9628 Broadstreet Ave · Detroit, MI 48204

$225,000

6 bd · 2.5 ba · 2,394 sqft · Townhouse public records · 55 Days on market

Built 1923 4,356 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 +19.2/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +3.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks MLS

Fully renovated two-unit multi-family offering a total of 6 bedrooms and 4 full bathrooms across 2,394 square feet. Each unit features 3 bedrooms, 2 full bathrooms, modern finishes and updated systems, making this property truly move-in ready. Large unfinished basement provides ample storage or future potential. Conveniently located near parks and schools and situated on the edge of the sought-after Boston Edison Historic District. Ideal for owner-occupants or investors seeking a turn-key opportunity.

Key facts

• 4,356 sq ft lot
• Built 1923
• Listed 55 days

What this means for you Summary

Snapshot

• This is a 6-bed/2.5-bath townhouse listed at $225k.

Deal economics

• At list price, monthly cash flow is $243 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $199k (11.6% below list).
• Recommended offer: $199k (11.6% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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: 244 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $1,989/mo this rent would consume 69% of the median local household income ($34k/yr) (locally 1418% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% 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 (10.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $3k; list at $225k implies a 7400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $198,863 (11.6% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.88% ✗
• Cap rate: 7.59%
• Cash-on-cash: 4.64%
• DSCR: 1.21
• GRM: 9.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.6%
• Equity multiple: 3.19×
• Total profit: $137,934
• Equity at exit: $202,698

10-year hold

• IRR: 24.1%
• Equity multiple: 7.25×
• Total profit: $393,783
• Equity at exit: $437,126

Cash invested: $63,000 (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 48204

• Home prices YoY: 18.5%
• Active inventory: 244
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,989 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$54 /mo · $647/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$418
• Net cashflow: $243

Break-even live

Break-even rent $1,681

Max offer price $225,000

Occupancy floor 83%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3799 W Philadelphia St Detroit, MI	5.0	2.0	2200	$1,650	$0.75	16d	1	0.77mi
2509 Gladstone St Unit NA Detroit, MI	6.0	3.0	3008	$2,000	$0.66	10d	1	1.14mi
8951 La Salle Blvd Detroit, MI	5.0	2.5	2440	$2,500	$1.02	15d	1	1.18mi
13225 Santa Rosa Dr Detroit, MI	5.0	2.0	2100	$1,700	$0.81	5d	1	1.31mi
2028 Gladstone St Unit 1 Detroit, MI	5.0	2.0	2500	$2,850	$1.14	3d	1	1.44mi

Listing history 13 events

1. 2026-06-18
   days on market $225,000 Active 55 DOM
2. 2026-06-17
   days on market $225,000 Active 54 DOM
3. 2026-06-15
   days on market $225,000 Active 52 DOM
4. 2026-06-13
   days on market $225,000 Active 50 DOM
5. 2026-06-13
   statusdays on market $225,000 Active 49 DOM
6. 2026-04-21
   status Pending 506-char remark

   Show marketing remark (506 chars)

   Fully renovated two-unit multi-family offering a total of 6 bedrooms and 4 full bathrooms across 2,394 square feet. Each unit features 3 bedrooms, 2 full bathrooms, modern finishes and updated systems, making this property truly move-in ready. Large unfinished basement provides ample storage or future potential. Conveniently located near parks and schools and situated on the edge of the sought-after Boston Edison Historic District. Ideal for owner-occupants or investors seeking a turn-key opportunity.

7. 2026-04-21
   status Pending

   Show marketing remark (506 chars)

   Fully renovated two-unit multi-family offering a total of 6 bedrooms and 4 full bathrooms across 2,394 square feet. Each unit features 3 bedrooms, 2 full bathrooms, modern finishes and updated systems, making this property truly move-in ready. Large unfinished basement provides ample storage or future potential. Conveniently located near parks and schools and situated on the edge of the sought-after Boston Edison Historic District. Ideal for owner-occupants or investors seeking a turn-key opportunity.

8. 2026-03-26
   historical Accepting Backup Offers 506-char remark

   Show marketing remark (506 chars)

   Fully renovated two-unit multi-family offering a total of 6 bedrooms and 4 full bathrooms across 2,394 square feet. Each unit features 3 bedrooms, 2 full bathrooms, modern finishes and updated systems, making this property truly move-in ready. Large unfinished basement provides ample storage or future potential. Conveniently located near parks and schools and situated on the edge of the sought-after Boston Edison Historic District. Ideal for owner-occupants or investors seeking a turn-key opportunity.

9. 2026-03-26
   historical Active Under Contract

   Show marketing remark (506 chars)

   Fully renovated two-unit multi-family offering a total of 6 bedrooms and 4 full bathrooms across 2,394 square feet. Each unit features 3 bedrooms, 2 full bathrooms, modern finishes and updated systems, making this property truly move-in ready. Large unfinished basement provides ample storage or future potential. Conveniently located near parks and schools and situated on the edge of the sought-after Boston Edison Historic District. Ideal for owner-occupants or investors seeking a turn-key opportunity.

10. 2026-03-06
    listed $225,000 Active 506-char remark

    Show marketing remark (506 chars)

    Fully renovated two-unit multi-family offering a total of 6 bedrooms and 4 full bathrooms across 2,394 square feet. Each unit features 3 bedrooms, 2 full bathrooms, modern finishes and updated systems, making this property truly move-in ready. Large unfinished basement provides ample storage or future potential. Conveniently located near parks and schools and situated on the edge of the sought-after Boston Edison Historic District. Ideal for owner-occupants or investors seeking a turn-key opportunity.

11. 2026-03-06
    listed $225,000 Active

    Show marketing remark (506 chars)

    Fully renovated two-unit multi-family offering a total of 6 bedrooms and 4 full bathrooms across 2,394 square feet. Each unit features 3 bedrooms, 2 full bathrooms, modern finishes and updated systems, making this property truly move-in ready. Large unfinished basement provides ample storage or future potential. Conveniently located near parks and schools and situated on the edge of the sought-after Boston Edison Historic District. Ideal for owner-occupants or investors seeking a turn-key opportunity.

12. 2026-03-01
    historical $225,000 506-char remark

    Show marketing remark (506 chars)

    Fully renovated two-unit multi-family offering a total of 6 bedrooms and 4 full bathrooms across 2,394 square feet. Each unit features 3 bedrooms, 2 full bathrooms, modern finishes and updated systems, making this property truly move-in ready. Large unfinished basement provides ample storage or future potential. Conveniently located near parks and schools and situated on the edge of the sought-after Boston Edison Historic District. Ideal for owner-occupants or investors seeking a turn-key opportunity.

13. 1994-06-01
    soldstatus $3,000

ⓘ 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: $647 · $54/mo
• Projected year-2 tax: $2,056 · $171/mo
• Expected delta: +$1,409/yr (+$117/mo · 217.7%)

ⓘ 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: $23,864
• − Mortgage interest: −$12,603
• − Property taxes: −$647
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,909
• − Management: −$1,909
• − Depreciation: −$6,545
• Taxable loss: −$876
• Est. tax savings @ 24.0%: +$210
• After-tax cash flow: $3,131/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): 20,696
• Household income: $34,468
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 1418.0

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% Two or more races 7% Hispanic / Latino 5% White 4% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Hispanic 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 36.51%
• Current HPI: 234.0465
• 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

+7400.0% since first listed

8 events — show timeline

• 2026-04-21 Pending — MiRealSource-MiMLS
• 2026-04-21 Pending — REALCOMP
• 2026-03-26 Contingent — MiRealSource-MiMLS
• 2026-03-26 Contingent — REALCOMP
• 2026-03-06 Listed $225,000 MiRealSource-MiMLS
• 2026-03-06 Listed $225,000 REALCOMP
• 2026-03-01 Coming Soon $225,000 MiRealSource-MiMLS
• 1994-06-01 Sold (Public Records) $3,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $647 · +90.4% YoY. Source: county tax records.