1550 Cherboneau Pl #221 · Detroit, MI 48207

$37,400

1 bd · 1.0 ba · 63,192 sqft · Condo · 27 Days on market

Built 1963 Fair condition $720/mo HOA

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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 +14.8/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• Livability +3.7/5.0
• Appreciation +3.6/10.0
• Rent growth +3.4/5.0
• Condition / age +2.2/5.0
• Schools +1.3/10.0

Listing remarks MLS

In the heart of Historic Lafayette Park! Spacious first-floor 2-bedroom co-op is full of potential and priced for someone ready to bring their vision to life. With a little updating and modern touches, this could become an incredible downtown retreat with unbeatable value. Enjoy generous storage and an unbeatable location just moments from some of Detroit's most loved destinations, including the Dequindre Cut, Eastern Market, the Riverwalk, major sports venues, dining, nightlife, and entertainment. Residents of Cherboneau Place enjoy a welcoming community atmosphere with impressive amenities including gated parking, beautifully maintained grounds, a community room, library, on-site laundry, exercise room, workshop space, private secure storage, and elevator access for added convenience. The monthly HOA ($720) provides exceptional value by covering property taxes, water, heat, trash service, building maintenance, and A/C maintenance. Assoc. contact: [email protected] / 248.553.47Opportunity knocks in the heart of Historic Lafayette Park! This spacious first-floor 2-bedroom co-op is full of potential and priced for someone ready to bring their vision to life. With a little updating, fresh flooring and modern touches, this could become an incredible downtown retreat with unbeatable value. Enjoy generous storage and an unbeatable location just moments from some of Detroit's most loved destinations, including the Dequindre Cut, Eastern Market, the Riverwalk, major sports venues, dining, nightlife, and entertainment. Residents of Cherboneau Place enjoy a welcoming community atmosphere with impressive amenities including gated parking, beautifully maintained grounds, a community room, library, on-site laundry, exercise room, workshop space, private secure storage, and elevator access for added convenience. The monthly HOA provides exceptional value by covering property taxes, water, heat, trash service, building maintenance, and A/C maintenance, making everyday living both simple and affordable. Co-op board approval is

Key facts

• $720 HOA
• Built 1963
• Listed 27 days

Property features AI

Finance

• HOA & community: Monthly association fee (includes water, sewer, heat, trash, snow removal, and lawn/yard care); Association amenities include library and storage

Exterior

• Utilities: Public water; Electricity available; Natural gas connected; Natural gas water heater
• Home design: Ranch-style; Stock cooperative; Residential property; Built in 1963
• Construction: Brick construction
• Exterior features: Paved road access; Lot approximately 3.02 acres

Interior

• Kitchen: Range; Microwave; Disposal; Kitchen (7 x 10)
• Bedrooms: Primary bedroom (13 x 12)
• Bathrooms: 1 full bathroom (11 x 10)
• Heating & cooling: Baseboard heating; Has heating; Has cooling
• Interior features: Elevator; Pantry; Insulated windows; 3 total rooms

🏢 Co-op / cooperative unit. The $37,400 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $37k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $11 ($127/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $37k).
• Recommended offer: $37k (1.5% below list) — sets the bar for market timing.
• Cap rate 6.6% vs local median 10.2% in Detroit — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 (+3.5%/yr); 244 active listings in the ZIP; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 31% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-2.8%/yr); year-one equity from $259 of loan paydown is wiped out by about $1k 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.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($37k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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: HOA is 58% of rent.

Recommended offer $36,839 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 3.35% ✓
• Cap rate: 6.63%
• Cash-on-cash: 1.21%
• DSCR: 1.05
• GRM: 2.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.79% appreciation · 3.53% rent growth · sell at horizon

5-year hold

• IRR: -9.8%
• Equity multiple: 0.62×
• Total profit: $-3,928
• Equity at exit: $5,925

10-year hold

• IRR: 2.7%
• Equity multiple: 1.23×
• Total profit: $2,384
• Equity at exit: $3,836

Cash invested: $10,472 (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 48207

• Home prices YoY: -2.0%
• Rents YoY: 3.5%
• Active inventory: 244
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,252 medium
• Mortgage (P&I): −$196
• Tax est. 1.5%: −$47 /mo · $561/yr
• Insurance: −$16
• HOA: −$720
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $11

Break-even live

Break-even rent $1,239

Max offer price $37,400

Occupancy floor 94%

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: $9,350
• Closing costs: $1,122
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $720 · $8,640/yr
• Likely covers: watertrashlandscapingsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $37,400 Active 27 DOM
2. 2026-06-17
   days on market $37,400 Active 26 DOM
3. 2026-06-15
   days on market $37,400 Active 24 DOM
4. 2026-06-13
   days on market $37,400 Active 22 DOM
5. 2026-06-13
   days on market $37,400 Active 21 DOM
6. 2026-06-09
   days on market $37,400 Active 18 DOM
7. 2026-06-08
   days on market $37,400 Active 17 DOM
8. 2026-06-07
   days on market $37,400 Active 16 DOM
9. 2026-06-04
   days on market $37,400 Active 13 DOM
10. 2026-06-03
    days on market $37,400 Active 12 DOM
11. 2026-06-02
    days on market $37,400 Active 11 DOM
12. 2026-06-01
    days on market $37,400 Active 10 DOM
13. 2026-05-31
    days on market $37,400 Active 9 DOM
14. 2026-05-22
    listed $37,400 Active 2047-char remark

    Show marketing remark (993 chars)

    In the heart of Historic Lafayette Park! Spacious first-floor 2-bedroom co-op is full of potential and priced for someone ready to bring their vision to life. With a little updating and modern touches, this could become an incredible downtown retreat with unbeatable value. Enjoy generous storage and an unbeatable location just moments from some of Detroit's most loved destinations, including the Dequindre Cut, Eastern Market, the Riverwalk, major sports venues, dining, nightlife, and entertainment. Residents of Cherboneau Place enjoy a welcoming community atmosphere with impressive amenities including gated parking, beautifully maintained grounds, a community room, library, on-site laundry, exercise room, workshop space, private secure storage, and elevator access for added convenience. The monthly HOA ($720) provides exceptional value by covering property taxes, water, heat, trash service, building maintenance, and A/C maintenance. Assoc. contact: [email protected] / 248.553.47

15. 2026-05-22
    listed $37,400 Active

    Show marketing remark (993 chars)

    In the heart of Historic Lafayette Park! Spacious first-floor 2-bedroom co-op is full of potential and priced for someone ready to bring their vision to life. With a little updating and modern touches, this could become an incredible downtown retreat with unbeatable value. Enjoy generous storage and an unbeatable location just moments from some of Detroit's most loved destinations, including the Dequindre Cut, Eastern Market, the Riverwalk, major sports venues, dining, nightlife, and entertainment. Residents of Cherboneau Place enjoy a welcoming community atmosphere with impressive amenities including gated parking, beautifully maintained grounds, a community room, library, on-site laundry, exercise room, workshop space, private secure storage, and elevator access for added convenience. The monthly HOA ($720) provides exceptional value by covering property taxes, water, heat, trash service, building maintenance, and A/C maintenance. Assoc. contact: [email protected] / 248.553.47

16. 2026-05-22
    listed $37,400 Active 993-char remark

    Show marketing remark (993 chars)

    In the heart of Historic Lafayette Park! Spacious first-floor 2-bedroom co-op is full of potential and priced for someone ready to bring their vision to life. With a little updating and modern touches, this could become an incredible downtown retreat with unbeatable value. Enjoy generous storage and an unbeatable location just moments from some of Detroit's most loved destinations, including the Dequindre Cut, Eastern Market, the Riverwalk, major sports venues, dining, nightlife, and entertainment. Residents of Cherboneau Place enjoy a welcoming community atmosphere with impressive amenities including gated parking, beautifully maintained grounds, a community room, library, on-site laundry, exercise room, workshop space, private secure storage, and elevator access for added convenience. The monthly HOA ($720) provides exceptional value by covering property taxes, water, heat, trash service, building maintenance, and A/C maintenance. Assoc. contact: [email protected] / 248.553.47

17. 2026-05-22
    historical $37,400 993-char remark

    Show marketing remark (993 chars)

    In the heart of Historic Lafayette Park! Spacious first-floor 2-bedroom co-op is full of potential and priced for someone ready to bring their vision to life. With a little updating and modern touches, this could become an incredible downtown retreat with unbeatable value. Enjoy generous storage and an unbeatable location just moments from some of Detroit's most loved destinations, including the Dequindre Cut, Eastern Market, the Riverwalk, major sports venues, dining, nightlife, and entertainment. Residents of Cherboneau Place enjoy a welcoming community atmosphere with impressive amenities including gated parking, beautifully maintained grounds, a community room, library, on-site laundry, exercise room, workshop space, private secure storage, and elevator access for added convenience. The monthly HOA ($720) provides exceptional value by covering property taxes, water, heat, trash service, building maintenance, and A/C maintenance. Assoc. contact: [email protected] / 248.553.47

18. 2026-05-21
    historical $37,400

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

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 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,023
• − Mortgage interest: −$2,095
• − Property taxes: −$561
• − Insurance: −$187
• − Repairs & maintenance: −$1,202
• − Management: −$1,202
• − HOA: −$8,640
• − Depreciation: −$1,088
• Taxable income: $48
• Est. tax owed @ 24.0%: −$12
• After-tax cash flow: $115/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 · 26 photos

Fair 45/100 Moderate rehab

This 1-bedroom townhouse in Historic Lafayette Park requires moderate renovations to modernize the kitchen and bathroom, which would significantly increase its value for both resale and rental purposes.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom fixtures — dated and worn
• Moderate kitchen flooring — dated and worn
• Moderate bathroom tile — dated and worn

Value-add opportunities

• Both update kitchen cabinets and flooring — modernizing the kitchen would improve both resale and rental value
• Both update bathroom fixtures and tile — modernizing the bathroom would improve both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · dated and worn	Moderate	$3,000–15,000
kitchen flooring · dated and worn	Moderate	$3,000–15,000
bathroom tile · dated and worn	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$12,000–60,000

Value-add ROI direction

• Both update kitchen cabinets and flooring — modernizing the kitchen would improve both resale and rental value ↑
• Both update bathroom fixtures and tile — modernizing the bathroom would improve both resale and rental 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
• County: Wayne County · 1,562,939 people
• City population: 572,865
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 20,848
• Household income: $47,831
• Rent vs Own: 74.2% rent · 25.8% own
• Severe rent burden: 2017.0

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 (74%)
• Race & ethnicity: Black 74% White 18% Two or more races 4% Asian 3% Hispanic / Latino 2%
• Common ancestry: Romanian 2% Italian 1% Lithuanian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Arabic 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: ▼ -2.79%
• Current HPI: 136.6328
• Rent YoY: ▲ 3.53%
• 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

+0.0% since first listed

5 events — show timeline

• 2026-05-22 Listed $37,400 REALCOMP
• 2026-05-22 Listed $37,400 SW Michigan MLS
• 2026-05-22 Listed $37,400 MiRealSource-MiMLS
• 2026-05-22 Coming Soon $37,400 MiRealSource-MiMLS
• 2026-05-21 Coming Soon $37,400 SW Michigan MLS