5104-06 Balfour Rd · Detroit, MI 48224

$69,900

4 bd · 2.0 ba · 2,222 sqft · SingleFamily public records · 149 Days on market

Built 1928 5,227 sqft lot $31/sqft · 53% below area

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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
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

“Solid Brick Two-Family Gem in Detroit’s Vibrant Morningside Neighborhood! Welcome to your next great opportunity — a spacious 4-bedroom, 2-bath two-family property (with potential to easily convert to 5 bedrooms) in one of Detroit’s most promising areas! Nestled just one block from bustling Warren Ave, this solid brick beauty offers 2,222 square feet of character, charm, and endless potential. Each unit features generous living spaces, original details, and strong bones with a sturdy foundation — a perfect blank canvas for your renovation vision. Whether you’re an investor looking to add to your rental portfolio or an owner-occupant ready to restore and build equity, this property delivers flexibility and upside. Enjoy a large backyard and a huge parking garage, ideal for extra storage or multiple vehicles. With the right updates, this could easily become a high cash-flowing asset or a stunning resale property — GREAT ARV. Located minutes from major freeways, shopping, and ongoing neighborhood redevelopment, Morningside is thriving, and opportunities like this are rare. Don’t miss your chance to transform this solid brick two-family into a showcase home or income-producing gem! PROPERTY IS SOLD AS IS. BUYER AND BUYER’S AGENT TO VERIFY ALL INFORMATION. ”

Key facts

• Huge parking garage
• Large backyard
• Strong bones

Tags

• SOLID BRICK TWO-FAMILY
• SPACIOUS LIVING SPACES
• ORIGINAL DETAILS
• STRONG BONES
• LARGE BACKYARD
• HUGE PARKING GARAGE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $678 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.9% 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: Ronald Brown Academy (math 10% / reading 10%, grade F, #1,230 of 1,397 statewide, top 91%, 703 students, 88% FRL); East English Village Preparatory Academy At Finney (math 10% / reading 10%, grade F, #659 of 713 statewide, top 97%, 697 students, 85% FRL) — zoned schools at 87% FRL track the district average.
• Market conditions: Rents flat; 495 active listings in the ZIP; 12 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 40% 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 $483 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 $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 149 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 4 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 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 149 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 1928 — 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: 2.16% ✓
• Cap rate: 17.94%
• Cash-on-cash: 41.58%
• DSCR: 2.85
• GRM: 3.8

CMA / ARV

• ARV (median comp): $149,660
• List price: $69,900
• Delta: -53.29%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4835 Bedford St	0.36mi	4/2.0	2,098 (-6%)	9mo	$220,000	$105	67
5903 Chatsworth St	0.40mi	3/1.5 (-1)	2,150 (-3%)	3mo	$225,000	$105	66
5731 Courville St	0.52mi	4/2.5	2,300 (+4%)	6mo	$191,918	$83	63
16513 Chandler Park Drive Dr	0.66mi	4/2.0	2,279 (+3%)	8mo	$220,000	$97	59
4677 Chatsworth St	0.29mi	5/2.0 (+1)	1,989 (-10%)	8mo	$200,000	$101	57
3918 Nottingham Rd	0.73mi	4/2.0	2,126 (-4%)	7mo	$226,000	$106	53
12125 E Outer Dr	0.61mi	3/1.5 (-1)	2,000 (-10%)	4mo	$233,000	$117	45
3903 Berkshire St	0.74mi	3/2.5 (-1)	2,434 (+10%)	2mo	$224,000	$92	41
3992 Devonshire Rd	0.70mi	3/1.5 (-1)	2,062 (-7%)	10mo	$180,000	$87	40
5950 Audubon Rd	0.68mi	5/1.5 (+1)	2,019 (-9%)	9mo	$89,000	$44	39
4536 Kensington Ave	0.70mi	3/2.0 (-1)	2,431 (+9%)	10mo	$290,000	$119	38
4151 Courville St	0.69mi	3/1.5 (-1)	1,915 (-14%)	10mo	$217,000	$113	29

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: 35.5%
• Equity multiple: 2.46×
• Total profit: $28,531
• Equity at exit: $10,422

10-year hold

• IRR: 41.1%
• Equity multiple: 4.44×
• Total profit: $67,390
• Equity at exit: $6,044

Cash invested: $19,572 (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: 495
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,513 high
• Mortgage (P&I): −$367
• Tax from tax record: −$122 /mo · $1,459/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $678

Break-even live

Break-even rent $655

Max offer price $69,900

Occupancy floor 50%

Sensitivity live

Price	-10% $718	-5% $698	+0% $678	+5% $658	+10% $639
Rent	-10% $559	-5% $618	+0% $678	+5% $738	+10% $798
Rate	-1.0pp $713	-0.5pp $696	base $678	+0.5pp $660	+1.0pp $642

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	19d	1	0.22mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	19d	1	0.22mi
5574 Buckingham Ave Detroit, MI	3.0	1.0	1430	$1,450	$1.01	6d	1	0.30mi
5791 Somerset Ave Detroit, MI	3.0	2.0	1660	$1,400	$0.84	19d	1	0.42mi
9635 Everts St Detroit, MI	4.0	2.0	1450	$1,650	$1.14	46d	1	0.93mi
9755 Wayburn St Detroit, MI	3.0	2.0	1498	$1,400	$0.93	5d	1	0.98mi
9142 Yorkshire Rd Detroit, MI	5.0	1.5	1450	$1,700	$1.17	0d	1	1.02mi
9171 Bishop St Detroit, MI	4.0	1.0	1508	$1,300	$0.86	46d	1	1.05mi
10030 Bishop St Detroit, MI	5.0	2.0	1721	$1,200	$0.70	19d	1	1.15mi
10724 Whitehill St Detroit, MI	3.0	3.0	1425	$1,550	$1.09	20d	1	1.18mi
13395 Maiden St Detroit, MI	5.0	2.0	1750	$1,600	$0.91	26d	1	1.30mi
5164 Hereford St Detroit, MI	3.0	2.0	1867	$1,425	$0.76	0d	1	1.32mi

Listing history 22 events

1. 2026-06-08
   days on market $69,900 Active 149 DOM
2. 2026-06-07
   days on market $69,900 Active 148 DOM
3. 2026-06-04
   days on market $69,900 Active 145 DOM
4. 2026-06-03
   days on market $69,900 Active 144 DOM
5. 2026-06-01
   days on market $69,900 Active 142 DOM
6. 2026-05-31
   days on market $69,900 Active 141 DOM
7. 2026-01-10
   listed $69,900 Active 1334-char remark

   Show marketing remark (1312 chars)

   “Solid Brick Two-Family Gem in Detroit's Vibrant Morningside Neighborhood! Welcome to your next great opportunity - a spacious 4-bedroom, 2-bath two-family property (with potential to easily convert to 5 bedrooms) in one of Detroit's most promising areas! Nestled just one block from bustling Warren Ave, this solid brick beauty offers 2,222 square feet of character, charm, and endless potential. Each unit features generous living spaces, original details, and strong bones with a sturdy foundation - a perfect blank canvas for your renovation vision. Whether you're an investor looking to add to your rental portfolio or an owner-occupant ready to restore and build equity, this property delivers flexibility and upside. Enjoy a large backyard and a huge parking garage, ideal for extra storage or multiple vehicles. With the right updates, this could easily become a high cash-flowing asset or a stunning resale property - GREAT ARV. Located minutes from major freeways, shopping, and ongoing neighborhood redevelopment, Morningside is thriving, and opportunities like this are rare. Don't miss your chance to transform this solid brick two-family into a showcase home or income-producing gem! PROPERTY IS SOLD AS IS. BUYER AND BUYER'S AGENT TO VERIFY ALL INFORMATION. ”

8. 2026-01-10
   listed $69,900 Active 1312-char remark

   Show marketing remark (1312 chars)

   “Solid Brick Two-Family Gem in Detroit's Vibrant Morningside Neighborhood! Welcome to your next great opportunity - a spacious 4-bedroom, 2-bath two-family property (with potential to easily convert to 5 bedrooms) in one of Detroit's most promising areas! Nestled just one block from bustling Warren Ave, this solid brick beauty offers 2,222 square feet of character, charm, and endless potential. Each unit features generous living spaces, original details, and strong bones with a sturdy foundation - a perfect blank canvas for your renovation vision. Whether you're an investor looking to add to your rental portfolio or an owner-occupant ready to restore and build equity, this property delivers flexibility and upside. Enjoy a large backyard and a huge parking garage, ideal for extra storage or multiple vehicles. With the right updates, this could easily become a high cash-flowing asset or a stunning resale property - GREAT ARV. Located minutes from major freeways, shopping, and ongoing neighborhood redevelopment, Morningside is thriving, and opportunities like this are rare. Don't miss your chance to transform this solid brick two-family into a showcase home or income-producing gem! PROPERTY IS SOLD AS IS. BUYER AND BUYER'S AGENT TO VERIFY ALL INFORMATION. ”

9. 2026-01-05
   historical
10. 2025-12-13
    price $74,000
11. 2025-12-13
    price $74,000
12. 2025-10-28
    price $74,500
13. 2025-10-27
    price $74,500
14. 2025-10-16
    price $75,000
15. 2025-10-16
    price $75,000
16. 2025-10-12
    price $65,000
17. 2025-10-12
    price $65,000
18. 2025-10-01
    listed $20,000 Active
19. 2025-10-01
    listed $20,000 Active
20. 2025-07-25
    soldstatus $63,000
21. 2002-04-16
    soldstatus $30,000
22. 1998-06-29
    soldstatus $20,000

ⓘ 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: $1,459 · $122/mo
• Projected year-2 tax: $1,459 · $122/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 ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,159
• − Mortgage interest: −$3,915
• − Property taxes: −$1,459
• − Insurance: −$350
• − Repairs & maintenance: −$1,453
• − Management: −$1,453
• − Depreciation: −$2,033
• Taxable income: $7,496
• Est. tax owed @ 24.0%: −$1,799
• After-tax cash flow: $6,339/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

+249.5% since first listed

16 events — show timeline

• 2026-01-10 Listed $69,900 REALCOMP
• 2026-01-10 Listed $69,900 MiRealSource-MiMLS
• 2026-01-05 Listing Removed — MiRealSource-MiMLS
• 2025-12-13 Price Changed $74,000 MiRealSource-MiMLS
• 2025-12-13 Price Changed $74,000 REALCOMP
• 2025-10-28 Price Changed $74,500 MiRealSource-MiMLS
• 2025-10-27 Price Changed $74,500 REALCOMP
• 2025-10-16 Price Changed $75,000 MiRealSource-MiMLS
• 2025-10-16 Price Changed $75,000 REALCOMP
• 2025-10-12 Price Changed $65,000 MiRealSource-MiMLS
• 2025-10-12 Price Changed $65,000 REALCOMP
• 2025-10-01 Listed $20,000 REALCOMP
• 2025-10-01 Listed $20,000 MiRealSource-MiMLS
• 2025-07-25 Sold (Public Records) $63,000 Public Records
• 2002-04-16 Sold (Public Records) $30,000 Public Records
• 1998-06-29 Sold (Public Records) $20,000 Public Records

Property tax history

+0.5%/yr

Latest (2025): $1,459 · -55.6% YoY. Source: county tax records.