9241 Steel St · Detroit, MI 48228

$99,900

4 bd · 1.0 ba · 1,424 sqft · SingleFamily public records · 21 Days on market

Built 1928 4,356 sqft lot $70/sqft · 94% above area

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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
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move right into this spacious 4-bedroom, 1.5 bath colonial home featuring numerous updates throughout. Enjoy all-new carpet in the living room, dining room, and bedrooms, along with new ceramic tile flooring in the kitchen and bathrooms. The updated kitchen offers brand-new cabinets, countertops, and a stainless steel refrigerator. Both bathrooms feature new vanities and a custom shower in the main bathroom. Recessed lighting in the living room and kitchen. Additional features include new vinyl siding on the exterior, aluminum wood trim, new ceiling fans in all bedrooms, and a newer hot water tank (2 years old). This home also includes central air for year-round comfort. This property is perfect for a 1st time homebuyer or investor looking to add to their portfolio. Schedule an appointment today. BATVAI.

Key facts

• Brand-new cabinets
• New carpet
• Updated kitchen

Tags

• NEW CARPET
• NEW CERAMIC TILE FLOORING
• UPDATED KITCHEN
• BRAND-NEW CABINETS
• STAINLESS STEEL REFRIGERATOR
• NEW VANITIES

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer; Water and sewer available
• Home design: Single-family residence; Two levels; Ground-level entry with steps; Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Paved road access; Lot approximately 0.1 acre (35 x 129.5)

Interior

• Kitchen: Free-standing refrigerator
• Bedrooms: 7 total rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fans
• Interior features: Unfinished basement; Gas water heater; Free-standing refrigerator
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $433 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $98k (1.5% 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 soft (-2.3%/yr); 363 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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).
• At $1,422/mo this rent would consume 56% of the median local household income ($31k/yr) (locally 4144% 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 $691 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 + 0.0% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y 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 $4k; list at $100k implies a 2398% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,401 (1.5% below list)

Questions for the listing agent

1. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.42% ✓
• Cap rate: 11.50%
• Cash-on-cash: 18.58%
• DSCR: 1.83
• GRM: 5.9

CMA / ARV

• ARV (median comp): $51,366
• List price: $99,900
• Delta: 94.49%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9338 Cheyenne St	0.18mi	3/1.0 (-1)	1,565 (+10%)	1mo	$50,000	$32	69
9119 Littlefield St	0.28mi	3/1.0 (-1)	1,298 (-9%)	2mo	$60,000	$46	66
5801 Oakman Blvd	0.57mi	4/1.5	1,451 (+2%)	5mo	$160,000	$110	64
9206 Pinehurst St	0.28mi	3/1.5 (-1)	1,308 (-8%)	3mo	$45,000	$34	64
8860 Appoline St	0.25mi	5/1.5 (+1)	1,561 (+10%)	4mo	$61,272	$39	62
10405 Orangelawn St	0.53mi	3/1.5 (-1)	1,350 (-5%)	3mo	$7,000	$5	58
9145 Pinehurst St	0.27mi	3/1.5 (-1)	1,240 (-13%)	5mo	$66,000	$53	55
10327 Kramer St	0.49mi	3/1.5 (-1)	1,273 (-11%)	0mo	$133,770	$105	52
8590 Littlefield St	0.44mi	3/1.5 (-1)	1,218 (-14%)	1mo	$100,000	$82	48
8130 Ward St	0.68mi	3/1.0 (-1)	1,278 (-10%)	1mo	$157,000	$123	45
8205 Appoline St	0.63mi	3/1.5 (-1)	1,580 (+11%)	1mo	$105,000	$66	44
10340 Maplelawn St	0.63mi	3/2.0 (-1)	1,296 (-9%)	5mo	$27,000	$21	43

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 6.9%
• Equity multiple: 1.26×
• Total profit: $7,248
• Equity at exit: $14,895

10-year hold

• IRR: 13.4%
• Equity multiple: 1.92×
• Total profit: $25,810
• Equity at exit: $8,638

Cash invested: $27,972 (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 48228

• Rents YoY: -2.3%
• Active inventory: 363
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,422 high
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $433

Break-even live

Break-even rent $874

Max offer price $99,900

Occupancy floor 65%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9355 Ward St Detroit, MI	3.0	1.0	1200	$1,327	$1.11	43d	1	0.15mi
9209 Pinehurst St Detroit, MI	3.0	1.0	1589	$1,500	$0.94	43d	1	0.27mi
9340 Hartwell St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	43d	1	0.28mi
9558 Meyers Rd Detroit, MI	3.0	1.0	950	$1,150	$1.21	43d	1	0.32mi
10002 Manor Unit 2 Detroit, MI	3.0	1.0	1100	$1,150	$1.05	43d	1	0.56mi
9501 Lauder St Detroit, MI	3.0	2.0	1152	$1,350	$1.17	43d	1	0.98mi
8143 Wisconsin St Detroit, MI	4.0	1.0	1370	$1,800	$1.31	1d	1	1.06mi
8230 Ohio St Detroit, MI	3.0	1.0	1350	$1,200	$0.89	16d	1	1.10mi
8320 Northlawn St Detroit, MI	3.0	1.0	1737	$1,550	$0.89	20d	1	1.10mi
8114 Marlowe St Unit home Detroit, MI	3.0	1.0	985	$1,350	$1.37	43d	1	1.12mi
9386 Coyle St Detroit, MI	3.0	1.0	1000	$1,300	$1.30	1d	1	1.12mi
8212 Lauder St Detroit, MI	3.0	1.0	1026	$1,150	$1.12	43d	1	1.12mi
11431 Marlowe St Detroit, MI	3.0	1.0	1172	$1,400	$1.19	16d	1	1.13mi
10015 Robson St Detroit, MI	3.0	2.0	1000	$1,400	$1.40	17d	1	1.18mi
9546 Sussex St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	43d	1	1.19mi
12144 Washburn St Detroit, MI	3.0	1.0	1200	$1,200	$1.00	14d	1	1.19mi
8604 Whitcomb St Detroit, MI	3.0	2.0	1033	$1,300	$1.26	43d	1	1.27mi
8047 Robson St Detroit, MI	3.0	2.0	1184	$1,200	$1.01	43d	1	1.31mi
12039 Lauder St Detroit, MI	3.0	1.5	1000	$1,500	$1.50	24d	1	1.31mi
8331 Whitcomb St Detroit, MI	4.0	1.0	1342	$1,350	$1.01	21d	1	1.33mi
12650 Griggs St Detroit, MI	3.0	2.0	1628	$1,375	$0.84	24d	1	1.36mi
11634 Sussex St Detroit, MI	3.0	1.0	1091	$1,326	$1.22	24d	1	1.38mi
11397 Whitcomb St Detroit, MI	3.0	1.0	1070	$1,400	$1.31	16d	1	1.40mi
11393 Prest St Detroit, MI	3.0	1.0	900	$1,550	$1.72	16d	1	1.44mi
9973 Winthrop St Detroit, MI	3.0	1.0	960	$1,400	$1.46	43d	1	1.48mi
12303 Cloverlawn St Detroit, MI	3.0	1.5	1454	$1,400	$0.96	43d	1	1.49mi
9222 Forrer St Detroit, MI	3.0	1.0	947	$1,450	$1.53	16d	1	1.49mi

Listing history 16 events

1. 2026-05-15
   status Pending 815-char remark

   Show marketing remark (815 chars)

   Move right into this spacious 4-bedroom, 1.5 bath colonial home featuring numerous updates throughout. Enjoy all-new carpet in the living room, dining room, and bedrooms, along with new ceramic tile flooring in the kitchen and bathrooms. The updated kitchen offers brand-new cabinets, countertops, and a stainless steel refrigerator. Both bathrooms feature new vanities and a custom shower in the main bathroom. Recessed lighting in the living room and kitchen. Additional features include new vinyl siding on the exterior, aluminum wood trim, new ceiling fans in all bedrooms, and a newer hot water tank (2 years old). This home also includes central air for year-round comfort. This property is perfect for a 1st time homebuyer or investor looking to add to their portfolio. Schedule an appointment today. BATVAI.

2. 2026-05-15
   status Pending 815-char remark

   Show marketing remark (815 chars)

   Move right into this spacious 4-bedroom, 1.5 bath colonial home featuring numerous updates throughout. Enjoy all-new carpet in the living room, dining room, and bedrooms, along with new ceramic tile flooring in the kitchen and bathrooms. The updated kitchen offers brand-new cabinets, countertops, and a stainless steel refrigerator. Both bathrooms feature new vanities and a custom shower in the main bathroom. Recessed lighting in the living room and kitchen. Additional features include new vinyl siding on the exterior, aluminum wood trim, new ceiling fans in all bedrooms, and a newer hot water tank (2 years old). This home also includes central air for year-round comfort. This property is perfect for a 1st time homebuyer or investor looking to add to their portfolio. Schedule an appointment today. BATVAI.

3. 2026-04-24
   listed $99,900 Active 815-char remark

   Show marketing remark (815 chars)

   Move right into this spacious 4-bedroom, 1.5 bath colonial home featuring numerous updates throughout. Enjoy all-new carpet in the living room, dining room, and bedrooms, along with new ceramic tile flooring in the kitchen and bathrooms. The updated kitchen offers brand-new cabinets, countertops, and a stainless steel refrigerator. Both bathrooms feature new vanities and a custom shower in the main bathroom. Recessed lighting in the living room and kitchen. Additional features include new vinyl siding on the exterior, aluminum wood trim, new ceiling fans in all bedrooms, and a newer hot water tank (2 years old). This home also includes central air for year-round comfort. This property is perfect for a 1st time homebuyer or investor looking to add to their portfolio. Schedule an appointment today. BATVAI.

4. 2026-04-24
   listed $99,900 Active 815-char remark

   Show marketing remark (815 chars)

   Move right into this spacious 4-bedroom, 1.5 bath colonial home featuring numerous updates throughout. Enjoy all-new carpet in the living room, dining room, and bedrooms, along with new ceramic tile flooring in the kitchen and bathrooms. The updated kitchen offers brand-new cabinets, countertops, and a stainless steel refrigerator. Both bathrooms feature new vanities and a custom shower in the main bathroom. Recessed lighting in the living room and kitchen. Additional features include new vinyl siding on the exterior, aluminum wood trim, new ceiling fans in all bedrooms, and a newer hot water tank (2 years old). This home also includes central air for year-round comfort. This property is perfect for a 1st time homebuyer or investor looking to add to their portfolio. Schedule an appointment today. BATVAI.

5. 2026-02-28
   historical
6. 2026-02-28
   historical
7. 2025-10-05
   listed $146,000 Active
8. 2025-10-05
   listed $146,000 Active
9. 2020-02-07
   status Pending
10. 2020-01-09
    soldstatus $4,000 Sold
11. 2020-01-09
    soldstatus $4,000 Closed
12. 2020-01-08
    historical
13. 2019-12-02
    status Pending
14. 2019-12-01
    historical
15. 2019-07-26
    listed $5,000 Active
16. 2019-07-26
    listed $5,000

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

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 ≥97°F today · 15 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: $17,065
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$1,365
• − Management: −$1,365
• − Depreciation: −$2,906
• Taxable income: $3,835
• Est. tax owed @ 24.0%: −$920
• After-tax cash flow: $4,277/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): 50,117
• Household income: $30,680
• Rent vs Own: 50.7% rent · 49.3% own
• Severe rent burden: 4144.0

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 (71%)
• Race & ethnicity: Black 71% White 16% Two or more races 7% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Arab 2% Romanian 2% Lithuanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 82% English-only · Arabic 11% Spanish 5%

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: ▼ -160.81%
• Current HPI: 168.6843
• Rent YoY: ▼ -2.30%
• 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

+1898.0% since first listed

16 events — show timeline

• 2026-05-15 Pending — MiRealSource-MiMLS
• 2026-05-15 Pending — REALCOMP
• 2026-04-24 Listed $99,900 REALCOMP
• 2026-04-24 Listed $99,900 MiRealSource-MiMLS
• 2026-02-28 Listing Removed — MiRealSource-MiMLS
• 2026-02-28 Listing Removed — REALCOMP
• 2025-10-05 Listed $146,000 REALCOMP
• 2025-10-05 Listed $146,000 MiRealSource-MiMLS
• 2020-02-07 Pending — REALCOMP
• 2020-01-09 Sold (MLS) $4,000 MiRealSource-MiMLS
• 2020-01-09 Sold (MLS) $4,000 REALCOMP
• 2020-01-08 Listing Removed — REALCOMP
• 2019-12-02 Pending — REALCOMP
• 2019-12-01 Listing Removed — MiRealSource-MiMLS
• 2019-07-26 Listed $5,000 MiRealSource-MiMLS
• 2019-07-26 Listed $5,000 REALCOMP

Property tax history

+14.5%/yr

Latest (2025): $6,763 · +107.4% YoY. Source: county tax records.