880 Algonquin St · Detroit, MI 48215

$60,000

4 bd · 2.0 ba · 1,902 sqft · SingleFamily public records · 20 Days on market

Built 1920 3,920 sqft lot $32/sqft · 16% below area Est $72k · 16% 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 +14.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

THIS PROPERTY IS SUBJECT TO PROBATE COURT APPROVAL. Opportunity awaits at 880 Algonquin Street. This 4-bedroom, 1.1-bath brick colonial offers approximately 1,902 square feet of living space and solid bones ready for renovation. Featuring a traditional two-story layout, spacious rooms, and classic brick exterior, this property presents strong potential for value-add improvement.

Key facts

• 3,920 sq ft lot
• Built 1920
• Listed 20 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $341 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Cap rate 22.3% 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: 137 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $415 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 + 3.0% 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 20 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y 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: flood insurance adds $460/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $59,100 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 2.49% ✓
• Cap rate: 22.31%
• Cash-on-cash: 57.21%
• DSCR: 3.55
• GRM: 3.3

CMA / ARV

• ARV (median comp): $71,783
• List price: $60,000
• Delta: -16.41%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
838 Algonquin St	0.04mi	3/2.5 (-1)	1,800 (-5%)	5mo	$265,000	$147	78
678 Lakewood St	0.62mi	3/2.5 (-1)	1,850 (-3%)	2mo	$273,000	$148	58
849 Chalmers St	0.62mi	4/1.5	1,813 (-5%)	10mo	$140,000	$77	53
540 Clairpointe Woods Dr	0.44mi	3/2.5 (-1)	2,025 (+6%)	10mo	$282,500	$140	53
253 Keelson Dr	0.69mi	3/2.5 (-1)	1,850 (-3%)	10mo	$674,450	$365	48
245 Keelson Dr	0.70mi	3/2.5 (-1)	1,850 (-3%)	12mo	$639,250	$346	46
598 Lakewood St	0.65mi	4/2.0	1,714 (-10%)	11mo	$110,000	$64	44
273 Keelson Dr	0.68mi	3/2.5 (-1)	1,850 (-3%)	19mo	$604,400	$327	41
577 Chalmers St	0.69mi	4/1.0	1,732 (-9%)	17mo	$200,000	$115	34
568 Chalmers St	0.72mi	3/1.0 (-1)	1,674 (-12%)	12mo	$118,600	$71	27

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.0%
• Equity multiple: 1.73×
• Total profit: $12,251
• Equity at exit: $8,946

10-year hold

• IRR: 26.6%
• Equity multiple: 3.37×
• Total profit: $39,752
• Equity at exit: $5,188

Cash invested: $16,800 (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 48215

• Home prices YoY: -24.1%
• Active inventory: 137
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,495 medium
• Mortgage (P&I): −$315
• Tax from tax record: −$41 /mo · $487/yr
• Insurance: −$25
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$314
• Net cashflow: $341

Break-even live

Break-even rent $1,064

Max offer price $60,000

Occupancy floor 72%

Sensitivity live

Price	-10% $375	-5% $358	+0% $341	+5% $324	+10% $307
Rent	-10% $222	-5% $281	+0% $341	+5% $400	+10% $459
Rate	-1.0pp $371	-0.5pp $356	base $341	+0.5pp $325	+1.0pp $309

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2174 Springle St Detroit, MI	3.0	1.0	2256	$1,150	$0.51	3d	1	0.58mi
371 Piper Blvd Detroit, MI	3.0	1.5	2340	$2,000	$0.85	45d	1	0.70mi
875 Philip St Detroit, MI	3.0	1.0	1353	$1,400	$1.03	45d	1	0.75mi

Listing history 11 events

1. 2026-05-09
   status Active 381-char remark

   Show marketing remark (381 chars)

   THIS PROPERTY IS SUBJECT TO PROBATE COURT APPROVAL. Opportunity awaits at 880 Algonquin Street. This 4-bedroom, 1.1-bath brick colonial offers approximately 1,902 square feet of living space and solid bones ready for renovation. Featuring a traditional two-story layout, spacious rooms, and classic brick exterior, this property presents strong potential for value-add improvement.

2. 2026-05-09
   status Active 381-char remark

   Show marketing remark (381 chars)

   THIS PROPERTY IS SUBJECT TO PROBATE COURT APPROVAL. Opportunity awaits at 880 Algonquin Street. This 4-bedroom, 1.1-bath brick colonial offers approximately 1,902 square feet of living space and solid bones ready for renovation. Featuring a traditional two-story layout, spacious rooms, and classic brick exterior, this property presents strong potential for value-add improvement.

3. 2026-02-25
   status Pending 381-char remark

   Show marketing remark (381 chars)

   THIS PROPERTY IS SUBJECT TO PROBATE COURT APPROVAL. Opportunity awaits at 880 Algonquin Street. This 4-bedroom, 1.1-bath brick colonial offers approximately 1,902 square feet of living space and solid bones ready for renovation. Featuring a traditional two-story layout, spacious rooms, and classic brick exterior, this property presents strong potential for value-add improvement.

4. 2026-02-25
   status Pending 381-char remark

   Show marketing remark (381 chars)

   THIS PROPERTY IS SUBJECT TO PROBATE COURT APPROVAL. Opportunity awaits at 880 Algonquin Street. This 4-bedroom, 1.1-bath brick colonial offers approximately 1,902 square feet of living space and solid bones ready for renovation. Featuring a traditional two-story layout, spacious rooms, and classic brick exterior, this property presents strong potential for value-add improvement.

5. 2026-02-19
   listed $60,000 Active 381-char remark

   Show marketing remark (381 chars)

   THIS PROPERTY IS SUBJECT TO PROBATE COURT APPROVAL. Opportunity awaits at 880 Algonquin Street. This 4-bedroom, 1.1-bath brick colonial offers approximately 1,902 square feet of living space and solid bones ready for renovation. Featuring a traditional two-story layout, spacious rooms, and classic brick exterior, this property presents strong potential for value-add improvement.

6. 2026-02-19
   listed $60,000 Active 381-char remark

   Show marketing remark (381 chars)

   THIS PROPERTY IS SUBJECT TO PROBATE COURT APPROVAL. Opportunity awaits at 880 Algonquin Street. This 4-bedroom, 1.1-bath brick colonial offers approximately 1,902 square feet of living space and solid bones ready for renovation. Featuring a traditional two-story layout, spacious rooms, and classic brick exterior, this property presents strong potential for value-add improvement.

7. 2026-02-18
   historical $60,000 381-char remark

   Show marketing remark (381 chars)

   THIS PROPERTY IS SUBJECT TO PROBATE COURT APPROVAL. Opportunity awaits at 880 Algonquin Street. This 4-bedroom, 1.1-bath brick colonial offers approximately 1,902 square feet of living space and solid bones ready for renovation. Featuring a traditional two-story layout, spacious rooms, and classic brick exterior, this property presents strong potential for value-add improvement.

8. 2006-06-16
   soldstatus $115,000
9. 2005-11-30
   soldstatus $30,000
10. 2005-11-09
    historical
11. 2005-09-08
    listed $30,000

ⓘ 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: $487 · $41/mo
• Projected year-2 tax: $706 · $59/mo
• Expected delta: +$218/yr (+$18/mo · 44.8%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°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: $17,942
• − Mortgage interest: −$3,361
• − Property taxes: −$487
• − Insurance: −$5,825
• − Repairs & maintenance: −$1,435
• − Management: −$1,435
• − Depreciation: −$1,745
• Taxable income: $3,653
• Est. tax owed @ 24.0%: −$877
• After-tax cash flow: $3,210/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
• City population: 572,865
• Population (ZIP): 10,238

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 (87%)
• Race & ethnicity: Black 87% White 9% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Romanian 1% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% 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: ▼ -60.84%
• Current HPI: 191.0405
• Rent YoY: —
• Metro: —
• 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

+100.0% since first listed

11 events — show timeline

• 2026-05-09 Relisted — MiRealSource-MiMLS
• 2026-05-09 Relisted — REALCOMP
• 2026-02-25 Pending — MiRealSource-MiMLS
• 2026-02-25 Pending — REALCOMP
• 2026-02-19 Listed $60,000 MiRealSource-MiMLS
• 2026-02-19 Listed $60,000 REALCOMP
• 2026-02-18 Coming Soon $60,000 MiRealSource-MiMLS
• 2006-06-16 Sold (Public Records) $115,000 Public Records
• 2005-11-30 Sold (MLS) $30,000 MiRealSource-MiMLS
• 2005-11-09 Listing Removed — MiRealSource-MiMLS
• 2005-09-08 Listed $30,000 MiRealSource-MiMLS

Property tax history

+0.0%/yr

Latest (2025): $487 · -36.0% YoY. Source: county tax records.