345 W Nevada St · Detroit, MI 48203

$67,010

2 bd · 1.5 ba · 1,582 sqft · SingleFamily public records · 98 Days on market

Built 1925 5,663 sqft lot $42/sqft · 18% below area Est $82k · 18% under ↓ 5% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Attention home buyers and investors! Are you looking for a great 2 bedroom property in a clean and centrally located area of Detroit? Well, here is your chance. This property has been recently refreshed and is in good shape. .. This would be a perfect rental property or starter home! Rents in this area average $1100+ these days. Please do not show house or arrive outside of your scheduled appointment times as this property is being watched. . Don't miss your chance to pick up a solid property in a very challenging market!

Key facts

• 5,663 sq ft lot
• Built 1925
• Listed 98 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $67k.

Deal economics

• At list price, monthly cash flow is $585 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $67k).
• Recommended offer: $61k (9.0% below list) — sets the bar for market timing.
• Cap rate 16.8% 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: 216 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 42% of the median local income ($38k/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 $464 of loan paydown is wiped out by about $2k 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 $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts; this cycle's ask has dropped $8k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $60,979 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — 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 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: 2.00% ✓
• Cap rate: 16.76%
• Cash-on-cash: 37.39%
• DSCR: 2.66
• GRM: 4.2

CMA / ARV

• ARV (median comp): $81,564
• List price: $67,010
• Delta: -17.84%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
250 W Hollywood	0.51mi	3/1.5 (+1)	1,560 (-1%)	6mo	$59,655	$38	64
44 Grove St	0.43mi	3/1.0 (+1)	1,646 (+4%)	10mo	$8,000	$5	58
91 W Grixdale	0.34mi	3/2.5 (+1)	1,528 (-3%)	20mo	$156,000	$102	53
50 E Nevada St	0.38mi	3/2.5 (+1)	1,465 (-7%)	15mo	$130,000	$89	48
156 Hill St	0.73mi	3/1.5 (+1)	1,639 (+4%)	11mo	$154,000	$94	46
17430 Pontchartrain Blvd	0.56mi	2/1.0	1,724 (+9%)	15mo	$215,000	$125	45
231 W Brentwood St	0.53mi	3/1.0 (+1)	1,489 (-6%)	17mo	$72,000	$48	44
127 Cedarhurst St	0.27mi	3/2.5 (+1)	1,752 (+11%)	20mo	$55,000	$31	44
116 Church St	0.69mi	3/1.5 (+1)	1,400 (-12%)	15mo	$106,500	$76	31
128 E Montana St	0.45mi	3/2.0 (+1)	1,344 (-15%)	22mo	$179,900	$134	29
194 E Savannah St	0.52mi	3/2.0 (+1)	1,344 (-15%)	22mo	$179,000	$133	25

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 33.4%
• Equity multiple: 2.41×
• Total profit: $26,407
• Equity at exit: $9,991

10-year hold

• IRR: 40.3%
• Equity multiple: 4.79×
• Total profit: $71,058
• Equity at exit: $5,794

Cash invested: $18,763 (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: 216
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,342 high
• Mortgage (P&I): −$351
• Tax from tax record: −$96 /mo · $1,154/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $585

Break-even live

Break-even rent $602

Max offer price $67,010

Occupancy floor 51%

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: $16,752
• Closing costs: $2,010
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17550 2nd Ave Detroit, MI	2.0	1.0	1350	$1,150	$0.85	18d	1	0.30mi
406 W Goldengate St Detroit, MI	2.0	1.0	1050	$1,100	$1.05	43d	1	0.35mi
404 W Golden Gate Highland Park, MI	2.0	1.0	1050	$1,100	$1.05	43d	1	0.36mi
574 W Golden Gate Highland Park, MI	3.0	1.0	1315	$1,300	$0.99	43d	1	0.37mi
885 Covington Dr Unit 201 Highland Park, MI	2.0	2.0	1350	$1,695	$1.26	43d	1	0.44mi
1029 Covington Dr Unit 1029 Detroit, MI	2.0	1.0	1200	$1,495	$1.25	43d	1	0.50mi
1031 Covington Dr Unit 1061 Detroit, MI	2.0	1.0	1200	$1,595	$1.33	43d	1	0.50mi
17666 Manderson Rd Unit 17666 Detroit, MI	2.0	1.0	1200	$1,595	$1.33	43d	1	0.50mi
17670 Manderson Rd Unit 17670 Detroit, MI	2.0	1.0	1199	$1,595	$1.33	43d	1	0.51mi
101 Stevens St Highland Park, MI	3.0	1.5	1152	$1,600	$1.39	17d	1	0.61mi
326 Eason St Highland Park, MI	3.0	1.0	1256	$1,300	$1.04	17d	1	0.92mi
2521 W McNichols Rd Unit B2 Detroit, MI	2.0	1.0	1300	$1,250	$0.96	43d	1	1.05mi
18503 Riopelle St Highland Park, MI	3.0	1.0	1254	$1,250	$1.00	5d	1	1.13mi
16834 Fairfield St Detroit, MI	2.0	1.0	1516	$1,363	$0.90	24d	1	1.50mi

Listing history 34 events

1. 2026-06-18
   days on market $67,010 Active 98 DOM
2. 2026-06-17
   days on market $67,010 Active 97 DOM
3. 2026-06-15
   days on market $67,010 Active 95 DOM
4. 2026-06-13
   days on market $67,010 Active 93 DOM
5. 2026-06-13
   days on market $67,010 Active 92 DOM
6. 2026-06-09
   days on market $67,010 Active 89 DOM
7. 2026-06-08
   days on market $67,010 Active 88 DOM
8. 2026-06-07
   days on market $67,010 Active 87 DOM
9. 2026-06-04
   days on market $67,010 Active 84 DOM
10. 2026-06-03
    pricedays on market $67,010 Active 83 DOM
11. 2026-06-01
    days on market $70,537 Active 81 DOM
12. 2026-05-31
    days on market $70,537 Active 80 DOM
13. 2026-05-19
    status Active 527-char remark

    Show marketing remark (527 chars)

    Attention home buyers and investors! Are you looking for a great 2 bedroom property in a clean and centrally located area of Detroit? Well, here is your chance. This property has been recently refreshed and is in good shape. .. This would be a perfect rental property or starter home! Rents in this area average $1100+ these days. Please do not show house or arrive outside of your scheduled appointment times as this property is being watched. . Don't miss your chance to pick up a solid property in a very challenging market!

14. 2026-05-18
    historical 527-char remark

    Show marketing remark (527 chars)

    Attention home buyers and investors! Are you looking for a great 2 bedroom property in a clean and centrally located area of Detroit? Well, here is your chance. This property has been recently refreshed and is in good shape. .. This would be a perfect rental property or starter home! Rents in this area average $1100+ these days. Please do not show house or arrive outside of your scheduled appointment times as this property is being watched. . Don't miss your chance to pick up a solid property in a very challenging market!

15. 2026-05-03
    price $71,250 527-char remark

    Show marketing remark (527 chars)

    Attention home buyers and investors! Are you looking for a great 2 bedroom property in a clean and centrally located area of Detroit? Well, here is your chance. This property has been recently refreshed and is in good shape. .. This would be a perfect rental property or starter home! Rents in this area average $1100+ these days. Please do not show house or arrive outside of your scheduled appointment times as this property is being watched. . Don't miss your chance to pick up a solid property in a very challenging market!

16. 2026-05-03
    price $71,250 527-char remark

    Show marketing remark (527 chars)

    Attention home buyers and investors! Are you looking for a great 2 bedroom property in a clean and centrally located area of Detroit? Well, here is your chance. This property has been recently refreshed and is in good shape. .. This would be a perfect rental property or starter home! Rents in this area average $1100+ these days. Please do not show house or arrive outside of your scheduled appointment times as this property is being watched. . Don't miss your chance to pick up a solid property in a very challenging market!

17. 2026-03-11
    listed $75,000 Active 527-char remark

    Show marketing remark (527 chars)

    Attention home buyers and investors! Are you looking for a great 2 bedroom property in a clean and centrally located area of Detroit? Well, here is your chance. This property has been recently refreshed and is in good shape. .. This would be a perfect rental property or starter home! Rents in this area average $1100+ these days. Please do not show house or arrive outside of your scheduled appointment times as this property is being watched. . Don't miss your chance to pick up a solid property in a very challenging market!

18. 2026-03-11
    listed $75,000 Active 527-char remark

    Show marketing remark (527 chars)

    Attention home buyers and investors! Are you looking for a great 2 bedroom property in a clean and centrally located area of Detroit? Well, here is your chance. This property has been recently refreshed and is in good shape. .. This would be a perfect rental property or starter home! Rents in this area average $1100+ these days. Please do not show house or arrive outside of your scheduled appointment times as this property is being watched. . Don't miss your chance to pick up a solid property in a very challenging market!

19. 2026-01-13
    historical
20. 2026-01-13
    historical
21. 2026-01-06
    status Active
22. 2026-01-06
    status Active
23. 2025-12-11
    historical Accepting Backup Offers
24. 2025-12-11
    historical Active Under Contract
25. 2025-12-03
    status Active
26. 2025-12-03
    status Active
27. 2025-12-02
    historical Accepting Backup Offers
28. 2025-12-02
    historical Active Under Contract
29. 2025-09-04
    price $67,699
30. 2025-09-03
    price $67,699
31. 2025-08-06
    price $71,250
32. 2025-08-06
    price $71,250
33. 2025-07-18
    listed $75,000 Active
34. 2025-07-18
    listed $75,000 Active

ⓘ 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: $1,154 · $96/mo
• Projected year-2 tax: $1,154 · $96/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $16,103
• − Mortgage interest: −$3,754
• − Property taxes: −$1,154
• − Insurance: −$335
• − Repairs & maintenance: −$1,288
• − Management: −$1,288
• − Depreciation: −$1,949
• Taxable income: $6,335
• Est. tax owed @ 24.0%: −$1,520
• After-tax cash flow: $5,496/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): 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

-5.0% since first listed

22 events — show timeline

• 2026-05-19 Relisted — REALCOMP
• 2026-05-18 Listing Removed — REALCOMP
• 2026-05-03 Price Changed $71,250 MiRealSource-MiMLS
• 2026-05-03 Price Changed $71,250 REALCOMP
• 2026-03-11 Listed $75,000 MiRealSource-MiMLS
• 2026-03-11 Listed $75,000 REALCOMP
• 2026-01-13 Listing Removed — MiRealSource-MiMLS
• 2026-01-13 Listing Removed — REALCOMP
• 2026-01-06 Relisted — MiRealSource-MiMLS
• 2026-01-06 Relisted — REALCOMP
• 2025-12-11 Contingent — MiRealSource-MiMLS
• 2025-12-11 Contingent — REALCOMP
• 2025-12-03 Relisted — MiRealSource-MiMLS
• 2025-12-03 Relisted — REALCOMP
• 2025-12-02 Contingent — MiRealSource-MiMLS
• 2025-12-02 Contingent — REALCOMP
• 2025-09-04 Price Changed $67,699 MiRealSource-MiMLS
• 2025-09-03 Price Changed $67,699 REALCOMP
• 2025-08-06 Price Changed $71,250 MiRealSource-MiMLS
• 2025-08-06 Price Changed $71,250 REALCOMP
• 2025-07-18 Listed $75,000 REALCOMP
• 2025-07-18 Listed $75,000 MiRealSource-MiMLS

Property tax history

-1.3%/yr

Latest (2025): $1,154 · -53.9% YoY. Source: county tax records.