19650 Binder St · Detroit, MI 48234

$49,900

2 bd · 1.0 ba · 654 sqft · SingleFamily public records · 13 Days on market

Built 1941 4,356 sqft lot Est $45k · 11% over ↓ 9% since listing

---

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
• Rent growth +4.2/5.0
• Livability +3.7/5.0
• ARV discount +2.7/15.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Solid investment opportunity in an established Detroit neighborhood. Major updates include Structural proactive I-Beams on foundation, repaired porch, and new windows (all but 1.) Property is currently tenant-occupied. No showings without accepted offer. Reach out to listing agent with any questions.

Key facts

• Repaired porch
• New windows
• 4,356 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• STRUCTURAL PROACTIVE I-BEAMS
• REPAIRED PORCH
• NEW WINDOWS

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story; Ground-level entry with steps; Vinyl siding exterior
• Construction: Block foundation
• Exterior features: Asphalt roof; Paved road access; Sidewalks

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Unfinished basement; 4 total rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $501 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Cap rate 18.3% vs local median 10.2% 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 (+6.7%/yr); 226 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 40% of the median local income ($35k/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 $345 of loan paydown is wiped out by about $1k 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 + 6.7% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 6y 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: property tax is 3.2% of price; built in 1941 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $49,900

Questions for the listing agent

1. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 2.33% ✓
• Cap rate: 18.35%
• Cash-on-cash: 43.06%
• DSCR: 2.92
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $45,126
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19942 Binder St	0.16mi	3/1.0 (+1)	696 (+6%)	5mo	$70,000	$101	73
19255 Binder St	0.25mi	2/1.0	719 (+10%)	3mo	$38,500	$54	69
19667 Sunset St	0.14mi	3/1.5 (+1)	752 (+15%)	4mo	$28,500	$38	58
20499 Binder St	0.54mi	3/1.0 (+1)	712 (+9%)	6mo	$72,100	$101	50
19623 Goddard St	0.73mi	2/1.0	672 (+3%)	16mo	$17,000	$25	48
19676 Conley St	0.61mi	2/1.0	720 (+10%)	9mo	$50,000	$69	47
20006 Anglin St	0.58mi	2/1.0	726 (+11%)	12mo	$55,000	$76	44
19226 Eureka St	0.43mi	2/1.0	731 (+12%)	20mo	$15,000	$21	44
19200 Shields St	0.37mi	3/1.0 (+1)	742 (+14%)	15mo	$64,500	$87	43

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 · 6.72% rent growth · sell at horizon

5-year hold

• IRR: 44.4%
• Equity multiple: 3.03×
• Total profit: $28,420
• Equity at exit: $7,440

10-year hold

• IRR: 52.2%
• Equity multiple: 7.16×
• Total profit: $86,115
• Equity at exit: $4,314

Cash invested: $13,972 (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 48234

• Home prices YoY: -11.9%
• Rents YoY: 6.7%
• Active inventory: 226
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,163 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$135 /mo · $1,617/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $501

Break-even live

Break-even rent $528

Max offer price $49,900

Occupancy floor 52%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18662 Sunset St Detroit, MI	2.0	1.0	726	$1,250	$1.72	17d	1	0.61mi
18475 Wexford St Unit 1 Detroit, MI	2.0	1.0	500	$950	$1.90	24d	1	0.73mi
21155 Warner Ave Warren, MI	2.0	1.0	756	$1,029	$1.36	24d	1	1.06mi
21516 Dequindre Rd Warren, MI	1.0–2.0	1.0	837	$1,375	$1.64	21d	1	1.35mi

Listing history 10 events

1. 2026-06-18
   days on market $49,900 Active 13 DOM
2. 2026-06-17
   days on market $49,900 Active 12 DOM
3. 2026-06-16
   days on market $49,900 Active 11 DOM
4. 2026-06-15
   days on market $49,900 Active 10 DOM
5. 2026-06-13
   days on market $49,900 Active 8 DOM
6. 2026-06-13
   days on market $49,900 Active 7 DOM
7. 2026-06-09
   days on market $49,900 Active 4 DOM
8. 2026-06-08
   days on market $49,900 Active 3 DOM
9. 2026-06-07
   remarks 301-char remark
10. 2026-06-07
    listed $49,900 Active 2 DOM

ⓘ 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: $1,617 · $135/mo
• Projected year-2 tax: $1,617 · $135/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 6/10 Major FEMA zone X (unshaded) · 71% 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: $13,952
• − Mortgage interest: −$2,795
• − Property taxes: −$1,617
• − Insurance: −$250
• − Repairs & maintenance: −$1,116
• − Management: −$1,116
• − Depreciation: −$1,452
• Taxable income: $5,607
• Est. tax owed @ 24.0%: −$1,346
• After-tax cash flow: $4,670/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): 32,760
• Household income: $35,322
• Rent vs Own: 47.0% rent · 53.0% own
• Severe rent burden: 2372.0

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 1%
• Common ancestry: Romanian 1%
• Foreign-born: 2% · Canada, Vietnam, Philippines
• Languages at home: 97% English-only · French/Haitian/Cajun 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: ▼ -44.65%
• Current HPI: 328.8978
• Rent YoY: ▲ 6.72%
• 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

-9.3% since first listed

33 events — show timeline

• 2026-06-05 Listed $49,900 MiRealSource-MiMLS
• 2026-06-05 Listed $49,900 REALCOMP
• 2022-05-09 Sold (Public Records) $45,000 Public Records
• 2022-04-26 Sold (MLS) $45,000 MiRealSource-MiMLS
• 2022-04-26 Sold (MLS) $45,000 REALCOMP
• 2022-04-04 Pending — MiRealSource-MiMLS
• 2022-04-04 Pending — REALCOMP
• 2022-03-17 Listed $60,000 MiRealSource-MiMLS
• 2022-03-17 Listed $60,000 REALCOMP
• 2022-03-14 Listing Removed — REALCOMP
• 2022-03-14 Listing Removed — MiRealSource-MiMLS
• 2022-02-09 Price Changed $45,000 MiRealSource-MiMLS
• 2022-02-09 Price Changed $45,000 REALCOMP
• 2022-01-28 Relisted — REALCOMP
• 2022-01-13 Listing Removed — REALCOMP
• 2021-12-17 Relisted — REALCOMP
• 2021-12-16 Relisted — MiRealSource-MiMLS
• 2021-11-01 Listing Removed — REALCOMP
• 2021-11-01 Listing Removed — MiRealSource-MiMLS
• 2021-07-01 Price Changed $49,000 MiRealSource-MiMLS
• 2021-07-01 Price Changed $49,000 REALCOMP
• 2021-07-01 Relisted — REALCOMP
• 2021-07-01 Relisted — MiRealSource-MiMLS
• 2021-07-01 Listing Removed — REALCOMP
• 2021-07-01 Listing Removed — MiRealSource-MiMLS
• 2021-06-03 Price Changed $54,900 MiRealSource-MiMLS
• 2021-06-03 Price Changed $54,900 REALCOMP
• 2021-03-12 Price Changed $55,000 MiRealSource-MiMLS
• 2021-03-11 Price Changed $55,000 REALCOMP
• 2021-01-29 Price Changed $50,000 MiRealSource-MiMLS
• 2021-01-29 Price Changed $50,000 REALCOMP
• 2020-10-02 Listed $55,000 MiRealSource-MiMLS
• 2020-10-02 Listed $55,000 REALCOMP

Property tax history

+4.1%/yr

Latest (2025): $1,617 · +0.1% YoY. Source: county tax records.