12080 Broadstreet Ave · Detroit, MI 48204

$299,900

400 bd · 120.0 ba · 15,845 sqft · MultiFamily · 134 Days on market

Built 1928 $19/sqft · 7% above area Est $279k · 7% 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 +15.0/30.0
• Appreciation +10.0/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• ARV discount +4.2/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 20 units. estimate disagrees with records

Listing remarks MLS

20 unit apartment building that include seventeen spacious "1 bedroom" apartments and three "2 bedroom" apartments. The building needs extensive renovation. Building was previously remodeled in the 1990's by Friendship Forest Church before suffering vandalism. Interior mechanical and most electrical are stripped. Updated PVC drain lines are in basement but baths & plumbing fixtures are stripped. Brickwork is in good condition. Flat roof has silver side rubber membrane. Apartments were set up for individual meters and circuit breaker panels in each apartment. Last three photos shows sample photos from similar renovated buildings. There are some limited views of the Detroit's Downtown skyline from the roof. -There may be potential to add another apartment unit on garden level to bring the total units to "21". -There is also the potential to customize a first floor apartment to provide access to part of the the nearly 10 foot tall storage area on the garden level to make a desirable loft style unit. -Several upcoming developments in the Russell Woods area is one of the seven Detroit neighborhoods receiving from a pool of over $100 million dollars in grants for revitalization. May be eligible for Historic Building Credits. MSHDA, expanded LIHTC housing credits, CBDG funds and other financing & grant incentives to assist in remodeling. -Also may be eligible for C-PACE/Commercial PACE Financing. Apartments have 9 foot tall ceilings, with oak hardwood floors and their is potential for much exposed brick walls. Elevator is not needed as building is three stories with two additional garden level apartments. 9 foot ceilings allow room for soffits for mechanical as an option to install separate hvac units in each apartment instead of baseboard/boiler heat, can also install mini split/ptac units in apartments -Approximately 2 miles to University of Detroit Campus/Livernois Avenue of fashion District, 1.5 miles to Boston Edison Area, 4 miles to Mid-Town, Wayne State, 6 miles to Downtown Detroit and 5 miles to Ferndale. Can provide link to Russell Woods-Nardin Park study and future planning report. Lockbox access is on building. Estimated potential cash flow for the 17 one bedroom units at $725 per month and 3 two bedroom units at $800 per month. -Solid ROI potential with total projected rent per month $14,150 per month and total annual rent potential of $157,800 to $169,900 per year. -Off-street parking on Broadstreet. -Property taxes are current and are approximately $1500 total per year. After renovation the estimated potential cash flow for the 17 one bedroom units at $725 per month and 3 two bedroom units at $800 per month. -Solid ROI potential with total projected rent per month of $14,725 per month and total annual rent potential of $176,700 per year. -Off-street parking on Broadstreet. -small courtyard area can be a zen garden/patio area Exterior cleanup work is in progress. -Property taxes are approximately $1500 total per year.

Key facts

• 9 foot tall ceilings
• Extensive renovation
• Flat roof

Tags

• EXTENSIVE RENOVATION
• UPDATED PVC DRAIN LINES
• GOOD CONDITION BRICKWORK
• FLAT ROOF
• 9 FOOT TALL CEILINGS
• OAK HARDWOOD FLOORS

What this means for you Summary

Snapshot

• This is a 17×1bd/1ba + 3×2bd/1ba units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $13k ($153k/yr) — positive. Per door: $638/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $300k).
• Recommended offer: $264k (12.0% below list) — sets the bar for market timing.
• Cap rate 57.4% vs local median 10.1% 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: 248 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 $18,784/mo this rent would consume 654% 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 $32k of equity ($2k loan paydown + $30k 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 $84k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 134 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y 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.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $263,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 134 days. Have you received any prior offers? Is the seller open to a 12% 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. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
10. 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.
11. 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.
12. 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: 6.26% ✓
• Cap rate: 57.38%
• Cash-on-cash: 182.44%
• DSCR: 9.12
• GRM: 1.3

CMA / ARV

• ARV (median comp): $279,209
• List price: $299,900
• Delta: 7.41%
• Verdict: FAIR
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 12.63×
• Total profit: $976,742
• Equity at exit: $270,174

10-year hold

• IRR: —
• Equity multiple: 27.65×
• Total profit: $2,237,473
• Equity at exit: $582,640

Cash invested: $83,972 (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: 248
• Price-to-rent: 27.0×

Monthly cashflow live

• Estimated rent: $18,784 high
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,498/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,945
• Net cashflow: $12,767

Break-even live

Break-even rent $2,623

Max offer price $299,900

Occupancy floor 27%

Sensitivity live

Price	-10% $12,974	-5% $12,870	+0% $12,767	+5% $12,663	+10% $12,560
Rent	-10% $11,283	-5% $12,025	+0% $12,767	+5% $13,509	+10% $14,251
Rate	-1.0pp $12,918	-0.5pp $12,843	base $12,767	+0.5pp $12,689	+1.0pp $12,610

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

Units	Beds	Baths	Est. rent
▸ 17× units	1	1	$15,708
▸ 3× units	2	1	$3,069
Total (20 units)			$18,784

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $299,900 Active 134 DOM
2. 2026-06-18
   days on market $299,900 Active 131 DOM
3. 2026-06-17
   days on market $299,900 Active 130 DOM
4. 2026-06-15
   days on market $299,900 Active 128 DOM
5. 2026-06-13
   days on market $299,900 Active 126 DOM
6. 2026-06-13
   days on market $299,900 Active 125 DOM
7. 2026-06-09
   days on market $299,900 Active 122 DOM
8. 2026-06-08
   days on market $299,900 Active 121 DOM
9. 2026-06-07
   days on market $299,900 Active 120 DOM
10. 2026-06-04
    days on market $299,900 Active 117 DOM
11. 2026-06-03
    days on market $299,900 Active 116 DOM
12. 2026-06-01
    days on market $299,900 Active 114 DOM
13. 2026-05-31
    days on market $299,900 Active 113 DOM
14. 2026-02-05
    listed $299,900 Active 3022-char remark

    Show marketing remark (3022 chars)

    20 unit apartment building that include seventeen spacious "1 bedroom" apartments and three "2 bedroom" apartments. The building needs extensive renovation. Building was previously remodeled in the 1990's by Friendship Forest Church before suffering vandalism. Interior mechanical and most electrical are stripped. Updated PVC drain lines are in basement but baths & plumbing fixtures are stripped. Brickwork is in good condition. Flat roof has silver side rubber membrane. Apartments were set up for individual meters and circuit breaker panels in each apartment. Last three photos shows sample photos from similar renovated buildings. There are some limited views of the Detroit's Downtown skyline from the roof. -There may be potential to add another apartment unit on garden level to bring the total units to "21". -There is also the potential to customize a first floor apartment to provide access to part of the the nearly 10 foot tall storage area on the garden level to make a desirable loft style unit. -Several upcoming developments in the Russell Woods area is one of the seven Detroit neighborhoods receiving from a pool of over $100 million dollars in grants for revitalization. May be eligible for Historic Building Credits. MSHDA, expanded LIHTC housing credits, CBDG funds and other financing & grant incentives to assist in remodeling. -Also may be eligible for C-PACE/Commercial PACE Financing. Apartments have 9 foot tall ceilings, with oak hardwood floors and their is potential for much exposed brick walls. Elevator is not needed as building is three stories with two additional garden level apartments. 9 foot ceilings allow room for soffits for mechanical as an option to install separate hvac units in each apartment instead of baseboard/boiler heat, can also install mini split/ptac units in apartments -Approximately 2 miles to University of Detroit Campus/Livernois Avenue of fashion District, 1.5 miles to Boston Edison Area, 4 miles to Mid-Town, Wayne State, 6 miles to Downtown Detroit and 5 miles to Ferndale. Can provide link to Russell Woods-Nardin Park study and future planning report. Lockbox access is on building. Estimated potential cash flow for the 17 one bedroom units at $725 per month and 3 two bedroom units at $800 per month. -Solid ROI potential with total projected rent per month $14,150 per month and total annual rent potential of $157,800 to $169,900 per year. -Off-street parking on Broadstreet. -Property taxes are current and are approximately $1500 total per year. After renovation the estimated potential cash flow for the 17 one bedroom units at $725 per month and 3 two bedroom units at $800 per month. -Solid ROI potential with total projected rent per month of $14,725 per month and total annual rent potential of $176,700 per year. -Off-street parking on Broadstreet. -small courtyard area can be a zen garden/patio area Exterior cleanup work is in progress. -Property taxes are approximately $1500 total per year.

15. 2011-07-06
    historical
16. 2010-12-05
    listed $25,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $225,408
• − Mortgage interest: −$16,799
• − Property taxes: −$4,498
• − Insurance: −$1,500
• − Repairs & maintenance: −$18,033
• − Management: −$18,033
• − Depreciation: −$8,724
• Taxable income: $157,821
• Est. tax owed @ 24.0%: −$37,877
• After-tax cash flow: $115,325/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

+1099.6% since first listed

3 events — show timeline

• 2026-02-05 Listed $299,900 Fizber.com
• 2011-07-06 Listing Removed — MiRealSource-MiMLS
• 2010-12-05 Listed $25,000 MiRealSource-MiMLS