5106-5108 S Martindale St · Detroit, MI 48204

$229,000

6 bd · 2.5 ba · 2,552 sqft · MultiFamily public records · 1 Days on market

Built 1919 4,356 sqft lot

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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 +14.7/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• DSCR +4.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great Opportunity for an Investor or Yourself. Featuring 3 Bedrooms in each unit. Freshley Painted and Spacious Rooms.

Key facts

• 4,356 sq ft lot
• 2 parking spots
• Built 1919

Property features AI

Finance

• Financial info: Property type: Residential income (multi-family)

Exterior

• Parking: Two parking spaces
• Utilities: Water available; Sewer available
• Home design: Multi-family residential building; Two-story building; Brick construction; Asphalt roof; Faces unspecified
• Construction: Brick construction; Asphalt roof; Full unfinished basement
• Exterior features: Paved road access; Pets allowed

Interior

• Bedrooms: Two 3-bedroom units
• Bathrooms: Two full bathrooms and one half bath (building total)
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Full unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.2-bath units multifamily listed at $229k.

Deal economics

• At list price, monthly cash flow is $59 ($705/yr) — positive. Per door: $29/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $229k).
• Cap rate 6.6% vs local median 10.2% in Detroit — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: 244 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $2,480/mo this rent would consume 86% of the median local household income ($34k/yr) (locally 1418% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $23k appreciation (10.0% 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 (10.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y 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 $42k; list at $229k implies a 445% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $229,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.08% ✓
• Cap rate: 6.60%
• Cash-on-cash: 1.10%
• DSCR: 1.05
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $66,352
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5030 S Martindale St	0.07mi	6/2.0	2,584 (+1%)	7mo	$17,500	$7	86
5106-5108 S Martindale St	0.00mi	6/2.5	2,552 (0%)	24mo	$42,000	$16	80
5029 Dailey St	0.11mi	5/2.0 (-1)	2,330 (-9%)	13mo	$125,000	$54	63
9662 Broadstreet Ave	0.65mi	6/2.0	2,502 (-2%)	2mo	$146,000	$58	62
8665 Quincy St	0.54mi	6/2.0	2,526 (-1%)	14mo	$142,500	$56	59
4081 W Euclid St	0.67mi	6/2.0	2,700 (+6%)	1mo	$71,200	$26	56
3813 Blaine St	0.73mi	6/2.0	2,650 (+4%)	6mo	$110,000	$42	53
8671 Quincy St	0.55mi	6/2.0	2,774 (+9%)	13mo	$24,000	$9	47
4114 Pingree St	0.60mi	6/2.0	2,850 (+12%)	14mo	$61,500	$22	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.1%
• Equity multiple: 3.01×
• Total profit: $128,695
• Equity at exit: $206,301

10-year hold

• IRR: 22.2%
• Equity multiple: 6.87×
• Total profit: $376,505
• Equity at exit: $444,897

Cash invested: $64,120 (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 48204

• Home prices YoY: 18.5%
• Active inventory: 244
• Price-to-rent: 15.4×

Monthly cashflow live

• Estimated rent: $2,480 high
• Mortgage (P&I): −$1,201
• Tax from tax record: −$604 /mo · $7,249/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$521
• Net cashflow: $59

Break-even live

Break-even rent $2,406

Max offer price $229,000

Occupancy floor 93%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.2	$2,480
Total (2 units)			$2,480

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3799 W Philadelphia St Detroit, MI	5.0	2.0	2200	$1,650	$0.75	16d	1	0.76mi
2509 Gladstone St Unit NA Detroit, MI	6.0	3.0	3008	$2,000	$0.66	10d	1	1.41mi

Listing history 2 events

1. 2026-06-18
   remarks 118-char remark
2. 2026-06-18
   listed $229,000 Active 1 DOM

ⓘ 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: $7,249 · $604/mo
• Projected year-2 tax: $7,249 · $604/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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,760
• − Mortgage interest: −$12,828
• − Property taxes: −$7,249
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,381
• − Management: −$2,381
• − Depreciation: −$6,662
• Taxable loss: −$2,885
• Est. tax savings @ 24.0%: +$692
• After-tax cash flow: $1,398/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): 20,696
• Household income: $34,468
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 1418.0

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 (86%)
• Race & ethnicity: Black 86% Two or more races 7% Hispanic / Latino 5% White 4% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Hispanic 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 36.51%
• Current HPI: 234.0465
• Rent YoY: —
• 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

+358.9% since first listed

5 events — show timeline

• 2026-06-17 Listed $229,000 REALCOMP
• 2026-06-17 Listed $229,000 MiRealSource-MiMLS
• 2024-06-24 Sold (MLS) $42,000 REALCOMP
• 2024-06-03 Pending — REALCOMP
• 2024-04-02 Listed $49,900 REALCOMP

Property tax history

+16.1%/yr

Latest (2025): $7,249 · +286.0% YoY. Source: county tax records.