1693 Lee Pl · Detroit, MI 48206

$79,999

5 bd · 1.5 ba · 1,363 sqft · Townhouse public records · 68 Days on market

Built 1916 3,049 sqft lot $59/sqft · 67% below area ↓ 18% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Special in Herman Kiefer Redevelopment Zone. A prime opportunity for investors ready to bring their vision to life. Major updates already completed including new windows, new roof, new electrical, new framing, new siding new front porch and back deck and new trim, all within a solid structure. Positioned for strong returns, this property is ideal for fix and flip, cash flow, or short term rental potential. The deep backyard adds additional value and flexibility for future use. Located in the heart of the Herman Kiefer redevelopment zone, just steps from The Congregation Detroit and minutes from the $3B Henry Ford Hospital expansion, this area is experiencing rapid growth and revitalization. A rare chance to invest in one of Detroit's most promising corridors with multiple exit strategies and long term upside. Available for package deal with 1710 Lee Pl. (20261018038)

Key facts

• New framing
• New siding
• New front porch

Tags

• NEW WINDOWS
• NEW ROOF
• NEW ELECTRICAL
• NEW FRAMING
• NEW SIDING
• NEW FRONT PORCH

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath townhouse listed at $80k.

Deal economics

• At list price, monthly cash flow is $977 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• Cap rate 20.9% vs local median 10.0% 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: 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.
• Zoned schools: Thirkell Elementarymiddle School (math 2% / reading 8%, grade F, #1,325 of 1,397 statewide, top 99%, 501 students, 91% FRL); Northwestern High School (math 10% / reading 10%, grade F, #659 of 713 statewide, top 97%, 358 students, 88% FRL) — zoned schools at 90% FRL track the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 275 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $1,975/mo this rent would consume 53% of the median local household income ($45k/yr) (locally 646% 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 $553 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 + 5.2% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,199 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 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. 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. 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.
8. 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.
9. 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: 2.47% ✓
• Cap rate: 20.94%
• Cash-on-cash: 52.32%
• DSCR: 3.33
• GRM: 3.4

CMA / ARV

• ARV (median comp): $244,330
• List price: $79,999
• Delta: -67.26%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.2% rent growth · sell at horizon

5-year hold

• IRR: 52.8%
• Equity multiple: 3.40×
• Total profit: $53,757
• Equity at exit: $11,928

10-year hold

• IRR: 59.0%
• Equity multiple: 7.53×
• Total profit: $146,284
• Equity at exit: $6,917

Cash invested: $22,400 (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 48206

• Rents YoY: 5.2%
• Active inventory: 275
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,975 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$131 /mo · $1,568/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $977

Break-even live

Break-even rent $739

Max offer price $79,999

Occupancy floor 46%

Sensitivity live

Price	-10% $1,022	-5% $999	+0% $977	+5% $954	+10% $931
Rent	-10% $821	-5% $899	+0% $977	+5% $1,055	+10% $1,133
Rate	-1.0pp $1,017	-0.5pp $997	base $977	+0.5pp $956	+1.0pp $935

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3031 Lawrence St Detroit, MI	4.0	1.0	1700	$1,600	$0.94	19d	1	1.24mi
4114 W Euclid St Detroit, MI	6.0	2.0	1500	$1,800	$1.20	46d	1	1.33mi

Listing history 9 events

1. 2026-05-31
   days on market $79,999 Active 68 DOM
2. 2026-04-29
   price $89,999 888-char remark

   Show marketing remark (888 chars)

   Investor Special in Herman Kiefer Redevelopment Zone. A prime opportunity for investors ready to bring their vision to life. Major updates already completed including new windows, new roof, new electrical, new framing, new siding new front porch and back deck and new trim, all within a solid structure. Positioned for strong returns, this property is ideal for fix and flip, cash flow, or short term rental potential. The deep backyard adds additional value and flexibility for future use. Located in the heart of the Herman Kiefer redevelopment zone, just steps from The Congregation Detroit and minutes from the $3B Henry Ford Hospital expansion, this area is experiencing rapid growth and revitalization. A rare chance to invest in one of Detroit's most promising corridors with multiple exit strategies and long term upside. Available for package deal with 1710 Lee Pl. (20261018038)

3. 2026-04-28
   price $89,999 894-char remark

   Show marketing remark (894 chars)

   Investor Special in Herman Kiefer Redevelopment Zone. A prime opportunity for investors ready to bring their vision to life. Major updates already completed including new windows, new roof, new electrical, new framing, new siding new front porch and back deck and new trim, all within a solid structure. Positioned for strong returns, this property is ideal for fix and flip, cash flow, or short term rental potential. The deep backyard adds additional value and flexibility for future use. Located in the heart of the Herman Kiefer redevelopment zone, just steps from The Congregation Detroit and minutes from the $3B Henry Ford Hospital expansion, this area is experiencing rapid growth and revitalization. A rare chance to invest in one of Detroit’s most promising corridors with multiple exit strategies and long term upside. Available for package deal with 1710 Lee Pl. (20261018038)

4. 2026-04-11
   price $94,900 888-char remark

   Show marketing remark (888 chars)

   Investor Special in Herman Kiefer Redevelopment Zone. A prime opportunity for investors ready to bring their vision to life. Major updates already completed including new windows, new roof, new electrical, new framing, new siding new front porch and back deck and new trim, all within a solid structure. Positioned for strong returns, this property is ideal for fix and flip, cash flow, or short term rental potential. The deep backyard adds additional value and flexibility for future use. Located in the heart of the Herman Kiefer redevelopment zone, just steps from The Congregation Detroit and minutes from the $3B Henry Ford Hospital expansion, this area is experiencing rapid growth and revitalization. A rare chance to invest in one of Detroit's most promising corridors with multiple exit strategies and long term upside. Available for package deal with 1710 Lee Pl. (20261018038)

5. 2026-04-10
   price $94,900 894-char remark

   Show marketing remark (894 chars)

   Investor Special in Herman Kiefer Redevelopment Zone. A prime opportunity for investors ready to bring their vision to life. Major updates already completed including new windows, new roof, new electrical, new framing, new siding new front porch and back deck and new trim, all within a solid structure. Positioned for strong returns, this property is ideal for fix and flip, cash flow, or short term rental potential. The deep backyard adds additional value and flexibility for future use. Located in the heart of the Herman Kiefer redevelopment zone, just steps from The Congregation Detroit and minutes from the $3B Henry Ford Hospital expansion, this area is experiencing rapid growth and revitalization. A rare chance to invest in one of Detroit’s most promising corridors with multiple exit strategies and long term upside. Available for package deal with 1710 Lee Pl. (20261018038)

6. 2026-04-05
   price $99,900 888-char remark

   Show marketing remark (888 chars)

   Investor Special in Herman Kiefer Redevelopment Zone. A prime opportunity for investors ready to bring their vision to life. Major updates already completed including new windows, new roof, new electrical, new framing, new siding new front porch and back deck and new trim, all within a solid structure. Positioned for strong returns, this property is ideal for fix and flip, cash flow, or short term rental potential. The deep backyard adds additional value and flexibility for future use. Located in the heart of the Herman Kiefer redevelopment zone, just steps from The Congregation Detroit and minutes from the $3B Henry Ford Hospital expansion, this area is experiencing rapid growth and revitalization. A rare chance to invest in one of Detroit's most promising corridors with multiple exit strategies and long term upside. Available for package deal with 1710 Lee Pl. (20261018038)

7. 2026-04-04
   price $99,900 894-char remark

   Show marketing remark (894 chars)

   Investor Special in Herman Kiefer Redevelopment Zone. A prime opportunity for investors ready to bring their vision to life. Major updates already completed including new windows, new roof, new electrical, new framing, new siding new front porch and back deck and new trim, all within a solid structure. Positioned for strong returns, this property is ideal for fix and flip, cash flow, or short term rental potential. The deep backyard adds additional value and flexibility for future use. Located in the heart of the Herman Kiefer redevelopment zone, just steps from The Congregation Detroit and minutes from the $3B Henry Ford Hospital expansion, this area is experiencing rapid growth and revitalization. A rare chance to invest in one of Detroit’s most promising corridors with multiple exit strategies and long term upside. Available for package deal with 1710 Lee Pl. (20261018038)

8. 2026-03-24
   listed $109,900 Active 894-char remark

   Show marketing remark (888 chars)

   Investor Special in Herman Kiefer Redevelopment Zone. A prime opportunity for investors ready to bring their vision to life. Major updates already completed including new windows, new roof, new electrical, new framing, new siding new front porch and back deck and new trim, all within a solid structure. Positioned for strong returns, this property is ideal for fix and flip, cash flow, or short term rental potential. The deep backyard adds additional value and flexibility for future use. Located in the heart of the Herman Kiefer redevelopment zone, just steps from The Congregation Detroit and minutes from the $3B Henry Ford Hospital expansion, this area is experiencing rapid growth and revitalization. A rare chance to invest in one of Detroit's most promising corridors with multiple exit strategies and long term upside. Available for package deal with 1710 Lee Pl. (20261018038)

9. 2026-03-24
   listed $109,900 Active 888-char remark

   Show marketing remark (888 chars)

   Investor Special in Herman Kiefer Redevelopment Zone. A prime opportunity for investors ready to bring their vision to life. Major updates already completed including new windows, new roof, new electrical, new framing, new siding new front porch and back deck and new trim, all within a solid structure. Positioned for strong returns, this property is ideal for fix and flip, cash flow, or short term rental potential. The deep backyard adds additional value and flexibility for future use. Located in the heart of the Herman Kiefer redevelopment zone, just steps from The Congregation Detroit and minutes from the $3B Henry Ford Hospital expansion, this area is experiencing rapid growth and revitalization. A rare chance to invest in one of Detroit's most promising corridors with multiple exit strategies and long term upside. Available for package deal with 1710 Lee Pl. (20261018038)

ⓘ 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: $1,568 · $131/mo
• Projected year-2 tax: $1,568 · $131/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: $23,699
• − Mortgage interest: −$4,481
• − Property taxes: −$1,568
• − Insurance: −$400
• − Repairs & maintenance: −$1,896
• − Management: −$1,896
• − Depreciation: −$2,327
• Taxable income: $11,131
• Est. tax owed @ 24.0%: −$2,671
• After-tax cash flow: $9,049/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): 15,227
• Household income: $45,046
• Rent vs Own: 46.4% rent · 53.6% own
• Severe rent burden: 646.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 3% Romanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 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: ▼ -139.60%
• Current HPI: 130.9545
• Rent YoY: ▲ 5.20%
• 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

-18.1% since first listed

8 events — show timeline

• 2026-04-29 Price Changed $89,999 MiRealSource-MiMLS
• 2026-04-28 Price Changed $89,999 REALCOMP
• 2026-04-11 Price Changed $94,900 MiRealSource-MiMLS
• 2026-04-10 Price Changed $94,900 REALCOMP
• 2026-04-05 Price Changed $99,900 MiRealSource-MiMLS
• 2026-04-04 Price Changed $99,900 REALCOMP
• 2026-03-24 Listed $109,900 REALCOMP
• 2026-03-24 Listed $109,900 MiRealSource-MiMLS

Property tax history

+4.8%/yr

Latest (2025): $1,568 · +3036.5% YoY. Source: county tax records.