20331 Fenkell St · Detroit, MI 48223

$74,900

4 bd · 2.0 ba · 1,480 sqft · MultiFamily · 5 Days on market

Built 1926 Poor condition 3,920 sqft lot

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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
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Schools +1.3/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Great opportunity to own 2 unit building in a commercial zone. This property offers endless possibilites for it's new owner. Operate your business on the main level and live in the residential unit on the 2nd floor. This property currently offers 2 bedrooms and 1 bath on each level with a full basement. The sale will include the adjacent vacant lot. Come join the revitalization of the Brightmoor community

Key facts

• 2 unit building
• Adjacent vacant lot
• Commercial zone

Tags

• 2 UNIT BUILDING
• COMMERCIAL ZONE
• ADJACENT VACANT LOT

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $75k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $506/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Cap rate 22.5% 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: 158 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 46% 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).
• At $1,937/mo this rent would consume 52% of the median local household income ($45k/yr) (locally 1151% 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 $518 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 $21k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1926 — 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: 2.59% ✓
• Cap rate: 22.52%
• Cash-on-cash: 57.94%
• DSCR: 3.58
• GRM: 3.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 56.5%
• Equity multiple: 3.50×
• Total profit: $52,386
• Equity at exit: $11,168

10-year hold

• IRR: 61.4%
• Equity multiple: 7.14×
• Total profit: $128,782
• Equity at exit: $6,476

Cash invested: $20,972 (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 48223

• Active inventory: 158
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,937 high
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,124/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $1,013

Break-even live

Break-even rent $655

Max offer price $74,900

Occupancy floor 43%

Sensitivity live

Price	-10% $1,064	-5% $1,038	+0% $1,013	+5% $987	+10% $961
Rent	-10% $860	-5% $936	+0% $1,013	+5% $1,089	+10% $1,166
Rate	-1.0pp $1,050	-0.5pp $1,032	base $1,013	+0.5pp $993	+1.0pp $973

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,938
Total (2 units)			$1,937

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15318 Kentfield St Detroit, MI	3.0	1.5	900	$1,400	$1.56	44d	1	0.09mi
15340 Braile St Detroit, MI	3.0	1.0	883	$1,000	$1.13	5d	1	0.21mi
14828 Heyden St Detroit, MI	3.0	1.0	1562	$1,350	$0.86	18d	1	0.28mi
15519 Plainview Ave Detroit, MI	3.0	1.0	900	$1,396	$1.55	17d	1	0.34mi
15712 Vaughan St Detroit, MI	3.0	1.0	1280	$1,400	$1.09	15d	1	0.35mi
15815 Evergreen Rd Detroit, MI	3.0	1.0	1350	$1,300	$0.96	44d	1	0.47mi
15829 Minock St Detroit, MI	3.0	1.5	1200	$1,550	$1.29	24d	1	0.55mi
14258 Plainview Ave Detroit, MI	3.0	1.0	918	$1,200	$1.31	44d	1	0.68mi
16565 Blackstone St Detroit, MI	3.0	1.5	1592	$1,575	$0.99	44d	1	0.86mi
16717 Trinity St Detroit, MI	3.0	1.5	1101	$1,250	$1.14	44d	1	0.91mi
14177 Bentler St Detroit, MI	4.0	1.0	1000	$1,475	$1.48	44d	1	0.91mi
22241 Lyndon St Detroit, MI	3.0	1.0	960	$1,100	$1.15	17d	1	1.09mi
16823 Stahelin Ave Detroit, MI	3.0	2.5	1500	$1,600	$1.07	18d	1	1.21mi
16757 Greenview Ave Unit 1A Detroit, MI	3.0	1.5	1600	$1,500	$0.94	5d	1	1.23mi
15847 Chatham St Detroit, MI	3.0	1.0	909	$1,325	$1.46	5d	1	1.24mi
19050 W Davison St Detroit, MI	3.0	1.0	1118	$1,400	$1.25	44d	1	1.27mi
17255 Westbrook St Detroit, MI	3.0	2.0	1500	$1,450	$0.97	12d	1	1.29mi
17238 Shaftsbury Ave Detroit, MI	3.0	1.0	1200	$1,550	$1.29	44d	1	1.32mi
13514 Stahelin Ave Detroit, MI	3.0	1.0	1000	$1,400	$1.40	18d	1	1.33mi
12950 Glastonbury Ave Detroit, MI	3.0	1.0	1000	$1,400	$1.40	24d	1	1.39mi
14280 Bramell St Detroit, MI	3.0	1.0	1100	$1,500	$1.36	17d	1	1.42mi
13581 Penrod St Detroit, MI	4.0	1.0	1152	$1,200	$1.04	44d	1	1.42mi
17624 Patton St Detroit, MI	3.0	1.0	1260	$1,695	$1.35	44d	1	1.45mi
15065 Gilchrist St Detroit, MI	3.0	1.0	1100	$1,250	$1.14	44d	1	1.50mi

Listing history 4 events

1. 2026-04-05
   status Pending 408-char remark

   Show marketing remark (408 chars)

   Great opportunity to own 2 unit building in a commercial zone. This property offers endless possibilites for it's new owner. Operate your business on the main level and live in the residential unit on the 2nd floor. This property currently offers 2 bedrooms and 1 bath on each level with a full basement. The sale will include the adjacent vacant lot. Come join the revitalization of the Brightmoor community

2. 2026-04-05
   status Pending

   Show marketing remark (408 chars)

   Great opportunity to own 2 unit building in a commercial zone. This property offers endless possibilites for it's new owner. Operate your business on the main level and live in the residential unit on the 2nd floor. This property currently offers 2 bedrooms and 1 bath on each level with a full basement. The sale will include the adjacent vacant lot. Come join the revitalization of the Brightmoor community

3. 2026-03-31
   listed $74,900 Active 408-char remark

   Show marketing remark (408 chars)

   Great opportunity to own 2 unit building in a commercial zone. This property offers endless possibilites for it's new owner. Operate your business on the main level and live in the residential unit on the 2nd floor. This property currently offers 2 bedrooms and 1 bath on each level with a full basement. The sale will include the adjacent vacant lot. Come join the revitalization of the Brightmoor community

4. 2026-03-31
   listed $74,900 Active

   Show marketing remark (408 chars)

   Great opportunity to own 2 unit building in a commercial zone. This property offers endless possibilites for it's new owner. Operate your business on the main level and live in the residential unit on the 2nd floor. This property currently offers 2 bedrooms and 1 bath on each level with a full basement. The sale will include the adjacent vacant lot. Come join the revitalization of the Brightmoor community

ⓘ 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 ≥98°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: $23,244
• − Mortgage interest: −$4,196
• − Property taxes: −$1,124
• − Insurance: −$374
• − Repairs & maintenance: −$1,860
• − Management: −$1,860
• − Depreciation: −$2,179
• Taxable income: $11,652
• Est. tax owed @ 24.0%: −$2,797
• After-tax cash flow: $9,355/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 · 3 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and maintenance to bring it up to a livable condition. Significant work is needed on the exterior, roof, and landscaping to improve its resale and rental value.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major roof — No visible damage, but cannot confirm condition
• Major landscaping — Overgrown vegetation

Value-add opportunities

• Both repair and paint exterior — Enhances curb appeal and property value
• Both repair and paint interior walls — Improves living space and rental appeal
• Both landscaping and curb appeal — Enhances property value and attracts potential buyers/tenants

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
roof · No visible damage, but cannot confirm condition	Major	$15,000–50,000
landscaping · Overgrown vegetation	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both repair and paint exterior — Enhances curb appeal and property value ↑
• Both repair and paint interior walls — Improves living space and rental appeal ↑
• Both landscaping and curb appeal — Enhances property value and attracts potential buyers/tenants ↑

ⓘ 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): 22,622
• Household income: $44,512
• Rent vs Own: 43.8% rent · 56.2% own
• Severe rent burden: 1151.0

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 (86%)
• Race & ethnicity: Black 86% White 7% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Romanian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -303.41%
• Current HPI: 138.2779
• 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

+0.0% since first listed

4 events — show timeline

• 2026-04-05 Pending — MiRealSource-MiMLS
• 2026-04-05 Pending — REALCOMP
• 2026-03-31 Listed $74,900 REALCOMP
• 2026-03-31 Listed $74,900 MiRealSource-MiMLS