5243 Devonshire Rd · Detroit, MI 48224

$179,900

4 bd · 2.0 ba · 2,285 sqft · MultiFamily · 30 Days on market

Built 1929 Good condition 4,792 sqft lot Est $160k · 12% 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
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• ARV discount +1.9/15.0
• 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 updated brick colonial featuring 2 spacious units - each offering 2 bedrooms and 1 full bath - making this an ideal opportunity for homeowners or investors alike! This charming multi-unit property blends timeless character with modern updates throughout. Both units offer warm and inviting layouts with comfortable carpeted flooring, generously sized living areas, and plenty of natural light. Enjoy relaxing mornings or evenings on the private balcony while appreciating the classic colonial charm. The property also includes a 2-car detached garage providing ample parking and storage. Move-in ready and thoughtfully updated, this is a fantastic opportunity for rental income or multi-generational living!

Key facts

• Private balcony
• Multi-unit property
• Detached garage

Tags

• UPDATED BRICK COLONIAL
• PRIVATE BALCONY
• DETACHED GARAGE
• MULTI-UNIT PROPERTY

Property features AI

Finance

• Other: Pets not allowed; Zoned multiple
• Financial info: Annual tax information available

Exterior

• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Two-story building
• Construction: Brick construction
• Exterior features: Paved road access; Lot approximately 0.11 acres (40 x 114)

Interior

• Bedrooms: Two 2-bedroom units
• Bathrooms: Two full bathrooms (total for building); Each unit has 1 bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Basement present

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $180k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $771 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $177k (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 flat; 484 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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).
• At $2,550/mo this rent would consume 68% of the median local household income ($45k/yr) (locally 2515% 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 $1k of loan paydown is wiped out by about $5k 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 $50k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $177,201 (1.5% below list)

Questions for the listing agent

1. Built in 1929 — 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: 1.42% ✓
• Cap rate: 11.44%
• Cash-on-cash: 18.37%
• DSCR: 1.82
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $159,950
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5083 Devonshire Rd	0.09mi	4/2.0	2,352 (+3%)	4mo	$71,500	$30	88
5202 Devonshire Rd	0.05mi	4/2.0	2,148 (-6%)	2mo	$150,000	$70	86
5259 Chatsworth St	0.22mi	4/2.0	2,246 (-2%)	3mo	$67,000	$30	85
5511-5513 Somerset Ave	0.36mi	4/2.0	2,303 (+1%)	5mo	$140,000	$61	78
5050 Three Mile Dr	0.18mi	4/2.0	2,127 (-7%)	11mo	$112,500	$53	71
5050 Courville St	0.22mi	4/2.0	2,464 (+8%)	9mo	$157,000	$64	69
4865-67 Grayton St	0.61mi	4/2.0	2,278 (-0%)	4mo	$240,000	$105	68
4377 Kensington Ave	0.60mi	4/2.0	2,246 (-2%)	2mo	$260,000	$116	68
5527 Nottingham Rd	0.41mi	4/2.0	2,016 (-12%)	4mo	$128,000	$63	58
4537 Kensington Ave	0.49mi	5/2.0 (+1)	2,374 (+4%)	13mo	$240,000	$101	55
5775 Kensington Ave	0.47mi	4/2.0	2,078 (-9%)	10mo	$150,000	$72	55
4635 Courville St	0.42mi	3/2.0 (-1)	2,002 (-12%)	7mo	$155,000	$77	49

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: 7.5%
• Equity multiple: 1.28×
• Total profit: $14,313
• Equity at exit: $26,824

10-year hold

• IRR: 14.7%
• Equity multiple: 2.06×
• Total profit: $53,541
• Equity at exit: $15,554

Cash invested: $50,372 (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: 484
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $2,550 high
• Mortgage (P&I): −$943
• Tax est. 1.5%: −$225 /mo · $2,698/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$536
• Net cashflow: $771

Break-even live

Break-even rent $1,574

Max offer price $179,900

Occupancy floor 65%

Sensitivity live

Price	-10% $896	-5% $833	+0% $771	+5% $709	+10% $647
Rent	-10% $570	-5% $671	+0% $771	+5% $872	+10% $973
Rate	-1.0pp $862	-0.5pp $817	base $771	+0.5pp $725	+1.0pp $677

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,550
Total (2 units)			$2,550

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5791 Somerset Ave Detroit, MI	3.0	2.0	1660	$1,400	$0.84	18d	1	0.43mi
10030 Bishop St Detroit, MI	5.0	2.0	1721	$1,200	$0.70	18d	1	0.94mi
5944 Marseilles St Detroit, MI	3.0	1.0	1910	$1,300	$0.68	18d	1	1.27mi
13395 Maiden St Detroit, MI	5.0	2.0	1750	$1,600	$0.91	25d	1	1.40mi

Listing history 15 events

1. 2026-06-18
   days on market $179,900 Active 30 DOM
2. 2026-06-17
   days on market $179,900 Active 29 DOM
3. 2026-06-15
   days on market $179,900 Active 27 DOM
4. 2026-06-13
   days on market $179,900 Active 25 DOM
5. 2026-06-13
   days on market $179,900 Active 24 DOM
6. 2026-06-09
   days on market $179,900 Active 21 DOM
7. 2026-06-08
   days on market $179,900 Active 20 DOM
8. 2026-06-07
   pricedays on market $179,900 Active 19 DOM
9. 2026-06-04
   days on market $199,900 Active 16 DOM
10. 2026-06-03
    days on market $199,900 Active 15 DOM
11. 2026-06-02
    days on market $199,900 Active 14 DOM
12. 2026-06-01
    days on market $199,900 Active 13 DOM
13. 2026-05-31
    days on market $199,900 Active 12 DOM
14. 2026-05-19
    listed $199,900 Active

    Show marketing remark (723 chars)

    Beautifully updated brick colonial featuring 2 spacious units - each offering 2 bedrooms and 1 full bath - making this an ideal opportunity for homeowners or investors alike! This charming multi-unit property blends timeless character with modern updates throughout. Both units offer warm and inviting layouts with comfortable carpeted flooring, generously sized living areas, and plenty of natural light. Enjoy relaxing mornings or evenings on the private balcony while appreciating the classic colonial charm. The property also includes a 2-car detached garage providing ample parking and storage. Move-in ready and thoughtfully updated, this is a fantastic opportunity for rental income or multi-generational living!

15. 2026-05-19
    listed $199,900 Active 723-char remark

    Show marketing remark (723 chars)

    Beautifully updated brick colonial featuring 2 spacious units - each offering 2 bedrooms and 1 full bath - making this an ideal opportunity for homeowners or investors alike! This charming multi-unit property blends timeless character with modern updates throughout. Both units offer warm and inviting layouts with comfortable carpeted flooring, generously sized living areas, and plenty of natural light. Enjoy relaxing mornings or evenings on the private balcony while appreciating the classic colonial charm. The property also includes a 2-car detached garage providing ample parking and storage. Move-in ready and thoughtfully updated, this is a fantastic opportunity for rental income or multi-generational living!

ⓘ 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 ≥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: $30,600
• − Mortgage interest: −$10,077
• − Property taxes: −$2,698
• − Insurance: −$900
• − Repairs & maintenance: −$2,448
• − Management: −$2,448
• − Depreciation: −$5,233
• Taxable income: $6,795
• Est. tax owed @ 24.0%: −$1,631
• After-tax cash flow: $7,624/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 · 30 photos

Good 80/100 Cosmetic rehab

This multi-family home is in good condition with modern updates and a move-in ready exterior. It offers a great opportunity for investors or homeowners looking to capitalize on its current condition and potential for further improvements.

Value-add opportunities

• Both Paint the exterior brick — Enhances curb appeal and adds value
• Both Replace the carpet — Improves comfort and reduces maintenance costs

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior brick — Enhances curb appeal and adds value ↑
• Both Replace the carpet — Improves comfort and reduces maintenance costs ↑

ⓘ 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
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-19 Listed $199,900 MiRealSource-MiMLS
• 2026-05-19 Listed $199,900 REALCOMP