2691 Pasadena St · Detroit, MI 48238

$89,900

4 bd · 2.5 ba · 2,402 sqft · Townhouse public records · 33 Days on market

Built 1924 3,920 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Brick duplex colonial located in Detroit offering incredible potential! This multi-family property is in need of a full renovation, making it a perfect opportunity for investors or rehabbers. Spacious layout with solid structure - bring your vision and restore this property to its full potential.

Key facts

• Full renovation
• Solid structure
• Spacious layout

Tags

• BRICK DUPLEX COLONIAL
• MULTI-FAMILY PROPERTY
• FULL RENOVATION
• SPACIOUS LAYOUT
• SOLID STRUCTURE

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath townhouse listed at $90k.

Deal economics

• At list price, monthly cash flow is $635 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.8% 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 fast (+6.1%/yr); 348 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 $1,653/mo this rent would consume 60% of the median local household income ($33k/yr) (locally 2172% 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 $622 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 + 6.1% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.84% ✓
• Cap rate: 14.77%
• Cash-on-cash: 30.29%
• DSCR: 2.35
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.14% rent growth · sell at horizon

5-year hold

• IRR: 28.6%
• Equity multiple: 2.24×
• Total profit: $31,338
• Equity at exit: $13,404

10-year hold

• IRR: 37.9%
• Equity multiple: 5.10×
• Total profit: $103,198
• Equity at exit: $7,773

Cash invested: $25,172 (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 48238

• Home prices YoY: -14.4%
• Rents YoY: 6.1%
• Active inventory: 348
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,653 high
• Mortgage (P&I): −$471
• Tax from tax record: −$162 /mo · $1,943/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $635

Break-even live

Break-even rent $849

Max offer price $89,900

Occupancy floor 57%

Sensitivity live

Price	-10% $686	-5% $661	+0% $635	+5% $610	+10% $584
Rent	-10% $505	-5% $570	+0% $635	+5% $701	+10% $766
Rate	-1.0pp $681	-0.5pp $658	base $635	+0.5pp $612	+1.0pp $588

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3747 Tyler St Detroit, MI	3.0	1.0	2600	$1,700	$0.65	25d	1	0.57mi
2986 Richton St Detroit, MI	3.0	1.0	2600	$1,200	$0.46	17d	1	0.73mi
15537 Normandy St Detroit, MI	3.0	1.0	2626	$1,400	$0.53	44d	1	0.76mi
4341 Glendale St Detroit, MI	4.0	2.5	1832	$1,680	$0.92	6d	1	0.93mi
3322 Webb St Detroit, MI	3.0	1.0	1600	$1,250	$0.78	17d	1	1.03mi
3322 Webb St Unit 1 Detroit, MI	3.0	1.0	1656	$1,350	$0.82	44d	1	1.03mi
3322 Webb St Unit 2 Detroit, MI	3.0	1.0	1656	$1,350	$0.82	44d	1	1.03mi
12546 Broadstreet Ave Detroit, MI	3.0	1.5	1899	$1,250	$0.66	45d	1	1.05mi
13225 Santa Rosa Dr Detroit, MI	5.0	2.0	2100	$1,700	$0.81	6d	1	1.07mi
3031 Lawrence St Detroit, MI	4.0	1.0	1700	$1,600	$0.94	17d	1	1.13mi
3241 Lawrence St Detroit, MI	4.0	2.0	2636	$1,800	$0.68	17d	1	1.15mi
2655 Collingwood St Detroit, MI	4.0	1.5	1881	$2,700	$1.44	2d	1	1.18mi
16503 Linwood St Detroit, MI	4.0	2.0	2415	$1,800	$0.75	4d	1	1.24mi
1699 Glynn Ct Detroit, MI	5.0	3.5	2542	$2,500	$0.98	23d	1	1.47mi

Listing history 6 events

1. 2026-05-12
   status Pending 297-char remark

   Show marketing remark (301 chars)

   Brick duplex colonial located in Detroit offering incredible potential! This multi-family property is in need of a full renovation, making it a perfect opportunity for investors or rehabbers. Spacious layout with solid structure—bring your vision and restore this property to its full potential.

2. 2026-05-12
   status Pending 301-char remark

   Show marketing remark (301 chars)

   Brick duplex colonial located in Detroit offering incredible potential! This multi-family property is in need of a full renovation, making it a perfect opportunity for investors or rehabbers. Spacious layout with solid structure—bring your vision and restore this property to its full potential.

3. 2026-05-05
   historical Accepting Backup Offers 297-char remark

   Show marketing remark (301 chars)

   Brick duplex colonial located in Detroit offering incredible potential! This multi-family property is in need of a full renovation, making it a perfect opportunity for investors or rehabbers. Spacious layout with solid structure—bring your vision and restore this property to its full potential.

4. 2026-05-05
   historical Active Under Contract 301-char remark

   Show marketing remark (301 chars)

   Brick duplex colonial located in Detroit offering incredible potential! This multi-family property is in need of a full renovation, making it a perfect opportunity for investors or rehabbers. Spacious layout with solid structure—bring your vision and restore this property to its full potential.

5. 2026-04-09
   listed $89,900 Active 301-char remark

   Show marketing remark (297 chars)

   Brick duplex colonial located in Detroit offering incredible potential! This multi-family property is in need of a full renovation, making it a perfect opportunity for investors or rehabbers. Spacious layout with solid structure - bring your vision and restore this property to its full potential.

6. 2026-04-09
   listed $89,900 Active 297-char remark

   Show marketing remark (297 chars)

   Brick duplex colonial located in Detroit offering incredible potential! This multi-family property is in need of a full renovation, making it a perfect opportunity for investors or rehabbers. Spacious layout with solid structure - bring your vision and restore this property to its full potential.

ⓘ 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: $1,943 · $162/mo
• Projected year-2 tax: $1,943 · $162/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 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,839
• − Mortgage interest: −$5,036
• − Property taxes: −$1,943
• − Insurance: −$450
• − Repairs & maintenance: −$1,587
• − Management: −$1,587
• − Depreciation: −$2,615
• Taxable income: $6,622
• Est. tax owed @ 24.0%: −$1,589
• After-tax cash flow: $6,034/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): 24,731
• Household income: $33,315
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 2172.0

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% Two or more races 3% White 1%
• Foreign-born: 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: ▼ -31.96%
• Current HPI: 189.6227
• Rent YoY: ▲ 6.14%
• 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

+0.0% since first listed

6 events — show timeline

• 2026-05-12 Pending — MiRealSource-MiMLS
• 2026-05-12 Pending — REALCOMP
• 2026-05-05 Contingent — MiRealSource-MiMLS
• 2026-05-05 Contingent — REALCOMP
• 2026-04-09 Listed $89,900 REALCOMP
• 2026-04-09 Listed $89,900 MiRealSource-MiMLS

Property tax history

+3.4%/yr

Latest (2025): $1,943 · -34.8% YoY. Source: county tax records.