2638 Cortland St · Detroit, MI 48206

$220,000

7 bd · 2.0 ba · 2,750 sqft · MultiFamily public records · 27 Days on market

Built 1927 4,356 sqft lot ↓ 12% since listing

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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 +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +7.5/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Beautifully renovated brick multifamily property featuring two spacious units, perfect for investors or owner occupants. The lower unit offers 3 bedrooms and 1 full bath, while the upper unit features 4 bedrooms and 1 full bath. Both units include modern updates, bright living spaces, and a layout designed for comfortable everyday living. Conveniently located near Linwood and Plymouth with quick access to downtown Detroit, Henry Ford Hospital, Wayne State University, major freeways, shopping, and dining. Rental rates for comparable units in the area range from approximately $1,200-$1,600 per month, offering strong income potential. Whether you are looking to expand your investment portfolio or live in one unit while generating rental income from the other, this move in ready property is an excellent opportunity.

Key facts

• Two spacious units
• Modern updates
• Bright living spaces

Tags

• TWO SPACIOUS UNITS
• MODERN UPDATES
• BRIGHT LIVING SPACES
• NEAR HENRY FORD HOSPITAL
• NEAR WAYNE STATE UNIVERSITY
• NEAR MAJOR FREEWAYS

Property features AI

Finance

• Other: Lot roughly 0.1 acre (approx. 35 x 120.5); No pool

Exterior

• Utilities: Public water; Public sewer
• Home design: Multi-family residential property; Two-story
• Construction: Brick construction; Brick/mortar foundation; Built area above grade: 2,750 (finished)
• Exterior features: Paved road access; Pets allowed: cats and dogs; Residential zoning

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 7-bed/2.0-bath multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $654 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $217k (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 rising fast (+5.2%/yr); 271 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $2,753/mo this rent would consume 73% 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 $2k of loan paydown is wiped out by about $7k 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 $62k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• 8 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 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $216,700 (1.5% below list)

Questions for the listing agent

1. Built in 1927 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.25% ✓
• Cap rate: 9.86%
• Cash-on-cash: 12.75%
• DSCR: 1.57
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $112,750
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2716 Elmhurst St	0.20mi	6/2.0 (-1)	2,750 (0%)	1mo	$225,000	$82	85
2952 Elmhurst St	0.26mi	6/2.5 (-1)	2,950 (+7%)	2mo	$65,000	$22	67
3230 Fullerton St	0.32mi	6/2.0 (-1)	2,950 (+7%)	3mo	$65,000	$22	65
2931 Tuxedo St	0.32mi	6/2.0 (-1)	2,510 (-9%)	3mo	$50,000	$20	63
3740 Tyler St	0.62mi	6/2.0 (-1)	2,600 (-6%)	2mo	$159,500	$61	55
3729 W Grand St	0.75mi	6/2.0 (-1)	2,704 (-2%)	3mo	$120,000	$44	55
3741 Tyler St	0.61mi	6/2.5 (-1)	2,600 (-6%)	2mo	$15,000	$6	54
2936 W Grand St	0.61mi	6/2.0 (-1)	2,600 (-6%)	4mo	$30,000	$12	54
3782 Tyler St	0.66mi	6/2.0 (-1)	2,600 (-6%)	4mo	$97,500	$38	52
4002 W Buena Vista St	0.69mi	6/2.0 (-1)	3,007 (+9%)	0mo	$179,000	$60	47
2907 Calvert St	0.62mi	6/2.0 (-1)	3,140 (+14%)	2mo	$130,000	$41	41
1708 Burlingame St	0.72mi	6/4.0 (-1)	3,094 (+12%)	3mo	$236,900	$77	30

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 · 5.2% rent growth · sell at horizon

5-year hold

• IRR: 5.0%
• Equity multiple: 1.20×
• Total profit: $12,305
• Equity at exit: $32,803

10-year hold

• IRR: 16.4%
• Equity multiple: 2.48×
• Total profit: $91,292
• Equity at exit: $19,022

Cash invested: $61,600 (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: 271
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $2,753 high
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$578
• Net cashflow: $654

Break-even live

Break-even rent $1,925

Max offer price $220,000

Occupancy floor 71%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,297
1× unit	4	1	$1,456
Total (2 units)			$2,753

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2509 Gladstone St Unit NA Detroit, MI	6.0	3.0	3008	$2,000	$0.66	10d	1	1.31mi

Listing history 29 events

1. 2026-06-18
   days on market $220,000 Active 27 DOM
2. 2026-06-17
   days on market $220,000 Active 26 DOM
3. 2026-06-15
   days on market $220,000 Active 24 DOM
4. 2026-06-13
   days on market $220,000 Active 22 DOM
5. 2026-06-13
   days on market $220,000 Active 21 DOM
6. 2026-06-09
   days on market $220,000 Active 18 DOM
7. 2026-06-08
   days on market $220,000 Active 17 DOM
8. 2026-06-07
   days on market $220,000 Active 16 DOM
9. 2026-06-04
   days on market $220,000 Active 13 DOM
10. 2026-06-03
    days on market $220,000 Active 12 DOM
11. 2026-06-02
    days on market $220,000 Active 11 DOM
12. 2026-06-01
    days on market $220,000 Active 10 DOM
13. 2026-05-31
    days on market $220,000 Active 9 DOM
14. 2026-05-22
    listed $220,000 Active 823-char remark

    Show marketing remark (823 chars)

    Beautifully renovated brick multifamily property featuring two spacious units, perfect for investors or owner occupants. The lower unit offers 3 bedrooms and 1 full bath, while the upper unit features 4 bedrooms and 1 full bath. Both units include modern updates, bright living spaces, and a layout designed for comfortable everyday living. Conveniently located near Linwood and Plymouth with quick access to downtown Detroit, Henry Ford Hospital, Wayne State University, major freeways, shopping, and dining. Rental rates for comparable units in the area range from approximately $1,200-$1,600 per month, offering strong income potential. Whether you are looking to expand your investment portfolio or live in one unit while generating rental income from the other, this move in ready property is an excellent opportunity.

15. 2026-05-22
    listed $220,000 Active

    Show marketing remark (823 chars)

    Beautifully renovated brick multifamily property featuring two spacious units, perfect for investors or owner occupants. The lower unit offers 3 bedrooms and 1 full bath, while the upper unit features 4 bedrooms and 1 full bath. Both units include modern updates, bright living spaces, and a layout designed for comfortable everyday living. Conveniently located near Linwood and Plymouth with quick access to downtown Detroit, Henry Ford Hospital, Wayne State University, major freeways, shopping, and dining. Rental rates for comparable units in the area range from approximately $1,200-$1,600 per month, offering strong income potential. Whether you are looking to expand your investment portfolio or live in one unit while generating rental income from the other, this move in ready property is an excellent opportunity.

16. 2026-04-28
    historical
17. 2026-03-31
    status Active
18. 2026-03-31
    status Active
19. 2026-03-20
    status Pending
20. 2026-03-20
    status Pending
21. 2026-03-20
    historical
22. 2026-01-26
    listed $231,500 Active
23. 2026-01-26
    listed $231,500 Active
24. 2026-01-26
    historical
25. 2026-01-26
    historical
26. 2025-11-15
    price $239,000
27. 2025-11-14
    price $239,000
28. 2025-10-27
    listed $249,000 Active
29. 2025-10-26
    listed $249,000 Active

ⓘ 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 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,036
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,643
• − Management: −$2,643
• − Depreciation: −$6,400
• Taxable income: $4,627
• Est. tax owed @ 24.0%: −$1,110
• 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): 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

-11.6% since first listed

16 events — show timeline

• 2026-05-22 Listed $220,000 REALCOMP
• 2026-05-22 Listed $220,000 MiRealSource-MiMLS
• 2026-04-28 Listing Removed — MiRealSource-MiMLS
• 2026-03-31 Relisted — REALCOMP
• 2026-03-31 Relisted — MiRealSource-MiMLS
• 2026-03-20 Pending — MiRealSource-MiMLS
• 2026-03-20 Pending — REALCOMP
• 2026-03-20 Listing Removed — REALCOMP
• 2026-01-26 Listed $231,500 REALCOMP
• 2026-01-26 Listing Removed — MiRealSource-MiMLS
• 2026-01-26 Listing Removed — REALCOMP
• 2026-01-26 Listed $231,500 MiRealSource-MiMLS
• 2025-11-15 Price Changed $239,000 MiRealSource-MiMLS
• 2025-11-14 Price Changed $239,000 REALCOMP
• 2025-10-27 Listed $249,000 REALCOMP
• 2025-10-26 Listed $249,000 MiRealSource-MiMLS

Property tax history

-25.2%/yr

Latest (2025): $64 · +0.0% YoY. Source: county tax records.