2731 S Fort St · Detroit, MI 48217

$90,000

3 bd · 2.0 ba · 2,520 sqft · Other · 1 Days on market

Built 1927 Poor condition

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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
• Appreciation +5.1/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Schools +1.3/10.0
• Condition / age +1.0/5.0

Listing remarks

Mixed-use property with strong income potential located at 2731 S Fort St, Detroit. The main level features a fully built-out barbershop with multiple stations, mirrors, and open layout & acirc; & euro; & rdquo; ideal for a business owner or rental income. The upper unit is a 3-bedroom apartment that needs full renovation, offering excellent upside for investors looking to increase value and rental income. Property includes a full basement and a rare adjacent parking lot, adding additional value and convenience. Located on a high-visibility street just minutes from downtown Detroit. Perfect opportunity for owner-operators, investors, or anyone looking to live and run a business

Key facts

• 3-bedroom apartment
• Adjacent parking lot
• Full basement

Tags

• FULLY BUILT-OUT BARBERSHOP
• 3-BEDROOM APARTMENT
• FULL BASEMENT
• ADJACENT PARKING LOT
• HIGH-VISIBILITY STREET

Property features AI

Exterior

• Home design: Built in 1927
• Construction: Original construction from 1927
• Exterior features: Located in the Boynton subdivision

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $90k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $657 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Cap rate 15.1% 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: 24 active listings in the ZIP; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• In year one you build about $720 of equity ($622 loan paydown + $98 appreciation (0.1% local appreciation)).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.1% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $90,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.80% ✓
• Cap rate: 15.06%
• Cash-on-cash: 31.30%
• DSCR: 2.39
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.11% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 32.1%
• Equity multiple: 2.58×
• Total profit: $39,720
• Equity at exit: $26,622

10-year hold

• IRR: 35.5%
• Equity multiple: 5.01×
• Total profit: $100,928
• Equity at exit: $32,394

Cash invested: $25,200 (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 48217

• Home prices YoY: 0.0%
• Active inventory: 24
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,619 medium
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$340
• Net cashflow: $657

Break-even live

Break-even rent $787

Max offer price $90,000

Occupancy floor 54%

Sensitivity live

Price	-10% $720	-5% $688	+0% $657	+5% $626	+10% $595
Rent	-10% $529	-5% $593	+0% $657	+5% $721	+10% $785
Rate	-1.0pp $703	-0.5pp $680	base $657	+0.5pp $634	+1.0pp $610

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-05-26
   listed $90,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $19,433
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$1,555
• − Management: −$1,555
• − Depreciation: −$2,618
• Taxable income: $6,864
• Est. tax owed @ 24.0%: −$1,647
• After-tax cash flow: $6,241/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.

Condition & rehab AI · 2 photos

Poor 20/100 Extensive rehab

This mixed-use property requires extensive repairs and updates to its exterior, interior, and systems, significantly impacting its value. Immediate action is needed to address the poor condition and improve its resale and rental potential.

Repairs flagged

• Major roof — Signs of potential leaking and wear.
• Major exterior siding — Visible wear and tear.
• Major exterior paint — Visible wear and tear.
• Major landscaping — Overgrown and in poor condition.
• Major interior walls and paint — No photos of interior condition, but exterior suggests poor condition.
• Major HVAC and mechanical systems — No photos of interior condition, but exterior suggests poor condition.

Value-add opportunities

• Both exterior painting — Improves curb appeal and overall appearance.
• Both landscaping — Enhances curb appeal and property value.
• Both interior painting and repairs — Improves interior appearance and functionality, attracting potential buyers/tenants.
• Both HVAC and mechanical systems — Ensures comfort and energy efficiency, attracting potential buyers/tenants.
• Both roof repair — Prevents further damage and ensures structural integrity, attracting potential buyers/tenants.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of potential leaking and wear.	Major	$15,000–50,000
exterior siding · Visible wear and tear.	Major	$15,000–50,000
exterior paint · Visible wear and tear.	Major	$15,000–50,000
landscaping · Overgrown and in poor condition.	Major	$15,000–50,000
interior walls and paint · No photos of interior condition, but exterior suggests poor condition.	Major	$15,000–50,000
HVAC and mechanical systems · No photos of interior condition, but exterior suggests poor condition.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both exterior painting — Improves curb appeal and overall appearance. ↑
• Both landscaping — Enhances curb appeal and property value. ↑
• Both interior painting and repairs — Improves interior appearance and functionality, attracting potential buyers/tenants. ↑
• Both HVAC and mechanical systems — Ensures comfort and energy efficiency, attracting potential buyers/tenants. ↑
• Both roof repair — Prevents further damage and ensures structural integrity, attracting potential buyers/tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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
• City population: 572,865
• Population (ZIP): 6,437

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 (78%)
• Race & ethnicity: Black 78% Hispanic / Latino 12% Two or more races 10% White 4%
• Hispanic origin (detail): Mexican 5% Dominican 4%
• Common ancestry: Lithuanian 6% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 6%

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: ▲ 0.11%
• Current HPI: 366.479
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-05-26 Listed $90,000 FSBO.com