19987 Carrie St · Detroit, MI 48234

$17,500

1 bd · 1.0 ba · 842 sqft · SingleFamily public records · 198 Days on market

Built 1920 5,227 sqft lot $21/sqft · 70% below area

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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
• Rent growth +4.2/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the latest offering from the Detroit Land Bank Authority. 1 bedroom frame home located in the Outer drive and Van Dyke/sherwood area. This property also includes 3 vacant lots. 19971, 19981 and 19965 Carrie also included in the sale. Vacant lots bundled with structures need to show a minimal design for example, someone may indicate they are fencing and putting benches and some bushes. They do need to show a diagram as indicated in the plot plan example #1 on page 5 of 20. Please note that the Detroit Land bank Authority 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 abatements and/or lot combinations 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. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing. Please refer to DLBA proposal guidelines

Key facts

• 5,227 sq ft lot
• Built 1920
• Listed 198 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $18k.

Deal economics

• At list price, monthly cash flow is $747 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $18k).
• Recommended offer: $15k (12.0% below list) — sets the bar for market timing.
• Cap rate 57.5% 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 rising fast (+6.7%/yr); 226 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 37% of the median local income ($35k/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 $121 of loan paydown is wiped out by about $525 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 + 6.7% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 198 days — a 12% lower offer ($15k) 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.
• Current owner paid $6k; list at $18k implies a 192% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $15,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 198 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 1920 — 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: 6.28% ✓
• Cap rate: 57.49%
• Cash-on-cash: 182.85%
• DSCR: 9.14
• GRM: 1.3

CMA / ARV

• ARV (median comp): $58,315
• List price: $17,500
• Delta: -69.99%
• 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
19332 Packard St	0.45mi	2/1.5 (+1)	775 (-8%)	3mo	$25,000	$32	56
19612 Dwyer St	0.59mi	2/1.0 (+1)	740 (-12%)	2mo	$50,000	$68	45
19390 Saint Louis St	0.60mi	2/1.0 (+1)	798 (-5%)	16mo	$10,150	$13	45
8329 Rivard Ave	0.74mi	2/1.0 (+1)	856 (+2%)	16mo	$75,000	$88	44
7201 Fisher Ave	0.58mi	2/1.0 (+1)	900 (+7%)	15mo	$70,000	$78	44
7504 Fisher Ave	0.57mi	2/1.0 (+1)	907 (+8%)	19mo	$97,000	$107	40
7054 Fisher Ave	0.56mi	2/1.0 (+1)	744 (-12%)	19mo	$96,000	$129	34
7061 Rivard Ave	0.47mi	2/1.0 (+1)	732 (-13%)	22mo	$71,500	$98	32
8111 Rivard Ave	0.64mi	2/1.0 (+1)	720 (-14%)	13mo	$82,500	$115	30
7028 Yacht Ave	0.61mi	2/1.0 (+1)	717 (-15%)	14mo	$47,000	$66	30
7520 Westminster Ave	0.68mi	2/1.0 (+1)	720 (-14%)	18mo	$80,000	$111	24

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 · 6.72% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.00×
• Total profit: $48,998
• Equity at exit: $2,609

10-year hold

• IRR: —
• Equity multiple: 26.07×
• Total profit: $122,856
• Equity at exit: $1,513

Cash invested: $4,900 (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 48234

• Home prices YoY: -11.9%
• Rents YoY: 6.7%
• Active inventory: 226
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $1,098 high
• Mortgage (P&I): −$92
• Tax est. 1.5%: −$22 /mo · $262/yr
• Insurance: −$7
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $747

Break-even live

Break-even rent $153

Max offer price $17,500

Occupancy floor 27%

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: $4,375
• Closing costs: $525
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19691 Cliff St #1 Detroit, MI	2.0	1.0	850	$1,050	$1.24	4d	1	0.17mi
7605 Jackson Ave Warren, MI	2.0	1.0	600	$1,165	$1.94	24d	1	0.61mi
7033 Westminster Ave Warren, MI	2.0	1.0	561	$1,050	$1.87	43d	1	0.72mi
7533 Quinn St Unit 1 Detroit, MI	2.0	1.0	700	$850	$1.21	43d	1	0.77mi
7043 Meadow Ave Warren, MI	2.0	1.0	911	$1,274	$1.40	43d	1	0.85mi
8065 Meadow Ave Warren, MI	2.0	1.0	800	$1,050	$1.31	24d	1	0.91mi
8162 Orchard Ave Warren, MI	2.0	1.0	900	$1,000	$1.11	43d	1	0.98mi
7275 Chalmers Ave Warren, MI	2.0	1.0	703	$1,200	$1.71	24d	1	1.01mi
19361 Moenart St Unit 1 Detroit, MI	2.0	1.0	1000	$1,100	$1.10	23d	1	1.06mi
11228 Sherman Ave Warren, MI	2.0	1.0	1000	$1,200	$1.20	12d	1	1.18mi
19162 Conley St Detroit, MI	2.0	1.0	1000	$1,300	$1.30	43d	1	1.22mi
8036 Hupp Ave Warren, MI	2.0	1.0	680	$1,150	$1.69	43d	1	1.22mi
18667 Algonac St Detroit, MI	1.0	1.0	680	$1,999	$2.94	17d	1	1.26mi
19335 Hoover St Detroit, MI	2.0	1.0	620	$1,099	$1.77	17d	1	1.37mi
19335 Hoover St Detroit, MI	2.0	1.0	620	$1,099	$1.77	43d	1	1.38mi
11236 Studebaker Ave Warren, MI	2.0	1.0	672	$1,175	$1.75	43d	1	1.43mi

Listing history 17 events

1. 2026-06-18
   days on market $17,500 Active 198 DOM
2. 2026-06-17
   days on market $17,500 Active 197 DOM
3. 2026-06-15
   days on market $17,500 Active 195 DOM
4. 2026-06-13
   days on market $17,500 Active 193 DOM
5. 2026-06-13
   days on market $17,500 Active 192 DOM
6. 2026-06-09
   days on market $17,500 Active 189 DOM
7. 2026-06-08
   days on market $17,500 Active 188 DOM
8. 2026-06-07
   days on market $17,500 Active 187 DOM
9. 2026-06-04
   days on market $17,500 Active 184 DOM
10. 2026-06-03
    days on market $17,500 Active 183 DOM
11. 2026-06-01
    days on market $17,500 Active 181 DOM
12. 2026-05-31
    days on market $17,500 Active 180 DOM
13. 2025-12-02
    listed $17,500 Active 1090-char remark

    Show marketing remark (1090 chars)

    Welcome to the latest offering from the Detroit Land Bank Authority. 1 bedroom frame home located in the Outer drive and Van Dyke/sherwood area. This property also includes 3 vacant lots. 19971, 19981 and 19965 Carrie also included in the sale. Vacant lots bundled with structures need to show a minimal design for example, someone may indicate they are fencing and putting benches and some bushes. They do need to show a diagram as indicated in the plot plan example #1 on page 5 of 20. Please note that the Detroit Land bank Authority 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 abatements and/or lot combinations 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. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing. Please refer to DLBA proposal guidelines

14. 2025-12-02
    listed $17,500 Active 1090-char remark

    Show marketing remark (1090 chars)

    Welcome to the latest offering from the Detroit Land Bank Authority. 1 bedroom frame home located in the Outer drive and Van Dyke/sherwood area. This property also includes 3 vacant lots. 19971, 19981 and 19965 Carrie also included in the sale. Vacant lots bundled with structures need to show a minimal design for example, someone may indicate they are fencing and putting benches and some bushes. They do need to show a diagram as indicated in the plot plan example #1 on page 5 of 20. Please note that the Detroit Land bank Authority 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 abatements and/or lot combinations 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. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing. Please refer to DLBA proposal guidelines

15. 2002-05-23
    soldstatus $6,000
16. 1998-08-08
    soldstatus $9,000
17. 1998-08-08
    soldstatus $27,500

ⓘ 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 6/10 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,178
• − Mortgage interest: −$980
• − Property taxes: −$262
• − Insurance: −$88
• − Repairs & maintenance: −$1,054
• − Management: −$1,054
• − Depreciation: −$509
• Taxable income: $9,230
• Est. tax owed @ 24.0%: −$2,215
• After-tax cash flow: $6,744/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): 32,760
• Household income: $35,322
• Rent vs Own: 47.0% rent · 53.0% own
• Severe rent burden: 2372.0

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 (94%)
• Race & ethnicity: Black 94% White 3% Two or more races 1%
• Common ancestry: Romanian 1%
• Foreign-born: 2% · Canada, Vietnam, Philippines
• Languages at home: 97% English-only · French/Haitian/Cajun 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: ▼ -44.65%
• Current HPI: 328.8978
• Rent YoY: ▲ 6.72%
• 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

+94.4% since first listed

5 events — show timeline

• 2025-12-02 Listed $17,500 MiRealSource-MiMLS
• 2025-12-02 Listed $17,500 REALCOMP
• 2002-05-23 Sold (Public Records) $6,000 Public Records
• 1998-08-08 Sold (Public Records) $27,500 Public Records
• 1998-08-08 Sold (Public Records) $9,000 Public Records

Property tax history

+8.2%/yr

Latest (2025): $1,277 · +0.0% YoY. Source: county tax records.