16400 Novara St · Detroit, MI 48205

$70,000

3 bd · 1.0 ba · 876 sqft · SingleFamily public records · 181 Days on market

Built 1944 5,227 sqft lot $80/sqft · 48% above area Est $47k · 48% over ↓ 26% since listing

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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
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * INVESTORS * * SECTION 8 Income producing property now available in Regent Park! Brick Bungalow style home Generating a whopping $1000 per month with a long term tenant in place. Property is professionally managed. Inquire today and add this to your portfolio!

Key facts

• Long term tenant
• 5,227 sq ft lot
• Built 1944

Tags

• INCOME PRODUCING PROPERTY
• BRICK BUNGALOW STYLE HOME
• LONG TERM TENANT
• PROFESSIONALLY MANAGED

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $579 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.2% 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: Rents rising (+1.3%/yr); 373 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 42% of the median local income ($39k/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 $484 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 + 1.3% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 20y ago; this cycle's ask is 8% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $50k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1944 — 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: 1.93% ✓
• Cap rate: 16.21%
• Cash-on-cash: 35.42%
• DSCR: 2.58
• GRM: 4.3

CMA / ARV

• ARV (median comp): $47,364
• List price: $70,000
• Delta: 47.79%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16301 Coram St	0.05mi	3/1.0	929 (+6%)	1mo	$19,500	$21	87
16277 Liberal St	0.11mi	3/1.0	945 (+8%)	1mo	$25,000	$26	81
18746 Woodside St	0.22mi	3/1.0	921 (+5%)	2mo	$110,000	$119	80
16107 Manning St	0.21mi	3/1.0	925 (+6%)	2mo	$61,000	$66	80
18591 Kingsville St	0.25mi	2/1.0 (-1)	824 (-6%)	1mo	$74,000	$90	73
12897 Riad St	0.41mi	3/1.0	831 (-5%)	1mo	$63,000	$76	71
16209 Tacoma St	0.24mi	3/1.0	968 (+10%)	1mo	$62,900	$65	71
16291 Fairmount Dr	0.41mi	3/1.0	977 (+12%)	2mo	$112,000	$115	60
19100 Kingsville St	0.49mi	3/1.0	972 (+11%)	2mo	$110,000	$113	58
12660 Duchess St	0.53mi	3/1.0	974 (+11%)	2mo	$55,000	$56	55
16062 Carlisle St	0.71mi	3/1.0	957 (+9%)	1mo	$42,000	$44	51
16062 CARLISLE St	0.71mi	3/1.0	957 (+9%)	1mo	$42,000	$44	51

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: 29.1%
• Equity multiple: 2.19×
• Total profit: $23,295
• Equity at exit: $10,437

10-year hold

• IRR: 35.5%
• Equity multiple: 4.01×
• Total profit: $58,968
• Equity at exit: $6,052

Cash invested: $19,600 (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: 4.3×

Monthly cashflow live

• Estimated rent: $1,351 high
• Mortgage (P&I): −$367
• Tax from tax record: −$92 /mo · $1,109/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $579

Break-even live

Break-even rent $619

Max offer price $70,000

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16225 Manning St Detroit, MI	4.0	2.0	1036	$1,475	$1.42	43d	1	0.18mi
16212 Maddelein St Detroit, MI	2.0	1.0	800	$1,200	$1.50	12d	1	0.21mi
15909 Maddelein St Detroit, MI	3.0	1.0	894	$1,266	$1.42	43d	1	0.30mi
19152 Woodside St Harper Woods, MI	3.0	1.0	916	$1,500	$1.64	17d	1	0.48mi
16291 Eastburn St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	24d	1	0.48mi
12716 Riad St Detroit, MI	3.0	1.0	974	$1,275	$1.31	17d	1	0.53mi
16410 Edmore Dr Detroit, MI	3.0	1.0	850	$1,250	$1.47	15d	1	0.57mi
19144 Moross Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	43d	1	0.58mi
19365 Kingsville St Harper Woods, MI	4.0	1.5	996	$1,650	$1.66	14d	1	0.64mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	15d	1	0.69mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	43d	1	0.69mi
19442 Kingsville St Harper Woods, MI	3.0	1.0	1000	$1,500	$1.50	17d	1	0.72mi
19661 Kenosha St Harper Woods, MI	3.0	2.0	1000	$1,400	$1.40	24d	1	0.80mi
12201 Morang Ave Unit 8 Detroit, MI	2.0	1.0	610	$875	$1.43	43d	1	0.82mi
19639 Moross Rd Unit 1 Detroit, MI	2.0	1.0	900	$1,100	$1.22	43d	1	0.83mi
15663 Carlisle St Detroit, MI	2.0	1.0	803	$1,050	$1.31	15d	1	0.84mi
15494 Mapleridge St Detroit, MI	3.0	1.0	937	$1,275	$1.36	43d	1	0.86mi
11776 Rossiter St Detroit, MI	3.0	1.0	964	$1,150	$1.19	11d	1	0.87mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	43d	1	0.96mi
11529 Roxbury St Detroit, MI	2.0	1.0	720	$1,200	$1.67	12d	1	0.96mi
19982 McCormick St Detroit, MI	3.0	1.0	866	$1,200	$1.39	3d	1	1.03mi
10985 Peerless St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	5d	1	1.15mi
11235 Roxbury St Detroit, MI	3.0	1.0	1062	$1,325	$1.25	17d	1	1.16mi
14461 Lappin St Detroit, MI	3.0	1.5	989	$1,150	$1.16	17d	1	1.18mi
20015 Lochmoor St Harper Woods, MI	3.0	1.0	1006	$1,500	$1.49	16d	1	1.23mi
15010 Cedargrove St Detroit, MI	3.0	1.5	1018	$1,350	$1.33	43d	1	1.26mi
20461 Kingsville St Harper Woods, MI	4.0	1.0	1100	$1,399	$1.27	14d	1	1.29mi
10692 Meuse St Detroit, MI	3.0	1.0	955	$1,250	$1.31	12d	1	1.30mi
20600 Balfour St Harper Woods, MI	1.0–2.0	1.0–2.0	971	$1,671	$1.72	1d	12	1.36mi
10400 Britain St Detroit, MI	3.0	1.0	890	$1,100	$1.24	43d	1	1.37mi
10370 Britain St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	43d	1	1.39mi
10542 Lanark St Detroit, MI	3.0	1.0	1023	$1,250	$1.22	43d	1	1.41mi
10177 Boleyn St Detroit, MI	3.0	1.0	767	$1,250	$1.63	43d	1	1.47mi

Listing history 31 events

1. 2026-04-19
   price $70,000 266-char remark

   Show marketing remark (266 chars)

   * * INVESTORS * * SECTION 8 Income producing property now available in Regent Park! Brick Bungalow style home Generating a whopping $1000 per month with a long term tenant in place. Property is professionally managed. Inquire today and add this to your portfolio!

2. 2026-04-18
   price $70,000 266-char remark

   Show marketing remark (266 chars)

   * * INVESTORS * * SECTION 8 Income producing property now available in Regent Park! Brick Bungalow style home Generating a whopping $1000 per month with a long term tenant in place. Property is professionally managed. Inquire today and add this to your portfolio!

3. 2025-11-26
   listed $65,000 Active 266-char remark

   Show marketing remark (266 chars)

   * * INVESTORS * * SECTION 8 Income producing property now available in Regent Park! Brick Bungalow style home Generating a whopping $1000 per month with a long term tenant in place. Property is professionally managed. Inquire today and add this to your portfolio!

4. 2025-11-26
   listed $65,000 Active 266-char remark

   Show marketing remark (266 chars)

   * * INVESTORS * * SECTION 8 Income producing property now available in Regent Park! Brick Bungalow style home Generating a whopping $1000 per month with a long term tenant in place. Property is professionally managed. Inquire today and add this to your portfolio!

5. 2022-09-29
   soldstatus $50,000
6. 2022-02-03
   price $950
7. 2021-06-29
   soldstatus $32,000 Sold
8. 2021-06-29
   soldstatus $32,000 Closed
9. 2021-06-09
   status Pending
10. 2021-06-09
    status Pending
11. 2021-06-01
    listed $32,000 Active
12. 2021-06-01
    listed $32,000 Active
13. 2018-01-12
    soldstatus $49,500
14. 2013-11-05
    soldstatus $9,000
15. 2013-11-05
    soldstatus $9,000
16. 2013-10-08
    historical
17. 2013-10-08
    historical
18. 2013-09-11
    listed $9,900
19. 2013-09-11
    listed $9,900
20. 2013-08-16
    historical
21. 2013-08-16
    historical
22. 2013-08-14
    listed $9,900
23. 2013-08-14
    listed $9,900
24. 2007-09-24
    historical
25. 2007-09-24
    historical
26. 2007-05-15
    listed $79,900
27. 2007-05-09
    listed $79,900
28. 2007-03-31
    historical
29. 2007-03-31
    historical
30. 2006-09-25
    listed $95,000
31. 2006-09-22
    listed $95,000

ⓘ 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: $1,109 · $92/mo
• Projected year-2 tax: $1,109 · $92/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°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: $16,210
• − Mortgage interest: −$3,921
• − Property taxes: −$1,109
• − Insurance: −$350
• − Repairs & maintenance: −$1,297
• − Management: −$1,297
• − Depreciation: −$2,036
• Taxable income: $6,201
• Est. tax owed @ 24.0%: −$1,488
• After-tax cash flow: $5,454/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

-26.3% since first listed

31 events — show timeline

• 2026-04-19 Price Changed $70,000 MiRealSource-MiMLS
• 2026-04-18 Price Changed $70,000 REALCOMP
• 2025-11-26 Listed $65,000 REALCOMP
• 2025-11-26 Listed $65,000 MiRealSource-MiMLS
• 2022-09-29 Sold (Public Records) $50,000 Public Records
• 2022-02-03 Price Changed $950 RENT.
• 2021-06-29 Sold (MLS) $32,000 MiRealSource-MiMLS
• 2021-06-29 Sold (MLS) $32,000 REALCOMP
• 2021-06-09 Pending — MiRealSource-MiMLS
• 2021-06-09 Pending — REALCOMP
• 2021-06-01 Listed $32,000 MiRealSource-MiMLS
• 2021-06-01 Listed $32,000 REALCOMP
• 2018-01-12 Sold (Public Records) $49,500 Public Records
• 2013-11-05 Sold (MLS) $9,000 MiRealSource-MiMLS
• 2013-11-05 Sold (MLS) $9,000 REALCOMP
• 2013-10-08 Listing Removed — MiRealSource-MiMLS
• 2013-10-08 Listing Removed — REALCOMP
• 2013-09-11 Listed $9,900 MiRealSource-MiMLS
• 2013-09-11 Listed $9,900 REALCOMP
• 2013-08-16 Listing Removed — REALCOMP
• 2013-08-16 Listing Removed — MiRealSource-MiMLS
• 2013-08-14 Listed $9,900 REALCOMP
• 2013-08-14 Listed $9,900 MiRealSource-MiMLS
• 2007-09-24 Listing Removed — MiRealSource-MiMLS
• 2007-09-24 Listing Removed — REALCOMP
• 2007-05-15 Listed $79,900 REALCOMP
• 2007-05-09 Listed $79,900 MiRealSource-MiMLS
• 2007-03-31 Listing Removed — REALCOMP
• 2007-03-31 Listing Removed — MiRealSource-MiMLS
• 2006-09-25 Listed $95,000 REALCOMP
• 2006-09-22 Listed $95,000 MiRealSource-MiMLS

Property tax history

+3.1%/yr

Latest (2025): $1,109 · -53.8% YoY. Source: county tax records.