256 W Montana St · Detroit, MI 48203

$69,000

2 bd · 1.0 ba · 1,368 sqft · SingleFamily public records · 1 Days on market

Built 1922 5,663 sqft lot $50/sqft · 18% below area Est $83k · 17% under

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

Listing remarks MLS

Welcome to this property that is full of potential. Currently a two bedroom house that can easily be converted to a three bedroom offering more space whether you are looking to call this home or add a property to your rental portfolio. Conveniently located near main roads that put shopping, dinning and fun just a few blocks! Don't miss this opportunity and request your private showing today!

Key facts

• 5,663 sq ft lot
• 2 garage spots
• Built 1922

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Two-story single-family home; Ground-level entry with steps
• Construction: Vinyl siding; Block foundation
• Exterior features: Paved road access; Lot approximately 45 x 125 (0.13 acres)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Unfinished basement; Total of 6 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $69k.

Deal economics

• At list price, monthly cash flow is $417 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• Cap rate 13.6% 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; 25 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% 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).
• This rent runs 41% 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 $477 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 $19k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 9y 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: property tax is 3.9% of price; built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $69,000

Questions for the listing agent

1. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.89% ✓
• Cap rate: 13.55%
• Cash-on-cash: 25.92%
• DSCR: 2.15
• GRM: 4.4

CMA / ARV

• ARV (median comp): $83,318
• List price: $69,000
• Delta: -17.18%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
140 W Margaret St	0.22mi	3/1.0 (+1)	1,258 (-8%)	8mo	$23,000	$18	65
128 E Montana St	0.38mi	3/2.0 (+1)	1,344 (-2%)	22mo	$179,900	$134	52
50 E Nevada St	0.31mi	3/2.5 (+1)	1,465 (+7%)	15mo	$130,000	$89	50
194 E Savannah St	0.45mi	3/2.0 (+1)	1,344 (-2%)	22mo	$179,000	$133	48
116 Church St	0.64mi	3/1.5 (+1)	1,400 (+2%)	15mo	$106,500	$76	46
517 W Hollywood	0.49mi	3/2.5 (+1)	1,200 (-12%)	2mo	$110,000	$92	44
101 Stevens St	0.55mi	3/1.5 (+1)	1,200 (-12%)	6mo	$75,000	$63	42
231 W Brentwood St	0.53mi	3/1.0 (+1)	1,489 (+9%)	17mo	$72,000	$48	41
250 W Hollywood	0.51mi	3/1.5 (+1)	1,560 (+14%)	6mo	$59,655	$38	41
91 W Grixdale	0.31mi	3/2.5 (+1)	1,528 (+12%)	20mo	$156,000	$102	39
50 Eason St	0.61mi	3/1.5 (+1)	1,162 (-15%)	1mo	$47,500	$41	39
165 Geneva St	0.59mi	3/2.0 (+1)	1,283 (-6%)	24mo	$109,900	$86	33

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: 19.7%
• Equity multiple: 1.80×
• Total profit: $15,503
• Equity at exit: $10,288

10-year hold

• IRR: 28.0%
• Equity multiple: 3.49×
• Total profit: $48,151
• Equity at exit: $5,966

Cash invested: $19,320 (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: 4.4×

Monthly cashflow live

• Estimated rent: $1,308 high
• Mortgage (P&I): −$362
• Tax from tax record: −$225 /mo · $2,701/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $417

Break-even live

Break-even rent $779

Max offer price $69,000

Occupancy floor 63%

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17550 2nd Ave Detroit, MI	2.0	1.0	1350	$1,150	$0.85	18d	1	0.26mi
406 W Goldengate St Detroit, MI	2.0	1.0	1050	$1,100	$1.05	44d	1	0.42mi
404 W Golden Gate Highland Park, MI	2.0	1.0	1050	$1,100	$1.05	44d	1	0.42mi
885 Covington Dr Unit 201 Highland Park, MI	2.0	2.0	1350	$1,695	$1.26	44d	1	0.45mi
574 W Golden Gate Highland Park, MI	3.0	1.0	1315	$1,300	$0.99	44d	1	0.46mi
931 Covington Dr Unit 106 Highland Park, MI	1.0	2.0	1000	$1,275	$1.27	44d	1	0.49mi
101 Stevens St Highland Park, MI	3.0	1.5	1152	$1,600	$1.39	17d	1	0.52mi
1029 Covington Dr Unit 1029 Detroit, MI	2.0	1.0	1200	$1,495	$1.25	44d	1	0.53mi
1031 Covington Dr Unit 1061 Detroit, MI	2.0	1.0	1200	$1,595	$1.33	44d	1	0.53mi
17666 Manderson Rd Unit 17666 Detroit, MI	2.0	1.0	1200	$1,595	$1.33	44d	1	0.54mi
17670 Manderson Rd Unit 17670 Detroit, MI	2.0	1.0	1199	$1,595	$1.33	44d	1	0.54mi
17765 Manderson Rd Unit 14 Highland Park, MI	2.0	1.0	1000	$1,175	$1.18	44d	1	0.59mi
17765 Manderson Rd Unit 8 Highland Park, MI	2.0	1.0	1000	$1,215	$1.22	2d	1	0.59mi
17765 Manderson Rd Unit 22 Highland Park, MI	1.0	1.0	935	$1,245	$1.33	24d	1	0.59mi
326 Eason St Highland Park, MI	3.0	1.0	1256	$1,300	$1.04	17d	1	0.87mi
16927 Inverness St Detroit, MI	2.0	1.0	897	$1,650	$1.84	17d	1	0.94mi
2521 W McNichols Rd Unit B2 Detroit, MI	2.0	1.0	1300	$1,250	$0.96	44d	1	1.07mi
18503 Riopelle St Highland Park, MI	3.0	1.0	1254	$1,250	$1.00	5d	1	1.10mi
19703 Keating St Highland Park, MI	3.0	1.0	1000	$1,200	$1.20	17d	1	1.13mi
18882 Marx St Highland Park, MI	2.0	1.0	1000	$1,300	$1.30	44d	1	1.33mi
18551 Saint Aubin St Detroit, MI	3.0	1.0	962	$1,200	$1.25	17d	1	1.36mi
27 Pasadena St Highland Park, MI	2.0	1.0	900	$825	$0.92	44d	1	1.37mi
16174 Princeton St Detroit, MI	2.0	1.0	985	$1,100	$1.12	19d	1	1.37mi
16174 Princeton St Unit 2 Detroit, MI	2.0	1.0	985	$1,100	$1.12	44d	1	1.37mi
18629 Fleming St Detroit, MI	3.0	1.5	900	$1,150	$1.28	24d	1	1.49mi

Listing history 32 events

1. 2026-06-17
   days on marketlisting id $69,000 Active 1 DOM

   Show marketing remark (394 chars)

   Welcome to this property that is full of potential. Currently a two bedroom house that can easily be converted to a three bedroom offering more space whether you are looking to call this home or add a property to your rental portfolio. Conveniently located near main roads that put shopping, dinning and fun just a few blocks! Don't miss this opportunity and request your private showing today!

2. 2026-06-17
   days on market $69,000 Active 49 DOM

   Show marketing remark (394 chars)

   Welcome to this property that is full of potential. Currently a two bedroom house that can easily be converted to a three bedroom offering more space whether you are looking to call this home or add a property to your rental portfolio. Conveniently located near main roads that put shopping, dinning and fun just a few blocks! Don't miss this opportunity and request your private showing today!

3. 2026-06-15
   days on market $69,000 Active 47 DOM
4. 2026-06-13
   days on market $69,000 Active 45 DOM
5. 2026-06-13
   days on market $69,000 Active 44 DOM
6. 2026-06-09
   days on market $69,000 Active 41 DOM
7. 2026-06-08
   days on market $69,000 Active 40 DOM
8. 2026-06-07
   days on market $69,000 Active 39 DOM
9. 2026-06-04
   days on market $69,000 Active 36 DOM
10. 2026-06-03
    days on market $69,000 Active 35 DOM
11. 2026-06-02
    days on market $69,000 Active 34 DOM
12. 2026-06-01
    days on market $69,000 Active 33 DOM
13. 2026-05-31
    days on market $69,000 Active 32 DOM
14. 2026-04-29
    listed $69,000 Active 395-char remark
15. 2026-04-29
    historical
16. 2026-04-29
    listed $69,000 Active
17. 2026-04-29
    historical
18. 2026-04-09
    price $74,500
19. 2026-04-09
    price $74,500
20. 2025-11-17
    listed $78,000 Active
21. 2025-11-17
    listed $78,000 Active
22. 2019-09-25
    soldstatus $64,900
23. 2017-10-05
    historical
24. 2017-10-05
    historical
25. 2017-10-04
    price $26,000
26. 2017-10-03
    price $26,000
27. 2017-08-12
    price $31,500
28. 2017-08-12
    price $31,900
29. 2017-08-11
    price $31,500
30. 2017-08-11
    price $31,900
31. 2017-08-03
    listed $39,900 Active
32. 2017-08-03
    listed $39,900 Active

ⓘ 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: $2,701 · $225/mo
• Projected year-2 tax: $2,701 · $225/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 2/10 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: $15,690
• − Mortgage interest: −$3,865
• − Property taxes: −$2,701
• − Insurance: −$345
• − Repairs & maintenance: −$1,255
• − Management: −$1,255
• − Depreciation: −$2,007
• Taxable income: $4,262
• Est. tax owed @ 24.0%: −$1,023
• After-tax cash flow: $3,985/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

+72.9% since first listed

23 events — show timeline

• 2026-06-17 Listed $69,000 REALCOMP
• 2026-06-17 Listing Removed — REALCOMP
• 2026-06-17 Listed $69,000 MiRealSource-MiMLS
• 2026-06-17 Listing Removed — MiRealSource-MiMLS
• 2026-04-29 Listed $69,000 REALCOMP
• 2026-04-29 Listing Removed — MiRealSource-MiMLS
• 2026-04-29 Listing Removed — REALCOMP
• 2026-04-29 Listed $69,000 MiRealSource-MiMLS
• 2026-04-09 Price Changed $74,500 MiRealSource-MiMLS
• 2026-04-09 Price Changed $74,500 REALCOMP
• 2025-11-17 Listed $78,000 REALCOMP
• 2025-11-17 Listed $78,000 MiRealSource-MiMLS
• 2019-09-25 Sold (Public Records) $64,900 Public Records
• 2017-10-05 Listing Removed — REALCOMP
• 2017-10-05 Listing Removed — MiRealSource-MiMLS
• 2017-10-04 Price Changed $26,000 MiRealSource-MiMLS
• 2017-10-03 Price Changed $26,000 REALCOMP
• 2017-08-12 Price Changed $31,500 MiRealSource-MiMLS
• 2017-08-12 Price Changed $31,900 MiRealSource-MiMLS
• 2017-08-11 Price Changed $31,500 REALCOMP
• 2017-08-11 Price Changed $31,900 REALCOMP
• 2017-08-03 Listed $39,900 MiRealSource-MiMLS
• 2017-08-03 Listed $39,900 REALCOMP

Property tax history

+6.5%/yr

Latest (2025): $2,701 · +131.2% YoY. Source: county tax records.