508 - 506 Kenilworth St · Detroit, MI 48202

$400,000

8 bd · 4.0 ba · 3,900 sqft · MultiFamily · 31 Days on market

Built 1911 Fair condition 0.33 ac lot Est $429k · 7% under

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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 +27.0/30.0
• ARV discount +10.5/15.0
• DSCR +9.4/10.0
• 1% rule +7.3/10.0
• Livability +3.7/5.0
• Condition / age +2.8/5.0
• Schools +1.3/10.0
• Rent growth +1.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Fantastic Investment Opportunity in Detroit's Fastest-Growing Zip Code! PLEASE DO NOT DISTURB THE TENANTS! Welcome to 508 Kenilworth Street, a fully occupied fourplex located in the heart of Detroit's North End - the city's most exciting and rapidly developing neighborhood, part of the highly sought-after 48202 zip code. Each of the four units features 2 bedrooms and 1 full bath, all currently leased month to month. The cap rate for the market rent and area is 12% ROI. This well maintained property offers both immediate cash flow and long-term appreciation potential in one of Detroit's premier redevelopment corridors. The North End is quickly becoming one of Detroit's most desirable areas, fueled by major nearby investment including the $2.2 billion redevelopment project transforming the city's core. Residents enjoy quick access to Midtown, New Center, and Downtown Detroit, all just minutes away. The property is conveniently close to major landmarks such as the Fisher Building, Henry Ford Hospital, Detroit Medical Center, and Wayne State University, as well as numerous dining, shopping, and entertainment options. Outdoor enthusiasts will appreciate the proximity to Gordon Park and other neighborhood green spaces, while commuters benefit from easy connections to Woodward Avenue and I-75. This location combines strong rental demand with a deep sense of community and ongoing revitalization. The North End is rich in history, creativity, and culture, home to local art studios, neighborhood cafes, and new businesses fueling Detroit's urban renaissance. The area's central location and infrastructure improvements continue to attract new residents and investors alike, ensuring sustained property value growth. With 100% occupancy, month-to-month leases, and room for rental increases, 508 Kenilworth represents an exceptional turnkey investment opportunity. Add this income-producing asset to your portfolio today and secure a prime property in a booming Detroit market.

Key facts

• Immediate cash flow
• Strong rental demand
• 100% occupancy

Tags

• FULLY OCCUPIED FOURPLEX
• WELL MAINTAINED PROPERTY
• IMMEDIATE CASH FLOW
• STRONG RENTAL DEMAND
• 100% OCCUPANCY
• MONTH-TO-MONTH LEASES

Property features AI

Finance

• Other: Zoned for multifamily; Lot dimensions approximately 120 x 120

Exterior

• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Two stories
• Construction: Brick construction; Brick/mortar foundation; Built area above grade: 3,900
• Exterior features: Paved road access; Pets not allowed

Interior

• Bedrooms: Includes a 2-bedroom unit (950 total area)
• Bathrooms: Four full bathrooms in the building; One bathroom in the 2-bedroom unit
• Heating & cooling: Forced air heating powered by natural gas; No central cooling reported
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $400k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $281/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).
• Recommended offer: $388k (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: Rents falling (-5.1%/yr); 257 active listings in the ZIP; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $4,920/mo this rent would consume 135% of the median local household income ($44k/yr) (locally 1258% 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 $3k of loan paydown is wiped out by about $12k 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 31 days — a 3% lower offer ($388k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 18y ago; this cycle's ask has dropped $25k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $294k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $388,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.23% ✓
• Cap rate: 9.66%
• Cash-on-cash: 12.03%
• DSCR: 1.54
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $429,000
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
268 E Euclid St	0.57mi	8/4.5	3,940 (+1%)	15mo	$435,000	$110	57

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -1.9%
• Equity multiple: 0.93×
• Total profit: $-7,670
• Equity at exit: $59,641

10-year hold

• IRR: 4.2%
• Equity multiple: 1.27×
• Total profit: $29,958
• Equity at exit: $34,585

Cash invested: $112,000 (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 48202

• Rents YoY: -5.1%
• Active inventory: 257
• Price-to-rent: 27.1×

Monthly cashflow live

• Estimated rent: $4,920 high
• Mortgage (P&I): −$2,098
• Tax est. 1.5%: −$500 /mo · $6,000/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,033
• Net cashflow: $1,122

Break-even live

Break-even rent $3,499

Max offer price $400,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,920
Total (4 units)			$4,920

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-18
   days on market $400,000 Active 31 DOM
2. 2026-06-17
   days on market $400,000 Active 30 DOM
3. 2026-06-15
   days on market $400,000 Active 28 DOM
4. 2026-06-13
   days on market $400,000 Active 26 DOM
5. 2026-06-13
   days on market $400,000 Active 25 DOM
6. 2026-06-09
   days on market $400,000 Active 22 DOM
7. 2026-06-08
   days on market $400,000 Active 21 DOM
8. 2026-06-07
   days on market $400,000 Active 20 DOM
9. 2026-06-04
   days on market $400,000 Active 17 DOM
10. 2026-06-03
    pricedays on market $400,000 Active 16 DOM
11. 2026-06-02
    days on market $425,000 Active 15 DOM
12. 2026-06-01
    days on market $425,000 Active 14 DOM
13. 2026-05-31
    days on market $425,000 Active 13 DOM
14. 2026-05-18
    listed $425,000 Active

    Show marketing remark (1990 chars)

    Fantastic Investment Opportunity in Detroit's Fastest-Growing Zip Code! PLEASE DO NOT DISTURB THE TENANTS! Welcome to 508 Kenilworth Street, a fully occupied fourplex located in the heart of Detroit's North End - the city's most exciting and rapidly developing neighborhood, part of the highly sought-after 48202 zip code. Each of the four units features 2 bedrooms and 1 full bath, all currently leased month to month. The cap rate for the market rent and area is 12% ROI. This well maintained property offers both immediate cash flow and long-term appreciation potential in one of Detroit's premier redevelopment corridors. The North End is quickly becoming one of Detroit's most desirable areas, fueled by major nearby investment including the $2.2 billion redevelopment project transforming the city's core. Residents enjoy quick access to Midtown, New Center, and Downtown Detroit, all just minutes away. The property is conveniently close to major landmarks such as the Fisher Building, Henry Ford Hospital, Detroit Medical Center, and Wayne State University, as well as numerous dining, shopping, and entertainment options. Outdoor enthusiasts will appreciate the proximity to Gordon Park and other neighborhood green spaces, while commuters benefit from easy connections to Woodward Avenue and I-75. This location combines strong rental demand with a deep sense of community and ongoing revitalization. The North End is rich in history, creativity, and culture, home to local art studios, neighborhood cafes, and new businesses fueling Detroit's urban renaissance. The area's central location and infrastructure improvements continue to attract new residents and investors alike, ensuring sustained property value growth. With 100% occupancy, month-to-month leases, and room for rental increases, 508 Kenilworth represents an exceptional turnkey investment opportunity. Add this income-producing asset to your portfolio today and secure a prime property in a booming Detroit market.

15. 2026-05-18
    listed $425,000 Active 1990-char remark

    Show marketing remark (1990 chars)

    Fantastic Investment Opportunity in Detroit's Fastest-Growing Zip Code! PLEASE DO NOT DISTURB THE TENANTS! Welcome to 508 Kenilworth Street, a fully occupied fourplex located in the heart of Detroit's North End - the city's most exciting and rapidly developing neighborhood, part of the highly sought-after 48202 zip code. Each of the four units features 2 bedrooms and 1 full bath, all currently leased month to month. The cap rate for the market rent and area is 12% ROI. This well maintained property offers both immediate cash flow and long-term appreciation potential in one of Detroit's premier redevelopment corridors. The North End is quickly becoming one of Detroit's most desirable areas, fueled by major nearby investment including the $2.2 billion redevelopment project transforming the city's core. Residents enjoy quick access to Midtown, New Center, and Downtown Detroit, all just minutes away. The property is conveniently close to major landmarks such as the Fisher Building, Henry Ford Hospital, Detroit Medical Center, and Wayne State University, as well as numerous dining, shopping, and entertainment options. Outdoor enthusiasts will appreciate the proximity to Gordon Park and other neighborhood green spaces, while commuters benefit from easy connections to Woodward Avenue and I-75. This location combines strong rental demand with a deep sense of community and ongoing revitalization. The North End is rich in history, creativity, and culture, home to local art studios, neighborhood cafes, and new businesses fueling Detroit's urban renaissance. The area's central location and infrastructure improvements continue to attract new residents and investors alike, ensuring sustained property value growth. With 100% occupancy, month-to-month leases, and room for rental increases, 508 Kenilworth represents an exceptional turnkey investment opportunity. Add this income-producing asset to your portfolio today and secure a prime property in a booming Detroit market.

16. 2026-01-29
    historical
17. 2026-01-29
    historical
18. 2025-12-10
    price $425,000
19. 2025-12-10
    price $425,000
20. 2025-11-05
    listed $450,000 Active
21. 2025-11-05
    listed $450,000 Active
22. 2020-03-09
    soldstatus $294,000 Sold
23. 2020-03-09
    soldstatus $294,000 Closed
24. 2020-01-30
    status Pending
25. 2020-01-30
    status Pending
26. 2020-01-21
    status Active
27. 2020-01-21
    status Active
28. 2020-01-18
    status Pending
29. 2020-01-18
    status Pending
30. 2020-01-15
    price $298,000
31. 2020-01-14
    price $298,000
32. 2019-12-09
    listed $325,000 Active
33. 2019-12-09
    listed $325,000 Active
34. 2009-09-15
    soldstatus $6,100
35. 2008-12-26
    listed $4,000

ⓘ 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 · 14 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: $59,040
• − Mortgage interest: −$22,406
• − Property taxes: −$6,000
• − Insurance: −$2,000
• − Repairs & maintenance: −$4,723
• − Management: −$4,723
• − Depreciation: −$11,636
• Taxable income: $7,551
• Est. tax owed @ 24.0%: −$1,812
• After-tax cash flow: $11,658/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 · 2 photos

Fair 55/100 Moderate rehab

A fourplex with fair exterior and interior condition, requiring moderate repairs and maintenance to improve its resale and rental value.

Repairs flagged

• Major exterior paint — Significant discoloration and wear
• Minor landscaping — Some areas appear overgrown

Value-add opportunities

• Both paint exterior — Enhances curb appeal and property value
• Both landscaping — Improves curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Significant discoloration and wear	Major	$15,000–50,000
landscaping · Some areas appear overgrown	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and property value ↑
• Both landscaping — Improves curb appeal and 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): 15,780
• Household income: $43,627
• Rent vs Own: 69.1% rent · 30.9% own
• Severe rent burden: 1258.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 60% White 26% Asian 6% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 3% Slovak 1% Lithuanian 1%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 90% English-only · Other Indo-European 3% Arabic 2% Spanish 2%

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: ▼ -239.24%
• Current HPI: 145.5509
• Rent YoY: ▼ -5.13%
• 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

+10525.0% since first listed

22 events — show timeline

• 2026-05-18 Listed $425,000 REALCOMP
• 2026-05-18 Listed $425,000 MiRealSource-MiMLS
• 2026-01-29 Listing Removed — MiRealSource-MiMLS
• 2026-01-29 Listing Removed — REALCOMP
• 2025-12-10 Price Changed $425,000 MiRealSource-MiMLS
• 2025-12-10 Price Changed $425,000 REALCOMP
• 2025-11-05 Listed $450,000 REALCOMP
• 2025-11-05 Listed $450,000 MiRealSource-MiMLS
• 2020-03-09 Sold (MLS) $294,000 MiRealSource-MiMLS
• 2020-03-09 Sold (MLS) $294,000 REALCOMP
• 2020-01-30 Pending — MiRealSource-MiMLS
• 2020-01-30 Pending — REALCOMP
• 2020-01-21 Relisted — MiRealSource-MiMLS
• 2020-01-21 Relisted — REALCOMP
• 2020-01-18 Pending — MiRealSource-MiMLS
• 2020-01-18 Pending — REALCOMP
• 2020-01-15 Price Changed $298,000 MiRealSource-MiMLS
• 2020-01-14 Price Changed $298,000 REALCOMP
• 2019-12-09 Listed $325,000 MiRealSource-MiMLS
• 2019-12-09 Listed $325,000 REALCOMP
• 2009-09-15 Sold (MLS) $6,100 REALCOMP
• 2008-12-26 Listed $4,000 REALCOMP