000	$193	44
312 Alger St	0.53mi	3/2.5 (-1)	1,865 (+5%)	18mo	$325,000	$174	42
576 King St	0.48mi	4/1.5	1,540 (-13%)	20mo	$260,000	$169	39

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: 11.79×
• Total profit: $90,601
• Equity at exit: $4,473

10-year hold

• IRR: —
• Equity multiple: 25.04×
• Total profit: $201,937
• Equity at exit: $2,594

Cash invested: $8,400 (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 48211

• Home prices YoY: -2.9%
• Active inventory: 85
• Price-to-rent: 1.1×

Monthly cashflow live

• Estimated rent: $2,180 high
• Mortgage (P&I): −$157
• Tax from tax record: −$54 /mo · $654/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$458
• Net cashflow: $1,498

Break-even live

Break-even rent $284

Max offer price $30,000

Occupancy floor 26%

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
528 E Philadelphia St Detroit, MI	3.0	1.0	1625	$2,400	$1.48	2d	1	0.36mi
8410 Brush St Detroit, MI	3.0	2.5	1300	$2,200	$1.69	2d	1	0.43mi
419 King St Detroit, MI	3.0	1.0	1668	$2,300	$1.38	10d	1	0.57mi
216 Holbrook St Detroit, MI	4.0	2.0	2000	$2,000	$1.00	22d	1	0.69mi
216 Holbrook Unit Na Detroit, MI	4.0	2.0	2000	$2,200	$1.10	2d	1	0.69mi
330 Westminster St Detroit, MI	3.0	1.0	1995	$1,900	$0.95	24d	1	0.87mi
330 Westminster St Unit NA Detroit, MI	3.0	1.0	1995	$1,900	$0.95	44d	1	0.87mi
505 Westminster St Detroit, MI	3.0	1.0	1700	$1,400	$0.82	17d	1	0.88mi
275 E Palmer St Detroit, MI	3.0	3.0	1500	$2,950	$1.97	44d	1	1.05mi
1418 W Euclid St Detroit, MI	3.0	1.0	2264	$1,200	$0.53	44d	1	1.36mi
1441 W Euclid St Detroit, MI	3.0	1.0	2380	$2,600	$1.09	24d	1	1.38mi

Listing history 14 events

1. 2026-06-13
   statusdays on market $30,000 Pending 372 DOM
2. 2026-06-09
   days on market $30,000 Active 370 DOM
3. 2026-06-08
   days on market $30,000 Active 369 DOM
4. 2026-06-07
   days on market $30,000 Active 368 DOM
5. 2026-06-04
   days on market $30,000 Active 365 DOM
6. 2026-06-03
   days on market $30,000 Active 364 DOM
7. 2026-06-01
   days on market $30,000 Active 362 DOM
8. 2026-05-31
   days on market $30,000 Active 361 DOM
9. 2025-06-04
   listed $30,000 Active 936-char remark

   Show marketing remark (926 chars)

   Welcome to your next investment opportunity, presented by the Detroit Land Bank Authority! This spacious colonial home offers 4 bedrooms and 1.5 bathrooms, making it an excellent investor special with strong potential. With classic architectural details and generous room sizes, this property is ready for your vision and renovation expertise. Located in a growing neighborhood, this home is a great addition to your portfolio. Don't miss out - schedule your showing today! This is a bundled listing and includes 1032 Marston! They must be purchased together. Please note that the DLBA is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests.

10. 2025-06-04
    listed $30,000 Active 926-char remark

    Show marketing remark (926 chars)

    Welcome to your next investment opportunity, presented by the Detroit Land Bank Authority! This spacious colonial home offers 4 bedrooms and 1.5 bathrooms, making it an excellent investor special with strong potential. With classic architectural details and generous room sizes, this property is ready for your vision and renovation expertise. Located in a growing neighborhood, this home is a great addition to your portfolio. Don't miss out - schedule your showing today! This is a bundled listing and includes 1032 Marston! They must be purchased together. Please note that the DLBA is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests.

11. 2008-03-19
    historical
12. 2007-09-19
    listed $28,000
13. 2007-07-31
    historical
14. 2007-02-02
    listed $49,900

ⓘ 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: $654 · $54/mo
• Projected year-2 tax: $654 · $54/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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,164
• − Mortgage interest: −$1,680
• − Property taxes: −$654
• − Insurance: −$150
• − Repairs & maintenance: −$2,093
• − Management: −$2,093
• − Depreciation: −$873
• Taxable income: $18,621
• Est. tax owed @ 24.0%: −$4,469
• After-tax cash flow: $13,509/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): 5,556

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 45% Black 42% Two or more races 7% Asian 2% Hispanic / Latino 2% Native American 1%
• Common ancestry: Romanian 1% Slovak 1%
• Foreign-born: 25% · Canada
• Languages at home: 57% English-only · Arabic 38% Spanish 1% Tagalog/Filipino 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: ▼ -5.80%
• Current HPI: 191.8607
• 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

-39.9% since first listed

6 events — show timeline

• 2025-06-04 Listed $30,000 REALCOMP
• 2025-06-04 Listed $30,000 MiRealSource-MiMLS
• 2008-03-19 Listing Removed — REALCOMP
• 2007-09-19 Listed $28,000 REALCOMP
• 2007-07-31 Listing Removed — REALCOMP
• 2007-02-02 Listed $49,900 REALCOMP

Property tax history

-0.3%/yr

Latest (2025): $654 · +0.0% YoY. Source: county tax records.