20475 Tracey St S · Detroit, MI 48235

$88,000

3 bd · 1.0 ba · 1,048 sqft · SingleFamily public records · 1 Days on market

Built 1949 5,227 sqft lot Est $138k · 36% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great 3 bedroom remodeled home

Key facts

• 5,227 sq ft lot
• 2 garage spots
• Built 1949

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $88k.

Deal economics

• At list price, monthly cash flow is $360 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $88k).

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 (+3.2%/yr); 290 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).
• This rent runs 43% 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 $608 of loan paydown is wiped out by about $3k 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 + 3.2% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 16y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,000

Questions for the listing agent

1. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.59% ✓
• Cap rate: 11.21%
• Cash-on-cash: 17.55%
• DSCR: 1.78
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $138,336
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20496 Mark Twain St	0.28mi	3/1.5	1,024 (-2%)	2mo	$135,000	$132	80
20522 Ardmore St	0.16mi	3/1.5	1,133 (+8%)	1mo	$1,400	$1	76
20025 Hubbell St	0.51mi	3/1.0	1,022 (-2%)	1mo	$59,500	$58	71
20115 Ward St	0.41mi	3/1.0	1,000 (-5%)	4mo	$160,000	$160	70
20242 Ward St	0.38mi	3/1.0	982 (-6%)	4mo	$80,000	$81	68
21460 Parklawn St	0.59mi	3/1.0	1,000 (-5%)	4mo	$215,000	$215	61
19484 Schaefer Hwy	0.55mi	2/1.0 (-1)	1,000 (-5%)	2mo	$50,000	$50	60
21400 Parklawn St	0.54mi	3/1.0	966 (-8%)	2mo	$190,000	$197	59
20203 Monte Vista St	0.69mi	3/1.0	1,000 (-5%)	4mo	$75,000	$75	56
20484 Appoline St	0.53mi	3/2.0	1,150 (+10%)	3mo	$182,000	$158	52
20403 Manor St	0.62mi	3/2.0	968 (-8%)	2mo	$57,000	$59	52
21650 Kipling St	0.67mi	3/2.0	1,200 (+14%)	5mo	$275,000	$229	37

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 · 3.25% rent growth · sell at horizon

5-year hold

• IRR: 9.4%
• Equity multiple: 1.37×
• Total profit: $9,142
• Equity at exit: $13,121

10-year hold

• IRR: 18.8%
• Equity multiple: 2.60×
• Total profit: $39,378
• Equity at exit: $7,609

Cash invested: $24,640 (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 48235

• Rents YoY: 3.2%
• Active inventory: 290
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,395 high
• Mortgage (P&I): −$461
• Tax from tax record: −$244 /mo · $2,926/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $360

Break-even live

Break-even rent $939

Max offer price $88,000

Occupancy floor 69%

Sensitivity live

Price	-10% $410	-5% $385	+0% $360	+5% $335	+10% $310
Rent	-10% $250	-5% $305	+0% $360	+5% $415	+10% $471
Rate	-1.0pp $405	-0.5pp $383	base $360	+0.5pp $337	+1.0pp $314

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: $22,000
• Closing costs: $2,640
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20426 Tracey St Detroit, MI	3.0	1.0	1200	$1,200	$1.00	25d	1	0.05mi
20042 Freeland St Detroit, MI	3.0	1.5	1445	$1,400	$0.97	18d	1	0.35mi
19474 Schaefer Hwy Detroit, MI	2.0	1.0	896	$1,075	$1.20	6d	1	0.56mi
20245 Manor Detroit, MI	3.0	1.0	1018	$1,400	$1.38	4d	1	0.60mi
20429 Monte Vista St Detroit, MI	3.0	1.0	872	$1,300	$1.49	18d	1	0.65mi
20122 Manor St Detroit, MI	3.0	1.0	1028	$1,200	$1.17	45d	1	0.66mi
20032 Monte Vista St Detroit, MI	3.0	1.0	1000	$1,294	$1.29	21d	1	0.73mi
19929 Monte Vista St Detroit, MI	3.0	1.0	860	$1,450	$1.69	18d	1	0.75mi
21800 Coolidge Hwy Oak Park, MI	1.0–2.0	1.0	938	$1,300	$1.39	25d	3	0.76mi
21850 Coolidge Hwy #203 Oak Park, MI	3.0	2.0	1100	$1,700	$1.55	6d	1	0.79mi
21880 Coolidge Hwy #203 Oak Park, MI	2.0	1.0	938	$1,300	$1.39	25d	1	0.79mi
20460 Griggs St Detroit, MI	2.0	1.0	910	$1,100	$1.21	18d	1	0.90mi
20515 Ilene St Detroit, MI	3.0	1.0	891	$1,450	$1.63	45d	1	0.93mi
22108 Dante St Oak Park, MI	2.0	1.0	898	$1,250	$1.39	25d	1	0.96mi
22148 Dante St #211 Oak Park, MI	2.0	1.0	916	$1,475	$1.61	25d	1	1.01mi
22148 Dante St #212 Oak Park, MI	2.0	2.0	916	$1,475	$1.61	23d	1	1.01mi
22148 Dante St #211 Oak Park, MI	2.0	2.0	916	$1,475	$1.61	19d	1	1.01mi
22108 Dante St #115 Oak Park, MI	2.0	2.0	898	$1,250	$1.39	25d	1	1.03mi
20445 Kentucky St Detroit, MI	3.0	1.0	1046	$1,200	$1.15	25d	1	1.09mi
20555 Motor Dr Detroit, MI	1.0–2.0	1.0	750	$1,222	$1.63	16d	5	1.09mi
14051 W Nine Mile Rd Oak Park, MI	2.0	1.0	900	$1,100	$1.22	25d	1	1.10mi
21374 Ithaca Ave Ferndale, MI	3.0	1.0	996	$1,775	$1.78	25d	1	1.12mi
18512 Schaefer Hwy Detroit, MI	2.0	1.0	962	$1,200	$1.25	25d	1	1.16mi
20185 Indiana St Detroit, MI	2.0	1.5	1096	$1,275	$1.16	45d	1	1.16mi
20458 Indiana St Detroit, MI	3.0	1.0	1049	$1,300	$1.24	19d	1	1.17mi
18964 Coyle St Detroit, MI	3.0	1.0	1300	$1,350	$1.04	4d	1	1.18mi
18675 Meyers Rd Unit 18677 Detroit, MI	2.0	1.0	942	$1,100	$1.17	45d	1	1.19mi
12800 W 9 Mile Rd Oak Park, MI	1.0–2.0	1.0	775	$1,250	$1.61	25d	1	1.20mi
10400 Saratoga St Oak Park, MI	2.0	1.0	829	$1,450	$1.75	6d	1	1.23mi
20009 Wisconsin St Detroit, MI	3.0	1.5	1051	$1,400	$1.33	18d	1	1.24mi
13600 Kenwood St Oak Park, MI	1.0–2.0	1.0	770	$1,649	$2.14	0d	27	1.31mi
19440 Rutherford St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	25d	1	1.35mi
19467 Rutherford St Detroit, MI	3.0	1.0	1002	$1,200	$1.20	18d	1	1.36mi
18257 Mark Twain St Detroit, MI	3.0	1.0	1185	$1,507	$1.27	18d	1	1.38mi
19986 Cherrylawn St Detroit, MI	4.0	1.5	1144	$1,700	$1.49	18d	1	1.38mi
19503 Mansfield St Detroit, MI	3.0	1.0	1200	$1,350	$1.12	18d	1	1.40mi
10020 Corning St Oak Park, MI	2.0	1.0	829	$1,400	$1.69	25d	1	1.41mi
20110 Northlawn St Detroit, MI	3.0	1.0	1100	$1,350	$1.23	18d	1	1.42mi
22811 Rosewood St Oak Park, MI	3.0	1.0	1000	$1,600	$1.60	25d	1	1.42mi
10050 W Nine Mile Rd Unit 18 Oak Park, MI	2.0	1.0	900	$1,000	$1.11	6d	1	1.49mi

Listing history 10 events

1. 2024-12-17
   status Pending
2. 2023-01-23
   soldstatus $90,000
3. 2022-12-07
   status Pending 30-char remark

   Show marketing remark (30 chars)

   Great 3 bedroom remodeled home

4. 2022-12-07
   status Pending

   Show marketing remark (30 chars)

   Great 3 bedroom remodeled home

5. 2022-12-06
   listed $88,000 Active
6. 2022-12-04
   listed $88,000 Active 30-char remark

   Show marketing remark (30 chars)

   Great 3 bedroom remodeled home

7. 2010-11-04
   historical
8. 2010-11-04
   historical
9. 2010-08-08
   listed $39,900
10. 2010-08-08
    listed $39,900

ⓘ 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: $2,926 · $244/mo
• Projected year-2 tax: $2,926 · $244/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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,743
• − Mortgage interest: −$4,929
• − Property taxes: −$2,926
• − Insurance: −$440
• − Repairs & maintenance: −$1,339
• − Management: −$1,339
• − Depreciation: −$2,560
• Taxable income: $3,209
• Est. tax owed @ 24.0%: −$770
• After-tax cash flow: $3,553/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): 45,600
• Household income: $39,265
• Rent vs Own: 46.5% rent · 53.5% own
• Severe rent burden: 3064.0

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 2% Hispanic / Latino 1%
• 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: ▼ -153.02%
• Current HPI: 263.6326
• Rent YoY: ▲ 3.25%
• 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

+125.6% since first listed

10 events — show timeline

• 2024-12-17 Pending — REALCOMP
• 2023-01-23 Sold (Public Records) $90,000 Public Records
• 2022-12-07 Pending — MiRealSource-MiMLS
• 2022-12-07 Pending — REALCOMP
• 2022-12-06 Listed $88,000 REALCOMP
• 2022-12-04 Listed $88,000 MiRealSource-MiMLS
• 2010-11-04 Listing Removed — REALCOMP
• 2010-11-04 Listing Removed — MiRealSource-MiMLS
• 2010-08-08 Listed $39,900 REALCOMP
• 2010-08-08 Listed $39,900 MiRealSource-MiMLS

Property tax history

+0.3%/yr

Latest (2025): $2,926 · -40.4% YoY. Source: county tax records.