18432 Greenfield Rd · Detroit, MI 48235

$68,500

4 bd · 1.0 ba · 966 sqft · Townhouse public records · 64 Days on market

Built 1953 2,614 sqft lot $71/sqft · 41% below area Est $116k · 41% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this brick home located in a quiet Detroit neighborhood - a great opportunity for investors or buyers looking to add value! Please note: This listing is for ONE unit of a duplex (not the entire property). This unit offers 2 bedrooms and 1 full bathroom, featuring a functional layout with hardwood floors that bring warmth and character throughout. The home includes access to a spacious basement, and a private backyard. Large windows allow for natural light, creating a bright interior space with great potential. This property presents a great opportunity to build equity or create a rental investment. Conveniently located near major freeways, shopping, and everyday amenities. Furnace and water tank will be in working condition at the time of closing (final inspection). Don't miss this opportunity to bring your vision to life!

Key facts

• 2,614 sq ft lot
• Built 1953
• Listed 63 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath townhouse listed at $68k.

Deal economics

• At list price, monthly cash flow is $579 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $68k).
• Recommended offer: $64k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.4% vs local median 10.1% 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 (+3.2%/yr); 290 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 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 $1,525/mo this rent would consume 47% of the median local household income ($39k/yr) (locally 3064% 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 $474 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 + 3.2% rent growth), your $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 12y ago; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $15k; list at $68k implies a 357% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.2% of price; built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $64,389 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 2.23% ✓
• Cap rate: 16.44%
• Cash-on-cash: 36.25%
• DSCR: 2.61
• GRM: 3.7

CMA / ARV

• ARV (median comp): $116,356
• List price: $68,500
• Delta: -41.13%
• Verdict: UNDERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.25% rent growth · sell at horizon

5-year hold

• IRR: 32.4%
• Equity multiple: 2.37×
• Total profit: $26,307
• Equity at exit: $10,214

10-year hold

• IRR: 39.7%
• Equity multiple: 4.78×
• Total profit: $72,488
• Equity at exit: $5,923

Cash invested: $19,180 (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 48235

• Rents YoY: 3.2%
• Active inventory: 290
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,525 high
• Mortgage (P&I): −$359
• Tax from tax record: −$238 /mo · $2,850/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $579

Break-even live

Break-even rent $791

Max offer price $68,500

Occupancy floor 57%

Sensitivity live

Price	-10% $618	-5% $599	+0% $579	+5% $560	+10% $541
Rent	-10% $459	-5% $519	+0% $579	+5% $640	+10% $700
Rate	-1.0pp $614	-0.5pp $597	base $579	+0.5pp $562	+1.0pp $544

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: $17,125
• Closing costs: $2,055
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18481 Prest St Detroit, MI	3.0	1.5	1100	$1,300	$1.18	20d	1	0.08mi
18400 Rutherford St Detroit, MI	3.0	1.0	1050	$1,400	$1.33	4d	1	0.30mi
17165 Prevost St Detroit, MI	3.0	1.0	1060	$2,400	$2.26	3d	1	0.61mi
19440 Rutherford St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	25d	1	0.73mi
19467 Rutherford St Detroit, MI	3.0	1.0	1002	$1,200	$1.20	17d	1	0.77mi
18010 Lesure St Detroit, MI	3.0	1.0	1010	$1,550	$1.53	25d	1	0.88mi
18494 Ashton Ave Detroit, MI	3.0	1.0	1000	$1,600	$1.60	17d	1	1.08mi
16505 Stansbury St Detroit, MI	3.0	1.0	1100	$1,250	$1.14	12d	1	1.22mi
19818 Fenmore St Detroit, MI	3.0	1.0	902	$1,275	$1.41	44d	1	1.29mi
20210 Biltmore St Detroit, MI	3.0	1.0	1033	$1,350	$1.31	25d	1	1.31mi
20203 Gilchrist St Detroit, MI	3.0	1.0	1031	$1,250	$1.21	6d	1	1.35mi
19918 Southfield Fwy Detroit, MI	3.0	1.0	915	$1,375	$1.50	16d	1	1.35mi
20314 Gilchrist St Detroit, MI	3.0	1.0	1042	$1,500	$1.44	6d	1	1.42mi
20043 Fenmore St Detroit, MI	3.0	1.0	1030	$1,453	$1.41	44d	1	1.43mi
20259 Oakfield St Detroit, MI	3.0	1.0	1056	$1,250	$1.18	17d	1	1.46mi
15736 Biltmore St Detroit, MI	3.0	1.5	1000	$1,200	$1.20	17d	1	1.46mi
19970 Ashton Ave Detroit, MI	3.0	1.0	1000	$1,000	$1.00	44d	1	1.47mi

Listing history 37 events

1. 2026-06-17
   days on market $68,500 Active 64 DOM
2. 2026-06-15
   days on market $68,500 Active 62 DOM
3. 2026-06-13
   days on market $68,500 Active 60 DOM
4. 2026-06-13
   days on market $68,500 Active 59 DOM
5. 2026-06-09
   days on market $68,500 Active 56 DOM
6. 2026-06-08
   days on market $68,500 Active 55 DOM
7. 2026-06-07
   days on market $68,500 Active 54 DOM
8. 2026-06-04
   days on market $68,500 Active 51 DOM
9. 2026-06-03
   days on market $68,500 Active 50 DOM
10. 2026-06-02
    days on market $68,500 Active 49 DOM
11. 2026-06-01
    days on market $68,500 Active 48 DOM
12. 2026-05-31
    days on market $68,500 Active 47 DOM
13. 2026-05-06
    price $68,500 847-char remark

    Show marketing remark (847 chars)

    Welcome to this brick home located in a quiet Detroit neighborhood - a great opportunity for investors or buyers looking to add value! Please note: This listing is for ONE unit of a duplex (not the entire property). This unit offers 2 bedrooms and 1 full bathroom, featuring a functional layout with hardwood floors that bring warmth and character throughout. The home includes access to a spacious basement, and a private backyard. Large windows allow for natural light, creating a bright interior space with great potential. This property presents a great opportunity to build equity or create a rental investment. Conveniently located near major freeways, shopping, and everyday amenities. Furnace and water tank will be in working condition at the time of closing (final inspection). Don't miss this opportunity to bring your vision to life!

14. 2026-05-05
    price $68,500 858-char remark

    Show marketing remark (858 chars)

    Welcome to this brick home located in a quiet Detroit neighborhood — a great opportunity for investors or buyers looking to add value! Please note: This listing is for ONE unit of a duplex (not the entire property). This unit offers 2 bedrooms and 1 full bathroom, featuring a functional layout with hardwood floors that bring warmth and character throughout. The home includes access to a spacious basement, and a private backyard. Large windows allow for natural light, creating a bright interior space with great potential. This property presents a great opportunity to build equity or create a rental investment. Conveniently located near major freeways, shopping, and everyday amenities. Furnace and water tank will be in working condition at the time of closing (final inspection). Don’t miss this opportunity to bring your vision to life!

15. 2026-04-15
    listed $79,000 Active 847-char remark

    Show marketing remark (858 chars)

    Welcome to this brick home located in a quiet Detroit neighborhood — a great opportunity for investors or buyers looking to add value! Please note: This listing is for ONE unit of a duplex (not the entire property). This unit offers 2 bedrooms and 1 full bathroom, featuring a functional layout with hardwood floors that bring warmth and character throughout. The home includes access to a spacious basement, and a private backyard. Large windows allow for natural light, creating a bright interior space with great potential. This property presents a great opportunity to build equity or create a rental investment. Conveniently located near major freeways, shopping, and everyday amenities. Furnace and water tank will be in working condition at the time of closing (final inspection). Don’t miss this opportunity to bring your vision to life!

16. 2026-04-15
    listed $79,000 Active 858-char remark

    Show marketing remark (858 chars)

    Welcome to this brick home located in a quiet Detroit neighborhood — a great opportunity for investors or buyers looking to add value! Please note: This listing is for ONE unit of a duplex (not the entire property). This unit offers 2 bedrooms and 1 full bathroom, featuring a functional layout with hardwood floors that bring warmth and character throughout. The home includes access to a spacious basement, and a private backyard. Large windows allow for natural light, creating a bright interior space with great potential. This property presents a great opportunity to build equity or create a rental investment. Conveniently located near major freeways, shopping, and everyday amenities. Furnace and water tank will be in working condition at the time of closing (final inspection). Don’t miss this opportunity to bring your vision to life!

17. 2026-04-14
    historical $79,000 847-char remark

    Show marketing remark (847 chars)

    Welcome to this brick home located in a quiet Detroit neighborhood - a great opportunity for investors or buyers looking to add value! Please note: This listing is for ONE unit of a duplex (not the entire property). This unit offers 2 bedrooms and 1 full bathroom, featuring a functional layout with hardwood floors that bring warmth and character throughout. The home includes access to a spacious basement, and a private backyard. Large windows allow for natural light, creating a bright interior space with great potential. This property presents a great opportunity to build equity or create a rental investment. Conveniently located near major freeways, shopping, and everyday amenities. Furnace and water tank will be in working condition at the time of closing (final inspection). Don't miss this opportunity to bring your vision to life!

18. 2021-01-07
    historical
19. 2021-01-06
    status Pending
20. 2021-01-06
    status Pending
21. 2021-01-04
    historical
22. 2020-12-29
    historical
23. 2020-12-28
    listed $44,520 Active
24. 2020-12-28
    listed $44,520 Active
25. 2017-04-17
    soldstatus $15,000 Sold
26. 2017-04-17
    soldstatus $15,000 Closed
27. 2017-03-16
    status Pending
28. 2017-03-16
    status Pending
29. 2017-03-07
    listed $14,900 Active
30. 2017-03-07
    listed $14,900 Active
31. 2015-12-01
    historical
32. 2015-11-30
    historical
33. 2015-10-26
    listed $19,900 Active
34. 2015-10-26
    listed $19,900
35. 2014-09-19
    soldstatus $550
36. 2014-09-06
    historical
37. 2014-08-27
    listed $550

ⓘ 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: $2,850 · $238/mo
• Projected year-2 tax: $2,850 · $238/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 2/10 Low 7 d/yr ≥98°F today · 14 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: $18,300
• − Mortgage interest: −$3,837
• − Property taxes: −$2,850
• − Insurance: −$342
• − Repairs & maintenance: −$1,464
• − Management: −$1,464
• − Depreciation: −$1,993
• Taxable income: $6,349
• Est. tax owed @ 24.0%: −$1,524
• After-tax cash flow: $5,430/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): 45,600
• Household income: $39,265
• Rent vs Own: 46.5% rent · 53.5% own
• Severe rent burden: 3064.0

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 2% Hispanic / Latino 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% 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: ▼ -153.02%
• Current HPI: 263.6326
• Rent YoY: ▲ 3.25%
• 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

+244.2% since first listed

25 events — show timeline

• 2026-05-06 Price Changed $68,500 MiRealSource-MiMLS
• 2026-05-05 Price Changed $68,500 REALCOMP
• 2026-04-15 Listed $79,000 MiRealSource-MiMLS
• 2026-04-15 Listed $79,000 REALCOMP
• 2026-04-14 Coming Soon $79,000 MiRealSource-MiMLS
• 2021-01-07 Listing Removed — REALCOMP
• 2021-01-06 Pending — MiRealSource-MiMLS
• 2021-01-06 Pending — REALCOMP
• 2021-01-04 Listing Removed — REALCOMP
• 2020-12-29 Listing Removed — MiRealSource-MiMLS
• 2020-12-28 Listed $44,520 MiRealSource-MiMLS
• 2020-12-28 Listed $44,520 REALCOMP
• 2017-04-17 Sold (MLS) $15,000 MiRealSource-MiMLS
• 2017-04-17 Sold (MLS) $15,000 REALCOMP
• 2017-03-16 Pending — MiRealSource-MiMLS
• 2017-03-16 Pending — REALCOMP
• 2017-03-07 Listed $14,900 MiRealSource-MiMLS
• 2017-03-07 Listed $14,900 REALCOMP
• 2015-12-01 Listing Removed — REALCOMP
• 2015-11-30 Listing Removed — MiRealSource-MiMLS
• 2015-10-26 Listed $19,900 REALCOMP
• 2015-10-26 Listed $19,900 MiRealSource-MiMLS
• 2014-09-19 Sold (MLS) $550 MiRealSource-MiMLS
• 2014-09-06 Listing Removed — MiRealSource-MiMLS
• 2014-08-27 Listed $550 MiRealSource-MiMLS

Property tax history

+8.7%/yr

Latest (2025): $2,850 · -54.4% YoY. Source: county tax records.