19507 Hoover St · Detroit, MI 48205

$62,000

2 bd · 1.0 ba · 892 sqft · Townhouse public records · 74 Days on market

Built 1948 3,049 sqft lot $70/sqft · 37% above area Est $45k · 37% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity for a first-time homebuyer or buyer seeking rental potential. This move-in ready property offers flexibility for owner-occupancy or future leasing. Previously rented for $1,250 per month. Unit is also available for lease.

Key facts

• 3,049 sq ft lot
• Built 1948
• Listed 73 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $62k.

Deal economics

• At list price, monthly cash flow is $445 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• Recommended offer: $58k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.9% vs local median 10.1% 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: Rents rising (+1.3%/yr); 376 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 38% 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 $429 of loan paydown is wiped out by about $2k 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 + 1.3% rent growth), your $17k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• 4 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 $51k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $58,280 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.97% ✓
• Cap rate: 14.91%
• Cash-on-cash: 30.79%
• DSCR: 2.37
• GRM: 4.2

CMA / ARV

• ARV (median comp): $45,352
• List price: $62,000
• Delta: 36.71%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.33% rent growth · sell at horizon

5-year hold

• IRR: 23.5%
• Equity multiple: 1.94×
• Total profit: $16,383
• Equity at exit: $9,244

10-year hold

• IRR: 30.2%
• Equity multiple: 3.48×
• Total profit: $43,103
• Equity at exit: $5,361

Cash invested: $17,360 (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 48205

• Home prices YoY: -28.1%
• Rents YoY: 1.3%
• Active inventory: 376
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,219 high
• Mortgage (P&I): −$325
• Tax from tax record: −$166 /mo · $1,996/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $445

Break-even live

Break-even rent $655

Max offer price $62,000

Occupancy floor 58%

Sensitivity live

Price	-10% $481	-5% $463	+0% $445	+5% $428	+10% $410
Rent	-10% $349	-5% $397	+0% $445	+5% $494	+10% $542
Rate	-1.0pp $477	-0.5pp $461	base $445	+0.5pp $429	+1.0pp $413

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: $15,500
• Closing costs: $1,860
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19335 Hoover St Detroit, MI	2.0	1.0	620	$1,099	$1.77	18d	1	0.08mi
19335 Hoover St Detroit, MI	2.0	1.0	620	$1,099	$1.77	45d	1	0.08mi
18667 Algonac St Detroit, MI	1.0	1.0	680	$1,999	$2.94	18d	1	0.53mi
18681 Barlow St Detroit, MI	3.0	1.0	1041	$1,400	$1.34	25d	1	0.60mi
18703 Waltham St Detroit, MI	2.0	1.0	1000	$1,100	$1.10	45d	1	0.63mi
20091 Barlow St Detroit, MI	3.0	1.0	930	$1,300	$1.40	18d	1	0.65mi
19143 Fairport St Detroit, MI	3.0	1.0	1070	$1,225	$1.14	18d	1	0.71mi
11513 Greiner St Unit 11521 Greiner Detroit, MI	2.0	1.0	942	$1,050	$1.11	45d	1	0.73mi
20553 Hamburg St Detroit, MI	3.0	1.0	1074	$1,300	$1.21	4d	1	0.78mi
20296 Waltham St Detroit, MI	3.0	1.5	986	$1,300	$1.32	18d	1	0.80mi
19220 Alcoy St Detroit, MI	3.0	1.0	1023	$1,350	$1.32	18d	1	0.85mi
18624 Fairport St Unit NA Detroit, MI	3.0	1.0	924	$1,450	$1.57	25d	1	0.85mi
18624 Fairport St Detroit, MI	3.0	1.0	874	$1,450	$1.66	23d	1	0.85mi
17851 Strasburg St Detroit, MI	3.0	1.0	1079	$1,100	$1.02	18d	1	0.87mi
20027 Alcoy St Detroit, MI	3.0	1.0	1000	$1,349	$1.35	18d	1	0.91mi
18119 Joann St Detroit, MI	2.0	1.0	800	$1,100	$1.38	25d	1	0.97mi
11228 Sherman Ave Warren, MI	2.0	1.0	1000	$1,200	$1.20	13d	1	1.03mi
12807 Coleen Ave Warren, MI	3.0	1.0	1080	$1,250	$1.16	25d	1	1.03mi
20242 Hickory St Detroit, MI	3.0	1.0	747	$1,300	$1.74	12d	1	1.06mi
12846 Georgiana Ave Warren, MI	3.0	1.0	912	$1,300	$1.43	25d	1	1.08mi
20227 Pelkey St Detroit, MI	3.0	1.0	968	$1,350	$1.39	18d	1	1.08mi
13669 Pfent St Detroit, MI	3.0	2.0	1031	$1,374	$1.33	18d	1	1.08mi
20215 Schoenherr St Unit 1 Detroit, MI	2.0	1.0	1000	$1,200	$1.20	19d	1	1.12mi
8285 Rivard Ave Warren, MI	3.0	1.0	902	$1,549	$1.72	25d	1	1.13mi
21311 Waltham Rd Warren, MI	3.0	1.0	1000	$1,350	$1.35	0d	1	1.16mi
8242 Jackson Ave Warren, MI	3.0	1.0	840	$1,198	$1.43	45d	1	1.18mi
7533 Quinn St Unit 1 Detroit, MI	2.0	1.0	700	$850	$1.21	45d	1	1.21mi
21412 Waltham Rd Warren, MI	2.0	1.0	696	$1,225	$1.76	45d	1	1.22mi
19171 Cliff St Detroit, MI	3.0	1.0	1000	$1,200	$1.20	18d	1	1.23mi
19691 Cliff St #1 Detroit, MI	2.0	1.0	850	$1,050	$1.24	6d	1	1.24mi
13503 E McNichols Rd Unit 7 Detroit, MI	1.0	1.0	750	$800	$1.07	19d	1	1.26mi
11319 Chalmers Ave Warren, MI	3.0	1.0	975	$1,500	$1.54	25d	1	1.34mi
13501 Vernon Ave Warren, MI	2.0	1.0	850	$1,300	$1.53	25d	1	1.35mi
11236 Studebaker Ave Warren, MI	2.0	1.0	672	$1,175	$1.75	45d	1	1.38mi
7605 Jackson Ave Warren, MI	2.0	1.0	600	$1,165	$1.94	25d	1	1.39mi
13050 Couwlier Ave Warren, MI	3.0	1.0	850	$1,320	$1.55	0d	1	1.39mi
11700 Engleside St Detroit, MI	3.0	1.0	1000	$1,175	$1.18	45d	1	1.41mi
8640 Chalmers Ave Warren, MI	3.0	1.0	804	$1,423	$1.77	25d	1	1.43mi
11076 Hudson Ave Warren, MI	3.0	1.0	936	$1,395	$1.49	4d	1	1.46mi
8632 Studebaker Ave Warren, MI	3.0	1.0	761	$1,300	$1.71	4d	1	1.48mi

Listing history 26 events

1. 2026-06-21
   days on market $62,000 Active 74 DOM
2. 2026-06-18
   days on market $62,000 Active 71 DOM
3. 2026-06-17
   days on market $62,000 Active 70 DOM
4. 2026-06-15
   days on market $62,000 Active 68 DOM
5. 2026-06-13
   days on market $62,000 Active 66 DOM
6. 2026-06-13
   days on market $62,000 Active 65 DOM
7. 2026-06-09
   days on market $62,000 Active 62 DOM
8. 2026-06-08
   days on market $62,000 Active 61 DOM
9. 2026-06-07
   days on market $62,000 Active 60 DOM
10. 2026-06-04
    days on market $62,000 Active 57 DOM
11. 2026-06-03
    days on market $62,000 Active 56 DOM
12. 2026-06-02
    days on market $62,000 Active 55 DOM
13. 2026-06-01
    days on market $62,000 Active 54 DOM
14. 2026-05-31
    days on market $62,000 Active 53 DOM
15. 2026-04-02
    listed $62,000 Active 239-char remark

    Show marketing remark (239 chars)

    Great opportunity for a first-time homebuyer or buyer seeking rental potential. This move-in ready property offers flexibility for owner-occupancy or future leasing. Previously rented for $1,250 per month. Unit is also available for lease.

16. 2026-04-02
    listed $62,000 Active 239-char remark

    Show marketing remark (239 chars)

    Great opportunity for a first-time homebuyer or buyer seeking rental potential. This move-in ready property offers flexibility for owner-occupancy or future leasing. Previously rented for $1,250 per month. Unit is also available for lease.

17. 2024-03-19
    soldstatus $51,000
18. 2024-03-04
    soldstatus $51,000 Sold
19. 2024-03-04
    soldstatus $51,000 Closed
20. 2024-02-07
    listed $55,500
21. 2024-02-05
    historical
22. 2024-02-05
    historical
23. 2024-02-02
    listed $55,500
24. 2022-02-03
    price $800
25. 2014-09-18
    soldstatus $12,500
26. 2013-12-05
    soldstatus $4,250

ⓘ 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: $1,996 · $166/mo
• Projected year-2 tax: $1,996 · $166/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 ≥96°F today · 14 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: $14,624
• − Mortgage interest: −$3,473
• − Property taxes: −$1,996
• − Insurance: −$310
• − Repairs & maintenance: −$1,170
• − Management: −$1,170
• − Depreciation: −$1,804
• Taxable income: $4,702
• Est. tax owed @ 24.0%: −$1,128
• After-tax cash flow: $4,217/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): 34,187
• Household income: $38,966
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 2121.0

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 (93%)
• Race & ethnicity: Black 93% White 3% Two or more races 2%
• 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: ▼ -91.80%
• Current HPI: 235.0926
• Rent YoY: ▲ 1.33%
• 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

+1358.8% since first listed

12 events — show timeline

• 2026-04-02 Listed $62,000 REALCOMP
• 2026-04-02 Listed $62,000 MiRealSource-MiMLS
• 2024-03-19 Sold (Public Records) $51,000 Public Records
• 2024-03-04 Sold (MLS) $51,000 MiRealSource-MiMLS
• 2024-03-04 Sold (MLS) $51,000 REALCOMP
• 2024-02-07 Listed $55,500 REALCOMP
• 2024-02-05 Listing Removed — MiRealSource-MiMLS
• 2024-02-05 Listing Removed — REALCOMP
• 2024-02-02 Listed $55,500 MiRealSource-MiMLS
• 2022-02-03 Price Changed $800 RENT.
• 2014-09-18 Sold (Public Records) $12,500 Public Records
• 2013-12-05 Sold (Public Records) $4,250 Public Records

Property tax history

+4.0%/yr

Latest (2025): $1,996 · -1.4% YoY. Source: county tax records.