404-406 W Golden · Detroit, MI 48203 1958

$149,900

None bd · 6.0 ba · 2,090 sqft · MultiFamily · 36 Days on market

Built 1956 Average condition 5,227 sqft lot $72/sqft · 112% above area

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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Excellent location and street all brick two family recently updated in a up and coming area. Refinished hardwood flooring in bedrooms, living room and dining room. New flooring and cabinets in the kitchen. New interior and exterior doors. fireplace in living room. home has a full basement. One car detached garage. Live in one and rent the other or an investor can rent out both units.

Key facts

• New exterior doors
• New flooring
• All brick

Tags

• ALL BRICK
• REFINISHED HARDWOOD FLOORING
• NEW FLOORING
• NEW CABINETS
• NEW INTERIOR DOORS
• NEW EXTERIOR DOORS

Property features AI

Finance

• Other: Zoned for multi-family; Lot acreage approximately 0.12
• Financial info: Net operating income reported as $0
• HOA & community: HOA details not provided

Exterior

• Parking: Parking details not provided
• Security: Security details not provided
• Utilities: Public water (at street); Public sewer (at street); Natural gas
• Home design: Multi-family property; Colonial style; 2-story structure; Built in 1956; Frontage: 50 feet
• Construction: Basement foundation; Block basement construction
• Exterior features: Brick exterior; Paved street frontage

Interior

• Kitchen: Kitchen details not provided
• Bedrooms: Total bedrooms not specified
• Flooring: Flooring details not provided
• Bathrooms: Two full bathrooms; Four total baths/lavatories
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: Two separate units (duplex); Block basement
• Laundry & utility: Basement (laundry/utility location not specified)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1-bath units multifamily listed at $150k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $996 ($12k/yr) — positive. Per door: $498/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.3% 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: 1 active listings in the ZIP; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $4k appreciation (3.0% local appreciation)).
• 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 $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% 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 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.72% ✓
• Cap rate: 14.27%
• Cash-on-cash: 28.47%
• DSCR: 2.27
• GRM: 4.9

CMA / ARV

• ARV (median comp): $70,594
• List price: $149,900
• Delta: 112.34%
• Verdict: OVERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 34.4%
• Equity multiple: 2.94×
• Total profit: $81,529
• Equity at exit: $67,402

10-year hold

• IRR: 34.6%
• Equity multiple: 5.80×
• Total profit: $201,415
• Equity at exit: $103,874

Cash invested: $41,972 (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 1958

• Active inventory: 1
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,572 high
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$540
• Net cashflow: $996

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,572
Total (2 units)			$2,572

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $149,900 Active 36 DOM
2. 2026-06-17
   days on market $149,900 Active 35 DOM
3. 2026-06-15
   days on market $149,900 Active 33 DOM
4. 2026-06-13
   days on market $149,900 Active 31 DOM
5. 2026-06-13
   days on market $149,900 Active 30 DOM
6. 2026-06-09
   days on market $149,900 Active 27 DOM
7. 2026-06-08
   days on market $149,900 Active 26 DOM
8. 2026-06-07
   days on market $149,900 Active 25 DOM
9. 2026-06-04
   days on market $149,900 Active 22 DOM
10. 2026-06-03
    days on market $149,900 Active 21 DOM
11. 2026-06-02
    days on market $149,900 Active 20 DOM
12. 2026-06-01
    days on market $149,900 Active 19 DOM
13. 2026-05-31
    days on market $149,900 Active 18 DOM
14. 2026-05-13
    listed $149,900 Active 386-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $30,864
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$2,469
• − Management: −$2,469
• − Depreciation: −$4,361
• Taxable income: $10,170
• Est. tax owed @ 24.0%: −$2,441
• After-tax cash flow: $9,511/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.

Condition & rehab AI · 6 photos

Average 55/100 Moderate rehab

A two-family home in average condition with moderate rehab needs, offering potential for value increase through exterior and interior painting.

Repairs flagged

• Minor Exterior paint — Some discoloration visible
• Minor Interior paint — Some discoloration visible

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Paint interior — Enhances interior appearance and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior paint · Some discoloration visible	Minor	$500–3,000
Interior paint · Some discoloration visible	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Paint interior — Enhances interior appearance and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-05-13 Listed $149,900 MiRealSource-MiMLS