7007 Joy Rd · Detroit, MI 48204

$89,900

4 bd · 1.0 ba · 799 sqft · SingleFamily public records · 86 Days on market

Built 1925 4,792 sqft lot Est $70k · 28% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +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
• ARV discount +0.0/15.0

Listing remarks MLS

Welcome to 7007 Joy Road, Detroit 48204 - a fully updated 1,200 sqft bungalow offering modern comfort and style. This home features brand-new flooring, fresh interior paint, and an updated kitchen and bathrooms. The spacious layout includes a generous second level that provides extra living or bedroom space. Sitting on a large lot, there's plenty of room for outdoor enjoyment or future expansion. Updated in 2025, this move-in-ready home is perfect for anyone seeking a blend of modern updates and classic charm.

Key facts

• Large lot
• Updated bathrooms
• Updated kitchen

Tags

• UPDATED KITCHEN
• UPDATED BATHROOMS
• LARGE LOT
• SECOND LEVEL

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $633 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.7% 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: 244 active listings in the ZIP; 2 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 $1,489/mo this rent would consume 52% of the median local household income ($34k/yr) (locally 1418% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $10k of equity ($622 loan paydown + $9k appreciation (10.0% local appreciation)).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 23y 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 $62k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $84,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 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 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: 1.66% ✓
• Cap rate: 14.74%
• Cash-on-cash: 30.18%
• DSCR: 2.34
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $70,312
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8114 Roselawn St	0.63mi	3/1.0 (-1)	720 (-10%)	5mo	$65,000	$90	45
8539 Cloverlawn St	0.60mi	3/1.0 (-1)	848 (+6%)	20mo	$47,500	$56	40
6404 Belfast St	0.55mi	3/1.0 (-1)	890 (+11%)	16mo	$85,000	$96	37
9076 Cloverlawn St	0.59mi	3/1.0 (-1)	728 (-9%)	22mo	$56,000	$77	34
6402 Majestic St	0.70mi	4/1.5	887 (+11%)	16mo	$142,000	$160	33
9030 Cloverlawn St	0.57mi	3/1.0 (-1)	899 (+12%)	20mo	$34,000	$38	31
8053 Roselawn St	0.68mi	3/1.0 (-1)	872 (+9%)	21mo	$45,000	$52	30
9108 Cloverlawn St	0.61mi	3/1.0 (-1)	912 (+14%)	20mo	$80,000	$88	26

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 47.2%
• Equity multiple: 4.55×
• Total profit: $89,257
• Equity at exit: $80,989

10-year hold

• IRR: 41.0%
• Equity multiple: 10.18×
• Total profit: $231,089
• Equity at exit: $174,656

Cash invested: $25,172 (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 48204

• Home prices YoY: 18.5%
• Active inventory: 244
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,489 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$35 /mo · $415/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $633

Break-even live

Break-even rent $688

Max offer price $89,900

Occupancy floor 52%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9376 Otsego St Detroit, MI	3.0	1.0	873	$1,396	$1.60	44d	1	1.12mi
12032 Santa Rosa Dr Unit 1 Detroit, MI	3.0	1.0	900	$1,423	$1.58	5d	1	1.22mi

Listing history 19 events

1. 2026-04-17
   status Pending 517-char remark

   Show marketing remark (517 chars)

   Welcome to 7007 Joy Road, Detroit 48204 - a fully updated 1,200 sqft bungalow offering modern comfort and style. This home features brand-new flooring, fresh interior paint, and an updated kitchen and bathrooms. The spacious layout includes a generous second level that provides extra living or bedroom space. Sitting on a large lot, there's plenty of room for outdoor enjoyment or future expansion. Updated in 2025, this move-in-ready home is perfect for anyone seeking a blend of modern updates and classic charm.

2. 2026-04-17
   status Pending

   Show marketing remark (517 chars)

   Welcome to 7007 Joy Road, Detroit 48204 - a fully updated 1,200 sqft bungalow offering modern comfort and style. This home features brand-new flooring, fresh interior paint, and an updated kitchen and bathrooms. The spacious layout includes a generous second level that provides extra living or bedroom space. Sitting on a large lot, there's plenty of room for outdoor enjoyment or future expansion. Updated in 2025, this move-in-ready home is perfect for anyone seeking a blend of modern updates and classic charm.

3. 2026-03-30
   price $89,900 517-char remark

   Show marketing remark (517 chars)

   Welcome to 7007 Joy Road, Detroit 48204 - a fully updated 1,200 sqft bungalow offering modern comfort and style. This home features brand-new flooring, fresh interior paint, and an updated kitchen and bathrooms. The spacious layout includes a generous second level that provides extra living or bedroom space. Sitting on a large lot, there's plenty of room for outdoor enjoyment or future expansion. Updated in 2025, this move-in-ready home is perfect for anyone seeking a blend of modern updates and classic charm.

4. 2026-03-30
   price $89,900

   Show marketing remark (517 chars)

   Welcome to 7007 Joy Road, Detroit 48204 - a fully updated 1,200 sqft bungalow offering modern comfort and style. This home features brand-new flooring, fresh interior paint, and an updated kitchen and bathrooms. The spacious layout includes a generous second level that provides extra living or bedroom space. Sitting on a large lot, there's plenty of room for outdoor enjoyment or future expansion. Updated in 2025, this move-in-ready home is perfect for anyone seeking a blend of modern updates and classic charm.

5. 2026-01-21
   listed $92,499 Active

   Show marketing remark (517 chars)

   Welcome to 7007 Joy Road, Detroit 48204 - a fully updated 1,200 sqft bungalow offering modern comfort and style. This home features brand-new flooring, fresh interior paint, and an updated kitchen and bathrooms. The spacious layout includes a generous second level that provides extra living or bedroom space. Sitting on a large lot, there's plenty of room for outdoor enjoyment or future expansion. Updated in 2025, this move-in-ready home is perfect for anyone seeking a blend of modern updates and classic charm.

6. 2026-01-21
   listed $92,499 Active 517-char remark

   Show marketing remark (517 chars)

   Welcome to 7007 Joy Road, Detroit 48204 - a fully updated 1,200 sqft bungalow offering modern comfort and style. This home features brand-new flooring, fresh interior paint, and an updated kitchen and bathrooms. The spacious layout includes a generous second level that provides extra living or bedroom space. Sitting on a large lot, there's plenty of room for outdoor enjoyment or future expansion. Updated in 2025, this move-in-ready home is perfect for anyone seeking a blend of modern updates and classic charm.

7. 2026-01-21
   historical

   Show marketing remark (517 chars)

   Welcome to 7007 Joy Road, Detroit 48204 - a fully updated 1,200 sqft bungalow offering modern comfort and style. This home features brand-new flooring, fresh interior paint, and an updated kitchen and bathrooms. The spacious layout includes a generous second level that provides extra living or bedroom space. Sitting on a large lot, there's plenty of room for outdoor enjoyment or future expansion. Updated in 2025, this move-in-ready home is perfect for anyone seeking a blend of modern updates and classic charm.

8. 2026-01-21
   historical

   Show marketing remark (517 chars)

   Welcome to 7007 Joy Road, Detroit 48204 - a fully updated 1,200 sqft bungalow offering modern comfort and style. This home features brand-new flooring, fresh interior paint, and an updated kitchen and bathrooms. The spacious layout includes a generous second level that provides extra living or bedroom space. Sitting on a large lot, there's plenty of room for outdoor enjoyment or future expansion. Updated in 2025, this move-in-ready home is perfect for anyone seeking a blend of modern updates and classic charm.

9. 2026-01-15
   price $92,499
10. 2026-01-14
    price $92,499
11. 2025-10-30
    price $99,999
12. 2025-10-30
    price $99,999
13. 2025-10-15
    listed $115,000 Active
14. 2025-10-15
    listed $115,000 Active
15. 2007-03-02
    soldstatus $62,000
16. 2004-10-18
    historical
17. 2004-05-03
    listed $9,900
18. 2004-01-14
    historical
19. 2003-07-14
    listed $13,000

ⓘ 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: $415 · $35/mo
• Projected year-2 tax: $900 · $75/mo
• Expected delta: +$485/yr (+$40/mo · 116.9%)

ⓘ 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 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: $17,871
• − Mortgage interest: −$5,036
• − Property taxes: −$415
• − Insurance: −$450
• − Repairs & maintenance: −$1,430
• − Management: −$1,430
• − Depreciation: −$2,615
• Taxable income: $6,497
• Est. tax owed @ 24.0%: −$1,559
• After-tax cash flow: $6,038/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): 20,696
• Household income: $34,468
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 1418.0

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 (86%)
• Race & ethnicity: Black 86% Two or more races 7% Hispanic / Latino 5% White 4% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Hispanic 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 36.51%
• Current HPI: 234.0465
• 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

+591.5% since first listed

19 events — show timeline

• 2026-04-17 Pending — MiRealSource-MiMLS
• 2026-04-17 Pending — REALCOMP
• 2026-03-30 Price Changed $89,900 MiRealSource-MiMLS
• 2026-03-30 Price Changed $89,900 REALCOMP
• 2026-01-21 Listed $92,499 REALCOMP
• 2026-01-21 Listing Removed — REALCOMP
• 2026-01-21 Listing Removed — MiRealSource-MiMLS
• 2026-01-21 Listed $92,499 MiRealSource-MiMLS
• 2026-01-15 Price Changed $92,499 MiRealSource-MiMLS
• 2026-01-14 Price Changed $92,499 REALCOMP
• 2025-10-30 Price Changed $99,999 MiRealSource-MiMLS
• 2025-10-30 Price Changed $99,999 REALCOMP
• 2025-10-15 Listed $115,000 REALCOMP
• 2025-10-15 Listed $115,000 MiRealSource-MiMLS
• 2007-03-02 Sold (Public Records) $62,000 Public Records
• 2004-10-18 Listing Removed — REALCOMP
• 2004-05-03 Listed $9,900 REALCOMP
• 2004-01-14 Listing Removed — REALCOMP
• 2003-07-14 Listed $13,000 REALCOMP

Property tax history

+3.1%/yr

Latest (2025): $415 · +19.7% YoY. Source: county tax records.