2569 Alter Rd · Detroit, MI 48215

$86,450

5 bd · 1.0 ba · 1,324 sqft · SingleFamily public records · 37 Days on market

Built 1924 2,614 sqft lot $65/sqft · 58% below area

---

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
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 5 bedroom 2 bathroom located on between Vernon Hwy and Charlevoix St on Detroit's east side just down the street from Grosse Point Park. Home sold as is. Seller is selling their portfolio of 20 properties in Detroit.

Key facts

• 2,614 sq ft lot
• Built 1924
• Listed 37 days

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Sewer available
• Home design: Single-family residence; One and one-half stories; Ground-level entry with steps
• Construction: Aluminum siding; Block foundation
• Exterior features: Paved road access; Asphalt roof

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Unfinished basement; 8 total rooms

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $86k.

Deal economics

• At list price, monthly cash flow is $550 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $86k).
• Recommended offer: $84k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.9% 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: 137 active listings in the ZIP; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $598 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($84k) 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.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,856 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.87% ✓
• Cap rate: 13.93%
• Cash-on-cash: 27.26%
• DSCR: 2.21
• GRM: 4.4

CMA / ARV

• ARV (median comp): $206,257
• List price: $86,450
• Delta: -58.09%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1315 Newport St	0.53mi	4/1.0 (-1)	1,364 (+3%)	0mo	$10,000	$7	65
1330 Beaconsfield St	0.28mi	4/1.0 (-1)	1,144 (-14%)	0mo	$285,000	$249	59
1429 Maryland St	0.19mi	4/2.0 (-1)	1,512 (+14%)	0mo	$270,000	$179	58
1060 Chalmers St	0.63mi	4/1.5 (-1)	1,368 (+3%)	8mo	$36,890	$27	52
1099 Beaconsfield Ave	0.46mi	5/2.0	1,442 (+9%)	20mo	$242,000	$168	43
3633 Maryland St	0.44mi	4/1.5 (-1)	1,148 (-13%)	12mo	$37,500	$33	40
3975 Chatsworth St	0.71mi	4/2.0 (-1)	1,440 (+9%)	10mo	$80,500	$56	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.3%
• Equity multiple: 1.87×
• Total profit: $21,118
• Equity at exit: $12,890

10-year hold

• IRR: 29.5%
• Equity multiple: 3.64×
• Total profit: $63,915
• Equity at exit: $7,475

Cash invested: $24,206 (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 48215

• Home prices YoY: -24.1%
• Active inventory: 137
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,621 medium
• Mortgage (P&I): −$453
• Tax from tax record: −$241 /mo · $2,894/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$340
• Net cashflow: $550

Break-even live

Break-even rent $925

Max offer price $86,450

Occupancy floor 61%

Sensitivity live

Price	-10% $599	-5% $574	+0% $550	+5% $525	+10% $501
Rent	-10% $422	-5% $486	+0% $550	+5% $614	+10% $678
Rate	-1.0pp $593	-0.5pp $572	base $550	+0.5pp $527	+1.0pp $505

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: $21,612
• Closing costs: $2,594
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $86,450 Active 37 DOM
2. 2026-06-17
   days on market $86,450 Active 36 DOM
3. 2026-06-15
   days on market $86,450 Active 34 DOM
4. 2026-06-13
   days on market $86,450 Active 32 DOM
5. 2026-06-13
   days on market $86,450 Active 31 DOM
6. 2026-06-09
   days on market $86,450 Active 28 DOM
7. 2026-06-08
   days on market $86,450 Active 27 DOM
8. 2026-06-07
   days on market $86,450 Active 26 DOM
9. 2026-06-04
   days on market $86,450 Active 23 DOM
10. 2026-06-03
    days on market $86,450 Active 22 DOM
11. 2026-06-02
    days on market $86,450 Active 21 DOM
12. 2026-06-01
    days on market $86,450 Active 20 DOM
13. 2026-05-31
    days on market $86,450 Active 19 DOM
14. 2026-05-12
    listed $86,450 Active 225-char remark

    Show marketing remark (225 chars)

    Spacious 5 bedroom 2 bathroom located on between Vernon Hwy and Charlevoix St on Detroit's east side just down the street from Grosse Point Park. Home sold as is. Seller is selling their portfolio of 20 properties in Detroit.

15. 2026-05-12
    listed $86,450 Active 225-char remark

    Show marketing remark (225 chars)

    Spacious 5 bedroom 2 bathroom located on between Vernon Hwy and Charlevoix St on Detroit's east side just down the street from Grosse Point Park. Home sold as is. Seller is selling their portfolio of 20 properties in Detroit.

16. 2022-07-04
    price $2,000

ⓘ 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: $2,894 · $241/mo
• Projected year-2 tax: $2,894 · $241/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,448
• − Mortgage interest: −$4,843
• − Property taxes: −$2,894
• − Insurance: −$432
• − Repairs & maintenance: −$1,556
• − Management: −$1,556
• − Depreciation: −$2,515
• Taxable income: $5,653
• Est. tax owed @ 24.0%: −$1,357
• After-tax cash flow: $5,241/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
• City population: 572,865
• Population (ZIP): 10,238

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 (87%)
• Race & ethnicity: Black 87% White 9% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Romanian 1% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 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: ▼ -60.84%
• Current HPI: 191.0405
• 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

+4222.5% since first listed

3 events — show timeline

• 2026-05-12 Listed $86,450 MiRealSource-MiMLS
• 2026-05-12 Listed $86,450 REALCOMP
• 2022-07-04 Price Changed $2,000 RENT.

Property tax history

+20.1%/yr

Latest (2025): $2,894 · +0.8% YoY. Source: county tax records.