4357 W Philadelphia St · Detroit, MI 48204

$189,900

5 bd · 1.5 ba · 3,662 sqft · MultiFamily · 2 Days on market

Built 1916 3,485 sqft lot

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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 +27.3/30.0
• Appreciation +10.0/10.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Each unit features a kitchen, living room, and dining room, with shared access to the basement and attic, providing ample space. This property is being offered for sale. No pets are allowed. Section 8 approved.

Key facts

• 3,485 sq ft lot
• Built 1916

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two-story home; Ground-level entry
• Construction: Brick construction; Brick/mortar foundation; Built area above grade: 2,462 (finished); Finished lower level: 1,200
• Exterior features: Paved road access; Pets: contact listing agent

Interior

• Bedrooms: Total rooms: 8
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); No central air cooling
• Interior features: Finished basement

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $548 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).

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; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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).
• At $2,355/mo this rent would consume 82% 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 $20k of equity ($1k loan paydown + $19k 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 $53k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 18 sale attempts since 14y 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: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,900

Questions for the listing agent

1. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.24% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.37%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $54,930
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3742 Atkinson St	0.57mi	4/4.0 (-1)	3,310 (-10%)	11mo	$50,000	$15	33

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: 33.4%
• Equity multiple: 3.60×
• Total profit: $138,360
• Equity at exit: $171,077

10-year hold

• IRR: 28.8%
• Equity multiple: 8.15×
• Total profit: $380,074
• Equity at exit: $368,934

Cash invested: $53,172 (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: 6.7×

Monthly cashflow live

• Estimated rent: $2,355 high
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,848/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$495
• Net cashflow: $548

Break-even live

Break-even rent $1,661

Max offer price $189,900

Occupancy floor 72%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2509 Gladstone St Unit NA Detroit, MI	6.0	3.0	3008	$2,000	$0.66	10d	1	0.91mi
7370 La Salle Blvd Detroit, MI	4.0	3.0	3610	$4,500	$1.25	44d	1	1.11mi
3241 Lawrence St Detroit, MI	4.0	2.0	2636	$1,800	$0.68	17d	1	1.16mi
2028 Gladstone St Unit 1 Detroit, MI	5.0	2.0	2500	$2,850	$1.14	3d	1	1.24mi
2286 Calvert St Detroit, MI	4.0	1.0	3402	$1,450	$0.43	15d	1	1.43mi

Listing history 3 events

1. 2026-06-17
   days on market $189,900 Active 2 DOM
2. 2026-06-16
   remarks 210-char remark
3. 2026-06-16
   listed $189,900 Active 1 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 ≥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: $28,258
• − Mortgage interest: −$10,637
• − Property taxes: −$2,848
• − Insurance: −$950
• − Repairs & maintenance: −$2,261
• − Management: −$2,261
• − Depreciation: −$5,524
• Taxable income: $3,777
• Est. tax owed @ 24.0%: −$906
• After-tax cash flow: $5,669/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

+1360.8% since first listed

48 events — show timeline

• 2026-06-15 Listed $189,900 REALCOMP
• 2026-06-15 Listed $189,900 MiRealSource-MiMLS
• 2026-06-04 Listed for Rent $1,300 REALSOURCE
• 2026-04-22 Rental Removed $1,300 REALSOURCE
• 2026-04-17 Price Changed $1,300 REALSOURCE
• 2026-04-16 Listing Removed — MiRealSource-MiMLS
• 2026-04-01 Price Changed $219,900 MiRealSource-MiMLS
• 2026-03-31 Price Changed $219,900 REALCOMP
• 2026-03-30 Price Changed $1,250 REALSOURCE
• 2026-03-06 Price Changed $220,000 MiRealSource-MiMLS
• 2026-03-06 Price Changed $220,000 REALCOMP
• 2026-02-26 Price Changed $1,300 REALSOURCE
• 2026-02-12 Price Changed $239,800 MiRealSource-MiMLS
• 2026-02-12 Price Changed $239,800 REALCOMP
• 2026-01-07 Listed $239,900 REALCOMP
• 2026-01-07 Listed $239,900 MiRealSource-MiMLS
• 2025-10-02 Listed for Rent $1,500 REALSOURCE
• 2024-12-18 Rental Removed $1,350 REALSOURCE
• 2024-12-18 Rental Removed $1,350 REALCOMP
• 2024-12-13 Sold (MLS) $170,000 MiRealSource-MiMLS
• 2024-12-13 Sold (MLS) $170,000 MiRealSource-MiMLS
• 2024-12-06 Price Changed $1,350 REALSOURCE
• 2024-12-06 Price Changed $1,350 REALCOMP
• 2024-10-30 Listed for Rent $1,500 REALCOMP
• 2024-10-30 Listed for Rent $1,500 REALSOURCE
• 2024-09-20 Pending — MiRealSource-MiMLS
• 2024-09-20 Pending — MiRealSource-MiMLS
• 2024-09-01 Listing Removed — MiRealSource-MiMLS
• 2024-09-01 Listed $170,000 MiRealSource-MiMLS
• 2024-08-19 Listed $170,000 MiRealSource-MiMLS
• 2024-08-08 Relisted — MiRealSource-MiMLS
• 2024-06-13 Rental Removed $1,400 REALCOMP
• 2024-06-13 Rental Removed $1,400 REALSOURCE
• 2024-06-11 Pending — MiRealSource-MiMLS
• 2024-05-30 Relisted — MiRealSource-MiMLS
• 2024-05-13 Pending — MiRealSource-MiMLS
• 2024-04-24 Listed $170,000 MiRealSource-MiMLS
• 2024-04-22 Coming Soon — MiRealSource-MiMLS
• 2024-03-20 Price Changed $1,400 REALSOURCE
• 2024-03-19 Price Changed $1,400 REALCOMP
• 2024-03-13 Listed for Rent $1,500 REALCOMP
• 2024-03-13 Listed for Rent $1,500 REALSOURCE
• 2016-09-01 Listing Removed — REALCOMP
• 2016-08-31 Listing Removed — MiRealSource-MiMLS
• 2016-04-16 Listed $28,500 MiRealSource-MiMLS
• 2016-02-12 Listed $28,500 REALCOMP
• 2013-04-29 Sold (MLS) $7,500 REALCOMP
• 2012-03-01 Listed $13,000 REALCOMP