7507 Hanover St Unit 1-2 · Detroit, MI 48206

$285,000

6 bd · 2.0 ba · — sqft · MultiFamily · 64 Days on market

Built 1918 Good condition 2,614 sqft lot ↓ 3% since listing

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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 +26.9/30.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Condition / age +4.0/5.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

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

Come see this beautiful Multi-family Investment Property located in the historic Lasalle Gardens neighborhood. Each unit has 3bedrooms and is painted in nice neutral colors, laminate and hardwood flooring, nice modern kitchen with wooden cabinetry and stainless steel appliances. Each unit has a stackable washer and dryer in unit for convience. Property also has a basement for storage. Property was completely rehabbed in 2019 with new heating, plumbing and electrical. Roof and gutters replaced in 2024, sump pump and french drain installed in 2021, Sewer line was replaced to the main in 2025. Upper Unit is vacant. Few minor repairs will make this multi -family property good as new. Lower unit is currently occupied. Tenant has a month-month Lease Agreement, the unit is being rented at $1170 per month. This is a great Investment in a prime area!

Key facts

• Wooden cabinetry
• Basement for storage
• Modern kitchen

Tags

• MODERN KITCHEN
• WOODEN CABINETRY
• STAINLESS STEEL APPLIANCES
• STACKABLE WASHER AND DRYER
• BASEMENT FOR STORAGE
• COMPLETELY REHABBED

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $285k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $788 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $285k).
• Recommended offer: $268k (6.0% below list) — sets the bar for market timing.

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 (+5.2%/yr); 273 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $3,491/mo this rent would consume 93% of the median local household income ($45k/yr) (locally 646% 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 $2k of loan paydown is wiped out by about $9k 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 + 5.2% rent growth), your $80k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($268k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $267,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.22% ✓
• Cap rate: 9.61%
• Cash-on-cash: 11.85%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

• ARV (median comp): $118,476
• List price: $285,000
• Delta: 140.56%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1975 Virginia Park St	0.27mi	6/2.0	2,870	6mo	$340,000	$118	69
2471-2473 Lothrop St	0.28mi	5/2.0 (-1)	2,670	6mo	$101,600	$38	64
1729 Lee Pl	0.52mi	6/2.0	2,340	1mo	$25,000	$11	63
2513 W Euclid St	0.43mi	6/2.0	2,788	7mo	$200,000	$72	62
1613 Virginia Park St	0.41mi	6/3.0	3,109	8mo	$300,000	$96	58
1933 Taylor St	0.72mi	6/2.0	2,318	4mo	$230,000	$99	51
2240 Taylor St	0.73mi	6/2.0	2,836	3mo	$135,000	$48	50
2250 Taylor St	0.73mi	6/2.0	2,682	3mo	$100,000	$37	50
1639 Gladstone St	0.65mi	6/2.5	2,522	8mo	$63,000	$25	49
2286 Taylor St	0.74mi	6/2.5	2,674	4mo	$125,000	$47	47
1980 Hazelwood St	0.67mi	6/3.0	4,023	8mo	$140,000	$35	46
1163 Virginia Park St	0.66mi	7/3.0 (+1)	3,072	5mo	$310,000	$101	44

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 · 5.2% rent growth · sell at horizon

5-year hold

• IRR: 3.8%
• Equity multiple: 1.15×
• Total profit: $11,976
• Equity at exit: $42,494

10-year hold

• IRR: 15.3%
• Equity multiple: 2.37×
• Total profit: $109,192
• Equity at exit: $24,642

Cash invested: $79,800 (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 48206

• Rents YoY: 5.2%
• Active inventory: 273
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $3,491 high
• Mortgage (P&I): −$1,495
• Tax est. 1.5%: −$356 /mo · $4,275/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$733
• Net cashflow: $788

Break-even live

Break-even rent $2,493

Max offer price $285,000

Occupancy floor 72%

Sensitivity live

Price	-10% $985	-5% $887	+0% $788	+5% $690	+10% $591
Rent	-10% $513	-5% $650	+0% $788	+5% $926	+10% $1,064
Rate	-1.0pp $932	-0.5pp $861	base $788	+0.5pp $714	+1.0pp $639

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,490
Total (2 units)			$3,491

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2283 Lamothe St Detroit, MI	5.0	3.5	—	$4,500	—	5d	1	0.11mi
2028 Gladstone St Unit 1 Detroit, MI	5.0	2.0	2500	$2,850	$1.14	4d	1	0.62mi
2509 Gladstone St Unit NA Detroit, MI	6.0	3.0	3008	$2,000	$0.66	11d	1	0.64mi
8951 La Salle Blvd Detroit, MI	5.0	2.5	2440	$2,500	$1.02	16d	1	0.73mi
3799 W Philadelphia St Detroit, MI	5.0	2.0	2200	$1,650	$0.75	18d	1	1.01mi
4114 W Euclid St Detroit, MI	6.0	2.0	1500	$1,800	$1.20	45d	1	1.13mi
4357 W Philadelphia St Detroit, MI	5.0	1.5	—	$1,300	—	16d	1	1.20mi
4357 W Philadelphia St Detroit, MI	5.0	1.5	—	$1,300	—	4d	1	1.20mi
2245 Glynn Ct Detroit, MI	5.0	2.5	—	$2,200	—	0d	1	1.21mi
1699 Glynn Ct Detroit, MI	5.0	3.5	2542	$2,500	$0.98	23d	1	1.23mi
1699 Glynn Ct Detroit, MI	5.0	3.5	—	$2,500	—	45d	1	1.23mi

Listing history 18 events

1. 2026-06-21
   days on market $285,000 Active 64 DOM
2. 2026-06-18
   days on market $285,000 Active 61 DOM
3. 2026-06-17
   days on market $285,000 Active 60 DOM
4. 2026-06-15
   days on market $285,000 Active 58 DOM
5. 2026-06-13
   days on market $285,000 Active 56 DOM
6. 2026-06-13
   pricedays on market $285,000 Active 55 DOM
7. 2026-06-09
   days on market $290,000 Active 52 DOM
8. 2026-06-08
   days on market $290,000 Active 51 DOM
9. 2026-06-07
   days on market $290,000 Active 50 DOM
10. 2026-06-04
    days on market $290,000 Active 47 DOM
11. 2026-06-03
    days on market $290,000 Active 46 DOM
12. 2026-06-02
    days on market $290,000 Active 45 DOM
13. 2026-06-01
    days on market $290,000 Active 44 DOM
14. 2026-05-31
    days on market $290,000 Active 43 DOM
15. 2026-05-03
    price $290,000 853-char remark

    Show marketing remark (854 chars)

    Come see this beautiful Multi-family Investment Property located in the historic Lasalle Gardens neighborhood. Each unit has 3bedrooms and is painted in nice neutral colors, laminate and hardwood flooring, nice modern kitchen with wooden cabinetry and stainless steel appliances. Each unit has a stackable washer and dryer in unit for convience. Property also has a basement for storage. Property was completely rehabbed in 2019 with new heating, plumbing and electrical. Roof and gutters replaced in 2024, sump pump and french drain installed in 2021, Sewer line was replaced to the main in 2025. Upper Unit is vacant. Few minor repairs will make this multi -family property good as new. Lower unit is currently occupied. Tenant has a month-month Lease Agreement, the unit is being rented at $1170 per month. This is a great Investment in a prime area!

16. 2026-05-03
    price $290,000 854-char remark

    Show marketing remark (854 chars)

    Come see this beautiful Multi-family Investment Property located in the historic Lasalle Gardens neighborhood. Each unit has 3bedrooms and is painted in nice neutral colors, laminate and hardwood flooring, nice modern kitchen with wooden cabinetry and stainless steel appliances. Each unit has a stackable washer and dryer in unit for convience. Property also has a basement for storage. Property was completely rehabbed in 2019 with new heating, plumbing and electrical. Roof and gutters replaced in 2024, sump pump and french drain installed in 2021, Sewer line was replaced to the main in 2025. Upper Unit is vacant. Few minor repairs will make this multi -family property good as new. Lower unit is currently occupied. Tenant has a month-month Lease Agreement, the unit is being rented at $1170 per month. This is a great Investment in a prime area!

17. 2026-04-18
    listed $300,000 Active 853-char remark

    Show marketing remark (854 chars)

    Come see this beautiful Multi-family Investment Property located in the historic Lasalle Gardens neighborhood. Each unit has 3bedrooms and is painted in nice neutral colors, laminate and hardwood flooring, nice modern kitchen with wooden cabinetry and stainless steel appliances. Each unit has a stackable washer and dryer in unit for convience. Property also has a basement for storage. Property was completely rehabbed in 2019 with new heating, plumbing and electrical. Roof and gutters replaced in 2024, sump pump and french drain installed in 2021, Sewer line was replaced to the main in 2025. Upper Unit is vacant. Few minor repairs will make this multi -family property good as new. Lower unit is currently occupied. Tenant has a month-month Lease Agreement, the unit is being rented at $1170 per month. This is a great Investment in a prime area!

18. 2026-04-18
    listed $300,000 Active 854-char remark

    Show marketing remark (854 chars)

    Come see this beautiful Multi-family Investment Property located in the historic Lasalle Gardens neighborhood. Each unit has 3bedrooms and is painted in nice neutral colors, laminate and hardwood flooring, nice modern kitchen with wooden cabinetry and stainless steel appliances. Each unit has a stackable washer and dryer in unit for convience. Property also has a basement for storage. Property was completely rehabbed in 2019 with new heating, plumbing and electrical. Roof and gutters replaced in 2024, sump pump and french drain installed in 2021, Sewer line was replaced to the main in 2025. Upper Unit is vacant. Few minor repairs will make this multi -family property good as new. Lower unit is currently occupied. Tenant has a month-month Lease Agreement, the unit is being rented at $1170 per month. This is a great Investment in a prime area!

ⓘ 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 ≥96°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: $41,892
• − Mortgage interest: −$15,964
• − Property taxes: −$4,275
• − Insurance: −$1,425
• − Repairs & maintenance: −$3,351
• − Management: −$3,351
• − Depreciation: −$8,291
• Taxable income: $5,234
• Est. tax owed @ 24.0%: −$1,256
• After-tax cash flow: $8,204/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 · 6 photos

Good 80/100 Cosmetic rehab

This multi-family property is in good condition with recent renovations and improvements. A few cosmetic updates to landscaping and curb appeal can further enhance its value.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more tenants or buyers.
• Both Painting exterior and interior walls — Fresh paint can improve the home's appearance and value.
• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more tenants or buyers.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more tenants or buyers. ↑
• Both Painting exterior and interior walls — Fresh paint can improve the home's appearance and value. ↑
• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more tenants or buyers. ↑

ⓘ 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): 15,227
• Household income: $45,046
• Rent vs Own: 46.4% rent · 53.6% own
• Severe rent burden: 646.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 3% Romanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 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: ▼ -139.60%
• Current HPI: 130.9545
• Rent YoY: ▲ 5.20%
• 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

-3.3% since first listed

4 events — show timeline

• 2026-05-03 Price Changed $290,000 MiRealSource-MiMLS
• 2026-05-03 Price Changed $290,000 REALCOMP
• 2026-04-18 Listed $300,000 REALCOMP
• 2026-04-18 Listed $300,000 MiRealSource-MiMLS