20124 Spencer St · Detroit, MI 48234

$127,000

4 bd · 1.5 ba · 1,902 sqft · SingleFamily public records · 58 Days on market

Built 1940 3,920 sqft lot $67/sqft · at area comps Est $123k · at est.

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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 +26.3/30.0
• DSCR +8.9/10.0
• 1% rule +7.1/10.0
• ARV discount +6.1/15.0
• Rent growth +4.2/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 Units !!! VERY NICONDITION !!!3 full baths. all together 2 bedrooms in the entry level and 2 bedrooms in the upper level. Natural fireplace in the living room and 2 car garage. . It could also be an amazing investment home!!!!

Key facts

• 3,920 sq ft lot
• 2 parking spots
• Built 1940

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $127k.

Deal economics

• At list price, monthly cash flow is $328 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $127k).
• Recommended offer: $123k (3.0% 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 rising fast (+6.7%/yr); 226 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $1,531/mo this rent would consume 52% of the median local household income ($35k/yr) (locally 2372% 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 $878 of loan paydown is wiped out by about $4k 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 + 6.7% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 9y 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 $105k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,190 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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: 1.21% ✓
• Cap rate: 9.39%
• Cash-on-cash: 11.06%
• DSCR: 1.49
• GRM: 6.9

CMA / ARV

• ARV (median comp): $123,294
• List price: $127,000
• Delta: 3.01%
• Verdict: FAIR
• Comps: 19 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20466 Spencer St	0.21mi	3/2.0 (-1)	1,830 (-4%)	1mo	$95,000	$52	76
20400 Packard St	0.16mi	3/1.5 (-1)	2,018 (+6%)	1mo	$93,500	$46	76
20447 Packard St	0.21mi	4/2.5	1,900 (-0%)	12mo	$155,000	$82	76
20007 Stotter St	0.08mi	4/2.0	1,830 (-4%)	15mo	$170,000	$93	75
8346 Sirron St	0.50mi	4/2.0	1,900 (-0%)	3mo	$85,000	$45	72
19721 Spencer St	0.24mi	4/2.0	1,800 (-5%)	7mo	$164,900	$92	72
20421 Rogge St	0.23mi	4/1.5	2,126 (+12%)	6mo	$145,000	$68	65
20164 Packard St	0.07mi	3/2.0 (-1)	2,118 (+11%)	9mo	$140,000	$66	63
8143 Bliss St	0.53mi	4/1.5	1,728 (-9%)	1mo	$151,000	$87	59
7257 Jackson Ave	0.43mi	4/2.0	2,055 (+8%)	7mo	$170,000	$83	59
8316 Rivard Ave	0.49mi	4/2.0	1,980 (+4%)	15mo	$175,000	$88	56
8064 Bliss St	0.52mi	3/3.0 (-1)	2,114 (+11%)	5mo	$41,500	$20	42

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 · 6.72% rent growth · sell at horizon

5-year hold

• IRR: 4.4%
• Equity multiple: 1.18×
• Total profit: $6,260
• Equity at exit: $18,936

10-year hold

• IRR: 17.1%
• Equity multiple: 2.65×
• Total profit: $58,761
• Equity at exit: $10,981

Cash invested: $35,560 (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 48234

• Home prices YoY: -11.9%
• Rents YoY: 6.7%
• Active inventory: 226
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,531 high
• Mortgage (P&I): −$666
• Tax from tax record: −$163 /mo · $1,953/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $328

Break-even live

Break-even rent $1,116

Max offer price $127,000

Occupancy floor 74%

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: $31,750
• Closing costs: $3,810
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20042 Rogge St Detroit, MI	4.0	2.0	1232	$1,394	$1.13	43d	1	0.12mi
7584 Hudson Ave Warren, MI	5.0	1.0	1554	$1,800	$1.16	24d	1	0.95mi
7568 Hudson Ave Unit 1 Warren, MI	3.0	1.0	1415	$1,100	$0.78	4d	1	0.95mi
7044 Hudson Ave Warren, MI	3.0	1.5	1730	$1,700	$0.98	24d	1	0.97mi
20058 Bloom St Detroit, MI	4.0	1.0	1350	$1,450	$1.07	16d	1	1.14mi
18961 Teppert St Detroit, MI	3.0	1.5	2015	$1,250	$0.62	12d	1	1.19mi
18947 Runyon St Detroit, MI	3.0	1.0	1614	$1,100	$0.68	43d	1	1.25mi
20290 Annott St Detroit, MI	3.0	1.0	1300	$1,250	$0.96	17d	1	1.27mi

Listing history 34 events

1. 2026-06-18
   days on market $127,000 Active 58 DOM
2. 2026-06-17
   days on market $127,000 Active 57 DOM
3. 2026-06-15
   days on market $127,000 Active 55 DOM
4. 2026-06-13
   days on market $127,000 Active 53 DOM
5. 2026-06-13
   days on market $127,000 Active 52 DOM
6. 2026-06-09
   days on market $127,000 Active 49 DOM
7. 2026-06-08
   days on market $127,000 Active 48 DOM
8. 2026-06-07
   days on market $127,000 Active 47 DOM
9. 2026-06-04
   days on market $127,000 Active 44 DOM
10. 2026-06-03
    days on market $127,000 Active 43 DOM
11. 2026-06-02
    days on market $127,000 Active 42 DOM
12. 2026-06-01
    days on market $127,000 Active 41 DOM
13. 2026-05-31
    days on market $127,000 Active 40 DOM
14. 2026-04-21
    listed $127,000 Active 228-char remark

    Show marketing remark (228 chars)

    2 Units !!! VERY NICONDITION !!!3 full baths. all together 2 bedrooms in the entry level and 2 bedrooms in the upper level. Natural fireplace in the living room and 2 car garage. . It could also be an amazing investment home!!!!

15. 2026-04-21
    listed $127,000 Active 228-char remark

    Show marketing remark (228 chars)

    2 Units !!! VERY NICONDITION !!!3 full baths. all together 2 bedrooms in the entry level and 2 bedrooms in the upper level. Natural fireplace in the living room and 2 car garage. . It could also be an amazing investment home!!!!

16. 2026-04-21
    historical

    Show marketing remark (228 chars)

    2 Units !!! VERY NICONDITION !!!3 full baths. all together 2 bedrooms in the entry level and 2 bedrooms in the upper level. Natural fireplace in the living room and 2 car garage. . It could also be an amazing investment home!!!!

17. 2026-04-20
    historical
18. 2026-01-23
    price $129,000
19. 2026-01-22
    price $129,000
20. 2025-10-02
    price $130,000
21. 2025-10-02
    price $130,000
22. 2025-04-02
    listed $140,000 Active
23. 2025-04-02
    listed $140,000 Active
24. 2023-10-03
    historical
25. 2023-10-03
    historical
26. 2023-05-04
    listed $120,000 Active
27. 2023-05-04
    listed $120,000 Active
28. 2019-12-11
    soldstatus $105,000
29. 2018-01-01
    historical
30. 2018-01-01
    historical
31. 2017-07-06
    listed $110,000 Active
32. 2017-07-06
    listed $110,000 Active
33. 2014-03-10
    soldstatus $84,250
34. 2014-02-03
    soldstatus $59,921

ⓘ 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: $1,953 · $163/mo
• Projected year-2 tax: $1,954 · $163/mo
• Expected delta: +$2/yr ($0/mo · 0.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 45% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°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: $18,369
• − Mortgage interest: −$7,114
• − Property taxes: −$1,953
• − Insurance: −$635
• − Repairs & maintenance: −$1,470
• − Management: −$1,470
• − Depreciation: −$3,695
• Taxable income: $2,034
• Est. tax owed @ 24.0%: −$488
• After-tax cash flow: $3,444/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): 32,760
• Household income: $35,322
• Rent vs Own: 47.0% rent · 53.0% own
• Severe rent burden: 2372.0

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 (94%)
• Race & ethnicity: Black 94% White 3% Two or more races 1%
• Common ancestry: Romanian 1%
• Foreign-born: 2% · Canada, Vietnam, Philippines
• Languages at home: 97% English-only · French/Haitian/Cajun 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: ▼ -44.65%
• Current HPI: 328.8978
• Rent YoY: ▲ 6.72%
• 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

+111.9% since first listed

21 events — show timeline

• 2026-04-21 Listing Removed — REALCOMP
• 2026-04-21 Listed $127,000 REALCOMP
• 2026-04-21 Listed $127,000 MiRealSource-MiMLS
• 2026-04-20 Listing Removed — MiRealSource-MiMLS
• 2026-01-23 Price Changed $129,000 MiRealSource-MiMLS
• 2026-01-22 Price Changed $129,000 REALCOMP
• 2025-10-02 Price Changed $130,000 MiRealSource-MiMLS
• 2025-10-02 Price Changed $130,000 REALCOMP
• 2025-04-02 Listed $140,000 REALCOMP
• 2025-04-02 Listed $140,000 MiRealSource-MiMLS
• 2023-10-03 Listing Removed — MiRealSource-MiMLS
• 2023-10-03 Listing Removed — REALCOMP
• 2023-05-04 Listed $120,000 MiRealSource-MiMLS
• 2023-05-04 Listed $120,000 REALCOMP
• 2019-12-11 Sold (Public Records) $105,000 Public Records
• 2018-01-01 Listing Removed — MiRealSource-MiMLS
• 2018-01-01 Listing Removed — REALCOMP
• 2017-07-06 Listed $110,000 MiRealSource-MiMLS
• 2017-07-06 Listed $110,000 REALCOMP
• 2014-03-10 Sold (Public Records) $84,250 Public Records
• 2014-02-03 Sold (Public Records) $59,921 Public Records

Property tax history

-2.4%/yr

Latest (2025): $1,953 · -10.0% YoY. Source: county tax records.