20322 Charleston St · Detroit, MI 48203

$60,000

2 bd · 1.0 ba · 737 sqft · SingleFamily public records · 2 Days on market

Built 1951 5,663 sqft lot

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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
• ARV discount +7.5/15.0
• 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

This is a great 2BR Brick home on Charleston near Eight Mile Road-All appliances (Stove, Refrigerator, Washer and Dryer) remain. You must see this one.

Key facts

• Brick home
• 5,663 sq ft lot
• Built 1951

Tags

• BRICK HOME
• ALL APPLIANCES REMAIN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $548 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Cap rate 17.2% 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; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 36% 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 $415 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 $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 24y 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 $50k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $60,000

Questions for the listing agent

1. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.94% ✓
• Cap rate: 17.24%
• Cash-on-cash: 39.11%
• DSCR: 2.74
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $154,033
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
364 W Muir Ave	0.25mi	2/1.0	745 (+1%)	9mo	$80,000	$107	79
1449 Jewell St	0.56mi	2/1.0	731 (-1%)	1mo	$168,000	$230	72
474 Adeline St	0.40mi	3/1.0 (+1)	748 (+2%)	3mo	$12,000	$16	72
20509 Coventry St	0.28mi	2/1.0	781 (+6%)	11mo	$89,900	$115	68
1824 Wordsworth St	0.66mi	2/1.0	725 (-2%)	8mo	$182,000	$251	60
1793 Channing St	0.64mi	2/1.0	711 (-4%)	7mo	$155,000	$218	59
1631 Channing St	0.66mi	2/1.0	704 (-4%)	9mo	$135,000	$192	54
1811 E Marshall St	0.73mi	2/1.0	776 (+5%)	5mo	$162,500	$209	52
1579 Jewell St	0.54mi	2/1.0	678 (-8%)	11mo	$215,000	$317	52
346 E Bernhard Ave	0.54mi	2/1.0	643 (-13%)	2mo	$143,000	$222	52
533 E Milton Ave	0.58mi	2/1.0	810 (+10%)	6mo	$85,000	$105	51
541 E Bennett Ave	0.70mi	3/1.0 (+1)	844 (+14%)	7mo	$165,000	$195	32

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: 35.3%
• Equity multiple: 2.50×
• Total profit: $25,140
• Equity at exit: $8,946

10-year hold

• IRR: 42.1%
• Equity multiple: 4.97×
• Total profit: $66,756
• Equity at exit: $5,188

Cash invested: $16,800 (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: 4.3×

Monthly cashflow live

• Estimated rent: $1,162 high
• Mortgage (P&I): −$315
• Tax from tax record: −$31 /mo · $369/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $548

Break-even live

Break-even rent $469

Max offer price $60,000

Occupancy floor 48%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
155 W George Ave Hazel Park, MI	2.0	1.0	725	$1,000	$1.38	24d	1	0.30mi
27 E Milton Ave Hazel Park, MI	1.0	1.0	568	$1,050	$1.85	14d	1	0.49mi
1291 W State Fair Ave Detroit, MI	1.0–2.0	1.0	700	$950	$1.36	12d	2	0.70mi
1211 E Bernhard Ave Hazel Park, MI	2.0	1.0	721	$1,500	$2.08	24d	1	0.91mi
690 E Marshall St Unit Lower Ferndale, MI	1.0	1.0	700	$1,295	$1.85	10d	1	1.02mi
1621 E Evelyn Ave Hazel Park, MI	2.0	1.0	749	$1,295	$1.73	18d	1	1.21mi
165 E Hazelhurst St Unit 2 Ferndale, MI	1.0	1.0	500	$898	$1.80	18d	1	1.39mi
23115 Tawas Ave Hazel Park, MI	2.0	1.0	706	$1,375	$1.95	24d	1	1.40mi
21516 Dequindre Rd Warren, MI	1.0–2.0	1.0	837	$1,375	$1.64	21d	1	1.41mi
552 E Saratoga St Unit Upper Unit Ferndale, MI	2.0	1.0	700	$1,300	$1.86	24d	1	1.45mi

Listing history 25 events

1. 2025-08-02
   status Pending
2. 2025-05-15
   status Pending 151-char remark

   Show marketing remark (151 chars)

   This is a great 2BR Brick home on Charleston near Eight Mile Road-All appliances (Stove, Refrigerator, Washer and Dryer) remain. You must see this one.

3. 2025-05-15
   status Pending

   Show marketing remark (151 chars)

   This is a great 2BR Brick home on Charleston near Eight Mile Road-All appliances (Stove, Refrigerator, Washer and Dryer) remain. You must see this one.

4. 2025-05-15
   historical

   Show marketing remark (151 chars)

   This is a great 2BR Brick home on Charleston near Eight Mile Road-All appliances (Stove, Refrigerator, Washer and Dryer) remain. You must see this one.

5. 2025-05-08
   listed $60,000 Active

   Show marketing remark (151 chars)

   This is a great 2BR Brick home on Charleston near Eight Mile Road-All appliances (Stove, Refrigerator, Washer and Dryer) remain. You must see this one.

6. 2025-05-08
   listed $60,000 Active 151-char remark

   Show marketing remark (151 chars)

   This is a great 2BR Brick home on Charleston near Eight Mile Road-All appliances (Stove, Refrigerator, Washer and Dryer) remain. You must see this one.

7. 2022-11-17
   soldstatus $50,000
8. 2022-11-14
   soldstatus $50,000 Sold 102-char remark

   Show marketing remark (102 chars)

   2 bed room brick home Freshley painted new appliances and carpeting. Open House Wed. 10/5/2022 5-7 PM.

9. 2022-11-14
   soldstatus $50,000 Closed

   Show marketing remark (102 chars)

   2 bed room brick home Freshley painted new appliances and carpeting. Open House Wed. 10/5/2022 5-7 PM.

10. 2022-10-24
    status Pending

    Show marketing remark (102 chars)

    2 bed room brick home Freshley painted new appliances and carpeting. Open House Wed. 10/5/2022 5-7 PM.

11. 2022-10-24
    status Pending 102-char remark

    Show marketing remark (102 chars)

    2 bed room brick home Freshley painted new appliances and carpeting. Open House Wed. 10/5/2022 5-7 PM.

12. 2022-10-09
    price $55,000

    Show marketing remark (102 chars)

    2 bed room brick home Freshley painted new appliances and carpeting. Open House Wed. 10/5/2022 5-7 PM.

13. 2022-10-09
    price $55,000 102-char remark

    Show marketing remark (102 chars)

    2 bed room brick home Freshley painted new appliances and carpeting. Open House Wed. 10/5/2022 5-7 PM.

14. 2022-10-01
    price $59,900

    Show marketing remark (102 chars)

    2 bed room brick home Freshley painted new appliances and carpeting. Open House Wed. 10/5/2022 5-7 PM.

15. 2022-10-01
    price $59,900 102-char remark

    Show marketing remark (102 chars)

    2 bed room brick home Freshley painted new appliances and carpeting. Open House Wed. 10/5/2022 5-7 PM.

16. 2022-09-19
    price $65,000
17. 2022-09-18
    price $65,000 102-char remark

    Show marketing remark (102 chars)

    2 bed room brick home Freshley painted new appliances and carpeting. Open House Wed. 10/5/2022 5-7 PM.

18. 2022-09-01
    listed $75,000 Active 102-char remark

    Show marketing remark (102 chars)

    2 bed room brick home Freshley painted new appliances and carpeting. Open House Wed. 10/5/2022 5-7 PM.

19. 2022-09-01
    listed $75,000 Active

    Show marketing remark (102 chars)

    2 bed room brick home Freshley painted new appliances and carpeting. Open House Wed. 10/5/2022 5-7 PM.

20. 2003-03-27
    soldstatus $15,000
21. 2003-03-06
    historical
22. 2003-02-24
    listed $19,900
23. 2003-02-21
    historical
24. 2002-08-05
    listed $19,900
25. 2002-06-17
    soldstatus $52,690

ⓘ 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: $369 · $31/mo
• Projected year-2 tax: $646 · $54/mo
• Expected delta: +$278/yr (+$23/mo · 75.3%)

ⓘ 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 2/10 Low 7 d/yr ≥97°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: $13,943
• − Mortgage interest: −$3,361
• − Property taxes: −$369
• − Insurance: −$300
• − Repairs & maintenance: −$1,115
• − Management: −$1,115
• − Depreciation: −$1,745
• Taxable income: $5,937
• Est. tax owed @ 24.0%: −$1,425
• After-tax cash flow: $5,146/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

+13.9% since first listed

25 events — show timeline

• 2025-08-02 Pending — REALCOMP
• 2025-05-15 Pending — MiRealSource-MiMLS
• 2025-05-15 Pending — REALCOMP
• 2025-05-15 Listing Removed — REALCOMP
• 2025-05-08 Listed $60,000 MiRealSource-MiMLS
• 2025-05-08 Listed $60,000 REALCOMP
• 2022-11-17 Sold (Public Records) $50,000 Public Records
• 2022-11-14 Sold (MLS) $50,000 MiRealSource-MiMLS
• 2022-11-14 Sold (MLS) $50,000 REALCOMP
• 2022-10-24 Pending — MiRealSource-MiMLS
• 2022-10-24 Pending — REALCOMP
• 2022-10-09 Price Changed $55,000 MiRealSource-MiMLS
• 2022-10-09 Price Changed $55,000 REALCOMP
• 2022-10-01 Price Changed $59,900 MiRealSource-MiMLS
• 2022-10-01 Price Changed $59,900 REALCOMP
• 2022-09-19 Price Changed $65,000 MiRealSource-MiMLS
• 2022-09-18 Price Changed $65,000 REALCOMP
• 2022-09-01 Listed $75,000 MiRealSource-MiMLS
• 2022-09-01 Listed $75,000 REALCOMP
• 2003-03-27 Sold (MLS) $15,000 MiRealSource-MiMLS
• 2003-03-06 Listing Removed — MiRealSource-MiMLS
• 2003-02-24 Listed $19,900 MiRealSource-MiMLS
• 2003-02-21 Listing Removed — REALCOMP
• 2002-08-05 Listed $19,900 REALCOMP
• 2002-06-17 Sold (Public Records) $52,690 Public Records

Property tax history

+4.0%/yr

Latest (2025): $369 · +3.0% YoY. Source: county tax records.