2114 Hyde Park Dr · Detroit, MI 48207

$179,900

3 bd · 1.5 ba · 1,800 sqft · Condo · 231 Days on market

Built 1973 $100/sqft · 8% above area Est $167k · 8% over $843/mo HOA · 31% of rent

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Why this score? — see what drove the D+ 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 +16.0/30.0
• 1% rule +10.0/10.0
• DSCR +4.9/10.0
• ARV discount +4.1/15.0
• Livability +3.7/5.0
• Appreciation +3.6/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks MLS

Amazing newly renovated two story townhouse in best downtown neighborhood; North Park is ideally located near Eastern Market, Dequindre Cut, Downtown Business Area. Greektown, Medical Center, and Entertainment Venues. Take a walk to Detroit Riverfront or short drive to Belle Isle. This three-bedroom townhouse is available for immediate occupancy.

Key facts

• Near eastern market
• Near greektown
• Near dequindre cut

Tags

• NEWLY RENOVATED
• NEAR EASTERN MARKET
• NEAR DEQUINDRE CUT
• NEAR DOWNTOWN BUSINESS AREA
• NEAR GREEKTOWN
• NEAR MEDICAL CENTER

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $180k.

Deal economics

• At list price, monthly cash flow is $89 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% 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; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $2,754/mo this rent would consume 69% of the median local household income ($48k/yr) (locally 2017% 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 (-2.8%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 231 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 24y ago 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 31% of rent.

Recommended offer $158,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 231 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 1973 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 1.53% ✓
• Cap rate: 6.89%
• Cash-on-cash: 2.13%
• DSCR: 1.09
• GRM: 5.4

CMA / ARV

• ARV (median comp): $167,260
• List price: $179,900
• Delta: 7.56%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -10.5%
• Equity multiple: 0.61×
• Total profit: $-19,854
• Equity at exit: $28,501

10-year hold

• IRR: -0.1%
• Equity multiple: 1.00×
• Total profit: $-222
• Equity at exit: $18,451

Cash invested: $50,372 (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: 5.4×

Monthly cashflow live

• Estimated rent: $2,754 high
• Mortgage (P&I): −$943
• Tax est. 1.5%: −$225 /mo · $2,698/yr
• Insurance: −$75
• HOA: −$843
• Vacancy / Maint / Mgmt: −$578
• Net cashflow: $89

Break-even live

Break-even rent $2,641

Max offer price $179,900

Occupancy floor 92%

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2003 Orleans St Unit 528 Detroit, MI	4.0	2.0	1800	$2,500	$1.39	44d	1	0.20mi
2928 Prince Hall Dr Detroit, MI	2.0	2.0	1425	$2,000	$1.40	5d	1	0.47mi
1348 Village Dr Detroit, MI	3.0	2.5	2100	$2,295	$1.09	24d	1	0.67mi
229 Orleans St Detroit, MI	1.0–2.0	1.0–2.5	1087	$2,779	$2.56	2d	10	0.76mi
1323 Broadway St Detroit, MI	2.0	1.0	1500	$2,200	$1.47	44d	1	0.97mi
1440 Robert Bradby Dr Detroit, MI	2.0	2.0	1250	$1,472	$1.18	44d	1	0.98mi
555 Brush St Unit 2706 Detroit, MI	2.0	2.0	1410	$2,075	$1.47	44d	1	1.01mi
555 Brush St Unit 2912 Detroit, MI	2.0	2.0	1265	$1,860	$1.47	44d	1	1.01mi
66 Winder St #458 Detroit, MI	2.0	2.0	1300	$2,600	$2.00	24d	1	1.06mi
10 Witherell St Detroit, MI	1.0–2.0	1.0–2.5	1394	$6,000	$4.30	5d	8	1.06mi
1212 Griswold St Unit 1024685P Detroit, MI	2.0	2.0	1291	$11,873	$9.20	24d	1	1.16mi
600 Woodward Ave Detroit, MI	2.0	2.5	1392	$5,817	$4.18	2d	4	1.16mi
111 State St Unit 1024679P Detroit, MI	2.0	2.0	1248	$7,718	$6.18	13d	1	1.19mi
111 State St Unit 1024673P Detroit, MI	2.0	2.0	1291	$8,342	$6.46	24d	1	1.19mi
150 Bagley St Detroit, MI	1.0–2.0	1.0–2.5	960	$4,100	$4.27	18d	1	1.23mi
1265 Washington Blvd Detroit, MI	2.0	1.0–2.5	944	$5,560	$5.89	2d	9	1.25mi
6533 E Jefferson Ave Detroit, MI	2.0	1.0–2.0	1181	$1,500	$1.27	24d	3	1.29mi
3439 Woodward Ave Detroit, MI	2.0	1.0–2.0	901	$3,400	$3.77	2d	5	1.34mi
1738 Canton St Unit 1 Detroit, MI	4.0	1.0	2244	$1,650	$0.74	44d	1	1.37mi
525 W Lafayette Blvd Detroit, MI	1.0–3.0	1.0–2.0	1546	$4,250	$2.75	3d	4	1.48mi
525 W Lafayette Blvd Detroit, MI	2.0–3.0	2.0	1546	$4,250	$2.75	44d	3	1.48mi

HOA detail condo

• Monthly dues: $843 · $10,116/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-18
   days on market $179,900 Active 231 DOM
2. 2026-06-17
   days on market $179,900 Active 230 DOM
3. 2026-06-15
   days on market $179,900 Active 228 DOM
4. 2026-06-13
   days on market $179,900 Active 226 DOM
5. 2026-06-13
   days on market $179,900 Active 225 DOM
6. 2026-06-09
   days on market $179,900 Active 222 DOM
7. 2026-06-08
   days on market $179,900 Active 221 DOM
8. 2026-06-07
   days on market $179,900 Active 220 DOM
9. 2026-06-04
   days on market $179,900 Active 217 DOM
10. 2026-06-03
    days on market $179,900 Active 216 DOM
11. 2026-06-01
    days on market $179,900 Active 214 DOM
12. 2026-05-31
    days on market $179,900 Active 213 DOM
13. 2025-10-30
    listed $179,900 Active 348-char remark

    Show marketing remark (348 chars)

    Amazing newly renovated two story townhouse in best downtown neighborhood; North Park is ideally located near Eastern Market, Dequindre Cut, Downtown Business Area. Greektown, Medical Center, and Entertainment Venues. Take a walk to Detroit Riverfront or short drive to Belle Isle. This three-bedroom townhouse is available for immediate occupancy.

14. 2025-10-30
    listed $179,900 Active 348-char remark

    Show marketing remark (348 chars)

    Amazing newly renovated two story townhouse in best downtown neighborhood; North Park is ideally located near Eastern Market, Dequindre Cut, Downtown Business Area. Greektown, Medical Center, and Entertainment Venues. Take a walk to Detroit Riverfront or short drive to Belle Isle. This three-bedroom townhouse is available for immediate occupancy.

15. 2025-10-30
    listed $179,900 Active

    Show marketing remark (348 chars)

    Amazing newly renovated two story townhouse in best downtown neighborhood; North Park is ideally located near Eastern Market, Dequindre Cut, Downtown Business Area. Greektown, Medical Center, and Entertainment Venues. Take a walk to Detroit Riverfront or short drive to Belle Isle. This three-bedroom townhouse is available for immediate occupancy.

16. 2025-10-27
    historical
17. 2025-10-26
    historical
18. 2025-08-26
    listed $189,900 Active
19. 2025-08-26
    listed $189,900 Active
20. 2019-07-18
    historical
21. 2019-07-17
    historical
22. 2019-04-03
    historical Keep Showing-Contgcy Appl
23. 2019-04-03
    historical Contingent - Continue To Show
24. 2019-02-19
    price $70,000
25. 2019-02-18
    price $70,000
26. 2019-02-18
    status Active
27. 2019-02-18
    status Active
28. 2018-12-05
    status Pending
29. 2018-12-05
    status Pending
30. 2018-09-24
    listed $58,000 Active
31. 2018-09-24
    listed $58,000 Active
32. 2002-12-10
    historical
33. 2002-06-10
    listed $65,000

ⓘ 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: $33,046
• − Mortgage interest: −$10,077
• − Property taxes: −$2,698
• − Insurance: −$900
• − Repairs & maintenance: −$2,644
• − Management: −$2,644
• − HOA: −$10,116
• − Depreciation: −$5,233
• Taxable loss: −$1,266
• Est. tax savings @ 24.0%: +$304
• After-tax cash flow: $1,375/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): 20,848
• 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

+176.8% since first listed

21 events — show timeline

• 2025-10-30 Listed $179,900 SW Michigan MLS
• 2025-10-30 Listed $179,900 REALCOMP
• 2025-10-30 Listed $179,900 MiRealSource-MiMLS
• 2025-10-27 Listing Removed — MiRealSource-MiMLS
• 2025-10-26 Listing Removed — REALCOMP
• 2025-08-26 Listed $189,900 REALCOMP
• 2025-08-26 Listed $189,900 MiRealSource-MiMLS
• 2019-07-18 Listing Removed — REALCOMP
• 2019-07-17 Listing Removed — MiRealSource-MiMLS
• 2019-04-03 Contingent — MiRealSource-MiMLS
• 2019-04-03 Contingent — REALCOMP
• 2019-02-19 Price Changed $70,000 MiRealSource-MiMLS
• 2019-02-18 Price Changed $70,000 REALCOMP
• 2019-02-18 Relisted — MiRealSource-MiMLS
• 2019-02-18 Relisted — REALCOMP
• 2018-12-05 Pending — MiRealSource-MiMLS
• 2018-12-05 Pending — REALCOMP
• 2018-09-24 Listed $58,000 MiRealSource-MiMLS
• 2018-09-24 Listed $58,000 REALCOMP
• 2002-12-10 Listing Removed — REALCOMP
• 2002-06-10 Listed $65,000 REALCOMP