20220 Spencer St · Detroit, MI 48234

$179,000

4 bd · 1.5 ba · 1,893 sqft · SingleFamily public records · 36 Days on market

Built 1941 3,920 sqft lot Est $155k · 15% over

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Why this score? — see what drove the D- 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 +16.1/30.0
• DSCR +5.0/10.0
• Rent growth +4.2/5.0
• Livability +3.7/5.0
• 1% rule +3.6/10.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.6/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

LOVELY FOUR BEDROOM BRICK BUNGALOW WITH LIVING AND DINING ROOM THREE BEDROOMS ON THE FIRST FLOOR AND ONE LARGE BEDROOM ON THE SECOND FLOOR TWO FULL BATHS ONE CAR GARAGE WITH LARGE FENCED IN BACKYARD LOCATED IN NICE QUIET NEIGHBORHOOD CLOSE TO SCHOOLS AND SHOPPING AREA, A MUST SEE HOME AND SELLER IS ANXIOUS TO SALE THIS IS A MUST SEE HOME SO HURRY. THIS PROPERTY IS VACANT AND WAS A TWO FAMILY HOME CONVERTED TO SINGLE HOME EXCELLENT FOR LARGE FAMILY AND INVESTORS. THIS HOME QUALIFIES FOR A FIRST TIME HOMEBUYERS DOWNPAYMENT AND CLOSING COST ASSISTANCE.

Key facts

• Brick bungalow
• Close to schools
• Quiet neighborhood

Tags

• BRICK BUNGALOW
• LARGE FENCED IN BACKYARD
• QUIET NEIGHBORHOOD
• CLOSE TO SCHOOLS
• CLOSE TO SHOPPING AREA
• CONVERTED TO SINGLE HOME

Property features AI

Finance

• Other: Residential property

Exterior

• Parking: Detached 1-car garage
• Utilities: Sewer available; Water available
• Home design: Single-family residence; One and one-half stories; Ground-level entry
• Construction: Brick exterior; Block foundation; Built with traditional construction materials
• Exterior features: Paved road access; Lot roughly 35 x 116 feet (0.09 acres)

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heat; No central cooling
• Interior features: Unfinished basement; 7 total rooms

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $91 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (14.4% below list).
• Recommended offer: $153k (14.4% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 10.0% in Detroit — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: 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.
• Zoned schools: Marion Law Academy (math 5% / reading 15%, grade F, #1,230 of 1,397 statewide, top 91%, 362 students, 91% FRL); Detroit Lions Academy (math 5% / reading 5%, grade F, #488 of 493 statewide, top 100%, 123 students, 93% FRL); Osborn High School (math 5% / reading 15%, grade F, #659 of 713 statewide, top 97%, 407 students, 92% FRL) — zoned schools at 92% FRL track the district average.
• Market conditions: Rents rising fast (+6.7%/yr); 227 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 27d 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 $1,532/mo this rent would consume 52% of the median local household income ($35k/yr) (locally 2372% 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 $5k 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.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 22y 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.
• Current owner paid $8k; list at $179k implies a 2138% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: 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 $153,228 (14.4% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1941 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.86% ✗
• Cap rate: 6.90%
• Cash-on-cash: 2.18%
• DSCR: 1.10
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $155,226
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20466 Spencer St	0.12mi	3/2.0 (-1)	1,830 (-3%)	1mo	$95,000	$52	81
20400 Packard St	0.09mi	3/1.5 (-1)	2,018 (+7%)	1mo	$93,500	$46	79
20447 Packard St	0.14mi	4/2.5	1,900 (+0%)	12mo	$155,000	$82	79
20007 Stotter St	0.17mi	4/2.0	1,830 (-3%)	15mo	$170,000	$93	72
8346 Sirron St	0.55mi	4/2.0	1,900 (+0%)	3mo	$85,000	$45	69
19721 Spencer St	0.33mi	4/2.0	1,800 (-5%)	7mo	$164,900	$92	69
20421 Rogge St	0.17mi	4/1.5	2,126 (+12%)	6mo	$145,000	$68	66
7257 Jackson Ave	0.34mi	4/2.0	2,055 (+9%)	7mo	$170,000	$83	62
20164 Packard St	0.08mi	3/2.0 (-1)	2,118 (+12%)	9mo	$140,000	$66	62
8316 Rivard Ave	0.43mi	4/2.0	1,980 (+5%)	15mo	$175,000	$88	58
8143 Bliss St	0.62mi	4/1.5	1,728 (-9%)	2mo	$151,000	$87	56
8064 Bliss St	0.61mi	3/3.0 (-1)	2,114 (+12%)	5mo	$41,500	$20	37

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: -9.1%
• Equity multiple: 0.65×
• Total profit: $-17,315
• Equity at exit: $26,689

10-year hold

• IRR: 4.4%
• Equity multiple: 1.37×
• Total profit: $18,538
• Equity at exit: $15,477

Cash invested: $50,120 (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: 227
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,532 high
• Mortgage (P&I): −$939
• Tax from tax record: −$106 /mo · $1,276/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $91

Break-even live

Break-even rent $1,417

Max offer price $179,000

Occupancy floor 89%

Sensitivity live

Price	-10% $192	-5% $142	+0% $91	+5% $40	+10% $-10
Rent	-10% $-30	-5% $30	+0% $91	+5% $151	+10% $212
Rate	-1.0pp $181	-0.5pp $136	base $91	+0.5pp $45	+1.0pp $-3

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20042 Rogge St Detroit, MI	4.0	2.0	1232	$1,394	$1.13	45d	1	0.16mi
7584 Hudson Ave Warren, MI	5.0	1.0	1554	$1,800	$1.16	26d	1	0.88mi
7568 Hudson Ave Unit 1 Warren, MI	3.0	1.0	1415	$1,100	$0.78	7d	1	0.88mi
7044 Hudson Ave Warren, MI	3.0	1.5	1730	$1,700	$0.98	26d	1	0.90mi
20058 Bloom St Detroit, MI	4.0	1.0	1350	$1,450	$1.07	18d	1	1.15mi
18961 Teppert St Detroit, MI	3.0	1.5	2015	$1,250	$0.62	14d	1	1.23mi
20290 Annott St Detroit, MI	3.0	1.0	1300	$1,200	$0.92	0d	1	1.26mi
18947 Runyon St Detroit, MI	3.0	1.0	1614	$1,100	$0.68	45d	1	1.29mi

Listing history 30 events

1. 2026-06-21
   days on market $179,000 Active 36 DOM
2. 2026-06-18
   days on market $179,000 Active 33 DOM
3. 2026-06-17
   days on market $179,000 Active 32 DOM
4. 2026-06-15
   days on market $179,000 Active 30 DOM
5. 2026-06-13
   days on market $179,000 Active 28 DOM
6. 2026-06-13
   days on market $179,000 Active 27 DOM
7. 2026-06-09
   days on market $179,000 Active 24 DOM
8. 2026-06-08
   days on market $179,000 Active 23 DOM
9. 2026-06-07
   days on market $179,000 Active 22 DOM
10. 2026-06-04
    days on market $179,000 Active 19 DOM
11. 2026-06-03
    days on market $179,000 Active 18 DOM
12. 2026-06-02
    days on market $179,000 Active 17 DOM
13. 2026-06-01
    days on market $179,000 Active 16 DOM
14. 2026-05-31
    days on market $179,000 Active 15 DOM
15. 2026-05-16
    listed $179,000 Active

    Show marketing remark (555 chars)

    LOVELY FOUR BEDROOM BRICK BUNGALOW WITH LIVING AND DINING ROOM THREE BEDROOMS ON THE FIRST FLOOR AND ONE LARGE BEDROOM ON THE SECOND FLOOR TWO FULL BATHS ONE CAR GARAGE WITH LARGE FENCED IN BACKYARD LOCATED IN NICE QUIET NEIGHBORHOOD CLOSE TO SCHOOLS AND SHOPPING AREA, A MUST SEE HOME AND SELLER IS ANXIOUS TO SALE THIS IS A MUST SEE HOME SO HURRY. THIS PROPERTY IS VACANT AND WAS A TWO FAMILY HOME CONVERTED TO SINGLE HOME EXCELLENT FOR LARGE FAMILY AND INVESTORS. THIS HOME QUALIFIES FOR A FIRST TIME HOMEBUYERS DOWNPAYMENT AND CLOSING COST ASSISTANCE.

16. 2026-05-16
    listed $179,000 Active 555-char remark

    Show marketing remark (555 chars)

    LOVELY FOUR BEDROOM BRICK BUNGALOW WITH LIVING AND DINING ROOM THREE BEDROOMS ON THE FIRST FLOOR AND ONE LARGE BEDROOM ON THE SECOND FLOOR TWO FULL BATHS ONE CAR GARAGE WITH LARGE FENCED IN BACKYARD LOCATED IN NICE QUIET NEIGHBORHOOD CLOSE TO SCHOOLS AND SHOPPING AREA, A MUST SEE HOME AND SELLER IS ANXIOUS TO SALE THIS IS A MUST SEE HOME SO HURRY. THIS PROPERTY IS VACANT AND WAS A TWO FAMILY HOME CONVERTED TO SINGLE HOME EXCELLENT FOR LARGE FAMILY AND INVESTORS. THIS HOME QUALIFIES FOR A FIRST TIME HOMEBUYERS DOWNPAYMENT AND CLOSING COST ASSISTANCE.

17. 2025-10-16
    historical
18. 2025-10-16
    historical
19. 2025-04-11
    listed $199,000 Active
20. 2025-04-11
    listed $199,000 Active
21. 2025-04-10
    historical
22. 2025-04-10
    historical
23. 2024-10-11
    price $199,990
24. 2024-10-11
    price $199,990
25. 2024-10-10
    listed $109,900 Active
26. 2024-10-10
    listed $109,900 Active
27. 2010-06-10
    soldstatus $8,000
28. 2010-01-13
    listed $9,000
29. 2004-09-20
    soldstatus $60,000
30. 2004-03-11
    listed $62,000

ⓘ 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: $1,276 · $106/mo
• Projected year-2 tax: $2,016 · $168/mo
• Expected delta: +$740/yr (+$62/mo · 58.1%)

ⓘ 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) · 73% 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,387
• − Mortgage interest: −$10,027
• − Property taxes: −$1,276
• − Insurance: −$895
• − Repairs & maintenance: −$1,471
• − Management: −$1,471
• − Depreciation: −$5,207
• Taxable loss: −$1,959
• Est. tax savings @ 24.0%: +$470
• After-tax cash flow: $1,561/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

+188.7% since first listed

16 events — show timeline

• 2026-05-16 Listed $179,000 MiRealSource-MiMLS
• 2026-05-16 Listed $179,000 REALCOMP
• 2025-10-16 Listing Removed — MiRealSource-MiMLS
• 2025-10-16 Listing Removed — REALCOMP
• 2025-04-11 Listed $199,000 MiRealSource-MiMLS
• 2025-04-11 Listed $199,000 REALCOMP
• 2025-04-10 Listing Removed — REALCOMP
• 2025-04-10 Listing Removed — MiRealSource-MiMLS
• 2024-10-11 Price Changed $199,990 MiRealSource-MiMLS
• 2024-10-11 Price Changed $199,990 REALCOMP
• 2024-10-10 Listed $109,900 REALCOMP
• 2024-10-10 Listed $109,900 MiRealSource-MiMLS
• 2010-06-10 Sold (MLS) $8,000 REALCOMP
• 2010-01-13 Listed $9,000 REALCOMP
• 2004-09-20 Sold (MLS) $60,000 REALCOMP
• 2004-03-11 Listed $62,000 REALCOMP

Property tax history

-5.9%/yr

Latest (2025): $1,276 · -54.0% YoY. Source: county tax records.