4055 Carter St · Detroit, MI 48204

$40,000

4 bd · 2.5 ba · 2,542 sqft · SingleFamily public records · 77 Days on market

Built 1916 3,485 sqft lot $16/sqft · 51% below area

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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 +15.0/30.0
• Appreciation +10.0/10.0
• 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
• Schools +1.3/10.0

Listing remarks MLS

Excellent opportunity for a homeowner or investor. This duplex features a desirable floor plan and offers strong potential for restoration to its original charm. Ideal for those looking to add value and maximize returns. Property is being sold as-is. Cash purchase only.

Key facts

• 3,485 sq ft lot
• Built 1916
• Listed 77 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $38k (6.0% below list) — sets the bar for market timing.
• Cap rate 44.9% 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: 244 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).
• At $2,081/mo this rent would consume 72% of the median local household income ($34k/yr) (locally 1418% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $4k of equity ($277 loan paydown + $4k appreciation (10.0% local appreciation)).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $37,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1916 — 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: 5.20% ✓
• Cap rate: 44.93%
• Cash-on-cash: 137.97%
• DSCR: 7.14
• GRM: 1.6

CMA / ARV

• ARV (median comp): $82,007
• List price: $40,000
• Delta: -51.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3765 Philadelphia St W	0.20mi	5/2.0 (+1)	2,522 (-1%)	10mo	$55,000	$22	74
3347 Carter St	0.23mi	5/2.5 (+1)	2,706 (+6%)	12mo	$314,000	$116	63
3810 Northwestern St	0.58mi	4/2.5	2,600 (+2%)	8mo	$85,000	$33	63
3780 Virginia Park St	0.27mi	4/2.0	2,342 (-8%)	18mo	$120,000	$51	57
4449 Oregon St	0.48mi	4/2.5	2,300 (-10%)	19mo	$149,900	$65	46
3739 Montgomery Ave	0.41mi	4/2.5	2,189 (-14%)	15mo	$128,000	$58	45
3254 Hogarth St	0.61mi	3/1.0 (-1)	2,349 (-8%)	18mo	$65,000	$28	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.28×
• Total profit: $103,883
• Equity at exit: $36,035

10-year hold

• IRR: —
• Equity multiple: 22.57×
• Total profit: $241,580
• Equity at exit: $77,711

Cash invested: $11,200 (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 48204

• Home prices YoY: 18.5%
• Active inventory: 244
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $2,081 high
• Mortgage (P&I): −$210
• Tax from tax record: −$130 /mo · $1,556/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $1,288

Break-even live

Break-even rent $451

Max offer price $40,000

Occupancy floor 33%

Sensitivity live

Price	-10% $1,310	-5% $1,299	+0% $1,288	+5% $1,276	+10% $1,265
Rent	-10% $1,123	-5% $1,206	+0% $1,288	+5% $1,370	+10% $1,452
Rate	-1.0pp $1,308	-0.5pp $1,298	base $1,288	+0.5pp $1,277	+1.0pp $1,267

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3799 W Philadelphia St Detroit, MI	5.0	2.0	2200	$1,650	$0.75	17d	1	0.19mi
5315 Spokane St Detroit, MI	3.0	1.0	2110	$1,200	$0.57	17d	1	0.67mi
2509 Gladstone St Unit 1 Detroit, MI	3.0	2.0	3000	$2,650	$0.88	2d	1	0.78mi
8951 La Salle Blvd Unit NA Detroit, MI	4.0	2.5	2440	$2,500	$1.02	10d	1	0.89mi
8951 La Salle Blvd Detroit, MI	4.0	2.5	2440	$2,500	$1.02	2d	1	0.90mi
8951 La Salle Blvd Detroit, MI	5.0	2.5	2440	$2,500	$1.02	15d	1	0.90mi
3241 Lawrence St Detroit, MI	4.0	2.0	2636	$1,800	$0.68	17d	1	0.95mi
2655 Collingwood St Detroit, MI	4.0	1.5	1881	$2,700	$1.44	2d	1	1.06mi
2080 Gladstone St #1 Detroit, MI	4.0	2.0	2426	$3,000	$1.24	2d	1	1.07mi
2028 Gladstone St Unit 1 Detroit, MI	5.0	2.0	2500	$2,850	$1.14	3d	1	1.12mi
7370 La Salle Blvd Detroit, MI	4.0	3.0	3610	$4,500	$1.25	44d	1	1.12mi
2286 Calvert St Detroit, MI	4.0	1.0	3402	$1,450	$0.43	15d	1	1.24mi
2986 Richton St Detroit, MI	3.0	1.0	2600	$1,200	$0.46	17d	1	1.37mi
12546 Broadstreet Ave Detroit, MI	3.0	1.5	1899	$1,250	$0.66	45d	1	1.45mi
1699 Glynn Ct Detroit, MI	5.0	3.5	2542	$2,500	$0.98	22d	1	1.48mi

Listing history 15 events

1. 2026-06-18
   days on market $40,000 Active 77 DOM
2. 2026-06-17
   days on market $40,000 Active 76 DOM
3. 2026-06-15
   days on market $40,000 Active 74 DOM
4. 2026-06-13
   days on market $40,000 Active 72 DOM
5. 2026-06-13
   days on market $40,000 Active 71 DOM
6. 2026-06-09
   days on market $40,000 Active 68 DOM
7. 2026-06-08
   days on market $40,000 Active 67 DOM
8. 2026-06-07
   days on market $40,000 Active 66 DOM
9. 2026-06-04
   days on market $40,000 Active 63 DOM
10. 2026-06-03
    days on market $40,000 Active 62 DOM
11. 2026-06-02
    days on market $40,000 Active 61 DOM
12. 2026-06-01
    days on market $40,000 Active 60 DOM
13. 2026-05-31
    days on market $40,000 Active 59 DOM
14. 2026-04-02
    listed $40,000 Active 270-char remark

    Show marketing remark (270 chars)

    Excellent opportunity for a homeowner or investor. This duplex features a desirable floor plan and offers strong potential for restoration to its original charm. Ideal for those looking to add value and maximize returns. Property is being sold as-is. Cash purchase only.

15. 2026-04-02
    listed $40,000 Active 270-char remark

    Show marketing remark (270 chars)

    Excellent opportunity for a homeowner or investor. This duplex features a desirable floor plan and offers strong potential for restoration to its original charm. Ideal for those looking to add value and maximize returns. Property is being sold as-is. Cash purchase only.

ⓘ 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: $1,556 · $130/mo
• Projected year-2 tax: $1,556 · $130/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 ≥97°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: $24,970
• − Mortgage interest: −$2,241
• − Property taxes: −$1,556
• − Insurance: −$200
• − Repairs & maintenance: −$1,998
• − Management: −$1,998
• − Depreciation: −$1,164
• Taxable income: $15,814
• Est. tax owed @ 24.0%: −$3,795
• After-tax cash flow: $11,658/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): 20,696
• Household income: $34,468
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 1418.0

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 (86%)
• Race & ethnicity: Black 86% Two or more races 7% Hispanic / Latino 5% White 4% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Hispanic 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 36.51%
• Current HPI: 234.0465
• Rent YoY: —
• 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

+0.0% since first listed

2 events — show timeline

• 2026-04-02 Listed $40,000 MiRealSource-MiMLS
• 2026-04-02 Listed $40,000 REALCOMP

Property tax history

+9.7%/yr

Latest (2025): $1,556 · -49.9% YoY. Source: county tax records.