20050 Joann St · Detroit, MI 48205

$49,900

3 bd · 1.0 ba · 868 sqft · SingleFamily public records · 90 Days on market

Built 1942 5,227 sqft lot $57/sqft · at area comps Est $51k · at est.

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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 +8.2/15.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

WELL KEPT RENTED PROPERTY. LOCATED NEAR EIGHT MILE AND SCHOENHERR ST ON DETROIT EAST SIDE. START MAKING MONEY SINCE CLOSING WITH OUR CURRENT LOCATION AT THIS LOCATION THAT HAS BEEN THERE SINCE JANUARY 2024 PAYING $1000 A MONTH.

Key facts

• 5,227 sq ft lot
• Built 1942
• Listed 89 days

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 $693 ($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: $47k (6.0% below list) — sets the bar for market timing.
• Cap rate 23.0% 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 (+1.3%/yr); 376 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 42% of the median local income ($39k/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 $345 of loan paydown is wiped out by about $1k 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 + 1.3% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 32y ago; this cycle's ask has dropped $5k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $46,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 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 1942 — 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: 2.72% ✓
• Cap rate: 22.95%
• Cash-on-cash: 59.51%
• DSCR: 3.65
• GRM: 3.1

CMA / ARV

• ARV (median comp): $50,637
• List price: $49,900
• Delta: -1.46%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20300 Hickory St	0.21mi	3/1.0	918 (+6%)	1mo	$31,000	$34	80
20218 Hickory St	0.16mi	3/1.0	930 (+7%)	1mo	$26,000	$28	80
13452 Tacoma St	0.30mi	3/1.0	900 (+4%)	1mo	$69,072	$77	79
20543 Waltham St	0.37mi	3/1.0	890 (+2%)	1mo	$50,000	$56	78
20218 Goulburn St	0.20mi	3/1.0	965 (+11%)	1mo	$12,000	$12	71
13046 Sherman Ave	0.58mi	4/1.0 (+1)	870 (+0%)	1mo	$120,000	$138	66
19730 Goulburn St	0.31mi	3/1.5	977 (+13%)	1mo	$114,000	$117	62
12416 Vernon Ave	0.59mi	3/1.0	944 (+9%)	2mo	$128,000	$136	56
19170 Schoenherr St	0.66mi	3/1.0	797 (-8%)	0mo	$25,500	$32	56
20541 Barlow St	0.41mi	2/1.0 (-1)	980 (+13%)	2mo	$60,000	$61	53
19161 Hamburg St	0.73mi	3/1.0	960 (+11%)	2mo	$116,000	$121	47
20091 Annott St	0.65mi	2/1.0 (-1)	747 (-14%)	1mo	$12,800	$17	40

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 · 1.33% rent growth · sell at horizon

5-year hold

• IRR: 56.3%
• Equity multiple: 3.42×
• Total profit: $33,842
• Equity at exit: $7,440

10-year hold

• IRR: 60.6%
• Equity multiple: 6.55×
• Total profit: $77,566
• Equity at exit: $4,314

Cash invested: $13,972 (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 48205

• Home prices YoY: -28.1%
• Rents YoY: 1.3%
• Active inventory: 376
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,356 high
• Mortgage (P&I): −$262
• Tax from tax record: −$96 /mo · $1,146/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $693

Break-even live

Break-even rent $478

Max offer price $49,900

Occupancy floor 44%

Sensitivity live

Price	-10% $721	-5% $707	+0% $693	+5% $679	+10% $665
Rent	-10% $586	-5% $639	+0% $693	+5% $746	+10% $800
Rate	-1.0pp $718	-0.5pp $706	base $693	+0.5pp $680	+1.0pp $667

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20027 Alcoy St Detroit, MI	3.0	1.0	1000	$1,349	$1.35	18d	1	0.05mi
20242 Hickory St Detroit, MI	3.0	1.0	747	$1,300	$1.74	12d	1	0.15mi
20227 Pelkey St Detroit, MI	3.0	1.0	968	$1,350	$1.39	18d	1	0.17mi
20215 Schoenherr St Unit 1 Detroit, MI	2.0	1.0	1000	$1,200	$1.20	18d	1	0.22mi
20296 Waltham St Detroit, MI	3.0	1.5	986	$1,300	$1.32	18d	1	0.29mi
20091 Barlow St Detroit, MI	3.0	1.0	930	$1,300	$1.40	18d	1	0.34mi
12807 Coleen Ave Warren, MI	3.0	1.0	1080	$1,250	$1.16	25d	1	0.40mi
12846 Georgiana Ave Warren, MI	3.0	1.0	912	$1,300	$1.43	25d	1	0.41mi
20553 Hamburg St Detroit, MI	3.0	1.0	1074	$1,300	$1.21	4d	1	0.47mi
13501 Vernon Ave Warren, MI	2.0	1.0	850	$1,300	$1.53	25d	1	0.52mi
13669 Pfent St Detroit, MI	3.0	2.0	1031	$1,374	$1.33	18d	1	0.58mi
19220 Alcoy St Detroit, MI	3.0	1.0	1023	$1,350	$1.32	18d	1	0.59mi
14068 Carlisle St Detroit, MI	3.0	1.0	1020	$1,300	$1.27	25d	1	0.62mi
19170 Joann St Detroit, MI	4.0	1.0	1020	$1,400	$1.37	44d	1	0.63mi
19143 Fairport St Detroit, MI	3.0	1.0	1070	$1,225	$1.14	18d	1	0.66mi
21412 Waltham Rd Warren, MI	2.0	1.0	696	$1,225	$1.76	44d	1	0.69mi
13050 Couwlier Ave Warren, MI	3.0	1.0	850	$1,350	$1.59	25d	1	0.73mi
18703 Waltham St Detroit, MI	2.0	1.0	1000	$1,100	$1.10	44d	1	0.90mi
18624 Fairport St Unit NA Detroit, MI	3.0	1.0	924	$1,450	$1.57	25d	1	0.93mi
18624 Fairport St Detroit, MI	3.0	1.0	874	$1,450	$1.66	22d	1	0.93mi
18681 Barlow St Detroit, MI	3.0	1.0	1041	$1,400	$1.34	25d	1	0.94mi
19335 Hoover St Detroit, MI	2.0	1.0	620	$1,099	$1.77	18d	1	0.95mi
19335 Hoover St Detroit, MI	2.0	1.0	620	$1,099	$1.77	44d	1	0.95mi
14461 Lappin St Detroit, MI	3.0	1.5	989	$1,150	$1.16	18d	1	0.98mi
18119 Joann St Detroit, MI	2.0	1.0	800	$1,100	$1.38	25d	1	1.09mi
11228 Sherman Ave Warren, MI	2.0	1.0	1000	$1,200	$1.20	13d	1	1.23mi
22852 Sharrow Ave Warren, MI	3.0	1.0	1000	$1,400	$1.40	5d	1	1.24mi
11319 Chalmers Ave Warren, MI	3.0	1.0	975	$1,500	$1.54	25d	1	1.35mi
17851 Strasburg St Detroit, MI	3.0	1.0	1079	$1,100	$1.02	18d	1	1.36mi
11236 Studebaker Ave Warren, MI	2.0	1.0	672	$1,175	$1.75	44d	1	1.42mi
11513 Greiner St Unit 11521 Greiner Detroit, MI	2.0	1.0	942	$1,050	$1.11	44d	1	1.44mi

Listing history 34 events

1. 2026-06-21
   days on market $49,900 Active 90 DOM
2. 2026-06-18
   days on market $49,900 Active 87 DOM
3. 2026-06-17
   days on market $49,900 Active 86 DOM
4. 2026-06-15
   days on market $49,900 Active 84 DOM
5. 2026-06-13
   days on market $49,900 Active 82 DOM
6. 2026-06-13
   days on market $49,900 Active 81 DOM
7. 2026-06-09
   days on market $49,900 Active 78 DOM
8. 2026-06-08
   days on market $49,900 Active 77 DOM
9. 2026-06-07
   days on market $49,900 Active 76 DOM
10. 2026-06-04
    pricedays on market $49,900 Active 73 DOM
11. 2026-06-03
    days on market $52,500 Active 72 DOM
12. 2026-06-01
    days on market $52,500 Active 70 DOM
13. 2026-05-31
    days on market $52,500 Active 69 DOM
14. 2026-04-29
    price $52,500 227-char remark

    Show marketing remark (227 chars)

    WELL KEPT RENTED PROPERTY. LOCATED NEAR EIGHT MILE AND SCHOENHERR ST ON DETROIT EAST SIDE. START MAKING MONEY SINCE CLOSING WITH OUR CURRENT LOCATION AT THIS LOCATION THAT HAS BEEN THERE SINCE JANUARY 2024 PAYING $1000 A MONTH.

15. 2026-04-28
    price $52,500 227-char remark

    Show marketing remark (227 chars)

    WELL KEPT RENTED PROPERTY. LOCATED NEAR EIGHT MILE AND SCHOENHERR ST ON DETROIT EAST SIDE. START MAKING MONEY SINCE CLOSING WITH OUR CURRENT LOCATION AT THIS LOCATION THAT HAS BEEN THERE SINCE JANUARY 2024 PAYING $1000 A MONTH.

16. 2026-03-18
    listed $54,900 Active 227-char remark

    Show marketing remark (227 chars)

    WELL KEPT RENTED PROPERTY. LOCATED NEAR EIGHT MILE AND SCHOENHERR ST ON DETROIT EAST SIDE. START MAKING MONEY SINCE CLOSING WITH OUR CURRENT LOCATION AT THIS LOCATION THAT HAS BEEN THERE SINCE JANUARY 2024 PAYING $1000 A MONTH.

17. 2026-03-18
    listed $54,900 Active 227-char remark

    Show marketing remark (227 chars)

    WELL KEPT RENTED PROPERTY. LOCATED NEAR EIGHT MILE AND SCHOENHERR ST ON DETROIT EAST SIDE. START MAKING MONEY SINCE CLOSING WITH OUR CURRENT LOCATION AT THIS LOCATION THAT HAS BEEN THERE SINCE JANUARY 2024 PAYING $1000 A MONTH.

18. 2022-08-09
    soldstatus $88,000
19. 2018-04-03
    soldstatus $5,000 Sold
20. 2018-03-05
    status Pending
21. 2018-03-05
    status Pending
22. 2018-03-01
    status Active
23. 2018-03-01
    status Active
24. 2018-02-26
    status Pending
25. 2018-02-26
    status Pending
26. 2018-02-19
    listed $5,000 Active
27. 2018-02-19
    listed $5,000 Active
28. 1998-09-29
    soldstatus $40,000
29. 1998-07-30
    soldstatus $25,500
30. 1997-10-30
    soldstatus $26,900
31. 1994-08-23
    soldstatus $16,000
32. 1994-08-19
    soldstatus $26,900
33. 1994-08-12
    soldstatus $16,000
34. 1994-05-25
    listed $23,900

ⓘ 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: $1,146 · $96/mo
• Projected year-2 tax: $1,146 · $96/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 · 14 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: $16,266
• − Mortgage interest: −$2,795
• − Property taxes: −$1,146
• − Insurance: −$250
• − Repairs & maintenance: −$1,301
• − Management: −$1,301
• − Depreciation: −$1,452
• Taxable income: $8,021
• Est. tax owed @ 24.0%: −$1,925
• After-tax cash flow: $6,389/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): 34,187
• Household income: $38,966
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 2121.0

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 (93%)
• Race & ethnicity: Black 93% White 3% Two or more races 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▼ -91.80%
• Current HPI: 235.0926
• Rent YoY: ▲ 1.33%
• 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

+119.7% since first listed

21 events — show timeline

• 2026-04-29 Price Changed $52,500 MiRealSource-MiMLS
• 2026-04-28 Price Changed $52,500 REALCOMP
• 2026-03-18 Listed $54,900 REALCOMP
• 2026-03-18 Listed $54,900 MiRealSource-MiMLS
• 2022-08-09 Sold (Public Records) $88,000 Public Records
• 2018-04-03 Sold (MLS) $5,000 REALCOMP
• 2018-03-05 Pending — MiRealSource-MiMLS
• 2018-03-05 Pending — REALCOMP
• 2018-03-01 Relisted — MiRealSource-MiMLS
• 2018-03-01 Relisted — REALCOMP
• 2018-02-26 Pending — MiRealSource-MiMLS
• 2018-02-26 Pending — REALCOMP
• 2018-02-19 Listed $5,000 MiRealSource-MiMLS
• 2018-02-19 Listed $5,000 REALCOMP
• 1998-09-29 Sold (Public Records) $40,000 Public Records
• 1998-07-30 Sold (Public Records) $25,500 Public Records
• 1997-10-30 Sold (Public Records) $26,900 Public Records
• 1994-08-23 Sold (Public Records) $16,000 Public Records
• 1994-08-19 Sold (Public Records) $26,900 Public Records
• 1994-08-12 Sold (MLS) $16,000 MiRealSource-MiMLS
• 1994-05-25 Listed $23,900 MiRealSource-MiMLS

Property tax history

+0.1%/yr

Latest (2025): $1,146 · -53.9% YoY. Source: county tax records.