18059 Hoover St · Detroit, MI 48205

$1,000,000

0 bd · 256.0 ba · 0 sqft · MultiFamily public records · 118 Days on market

Built 1948 0.46 ac lot Est $923k · 8% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +3.8/15.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 16 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Calling all investors! 16-unit apartment complex featuring all one-bedroom, one-bath units. Extensively updated with new plumbing, updated electrical, newer windows, and brand-new furnaces. Half the units offer electric baseboard heat, while the others have individual furnaces. Tenants pay gas and electric, keeping operating costs low. Units have been renovated with updated kitchens and baths, new flooring, fresh paint, and stainless steel appliances. 90%+ occupied and generating a strong 12% cap rate. Property has completed Step 1 of the Pilot Program, with seller working toward full approval with two steps remaining. Don't miss this great investment opportunity!

Key facts

• Updated electrical
• Brand new furnaces
• Newer windows

Tags

• 16 UNIT APARTMENT COMPLEX
• UPDATED PLUMBING
• UPDATED ELECTRICAL
• NEWER WINDOWS
• BRAND NEW FURNACES
• ELECTRIC BASEBOARD HEAT

What this means for you Summary

Snapshot

• This is a 16 × 1-bed/1-bath units multifamily listed at $1.00M.

Deal economics

• At list price, monthly cash flow is $6k ($76k/yr) — positive. Per door: $394/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.00M).
• Recommended offer: $910k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.9% 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: Rents rising (+1.3%/yr); 373 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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).
• At $16,735/mo this rent would consume 515% of the median local household income ($39k/yr) (locally 2121% 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 $7k of loan paydown is wiped out by about $30k 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 + 1.3% rent growth), your $280k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($910k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 5y 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 $380k; list at $1.00M implies a 163% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $910,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% 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 1948 — 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. 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: 1.67% ✓
• Cap rate: 13.86%
• Cash-on-cash: 27.04%
• DSCR: 2.20
• GRM: 5.0

CMA / ARV

• ARV (median comp): $923,272
• List price: $1,000,000
• Delta: 8.31%
• Verdict: FAIR
• Comps: 3 within 2.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17318 Waltham St	0.56mi	3/2.0 (+3)	1,500	10mo	$86,000	$57	33
19350 Hoover St	0.62mi	4/2.0 (+4)	1,682	21mo	$48,000	$29	21

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 · 1.33% rent growth · sell at horizon

5-year hold

• IRR: 19.1%
• Equity multiple: 1.76×
• Total profit: $212,428
• Equity at exit: $149,103

10-year hold

• IRR: 26.2%
• Equity multiple: 3.12×
• Total profit: $593,732
• Equity at exit: $86,462

Cash invested: $280,000 (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 48205

• Home prices YoY: -28.1%
• Rents YoY: 1.3%
• Active inventory: 373
• Price-to-rent: 79.7×

Monthly cashflow live

• Estimated rent: $16,735 high
• Mortgage (P&I): −$5,244
• Tax est. 1.5%: −$1,250 /mo · $15,000/yr
• Insurance: −$417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,514
• Net cashflow: $6,310

Break-even live

Break-even rent $8,748

Max offer price $1,000,000

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 16× units	1	1	$16,736
Total (16 units)			$16,735

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: $250,000
• Closing costs: $30,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11513 Greiner St Unit 11521 Greiner Detroit, MI	2.0	1.0	942	$1,050	$1.11	43d	1	0.04mi
18457 Hoover St Unit 57 Detroit, MI	2.0	1.0	1950	$850	$0.44	15d	1	0.14mi
11314 Greiner St Detroit, MI	2.0	1.0	—	$950	—	43d	1	0.21mi
18611 Runyon St Detroit, MI	3.0	2.0	—	$1,375	—	43d	1	0.24mi
17851 Strasburg St Detroit, MI	3.0	1.0	1079	$1,100	$1.02	17d	1	0.35mi
12419 Greiner St Detroit, MI	2.0	1.0	—	$1,100	—	44d	1	0.37mi
18947 Runyon St Detroit, MI	3.0	1.0	1614	$1,100	$0.68	43d	1	0.38mi
18667 Algonac St Detroit, MI	1.0	1.0	680	$1,999	$2.94	17d	1	0.39mi
17241 Rowe St Detroit, MI	3.0	1.5	1316	$1,450	$1.10	17d	1	0.40mi
17335 Teppert St Detroit, MI	2.0	1.0	—	$1,100	—	17d	1	0.40mi
18961 Teppert St Detroit, MI	3.0	1.5	2015	$1,250	$0.62	12d	1	0.42mi
18951 Beland St Detroit, MI	3.0	1.0	—	$1,300	—	43d	1	0.44mi
18681 Barlow St Detroit, MI	3.0	1.0	1041	$1,400	$1.34	24d	1	0.53mi
18955 Hamburg St Detroit, MI	3.0	1.0	—	$1,450	—	43d	1	0.54mi
18703 Waltham St Detroit, MI	2.0	1.0	1000	$1,100	$1.10	43d	1	0.60mi
19335 Hoover St Detroit, MI	2.0	1.0	620	$1,099	$1.77	43d	1	0.61mi
19335 Hoover St Detroit, MI	2.0	1.0	620	$1,099	$1.77	17d	1	0.61mi
11700 Engleside St Detroit, MI	3.0	1.0	1000	$1,175	$1.18	43d	1	0.73mi
11785 Nashville St Detroit, MI	3.0	2.0	1360	$1,450	$1.07	3d	1	0.76mi
18624 Fairport St Detroit, MI	3.0	1.0	874	$1,450	$1.66	22d	1	0.77mi
18624 Fairport St Unit NA Detroit, MI	3.0	1.0	924	$1,450	$1.57	24d	1	0.77mi
18119 Joann St Detroit, MI	2.0	1.0	800	$1,100	$1.38	24d	1	0.77mi
11760 Nashville St Detroit, MI	3.0	1.0	1200	$1,250	$1.04	17d	1	0.79mi
11074 Kennebec St Detroit, MI	3.0	1.0	1200	$1,350	$1.12	43d	1	0.80mi
13218 Greiner St Detroit, MI	3.0	1.0	1162	$1,195	$1.03	18d	1	0.83mi
5150 E Outer Dr Detroit, MI	2.0	1.0	—	$1,100	—	17d	1	0.86mi
19143 Fairport St Detroit, MI	3.0	1.0	1070	$1,225	$1.14	17d	1	0.86mi
11728 Minden St Detroit, MI	3.0	1.0	—	$1,525	—	3d	1	0.92mi
19785 Rowe St Detroit, MI	3.0	1.0	—	$1,200	—	43d	1	0.92mi
19587 Waltham St Detroit, MI	3.0	1.0	—	$1,050	—	43d	1	0.94mi
19419 Westphalia St Detroit, MI	3.0	1.0	1293	$1,325	$1.02	17d	1	0.94mi
19419 Westphalia St Detroit, MI	3.0	1.0	—	$1,325	—	15d	1	0.94mi
5043 Outer Dr E Detroit, MI	1.0–2.0	1.0	—	$829	—	12d	1	0.97mi
12112 Christy St Unit 12110 Detroit, MI	2.0	1.0	950	$1,200	$1.26	43d	1	0.98mi
12110 Christy St Detroit, MI	2.0	1.5	950	$1,200	$1.26	17d	1	0.98mi
13503 E McNichols Rd Detroit, MI	1.0	1.0	5400	$900	$0.17	22d	1	0.99mi
13503 E McNichols Rd Unit 7 Detroit, MI	1.0	1.0	750	$800	$1.07	18d	1	0.99mi
13503 E McNichols Rd Apt 1 Detroit, MI	1.0	1.0	—	$800	—	43d	1	0.99mi
13503 E McNichols Rd Apt 1 Detroit, MI	1.0	1.0	—	$850	—	24d	1	0.99mi
8060 House St Detroit, MI	3.0	1.5	—	$1,350	—	43d	1	1.02mi

Listing history 29 events

1. 2026-06-18
   days on market $1,000,000 Active 118 DOM
2. 2026-06-17
   days on market $1,000,000 Active 117 DOM
3. 2026-06-15
   days on market $1,000,000 Active 115 DOM
4. 2026-06-13
   days on market $1,000,000 Active 113 DOM
5. 2026-06-13
   days on market $1,000,000 Active 112 DOM
6. 2026-06-09
   days on market $1,000,000 Active 109 DOM
7. 2026-06-08
   days on market $1,000,000 Active 108 DOM
8. 2026-06-07
   days on market $1,000,000 Active 107 DOM
9. 2026-06-04
   days on market $1,000,000 Active 104 DOM
10. 2026-06-03
    days on market $1,000,000 Active 103 DOM
11. 2026-06-01
    days on market $1,000,000 Active 101 DOM
12. 2026-05-31
    days on market $1,000,000 Active 100 DOM
13. 2026-02-20
    listed $1,000,000 Active 672-char remark

    Show marketing remark (678 chars)

    Calling all investors! 16-unit apartment complex featuring all one-bedroom, one-bath units. Extensively updated with new plumbing, updated electrical, newer windows, and brand-new furnaces. Half the units offer electric baseboard heat, while the others have individual furnaces. Tenants pay gas and electric, keeping operating costs low. Units have been renovated with updated kitchens and baths, new flooring, fresh paint, and stainless steel appliances. 90%+ occupied and generating a strong 12% cap rate. Property has completed Step 1 of the Pilot Program, with seller working toward full approval with two steps remaining. Don’t miss this great investment opportunity!

14. 2026-02-20
    listed $1,000,000 Active 678-char remark

    Show marketing remark (678 chars)

    Calling all investors! 16-unit apartment complex featuring all one-bedroom, one-bath units. Extensively updated with new plumbing, updated electrical, newer windows, and brand-new furnaces. Half the units offer electric baseboard heat, while the others have individual furnaces. Tenants pay gas and electric, keeping operating costs low. Units have been renovated with updated kitchens and baths, new flooring, fresh paint, and stainless steel appliances. 90%+ occupied and generating a strong 12% cap rate. Property has completed Step 1 of the Pilot Program, with seller working toward full approval with two steps remaining. Don’t miss this great investment opportunity!

15. 2025-07-10
    soldstatus $380,000 Closed
16. 2025-07-10
    soldstatus $380,000 Closed
17. 2025-03-18
    status Pending
18. 2025-03-18
    status Pending
19. 2025-02-18
    historical Accepting Backup Offers
20. 2025-02-18
    historical Active Under Contract
21. 2025-01-13
    listed $499,900 Active
22. 2025-01-13
    listed $499,900 Active
23. 2022-02-18
    historical
24. 2022-02-18
    historical
25. 2021-12-31
    status Active
26. 2021-12-23
    historical
27. 2021-12-07
    listed $850,000 Active
28. 2021-12-07
    listed $850,000 Active
29. 2016-10-05
    soldstatus $645,000

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°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: $200,820
• − Mortgage interest: −$56,016
• − Property taxes: −$15,000
• − Insurance: −$5,000
• − Repairs & maintenance: −$16,066
• − Management: −$16,066
• − Depreciation: −$29,091
• Taxable income: $63,582
• Est. tax owed @ 24.0%: −$15,260
• After-tax cash flow: $60,459/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): 34,187
• Household income: $38,966
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 2121.0

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 (93%)
• Race & ethnicity: Black 93% White 3% Two or more races 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▼ -91.80%
• Current HPI: 235.0926
• Rent YoY: ▲ 1.33%
• 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

+55.0% since first listed

17 events — show timeline

• 2026-02-20 Listed $1,000,000 REALCOMP
• 2026-02-20 Listed $1,000,000 MiRealSource-MiMLS
• 2025-07-10 Sold (MLS) $380,000 MiRealSource-MiMLS
• 2025-07-10 Sold (MLS) $380,000 REALCOMP
• 2025-03-18 Pending — MiRealSource-MiMLS
• 2025-03-18 Pending — REALCOMP
• 2025-02-18 Contingent — MiRealSource-MiMLS
• 2025-02-18 Contingent — REALCOMP
• 2025-01-13 Listed $499,900 REALCOMP
• 2025-01-13 Listed $499,900 MiRealSource-MiMLS
• 2022-02-18 Listing Removed — REALCOMP
• 2022-02-18 Listing Removed — MiRealSource-MiMLS
• 2021-12-31 Relisted — MiRealSource-MiMLS
• 2021-12-23 Listing Removed — MiRealSource-MiMLS
• 2021-12-07 Listed $850,000 MiRealSource-MiMLS
• 2021-12-07 Listed $850,000 REALCOMP
• 2016-10-05 Sold (Public Records) $645,000 Public Records