5731 Philip St · Detroit, MI 48224

$50,000

3 bd · 1.0 ba · 799 sqft · SingleFamily public records · 29 Days on market

Built 1940 3,920 sqft lot Est $38k · 33% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

A fantastic opportunity for homeowners and investors looking to secure property in one of Detroit's steadily improving east-side neighborhoods! This charming property offers incredible potential with strong rental demand, excellent location advantages, and long-term upside for savvy buyers. The neighborhood continues to see revitalization and investment, making it an attractive option for both owner-occupants and investors seeking cash flow and appreciation potential. Enjoy spacious living areas, solid bones, and the opportunity to add your personal touch or maximize rental income. Whether you're looking for a blank canvas for your next family home or your next renovation project, this property checks all the boxes.

Key facts

• Solid bones
• 3,920 sq ft lot
• Garage

Tags

• SPACIOUS LIVING AREAS
• SOLID BONES

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Ground-level entry
• Construction: Brick construction; Brick/mortar foundation
• Exterior features: Paved road access; Lot approximately 0.09 acres (35 x 106)

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Unfinished basement; Five total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $652 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.9% 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: Rents flat; 484 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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).
• This rent runs 34% of the median local income ($45k/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 $346 of loan paydown is wiped out by about $2k 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 + 0.7% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($49k) 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: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,250 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — 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: 2.52% ✓
• Cap rate: 21.94%
• Cash-on-cash: 55.88%
• DSCR: 3.49
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $37,553
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5303 Alter Rd	0.21mi	2/1.0 (-1)	792 (-1%)	4mo	$75,000	$95	80
9459 Lakepointe St	0.56mi	3/1.0	855 (+7%)	2mo	$40,000	$47	61
5114 Wayburn St	0.36mi	2/1.0 (-1)	864 (+8%)	5mo	$40,000	$46	61
9802 Philip St	0.73mi	3/1.0	802 (+0%)	15mo	$27,000	$34	53
5066 Chatsworth St	0.74mi	3/1.0	853 (+7%)	4mo	$49,500	$58	51
5585 Alter Rd	0.13mi	2/1.0 (-1)	910 (+14%)	20mo	$90,000	$99	49
9833 Berkshire St	0.67mi	2/1.0 (-1)	819 (+2%)	16mo	$17,000	$21	46
4810 Ashland St	0.54mi	3/1.5	872 (+9%)	22mo	$65,000	$75	39
14227 Elmdale St	0.75mi	3/1.0	880 (+10%)	13mo	$27,000	$31	38
9755 Somerset Ave	0.74mi	2/1.0 (-1)	852 (+7%)	14mo	$65,000	$76	37
13118 Frankfort St	0.59mi	2/1.0 (-1)	882 (+10%)	18mo	$38,500	$44	36
13067 Wade St	0.72mi	2/1.0 (-1)	910 (+14%)	16mo	$28,000	$31	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 · 0.73% rent growth · sell at horizon

5-year hold

• IRR: 51.6%
• Equity multiple: 3.19×
• Total profit: $30,620
• Equity at exit: $7,455

10-year hold

• IRR: 56.1%
• Equity multiple: 5.94×
• Total profit: $69,154
• Equity at exit: $4,323

Cash invested: $14,000 (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 48224

• Rents YoY: 0.7%
• Active inventory: 484
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,262 high
• Mortgage (P&I): −$262
• Tax from tax record: −$62 /mo · $745/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $652

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 43%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9190 Hayes St Unit 1 Detroit, MI	2.0	1.0	750	$850	$1.13	14d	1	0.38mi
5751 Nottingham Rd Unit 5/21/26 Detroit, MI	3.0	1.0	1100	$1,250	$1.14	14d	1	0.46mi
9516 Wayburn St Detroit, MI	2.0	1.0	800	$950	$1.19	17d	1	0.59mi
13067 Wade St Detroit, MI	2.0	1.0	660	$900	$1.36	4d	1	0.69mi
5235 Chatsworth St Detroit, MI	2.0	1.0	900	$1,050	$1.17	43d	1	0.70mi
9927 Beaconsfield St Detroit, MI	3.0	1.0	942	$1,375	$1.46	14d	1	0.71mi
4667 Eastlawn St Detroit, MI	3.0	1.0	646	$1,095	$1.70	3d	1	0.71mi
9747 Somerset Ave Detroit, MI	2.0	1.0	797	$1,100	$1.38	43d	1	0.73mi
10141 Roxbury St Detroit, MI	3.0	1.0	1115	$1,000	$0.90	43d	1	0.75mi
13400 Longview St Detroit, MI	3.0	1.5	1000	$1,400	$1.40	43d	1	0.78mi
13137 Elmdale St Detroit, MI	3.0	1.0	1115	$1,400	$1.26	24d	1	0.80mi
4391 Nottingham Rd Unit 4393 Detroit, MI	2.0	1.0	1038	$950	$0.92	4d	1	0.87mi
5112 Haverhill St Unit 1 Detroit, MI	2.0	1.0	1000	$1,100	$1.10	43d	1	0.89mi
10644 Stratman St Detroit, MI	2.0	1.0	1000	$1,200	$1.20	17d	1	0.91mi
5284 Devonshire Rd Detroit, MI	2.0	1.0	650	$1,050	$1.62	24d	1	0.91mi
5031 Bedford St Detroit, MI	2.0	1.0	876	$1,870	$2.13	1d	1	0.99mi
4151 Nottingham Rd Detroit, MI	2.0	1.0	1022	$1,275	$1.25	17d	1	1.01mi
5028 Bedford St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	4d	1	1.02mi
4627 Bedford St Unit 1 Detroit, MI	2.0	1.0	1050	$945	$0.90	19d	1	1.13mi
10404 Somerset Ave Detroit, MI	3.0	1.0	1108	$1,475	$1.33	3d	1	1.21mi
12210 Longview St Detroit, MI	3.0	1.0	1020	$1,100	$1.08	43d	1	1.24mi
5783 Yorkshire Rd Detroit, MI	2.0	1.0	1040	$1,200	$1.15	43d	1	1.30mi
10037 Grayton St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	3d	1	1.40mi
1415 Maryland St Grosse Pointe Park, MI	3.0	1.0	700	$1,275	$1.82	43d	1	1.41mi
10177 Boleyn St Detroit, MI	3.0	1.0	767	$1,250	$1.63	43d	1	1.45mi
1367 Wayburn St Unit 1 Grosse Pointe Park, MI	3.0	1.0	816	$1,250	$1.53	43d	1	1.48mi

Listing history 15 events

1. 2026-06-18
   days on market $50,000 Active 29 DOM
2. 2026-06-17
   days on market $50,000 Active 28 DOM
3. 2026-06-15
   days on market $50,000 Active 26 DOM
4. 2026-06-13
   days on market $50,000 Active 24 DOM
5. 2026-06-13
   days on market $50,000 Active 23 DOM
6. 2026-06-09
   days on market $50,000 Active 20 DOM
7. 2026-06-08
   days on market $50,000 Active 19 DOM
8. 2026-06-07
   days on market $50,000 Active 18 DOM
9. 2026-06-04
   days on market $50,000 Active 15 DOM
10. 2026-06-03
    days on market $50,000 Active 14 DOM
11. 2026-06-02
    days on market $50,000 Active 13 DOM
12. 2026-06-01
    days on market $50,000 Active 12 DOM
13. 2026-05-31
    days on market $50,000 Active 11 DOM
14. 2026-05-19
    listed $50,000 Active

    Show marketing remark (725 chars)

    A fantastic opportunity for homeowners and investors looking to secure property in one of Detroit's steadily improving east-side neighborhoods! This charming property offers incredible potential with strong rental demand, excellent location advantages, and long-term upside for savvy buyers. The neighborhood continues to see revitalization and investment, making it an attractive option for both owner-occupants and investors seeking cash flow and appreciation potential. Enjoy spacious living areas, solid bones, and the opportunity to add your personal touch or maximize rental income. Whether you're looking for a blank canvas for your next family home or your next renovation project, this property checks all the boxes.

15. 2026-05-19
    listed $50,000 Active 725-char remark

    Show marketing remark (725 chars)

    A fantastic opportunity for homeowners and investors looking to secure property in one of Detroit's steadily improving east-side neighborhoods! This charming property offers incredible potential with strong rental demand, excellent location advantages, and long-term upside for savvy buyers. The neighborhood continues to see revitalization and investment, making it an attractive option for both owner-occupants and investors seeking cash flow and appreciation potential. Enjoy spacious living areas, solid bones, and the opportunity to add your personal touch or maximize rental income. Whether you're looking for a blank canvas for your next family home or your next renovation project, this property checks all the boxes.

ⓘ 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: $745 · $62/mo
• Projected year-2 tax: $758 · $63/mo
• Expected delta: +$12/yr (+$1/mo · 1.7%)

ⓘ 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 ≥95°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: $15,145
• − Mortgage interest: −$2,801
• − Property taxes: −$745
• − Insurance: −$250
• − Repairs & maintenance: −$1,212
• − Management: −$1,212
• − Depreciation: −$1,455
• Taxable income: $7,472
• Est. tax owed @ 24.0%: −$1,793
• After-tax cash flow: $6,030/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): 39,668
• Household income: $44,856
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 2515.0

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 (88%)
• Race & ethnicity: Black 88% White 8% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Iranian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -226.38%
• Current HPI: 161.886
• Rent YoY: ▲ 0.73%
• 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

• 2026-05-19 Listed $50,000 MiRealSource-MiMLS
• 2026-05-19 Listed $50,000 REALCOMP

Property tax history

-3.2%/yr

Latest (2025): $745 · -36.1% YoY. Source: county tax records.