3450 Edison St · Detroit, MI 48206

$228,000

5 bd · 1.0 ba · 2,304 sqft · MultiFamily public records · 29 Days on market

Built 1922 3,485 sqft lot

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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 +27.6/30.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to 3450 Edison, located in the desirable Nardin Park neighborhood on Detroit's West Side, just outside the historic Boston-Edison district. This brick, fully renovated multi-family property offers the perfect blend of timeless charm and modern living. Each unit features three spacious bedrooms and one full bathroom, completed with high-quality finishes throughout. The open living rooms are filled with natural light from new windows and feature a cozy fireplace, creating a warm and inviting atmosphere. Fully renovated kitchens with new cabinetry. Original hardwood floors have been beautifully refinished, enhancing the home's classic character. The upper unit mirrors the lower level and includes a private balcony off the living room. Beyond the cosmetic upgrades, this property provides peace of mind with extensive mechanical improvements completed in 2025, including new electrical, plumbing, HVAC, roof, windows, and sewer lines. Each unit also includes its own private basement, offering ample storage space and added functionality. The solid brick exterior adds durability and curb appeal. A truly turnkey opportunity ideal for investors or owner-occupants seeking quality, space, and long-term value.

Key facts

• Private basement
• Solid brick exterior
• 3,485 sq ft lot

Tags

• HIGH-QUALITY FINISHES
• NATURAL LIGHT FROM NEW WINDOWS
• FULLY RENOVATED KITCHENS
• ORIGINAL HARDWOOD FLOORS
• PRIVATE BASEMENT
• SOLID BRICK EXTERIOR

Property features AI

Finance

• Financial info: Annual tax listed

Exterior

• Utilities: Water available; Public sewer
• Home design: Residential income, multi-family property; Two units (multi-family)
• Construction: Brick construction with brick/mortar foundation; 2,304 above-grade finished area
• Exterior features: Paved road access; Pets allowed

Interior

• Bedrooms: Two 3-bedroom units
• Bathrooms: Two full bathrooms (one per unit)
• Heating & cooling: Forced air heating with natural gas; No central cooling
• Interior features: Full unfinished basement

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath multifamily listed at $228k.

Deal economics

• At list price, monthly cash flow is $680 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $228k).
• Recommended offer: $225k (1.5% below list) — sets the bar for market timing.

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: 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.
• Zoned schools: Durfee Elementarymiddle School (593 students, 91% FRL); Central High School (math 24% / reading 24%, grade F, #481 of 713 statewide, top 81%, 353 students, 89% FRL) — zoned schools at 90% FRL track the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 273 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $2,630/mo this rent would consume 70% of the median local household income ($45k/yr) (locally 646% 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 $2k of loan paydown is wiped out by about $7k 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 + 5.2% rent growth), your $64k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($225k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 21y 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 $65k; list at $228k implies a 251% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $224,580 (1.5% below list)

Questions for the listing agent

1. Built in 1922 — 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 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: 1.15% ✓
• Cap rate: 9.87%
• Cash-on-cash: 12.79%
• DSCR: 1.57
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $110,592
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4044 Clairmount St	0.31mi	4/3.0 (-1)	2,208 (-4%)	3mo	$37,000	$17	63
3785 Blaine St	0.51mi	6/2.5 (+1)	2,330 (+1%)	1mo	$40,000	$17	62
3791 Blaine St	0.51mi	4/2.0 (-1)	2,306 (+0%)	8mo	$55,000	$24	60
9952 Cascade St	0.62mi	4/2.0 (-1)	2,300 (-0%)	2mo	$110,000	$48	60
10053 Quincy St	0.44mi	6/2.0 (+1)	2,200 (-4%)	5mo	$80,000	$36	59
3744 Blaine St	0.48mi	4/2.5 (-1)	2,372 (+3%)	6mo	$50,000	$21	57
2959 Tuxedo St	0.65mi	6/2.0 (+1)	2,264 (-2%)	3mo	$181,000	$80	55
3759 W Euclid St	0.67mi	6/2.0 (+1)	2,346 (+2%)	2mo	$207,500	$88	55
3757 Blaine St	0.51mi	6/2.5 (+1)	2,362 (+2%)	8mo	$205,000	$87	55
9662 Broadstreet Ave	0.49mi	6/2.0 (+1)	2,502 (+9%)	2mo	$146,000	$58	52
2931 Tuxedo St	0.66mi	6/2.0 (+1)	2,510 (+9%)	3mo	$50,000	$20	42
3025 Tuxedo St	0.63mi	6/2.5 (+1)	2,548 (+11%)	5mo	$150,000	$59	38

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 · 5.2% rent growth · sell at horizon

5-year hold

• IRR: 4.8%
• Equity multiple: 1.19×
• Total profit: $12,255
• Equity at exit: $33,996

10-year hold

• IRR: 16.1%
• Equity multiple: 2.44×
• Total profit: $91,709
• Equity at exit: $19,713

Cash invested: $63,840 (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 48206

• Rents YoY: 5.2%
• Active inventory: 273
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $2,630 high
• Mortgage (P&I): −$1,196
• Tax from tax record: −$107 /mo · $1,282/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$552
• Net cashflow: $680

Break-even live

Break-even rent $1,769

Max offer price $228,000

Occupancy floor 69%

Sensitivity live

Price	-10% $809	-5% $745	+0% $680	+5% $616	+10% $551
Rent	-10% $472	-5% $576	+0% $680	+5% $784	+10% $888
Rate	-1.0pp $795	-0.5pp $738	base $680	+0.5pp $621	+1.0pp $561

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,630
Total (2 units)			$2,630

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: $57,000
• Closing costs: $6,840
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3241 Lawrence St Detroit, MI	4.0	2.0	2636	$1,800	$0.68	18d	1	0.41mi
3031 Lawrence St Detroit, MI	4.0	1.0	1700	$1,600	$0.94	18d	1	0.43mi
2655 Collingwood St Detroit, MI	4.0	1.5	1881	$2,700	$1.44	0d	1	0.51mi
2509 Gladstone St Unit NA Detroit, MI	6.0	3.0	3008	$2,000	$0.66	12d	1	0.64mi
3799 W Philadelphia St Detroit, MI	5.0	2.0	2200	$1,650	$0.75	18d	1	0.65mi
8951 La Salle Blvd Unit NA Detroit, MI	4.0	2.5	2440	$2,500	$1.02	0d	1	0.65mi
8951 La Salle Blvd Detroit, MI	5.0	2.5	2440	$2,500	$1.02	16d	1	0.65mi
8951 La Salle Blvd Detroit, MI	4.0	2.5	2440	$2,500	$1.02	3d	1	0.65mi
2080 Gladstone St #1 Detroit, MI	4.0	2.0	2426	$3,000	$1.24	0d	1	0.86mi
2028 Gladstone St Unit 1 Detroit, MI	5.0	2.0	2500	$2,850	$1.14	5d	1	0.91mi
1699 Glynn Ct Detroit, MI	5.0	3.5	2542	$2,500	$0.98	23d	1	1.04mi
4341 Glendale St Detroit, MI	4.0	2.5	1832	$1,680	$0.92	6d	1	1.19mi

Listing history 40 events

1. 2026-06-21
   days on market $228,000 Active 29 DOM
2. 2026-06-18
   days on market $228,000 Active 26 DOM
3. 2026-06-17
   days on market $228,000 Active 25 DOM
4. 2026-06-15
   days on market $228,000 Active 23 DOM
5. 2026-06-13
   days on market $228,000 Active 21 DOM
6. 2026-06-13
   days on market $228,000 Active 20 DOM
7. 2026-06-09
   days on market $228,000 Active 17 DOM
8. 2026-06-08
   pricedays on market $228,000 Active 16 DOM
9. 2026-06-07
   days on market $237,000 Active 15 DOM
10. 2026-06-04
    days on market $237,000 Active 12 DOM
11. 2026-06-03
    days on market $237,000 Active 11 DOM
12. 2026-06-02
    days on market $237,000 Active 10 DOM
13. 2026-06-01
    days on market $237,000 Active 9 DOM
14. 2026-05-31
    days on market $237,000 Active 8 DOM
15. 2026-05-23
    listed $237,000 Active 1222-char remark

    Show marketing remark (1222 chars)

    Welcome to 3450 Edison, located in the desirable Nardin Park neighborhood on Detroit's West Side, just outside the historic Boston-Edison district. This brick, fully renovated multi-family property offers the perfect blend of timeless charm and modern living. Each unit features three spacious bedrooms and one full bathroom, completed with high-quality finishes throughout. The open living rooms are filled with natural light from new windows and feature a cozy fireplace, creating a warm and inviting atmosphere. Fully renovated kitchens with new cabinetry. Original hardwood floors have been beautifully refinished, enhancing the home's classic character. The upper unit mirrors the lower level and includes a private balcony off the living room. Beyond the cosmetic upgrades, this property provides peace of mind with extensive mechanical improvements completed in 2025, including new electrical, plumbing, HVAC, roof, windows, and sewer lines. Each unit also includes its own private basement, offering ample storage space and added functionality. The solid brick exterior adds durability and curb appeal. A truly turnkey opportunity ideal for investors or owner-occupants seeking quality, space, and long-term value.

16. 2026-05-23
    listed $237,000 Active

    Show marketing remark (1222 chars)

    Welcome to 3450 Edison, located in the desirable Nardin Park neighborhood on Detroit's West Side, just outside the historic Boston-Edison district. This brick, fully renovated multi-family property offers the perfect blend of timeless charm and modern living. Each unit features three spacious bedrooms and one full bathroom, completed with high-quality finishes throughout. The open living rooms are filled with natural light from new windows and feature a cozy fireplace, creating a warm and inviting atmosphere. Fully renovated kitchens with new cabinetry. Original hardwood floors have been beautifully refinished, enhancing the home's classic character. The upper unit mirrors the lower level and includes a private balcony off the living room. Beyond the cosmetic upgrades, this property provides peace of mind with extensive mechanical improvements completed in 2025, including new electrical, plumbing, HVAC, roof, windows, and sewer lines. Each unit also includes its own private basement, offering ample storage space and added functionality. The solid brick exterior adds durability and curb appeal. A truly turnkey opportunity ideal for investors or owner-occupants seeking quality, space, and long-term value.

17. 2026-05-22
    historical
18. 2026-05-21
    status Active
19. 2026-05-21
    status Active
20. 2026-04-10
    status Pending
21. 2026-04-10
    status Pending
22. 2026-04-04
    price $237,000
23. 2026-04-03
    price $237,000
24. 2026-03-17
    price $242,000
25. 2026-03-16
    price $242,000
26. 2026-02-14
    price $246,000
27. 2026-02-13
    price $246,000
28. 2026-01-23
    listed $250,000 Active
29. 2026-01-23
    listed $250,000 Active
30. 2026-01-22
    historical
31. 2026-01-22
    listed $250,000 Active
32. 2026-01-22
    historical
33. 2026-01-22
    listed $250,000 Active
34. 2026-01-22
    historical
35. 2026-01-22
    historical
36. 2025-12-26
    listed $260,000 Active
37. 2025-12-26
    listed $260,000 Active
38. 2006-11-06
    soldstatus $65,000
39. 2005-09-30
    historical
40. 2005-03-23
    listed $75,000

ⓘ 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: $1,282 · $107/mo
• Projected year-2 tax: $2,397 · $200/mo
• Expected delta: +$1,114/yr (+$93/mo · 86.9%)

ⓘ 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 ≥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: $31,560
• − Mortgage interest: −$12,772
• − Property taxes: −$1,282
• − Insurance: −$1,140
• − Repairs & maintenance: −$2,525
• − Management: −$2,525
• − Depreciation: −$6,633
• Taxable income: $4,684
• Est. tax owed @ 24.0%: −$1,124
• After-tax cash flow: $7,038/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): 15,227
• Household income: $45,046
• Rent vs Own: 46.4% rent · 53.6% own
• Severe rent burden: 646.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 3% Romanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 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: ▼ -139.60%
• Current HPI: 130.9545
• Rent YoY: ▲ 5.20%
• 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

+216.0% since first listed

26 events — show timeline

• 2026-05-23 Listed $237,000 REALCOMP
• 2026-05-23 Listed $237,000 MiRealSource-MiMLS
• 2026-05-22 Listing Removed — MiRealSource-MiMLS
• 2026-05-21 Relisted — MiRealSource-MiMLS
• 2026-05-21 Relisted — REALCOMP
• 2026-04-10 Pending — MiRealSource-MiMLS
• 2026-04-10 Pending — REALCOMP
• 2026-04-04 Price Changed $237,000 MiRealSource-MiMLS
• 2026-04-03 Price Changed $237,000 REALCOMP
• 2026-03-17 Price Changed $242,000 MiRealSource-MiMLS
• 2026-03-16 Price Changed $242,000 REALCOMP
• 2026-02-14 Price Changed $246,000 MiRealSource-MiMLS
• 2026-02-13 Price Changed $246,000 REALCOMP
• 2026-01-23 Listed $250,000 REALCOMP
• 2026-01-23 Listed $250,000 MiRealSource-MiMLS
• 2026-01-22 Listing Removed — REALCOMP
• 2026-01-22 Listing Removed — MiRealSource-MiMLS
• 2026-01-22 Listed $250,000 MiRealSource-MiMLS
• 2026-01-22 Listing Removed — MiRealSource-MiMLS
• 2026-01-22 Listed $250,000 REALCOMP
• 2026-01-22 Listing Removed — REALCOMP
• 2025-12-26 Listed $260,000 REALCOMP
• 2025-12-26 Listed $260,000 MiRealSource-MiMLS
• 2006-11-06 Sold (Public Records) $65,000 Public Records
• 2005-09-30 Listing Removed — MiRealSource-MiMLS
• 2005-03-23 Listed $75,000 MiRealSource-MiMLS

Property tax history

+10.9%/yr

Latest (2025): $1,282 · +0.0% YoY. Source: county tax records.