8620 Central St · Detroit, MI 48204

$24,900

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 7 Days on market

Built 1950 3,920 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +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

Listing remarks

This is a Fannie Mae HomePath Property. This ranch style home offers a straightforward opportunity for buyers ready to personalize and improve. Situated on a large fenced yard with easy access to I-96, the property combines practical location advantages with outdoor space and solid bones. The home features two bedrooms and one bathroom in a functional layout. The large fenced yard provides outdoor space for various uses, while the private backyard offers room for recreation or gardening. The residential setting maintains a quieter feel while positioning occupants near major routes for convenient connectivity throughout the area. Contact us today to schedule a showing and see the potential t

Key facts

• Private backyard
• Large fenced yard
• Outdoor space

Tags

• LARGE FENCED YARD
• PRIVATE BACKYARD
• OUTDOOR SPACE
• RESIDENTIAL SETTING

Property features AI

Exterior

• Utilities: Public water; Public sanitary sewer; Natural gas
• Home design: Residential 1-story home; Built in 1950; Basement entry level
• Construction: Vinyl siding construction; Basement foundation; Built in 1950
• Exterior features: Vinyl siding; Road frontage

Interior

• Kitchen: Kitchen (Entry level) — 10 x 10; Dining area (Entry level) — 10 x 7
• Bedrooms: Bedroom 1 (Entry level) — 11 x 10; Bedroom 2 (Entry level) — 10 x 10
• Bathrooms: 1 full bathroom (Entry level)
• Heating & cooling: Forced air heating; Natural gas heat
• Interior features: Total of 5 rooms; Unfinished basement

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 $493 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($863 rent vs $25k).
• Cap rate 30.1% 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: 248 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 78% 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 30% of the median local income ($34k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $3k of equity ($172 loan paydown + $2k 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $24,900

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 3.47% ✓
• Cap rate: 30.07%
• Cash-on-cash: 84.92%
• DSCR: 4.78
• GRM: 2.4

CMA / ARV

• ARV (on-the-fly): $55,440
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8880 Bryden St	0.14mi	2/1.0	720 (0%)	3mo	$30,000	$42	91
9045 Burnette St	0.29mi	2/1.0	704 (-2%)	11mo	$80,000	$114	74
8114 Roselawn St	0.39mi	3/1.0 (+1)	720 (0%)	5mo	$65,000	$90	73
8224 Greenlawn St	0.30mi	2/1.0	720 (0%)	22mo	$38,000	$53	68
9076 Cloverlawn St	0.33mi	3/1.0 (+1)	728 (+1%)	22mo	$56,000	$77	60
9129 Prairie St	0.32mi	2/1.0	792 (+10%)	13mo	$16,000	$20	58
8819 Stoepel St	0.34mi	2/1.0	660 (-8%)	19mo	$51,000	$77	55

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 94.4%
• Equity multiple: 7.46×
• Total profit: $45,007
• Equity at exit: $22,432

10-year hold

• IRR: 89.4%
• Equity multiple: 16.47×
• Total profit: $107,873
• Equity at exit: $48,375

Cash invested: $6,972 (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: 248
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $863 high
• Mortgage (P&I): −$131
• Tax from tax record: −$48 /mo · $571/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$181
• Net cashflow: $493

Break-even live

Break-even rent $239

Max offer price $24,900

Occupancy floor 38%

Sensitivity live

Price	-10% $507	-5% $500	+0% $493	+5% $486	+10% $479
Rent	-10% $425	-5% $459	+0% $493	+5% $527	+10% $562
Rate	-1.0pp $506	-0.5pp $500	base $493	+0.5pp $487	+1.0pp $480

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: $6,225
• Closing costs: $747
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7405 Garden St Unit 6 Detroit, MI	1.0	1.0	650	$795	$1.22	18d	1	0.41mi
8751 Elmira St Unit 1 Detroit, MI	1.0	1.0	500	$799	$1.60	44d	1	1.05mi
11411 Wyoming Ave Detroit, MI	1.0	1.0	750	$850	$1.13	25d	1	1.13mi
11411 Wyoming Ave Unit 102 Detroit, MI	1.0	1.0	600	$925	$1.54	44d	1	1.13mi
9415 Meyers Rd Detroit, MI	1.0	1.0	720	$897	$1.25	44d	1	1.22mi
9419 Meyers Rd Detroit, MI	1.0	1.0	720	$894	$1.24	44d	1	1.22mi
10201 Plymouth Rd Apt 6 Detroit, MI	1.0	1.0	520	$605	$1.16	44d	1	1.24mi
10201 Plymouth Rd Apt 10 Detroit, MI	1.0	1.0	502	$595	$1.19	44d	1	1.24mi
10201 Plymouth Rd Apt 5 Detroit, MI	1.0	1.0	502	$575	$1.15	44d	1	1.24mi

Listing history 8 events

1. 2026-06-21
   days on market $24,900 Active 7 DOM
2. 2026-06-18
   days on market $24,900 Active 4 DOM
3. 2026-06-17
   days on market $24,900 Active 3 DOM
4. 2026-06-16
   days on market $24,900 Active 2 DOM
5. 2026-06-15
   days on marketlisting id $24,900 Active 1 DOM
6. 2026-06-15
   days on market $24,900 Active 3 DOM
7. 2026-06-13
   remarks 699-char remark
8. 2026-06-13
   listed $24,900 Active 1 DOM

ⓘ 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: $571 · $48/mo
• Projected year-2 tax: $571 · $48/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 ≥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: $10,357
• − Mortgage interest: −$1,395
• − Property taxes: −$571
• − Insurance: −$124
• − Repairs & maintenance: −$829
• − Management: −$829
• − Depreciation: −$724
• Taxable income: $5,886
• Est. tax owed @ 24.0%: −$1,413
• After-tax cash flow: $4,508/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

+77.9% since first listed

3 events — show timeline

• 2026-06-12 Listed $24,900 MiRealSource-MiMLS
• 2007-02-08 Sold (Public Records) $25,000 Public Records
• 2000-10-19 Sold (Public Records) $14,000 Public Records

Property tax history

+0.4%/yr

Latest (2025): $571 · -35.3% YoY. Source: county tax records.