20 W Nevada St · Detroit, MI 48203

$185,000

6 bd · 2.0 ba · 2,402 sqft · MultiFamily · 39 Days on market

Built 1922 Good condition 3,920 sqft lot $77/sqft · 76% above area

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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
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• 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

Turnkey, Income Producing Multi-Family Investment Opportunity!!! This fully renovated multi-family property includes two spacious units designed to maximize rental income and long-term returns. Each unit with 3 bedrooms and 1 bathroom! Updates include new water heater, fresh paint, and modern finishes throughout. Perfect for investors looking for low-maintenance, high-efficiency investments with strong cash flow and immediate rental income! This property offers immediate returns with minimal hassle. To respect tenant privacy, showings by appointment only.

Key facts

• Fully renovated
• Two spacious units
• Fresh paint

Tags

• FULLY RENOVATED
• TWO SPACIOUS UNITS
• NEW WATER HEATER
• FRESH PAINT
• MODERN FINISHES
• LOW-MAINTENANCE

Property features AI

Finance

• Other: Lot approximately 0.09 acres (30 x 126.21); Zoned for multifamily
• Financial info: No income/expense or investor-specific financial details provided
• HOA & community: No HOA details provided

Exterior

• Parking: No parking details provided
• Security: No security details provided
• Utilities: Public water; Public sewer
• Home design: Multi-family residential property; Two-story building; Traditional brick construction
• Construction: Brick construction; Brick/mortar foundation
• Exterior features: Paved road access; Pets not allowed

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Two 3-bedroom units
• Flooring: No flooring details provided
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Forced air heating with natural gas; No cooling
• Interior features: Unfinished basement
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $185k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $831 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• Recommended offer: $179k (3.0% 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: 218 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $2,670/mo this rent would consume 83% of the median local household income ($38k/yr) (locally 1192% 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 $1k of loan paydown is wiped out by about $6k 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 + 3.0% rent growth), your $52k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($179k) 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 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $179,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 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 1922 — 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 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: 1.44% ✓
• Cap rate: 11.68%
• Cash-on-cash: 19.25%
• DSCR: 1.86
• GRM: 5.8

CMA / ARV

• ARV (median comp): $104,995
• List price: $185,000
• Delta: 76.20%
• Verdict: OVERPRICED
• Comps: 14 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 11.2%
• Equity multiple: 1.44×
• Total profit: $22,977
• Equity at exit: $27,584

10-year hold

• IRR: 20.2%
• Equity multiple: 2.70×
• Total profit: $88,307
• Equity at exit: $15,995

Cash invested: $51,800 (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 48203

• Home prices YoY: -23.3%
• Active inventory: 218
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $2,670 high
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,775/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$561
• Net cashflow: $831

Break-even live

Break-even rent $1,618

Max offer price $185,000

Occupancy floor 64%

Sensitivity live

Price	-10% $959	-5% $895	+0% $831	+5% $767	+10% $703
Rent	-10% $620	-5% $725	+0% $831	+5% $936	+10% $1,042
Rate	-1.0pp $924	-0.5pp $878	base $831	+0.5pp $783	+1.0pp $734

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,670
Total (2 units)			$2,670

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
106 Geneva St Highland Park, MI	5.0	1.0	1920	$1,450	$0.76	12d	1	0.66mi

Listing history 11 events

1. 2026-06-13
   statusdays on market $185,000 Pending 39 DOM
2. 2026-06-09
   days on market $185,000 Active 37 DOM
3. 2026-06-08
   days on market $185,000 Active 36 DOM
4. 2026-06-07
   days on market $185,000 Active 35 DOM
5. 2026-06-04
   days on market $185,000 Active 32 DOM
6. 2026-06-03
   days on market $185,000 Active 31 DOM
7. 2026-06-02
   days on market $185,000 Active 30 DOM
8. 2026-06-01
   days on market $185,000 Active 29 DOM
9. 2026-05-31
   days on market $185,000 Active 28 DOM
10. 2026-05-03
    listed $185,000 Active 561-char remark

    Show marketing remark (561 chars)

    Turnkey, Income Producing Multi-Family Investment Opportunity!!! This fully renovated multi-family property includes two spacious units designed to maximize rental income and long-term returns. Each unit with 3 bedrooms and 1 bathroom! Updates include new water heater, fresh paint, and modern finishes throughout. Perfect for investors looking for low-maintenance, high-efficiency investments with strong cash flow and immediate rental income! This property offers immediate returns with minimal hassle. To respect tenant privacy, showings by appointment only.

11. 2026-05-03
    listed $185,000 Active 561-char remark

    Show marketing remark (561 chars)

    Turnkey, Income Producing Multi-Family Investment Opportunity!!! This fully renovated multi-family property includes two spacious units designed to maximize rental income and long-term returns. Each unit with 3 bedrooms and 1 bathroom! Updates include new water heater, fresh paint, and modern finishes throughout. Perfect for investors looking for low-maintenance, high-efficiency investments with strong cash flow and immediate rental income! This property offers immediate returns with minimal hassle. To respect tenant privacy, showings by appointment only.

ⓘ 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: $32,040
• − Mortgage interest: −$10,363
• − Property taxes: −$2,775
• − Insurance: −$925
• − Repairs & maintenance: −$2,563
• − Management: −$2,563
• − Depreciation: −$5,382
• Taxable income: $7,469
• Est. tax owed @ 24.0%: −$1,793
• After-tax cash flow: $8,177/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 · 12 photos

Good 80/100 Cosmetic rehab

This fully renovated multi-family property is move-in ready with two spacious units, new finishes, and modern updates. Ideal for investors seeking low-maintenance, high-efficiency investments with strong cash flow.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances curb appeal and could attract more tenants
• Both Add smart home features — Improves convenience and could increase rental rates
• Both Install energy-efficient windows — Reduces energy costs and enhances property value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances curb appeal and could attract more tenants ↑
• Both Add smart home features — Improves convenience and could increase rental rates ↑
• Both Install energy-efficient windows — Reduces energy costs and enhances property value ↑

ⓘ 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): 20,049
• Household income: $38,404
• Rent vs Own: 48.7% rent · 51.3% own
• Severe rent burden: 1192.0

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 (85%)
• Race & ethnicity: Black 85% White 8% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% 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: ▼ -90.13%
• Current HPI: 297.0176
• 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

+0.0% since first listed

4 events — show timeline

• 2026-06-11 Pending — MiRealSource-MiMLS
• 2026-06-11 Pending — REALCOMP
• 2026-05-03 Listed $185,000 REALCOMP
• 2026-05-03 Listed $185,000 MiRealSource-MiMLS