16701 Greenfield Rd · Detroit, MI 48235

$456,000

15 bd · 12.0 ba · 10,950 sqft · MultiFamily · 16 Days on market

Built 1954 Good condition 0.31 ac lot

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

PRICED TO SELL. SELLER IS OPEN TO LAND CONTRACT TERMS WITH 30% DOWN. great properties in upcoming Greenfield/ W McNichols community. Many units are already turned with new vinyl floors and kitchens. Boiler and hot water tanks are in great shape. Property is already professionally managed.

Key facts

• 0.31 acre lot
• Built 1954
• Listed 16 days

Property features AI

Finance

• Financial info: Annual tax amount reported

Exterior

• Utilities: Sewer available; Water available
• Home design: Multi-family residential income property; Two stories
• Construction: Brick construction; Brick/mortar foundation; Built on two levels
• Exterior features: Paved road access; Pets allowed (contact for details)

Interior

• Bathrooms: 12 full bathrooms
• Heating & cooling: Natural gas heating; Radiant heating; No cooling
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/2.4-bath units multifamily listed at $456k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $3k ($37k/yr) — positive. Per door: $623/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $456k).
• Recommended offer: $449k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.5% vs local median 10.0% 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 (+3.2%/yr); 291 active listings in the ZIP; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $7,931/mo this rent would consume 242% of the median local household income ($39k/yr) (locally 3064% 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 $3k of loan paydown is wiped out by about $14k 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 $128k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($449k) is reasonable based on typical stale-listing flexibility.
• 10 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.
• Current owner paid $77k; list at $456k implies a 492% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $449,160 (1.5% below list)

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 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.74% ✓
• Cap rate: 14.49%
• Cash-on-cash: 29.27%
• DSCR: 2.30
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.25% rent growth · sell at horizon

5-year hold

• IRR: 24.0%
• Equity multiple: 1.99×
• Total profit: $126,572
• Equity at exit: $67,991

10-year hold

• IRR: 32.0%
• Equity multiple: 3.93×
• Total profit: $374,350
• Equity at exit: $39,427

Cash invested: $127,680 (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: 291
• Price-to-rent: 24.0×

Monthly cashflow live

• Estimated rent: $7,931 high
• Mortgage (P&I): −$2,391
• Tax est. 1.5%: −$570 /mo · $6,840/yr
• Insurance: −$190
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,666
• Net cashflow: $3,114

Break-even live

Break-even rent $3,989

Max offer price $456,000

Occupancy floor 56%

Sensitivity live

Price	-10% $3,429	-5% $3,272	+0% $3,114	+5% $2,957	+10% $2,799
Rent	-10% $2,488	-5% $2,801	+0% $3,114	+5% $3,427	+10% $3,741
Rate	-1.0pp $3,344	-0.5pp $3,230	base $3,114	+0.5pp $2,996	+1.0pp $2,876

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

Units	Beds	Baths	Est. rent
▸ 5× units	3	2.4	$7,930
Total (5 units)			$7,931

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: $114,000
• Closing costs: $13,680
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $456,000 Active 16 DOM
2. 2026-06-18
   days on market $456,000 Active 13 DOM
3. 2026-06-17
   days on market $456,000 Active 12 DOM
4. 2026-06-16
   days on market $456,000 Active 11 DOM
5. 2026-06-15
   days on market $456,000 Active 10 DOM
6. 2026-06-13
   days on market $456,000 Active 8 DOM
7. 2026-06-13
   days on market $456,000 Active 7 DOM
8. 2026-06-09
   days on market $456,000 Active 4 DOM
9. 2026-06-08
   days on market $456,000 Active 3 DOM
10. 2026-06-07
    remarks 289-char remark
11. 2026-06-07
    listed $456,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥98°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: $95,172
• − Mortgage interest: −$25,543
• − Property taxes: −$6,840
• − Insurance: −$2,280
• − Repairs & maintenance: −$7,614
• − Management: −$7,614
• − Depreciation: −$13,265
• Taxable income: $32,016
• Est. tax owed @ 24.0%: −$7,684
• After-tax cash flow: $29,686/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with minimal repairs needed. It is already professionally managed and has been updated with new vinyl floors and kitchens, making it a solid investment opportunity.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics, attracting both buyers and renters.
• Both Landscaping and trimming the yard — A well-maintained yard improves curb appeal and can attract more potential buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics, attracting both buyers and renters. ↑
• Both Landscaping and trimming the yard — A well-maintained yard improves curb appeal and can attract more potential buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+314.5% since first listed

19 events — show timeline

• 2026-06-05 Listed $456,000 REALCOMP
• 2026-06-05 Listed $456,000 MiRealSource-MiMLS
• 2026-01-16 Rental Removed $820 REALCOMP
• 2025-06-14 Price Changed $820 REALCOMP
• 2025-03-29 Listed for Rent $920 REALCOMP
• 2025-03-25 Rental Removed $920 REALSOURCE
• 2025-02-21 Listed for Rent $920 REALSOURCE
• 2025-02-14 Rental Removed $920 REALCOMP
• 2025-01-17 Listed for Rent $920 REALCOMP
• 2015-05-12 Listing Removed — MiRealSource-MiMLS
• 2015-03-20 Listed $250,000 MiRealSource-MiMLS
• 2014-05-20 Listing Removed — MiRealSource-MiMLS
• 2013-11-20 Listed $204,000 MiRealSource-MiMLS
• 2013-03-19 Listing Removed — MiRealSource-MiMLS
• 2012-02-23 Listed $198,000 MiRealSource-MiMLS
• 2011-12-07 Listing Removed — MiRealSource-MiMLS
• 2011-09-19 Listed $269,900 MiRealSource-MiMLS
• 2011-03-31 Sold (MLS) $77,000 MiRealSource-MiMLS
• 2010-10-27 Listed $110,000 MiRealSource-MiMLS