20502 Caldwell St · Detroit, MI 48234

$25,000

2 bd · 1.0 ba · 652 sqft · SingleFamily public records · 35 Days on market

Built 1922 4,356 sqft lot $38/sqft · 71% below area ↓ 44% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.2/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investment Opportunity – Sold As Is. Cash Only. Great potential for investors or rehabbers looking to add value. Property is being sold in its current condition with no repairs or warranties provided by the seller. Serious cash buyers only.

Key facts

• 4,356 sq ft lot
• Built 1922
• Listed 35 days

Property features AI

Finance

• HOA & community: Homeowners association present

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories
• Construction: Asphalt construction material; 652 above-grade finished area
• Exterior features: Lot in North Hamtramck subdivision; Located near Mound and 8 Mile

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; No cooling
• Interior features: Has basement; Two total rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $730 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $24k (3.0% below list) — sets the bar for market timing.
• Cap rate 41.3% 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: Rents rising fast (+6.7%/yr); 226 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).
• This rent runs 39% of the median local income ($35k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $173 of loan paydown is wiped out by about $750 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 + 6.7% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y ago; this cycle's ask is 108% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $5k; list at $25k implies a 400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $24,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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 1922 — 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. 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?
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: 4.57% ✓
• Cap rate: 41.35%
• Cash-on-cash: 125.19%
• DSCR: 6.57
• GRM: 1.8

CMA / ARV

• ARV (median comp): $85,040
• List price: $25,000
• Delta: -70.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20203 Moenart St	0.24mi	2/1.0	725 (+11%)	3mo	$48,000	$66	68
21116 Cyman Ave	0.38mi	2/1.0	710 (+9%)	3mo	$85,000	$120	65
20846 Atlantic Ave	0.35mi	2/1.0	696 (+7%)	10mo	$85,000	$122	64
21106 Audrey St	0.47mi	2/1.0	696 (+7%)	6mo	$53,000	$76	61
20761 Atlantic Ave	0.33mi	2/1.0	696 (+7%)	20mo	$45,000	$65	57
19676 Conley St	0.55mi	2/1.0	720 (+10%)	9mo	$50,000	$69	49
19612 Dwyer St	0.60mi	2/1.0	740 (+14%)	2mo	$50,000	$68	48
21589 Curie Ave	0.63mi	2/1.0	718 (+10%)	8mo	$111,500	$155	47
19436 Albany St	0.58mi	3/1.0 (+1)	725 (+11%)	6mo	$17,000	$23	44

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 · 6.72% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.70×
• Total profit: $46,917
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 18.21×
• Total profit: $120,480
• Equity at exit: $2,162

Cash invested: $7,000 (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 48234

• Home prices YoY: -11.9%
• Rents YoY: 6.7%
• Active inventory: 226
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,143 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $730

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 31%

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

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7033 Westminster Ave Warren, MI	2.0	1.0	561	$1,050	$1.87	43d	1	0.91mi
7605 Jackson Ave Warren, MI	2.0	1.0	600	$1,165	$1.94	24d	1	1.09mi
7275 Chalmers Ave Warren, MI	2.0	1.0	703	$1,200	$1.71	24d	1	1.17mi
18662 Sunset St Detroit, MI	2.0	1.0	726	$1,250	$1.72	18d	1	1.27mi
8036 Hupp Ave Warren, MI	2.0	1.0	680	$1,150	$1.69	43d	1	1.42mi
7533 Quinn St Unit 1 Detroit, MI	2.0	1.0	700	$850	$1.21	43d	1	1.45mi

Listing history 24 events

1. 2026-06-18
   days on market $25,000 Active 35 DOM
2. 2026-06-17
   days on market $25,000 Active 34 DOM
3. 2026-06-15
   days on market $25,000 Active 32 DOM
4. 2026-06-13
   days on market $25,000 Active 30 DOM
5. 2026-06-13
   days on market $25,000 Active 29 DOM
6. 2026-06-09
   days on market $25,000 Active 26 DOM
7. 2026-06-08
   days on market $25,000 Active 25 DOM
8. 2026-06-07
   days on market $25,000 Active 24 DOM
9. 2026-06-04
   days on market $25,000 Active 21 DOM
10. 2026-06-03
    days on market $25,000 Active 20 DOM
11. 2026-06-02
    days on market $25,000 Active 19 DOM
12. 2026-06-01
    days on market $25,000 Active 18 DOM
13. 2026-05-31
    days on market $25,000 Active 17 DOM
14. 2026-05-14
    listed $12,000 Active 246-char remark

    Show marketing remark (246 chars)

    Investment Opportunity – Sold As Is. Cash Only. Great potential for investors or rehabbers looking to add value. Property is being sold in its current condition with no repairs or warranties provided by the seller. Serious cash buyers only.

15. 2026-05-14
    listed $12,000 Active 252-char remark

    Show marketing remark (246 chars)

    Investment Opportunity – Sold As Is. Cash Only. Great potential for investors or rehabbers looking to add value. Property is being sold in its current condition with no repairs or warranties provided by the seller. Serious cash buyers only.

16. 2003-06-10
    soldstatus $5,000
17. 2003-04-22
    listed $7,500
18. 2003-03-31
    historical
19. 2003-03-05
    historical
20. 2003-02-25
    listed $9,900
21. 2003-02-25
    listed $9,900
22. 2003-02-08
    historical
23. 2002-11-07
    listed $15,900
24. 2001-11-09
    soldstatus $44,787

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 72% 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,717
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$1,097
• − Management: −$1,097
• − Depreciation: −$727
• Taxable income: $8,895
• Est. tax owed @ 24.0%: −$2,135
• After-tax cash flow: $6,629/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): 32,760
• Household income: $35,322
• Rent vs Own: 47.0% rent · 53.0% own
• Severe rent burden: 2372.0

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 (94%)
• Race & ethnicity: Black 94% White 3% Two or more races 1%
• Common ancestry: Romanian 1%
• Foreign-born: 2% · Canada, Vietnam, Philippines
• Languages at home: 97% English-only · French/Haitian/Cajun 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: ▼ -44.65%
• Current HPI: 328.8978
• Rent YoY: ▲ 6.72%
• 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

-44.2% since first listed

13 events — show timeline

• 2026-05-21 Price Changed $25,000 MiRealSource-MiMLS
• 2026-05-21 Price Changed $25,000 REALCOMP
• 2026-05-14 Listed $12,000 REALCOMP
• 2026-05-14 Listed $12,000 MiRealSource-MiMLS
• 2003-06-10 Sold (MLS) $5,000 REALCOMP
• 2003-04-22 Listed $7,500 REALCOMP
• 2003-03-31 Listing Removed — REALCOMP
• 2003-03-05 Listing Removed — REALCOMP
• 2003-02-25 Listed $9,900 REALCOMP
• 2003-02-25 Listed $9,900 REALCOMP
• 2003-02-08 Listing Removed — REALCOMP
• 2002-11-07 Listed $15,900 REALCOMP
• 2001-11-09 Sold (Public Records) $44,787 Public Records

Property tax history

+21.6%/yr

Latest (2025): $2,707 · +101.9% YoY. Source: county tax records.