18445 Alcoy St · Detroit, MI 48205

$62,000

2 bd · 1.0 ba · 706 sqft · SingleFamily public records · 4 Days on market

Built 1950 4,356 sqft lot $88/sqft · 38% above area Est $51k · 21% 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 +2.8/5.0
• 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

Charming 2-Bedroom Ranch Home Priced to Sell – 18445 Alcoy Street, Detroit, MI 48205 Welcome to ranch-style home in the desirable Grotto Park subdivision! Perfect for first-time buyers, investors, or anyone seeking an affordable slice of Detroit living, this cozy gem is priced to sell at just $62,000. This home delivers comfortable, low-maintenance living with a practical layout including a generous living room, functional kitchen, and two bedrooms. It's ideal for a small family, couple, or savvy investor looking for a solid rental property in an established neighborhood. Located just south of 7 Mile and west of Schoenherr, you're close to fantastic restaurants, shopping, major highways for easy commuting, and all the conveniences Detroit has to offer. Enjoy the community feel of Grotto Park while being minutes from everyday essentials! Don't miss this opportunity – homes like this at this price point move fast!!!!

Key facts

• Functional kitchen
• Ranch home
• Generous living room

Tags

• RANCH HOME
• GROTTO PARK SUBDIVISION
• GENEROUS LIVING ROOM
• FUNCTIONAL KITCHEN
• ESTABLISHED NEIGHBORHOOD
• COMMUNITY FEEL

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water available; Public sewer available
• Home design: Single-family residence; One story; Ground-level entry with steps
• Construction: Vinyl siding; Brick/mortar foundation
• Exterior features: Paved road access; Lot approximately 0.1 acre (36 x 126)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating with natural gas; No cooling
• Interior features: Unfinished basement; Total of 4 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $62k.

Deal economics

• At list price, monthly cash flow is $388 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• Cap rate 13.8% 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); 373 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 ($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 $429 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 + 1.3% rent growth), your $17k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 14 sale attempts since 13y ago 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.
• Current owner paid $9k; list at $62k implies a 589% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $62,000

Questions for the listing agent

1. Built in 1950 — 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: 1.76% ✓
• Cap rate: 13.81%
• Cash-on-cash: 26.85%
• DSCR: 2.19
• GRM: 4.7

CMA / ARV

• ARV (median comp): $51,088
• List price: $62,000
• Delta: 21.36%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19392 Pelkey St	0.58mi	2/1.0	731 (+4%)	2mo	$30,000	$41	65
19140 Pelkey St	0.40mi	2/1.0	689 (-2%)	16mo	$63,000	$91	64
19170 Schoenherr St	0.45mi	3/1.0 (+1)	797 (+13%)	0mo	$25,500	$32	52
11839 Greiner St	0.71mi	2/1.0	743 (+5%)	12mo	$22,000	$30	48
12001 Greiner St	0.62mi	2/1.0	734 (+4%)	20mo	$65,000	$89	48

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: 18.8%
• Equity multiple: 1.75×
• Total profit: $12,935
• Equity at exit: $9,244

10-year hold

• IRR: 25.9%
• Equity multiple: 3.08×
• Total profit: $36,154
• Equity at exit: $5,361

Cash invested: $17,360 (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: 373
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,088 high
• Mortgage (P&I): −$325
• Tax from tax record: −$120 /mo · $1,444/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $388

Break-even live

Break-even rent $597

Max offer price $62,000

Occupancy floor 59%

Sensitivity live

Price	-10% $424	-5% $406	+0% $388	+5% $371	+10% $353
Rent	-10% $302	-5% $345	+0% $388	+5% $431	+10% $474
Rate	-1.0pp $420	-0.5pp $404	base $388	+0.5pp $372	+1.0pp $356

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: $15,500
• Closing costs: $1,860
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13503 E McNichols Rd Unit 7 Detroit, MI	1.0	1.0	750	$800	$1.07	18d	1	0.28mi
14103 Rochelle Ave Unit 3 Detroit, MI	1.0	1.0	700	$800	$1.14	44d	1	0.67mi
19335 Hoover St Detroit, MI	2.0	1.0	620	$1,099	$1.77	44d	1	0.94mi
19335 Hoover St Detroit, MI	2.0	1.0	620	$1,099	$1.77	18d	1	0.95mi
18667 Algonac St Detroit, MI	1.0	1.0	680	$1,999	$2.94	18d	1	1.12mi
20242 Hickory St Detroit, MI	3.0	1.0	747	$1,300	$1.74	12d	1	1.14mi
15030 Rossini Dr Unit 2 Detroit, MI	1.0	1.0	720	$800	$1.11	44d	1	1.48mi

Listing history 50 events

1. 2026-06-18
   days on market $62,000 Active 4 DOM
2. 2026-06-17
   days on market $62,000 Active 3 DOM
3. 2026-06-16
   days on market $62,000 Active 2 DOM
4. 2026-06-15
   remarks 693-char remark
5. 2026-06-15
   days on marketlisting id $62,000 Active 1 DOM
6. 2026-06-15
   remarks 682-char remark
7. 2026-06-15
   days on marketlisting id $62,000 Active 2 DOM
8. 2026-06-13
   days on market $62,000 Active 302 DOM

   Show marketing remark (966 chars)

   Charming 2-Bedroom Ranch Home Priced to Sell – 18445 Alcoy Street, Detroit, MI 48205 Welcome to ranch-style home in the desirable Grotto Park subdivision! Perfect for first-time buyers, investors, or anyone seeking an affordable slice of Detroit living, this cozy gem is priced to sell at just $62,000. This home delivers comfortable, low-maintenance living with a practical layout including a generous living room, functional kitchen, and two bedrooms. It's ideal for a small family, couple, or savvy investor looking for a solid rental property in an established neighborhood. Located just south of 7 Mile and west of Schoenherr, you're close to fantastic restaurants, shopping, major highways for easy commuting, and all the conveniences Detroit has to offer. Enjoy the community feel of Grotto Park while being minutes from everyday essentials! Don't miss this opportunity – homes like this at this price point move fast!!!!

9. 2026-06-13
   days on market $62,000 Active 301 DOM

   Show marketing remark (966 chars)

   Charming 2-Bedroom Ranch Home Priced to Sell – 18445 Alcoy Street, Detroit, MI 48205 Welcome to ranch-style home in the desirable Grotto Park subdivision! Perfect for first-time buyers, investors, or anyone seeking an affordable slice of Detroit living, this cozy gem is priced to sell at just $62,000. This home delivers comfortable, low-maintenance living with a practical layout including a generous living room, functional kitchen, and two bedrooms. It's ideal for a small family, couple, or savvy investor looking for a solid rental property in an established neighborhood. Located just south of 7 Mile and west of Schoenherr, you're close to fantastic restaurants, shopping, major highways for easy commuting, and all the conveniences Detroit has to offer. Enjoy the community feel of Grotto Park while being minutes from everyday essentials! Don't miss this opportunity – homes like this at this price point move fast!!!!

10. 2026-06-09
    days on market $62,000 Active 298 DOM
11. 2026-06-08
    days on market $62,000 Active 297 DOM
12. 2026-06-07
    days on market $62,000 Active 296 DOM
13. 2026-06-04
    days on market $62,000 Active 293 DOM
14. 2026-06-03
    days on market $62,000 Active 292 DOM
15. 2026-06-01
    days on market $62,000 Active 290 DOM
16. 2026-05-31
    days on market $62,000 Active 289 DOM
17. 2026-04-15
    price $65,000 248-char remark
18. 2026-04-14
    price $61,000 248-char remark
19. 2026-04-14
    price $65,000 249-char remark
20. 2026-04-14
    price $61,000 249-char remark
21. 2026-02-21
    price $66,000 248-char remark
22. 2026-02-20
    price $66,000 249-char remark
23. 2025-10-22
    price $70,000 248-char remark
24. 2025-10-22
    price $70,000 249-char remark
25. 2025-08-13
    listed $75,000 Active 248-char remark
26. 2025-08-13
    listed $75,000 Active 249-char remark
27. 2020-09-16
    soldstatus $9,000 Sold
28. 2020-09-16
    soldstatus $9,000 Closed
29. 2020-09-03
    status Pending
30. 2020-09-03
    status Pending
31. 2020-08-03
    listed $10,000 Active
32. 2020-08-03
    listed $10,000 Active
33. 2019-08-07
    historical
34. 2019-08-07
    historical
35. 2019-06-11
    listed $40,000 Active
36. 2019-06-11
    listed $40,000 Active
37. 2017-06-30
    historical
38. 2017-06-29
    historical
39. 2016-11-28
    listed $10,000 Active
40. 2016-11-28
    listed $10,000 Active
41. 2016-02-09
    historical
42. 2016-02-09
    historical
43. 2015-08-02
    listed $9,900 Active
44. 2015-08-01
    listed $9,900
45. 2014-02-21
    soldstatus $3,120
46. 2014-02-21
    soldstatus $3,120
47. 2014-02-05
    historical
48. 2013-10-29
    listed $3,120
49. 2013-10-29
    listed $3,120
50. 2002-10-30
    soldstatus $65,000

ⓘ 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: $1,444 · $120/mo
• Projected year-2 tax: $1,444 · $120/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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,059
• − Mortgage interest: −$3,473
• − Property taxes: −$1,444
• − Insurance: −$310
• − Repairs & maintenance: −$1,045
• − Management: −$1,045
• − Depreciation: −$1,804
• Taxable income: $3,939
• Est. tax owed @ 24.0%: −$945
• After-tax cash flow: $3,716/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

+287.5% since first listed

41 events — show timeline

• 2026-06-13 Listing Removed — MiRealSource-MiMLS
• 2026-06-13 Listing Removed — REALCOMP
• 2026-06-13 Listed $62,000 MiRealSource-MiMLS
• 2026-06-13 Listed $62,000 REALCOMP
• 2026-05-23 Price Changed $62,000 MiRealSource-MiMLS
• 2026-05-23 Price Changed $62,000 REALCOMP
• 2026-04-15 Price Changed $65,000 MiRealSource-MiMLS
• 2026-04-14 Price Changed $61,000 MiRealSource-MiMLS
• 2026-04-14 Price Changed $65,000 REALCOMP
• 2026-04-14 Price Changed $61,000 REALCOMP
• 2026-02-21 Price Changed $66,000 MiRealSource-MiMLS
• 2026-02-20 Price Changed $66,000 REALCOMP
• 2025-10-22 Price Changed $70,000 MiRealSource-MiMLS
• 2025-10-22 Price Changed $70,000 REALCOMP
• 2025-08-13 Listed $75,000 MiRealSource-MiMLS
• 2025-08-13 Listed $75,000 REALCOMP
• 2020-09-16 Sold (MLS) $9,000 MiRealSource-MiMLS
• 2020-09-16 Sold (MLS) $9,000 REALCOMP
• 2020-09-03 Pending — MiRealSource-MiMLS
• 2020-09-03 Pending — REALCOMP
• 2020-08-03 Listed $10,000 MiRealSource-MiMLS
• 2020-08-03 Listed $10,000 REALCOMP
• 2019-08-07 Listing Removed — REALCOMP
• 2019-08-07 Listing Removed — MiRealSource-MiMLS
• 2019-06-11 Listed $40,000 MiRealSource-MiMLS
• 2019-06-11 Listed $40,000 REALCOMP
• 2017-06-30 Listing Removed — REALCOMP
• 2017-06-29 Listing Removed — MiRealSource-MiMLS
• 2016-11-28 Listed $10,000 MiRealSource-MiMLS
• 2016-11-28 Listed $10,000 REALCOMP
• 2016-02-09 Listing Removed — REALCOMP
• 2016-02-09 Listing Removed — MiRealSource-MiMLS
• 2015-08-02 Listed $9,900 REALCOMP
• 2015-08-01 Listed $9,900 MiRealSource-MiMLS
• 2014-02-21 Sold (MLS) $3,120 REALCOMP
• 2014-02-21 Sold (MLS) $3,120 MiRealSource-MiMLS
• 2014-02-05 Listing Removed — MiRealSource-MiMLS
• 2013-10-29 Listed $3,120 REALCOMP
• 2013-10-29 Listed $3,120 MiRealSource-MiMLS
• 2002-10-30 Sold (Public Records) $65,000 Public Records
• 2002-06-20 Sold (Public Records) $16,000 Public Records

Property tax history

+7.0%/yr

Latest (2025): $1,444 · +1.5% YoY. Source: county tax records.