2202/2206 Lothrop St · Detroit, MI 48206

$264,999

6 bd · 3.0 ba · 2,704 sqft · MultiFamily public records · 9 Days on market

Built 1910 9,583 sqft lot Est $260k · at est.

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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
• ARV discount +6.6/15.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Located in the desirable LaSalle Gardens neighborhood, this spacious brick duplex with more than 2,500 square feet of living space. One of the units has been meticulously updated, while the second unit is ready for your personal updates, creating an ideal opportunity to live in one side while renovating the other or immediately renting the updated side for strong cash flow. Perfectly situated near Henry Ford Hospital, the Fisher Building, Wayne State University, the QLine, the Lodge, and I-96, this property also offers easy access to the restaurants, culture, and amenities of Downtown and Midtown.

Key facts

• Strong cash flow
• 9,583 sq ft lot
• Built 1910

Tags

• SPACIOUS BRICK DUPLEX
• METICULOUSLY UPDATED UNIT
• STRONG CASH FLOW
• EASY ACCESS TO RESTAURANTS
• EASY ACCESS TO CULTURE
• EASY ACCESS TO AMENITIES

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/0.8-bath units multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $614/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $265k).
• Cap rate 14.6% 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 (+5.2%/yr); 271 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $4,484/mo this rent would consume 119% of the median local household income ($45k/yr) (locally 646% 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 $2k of loan paydown is wiped out by about $8k 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 + 5.2% rent growth), your $74k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 19y 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.
• Current owner paid $130k; list at $265k implies a 104% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $264,999

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.69% ✓
• Cap rate: 14.64%
• Cash-on-cash: 29.80%
• DSCR: 2.33
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $259,584
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2471-2473 Lothrop St	0.22mi	5/2.0 (-1)	2,670 (-1%)	6mo	$101,600	$38	73
1997 Virginia Park St	0.36mi	6/2.5	2,674 (-1%)	10mo	$290,000	$108	71
7501 Dunedin St	0.11mi	6/2.0	2,490 (-8%)	10mo	$337,225	$135	69
1975 Virginia Park St	0.37mi	6/2.0	2,870 (+6%)	6mo	$340,000	$118	63
2513 W Euclid St	0.48mi	6/2.0	2,788 (+3%)	7mo	$200,000	$72	63
1989 Gladstone St	0.68mi	6/4.0	2,832 (+5%)	12mo	$353,500	$125	46
1639 Gladstone St	0.74mi	6/2.5	2,522 (-7%)	8mo	$63,000	$25	45
1613 Virginia Park St	0.49mi	6/3.0	3,109 (+15%)	8mo	$300,000	$96	45
1729 Lee Pl	0.62mi	6/2.0	2,340 (-14%)	1mo	$25,000	$11	44
2531 W Euclid St	0.48mi	6/2.0	3,038 (+12%)	13mo	$87,000	$29	42
1163 Virginia Park St	0.73mi	7/3.0 (+1)	3,072 (+14%)	5mo	$310,000	$101	34
2517 Gladstone St	0.70mi	5/2.0 (-1)	3,000 (+11%)	9mo	$119,900	$40	32

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 · 5.2% rent growth · sell at horizon

5-year hold

• IRR: 26.7%
• Equity multiple: 2.14×
• Total profit: $84,553
• Equity at exit: $39,512

10-year hold

• IRR: 35.6%
• Equity multiple: 4.62×
• Total profit: $268,239
• Equity at exit: $22,912

Cash invested: $74,200 (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 48206

• Rents YoY: 5.2%
• Active inventory: 271
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $4,484 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$200 /mo · $2,394/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$942
• Net cashflow: $1,843

Break-even live

Break-even rent $2,151

Max offer price $264,999

Occupancy floor 54%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	0.8	$4,485
Total (3 units)			$4,484

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2028 Gladstone St Unit 1 Detroit, MI	5.0	2.0	2500	$2,850	$1.14	3d	1	0.68mi
2509 Gladstone St Unit NA Detroit, MI	6.0	3.0	3008	$2,000	$0.66	10d	1	0.68mi
8951 La Salle Blvd Detroit, MI	5.0	2.5	2440	$2,500	$1.02	15d	1	0.79mi
3799 W Philadelphia St Detroit, MI	5.0	2.0	2200	$1,650	$0.75	16d	1	1.00mi
1699 Glynn Ct Detroit, MI	5.0	3.5	2542	$2,500	$0.98	22d	1	1.30mi

Listing history 37 events

1. 2026-03-05
   status Pending 604-char remark

   Show marketing remark (604 chars)

   Located in the desirable LaSalle Gardens neighborhood, this spacious brick duplex with more than 2,500 square feet of living space. One of the units has been meticulously updated, while the second unit is ready for your personal updates, creating an ideal opportunity to live in one side while renovating the other or immediately renting the updated side for strong cash flow. Perfectly situated near Henry Ford Hospital, the Fisher Building, Wayne State University, the QLine, the Lodge, and I-96, this property also offers easy access to the restaurants, culture, and amenities of Downtown and Midtown.

2. 2026-03-05
   status Pending

   Show marketing remark (604 chars)

   Located in the desirable LaSalle Gardens neighborhood, this spacious brick duplex with more than 2,500 square feet of living space. One of the units has been meticulously updated, while the second unit is ready for your personal updates, creating an ideal opportunity to live in one side while renovating the other or immediately renting the updated side for strong cash flow. Perfectly situated near Henry Ford Hospital, the Fisher Building, Wayne State University, the QLine, the Lodge, and I-96, this property also offers easy access to the restaurants, culture, and amenities of Downtown and Midtown.

3. 2026-02-23
   listed $264,999 Active

   Show marketing remark (604 chars)

   Located in the desirable LaSalle Gardens neighborhood, this spacious brick duplex with more than 2,500 square feet of living space. One of the units has been meticulously updated, while the second unit is ready for your personal updates, creating an ideal opportunity to live in one side while renovating the other or immediately renting the updated side for strong cash flow. Perfectly situated near Henry Ford Hospital, the Fisher Building, Wayne State University, the QLine, the Lodge, and I-96, this property also offers easy access to the restaurants, culture, and amenities of Downtown and Midtown.

4. 2026-02-23
   listed $264,999 Active 604-char remark

   Show marketing remark (604 chars)

   Located in the desirable LaSalle Gardens neighborhood, this spacious brick duplex with more than 2,500 square feet of living space. One of the units has been meticulously updated, while the second unit is ready for your personal updates, creating an ideal opportunity to live in one side while renovating the other or immediately renting the updated side for strong cash flow. Perfectly situated near Henry Ford Hospital, the Fisher Building, Wayne State University, the QLine, the Lodge, and I-96, this property also offers easy access to the restaurants, culture, and amenities of Downtown and Midtown.

5. 2026-02-23
   historical

   Show marketing remark (604 chars)

   Located in the desirable LaSalle Gardens neighborhood, this spacious brick duplex with more than 2,500 square feet of living space. One of the units has been meticulously updated, while the second unit is ready for your personal updates, creating an ideal opportunity to live in one side while renovating the other or immediately renting the updated side for strong cash flow. Perfectly situated near Henry Ford Hospital, the Fisher Building, Wayne State University, the QLine, the Lodge, and I-96, this property also offers easy access to the restaurants, culture, and amenities of Downtown and Midtown.

6. 2026-02-23
   historical

   Show marketing remark (604 chars)

   Located in the desirable LaSalle Gardens neighborhood, this spacious brick duplex with more than 2,500 square feet of living space. One of the units has been meticulously updated, while the second unit is ready for your personal updates, creating an ideal opportunity to live in one side while renovating the other or immediately renting the updated side for strong cash flow. Perfectly situated near Henry Ford Hospital, the Fisher Building, Wayne State University, the QLine, the Lodge, and I-96, this property also offers easy access to the restaurants, culture, and amenities of Downtown and Midtown.

7. 2026-02-20
   price $264,900
8. 2026-02-20
   price $264,900
9. 2026-01-29
   price $284,800
10. 2026-01-28
    price $284,800
11. 2026-01-15
    price $284,900
12. 2026-01-14
    price $284,900
13. 2026-01-09
    historical $2,150
14. 2025-12-31
    price $299,000
15. 2025-12-30
    price $299,000
16. 2025-12-16
    price $322,900
17. 2025-12-16
    price $322,900
18. 2025-12-05
    price $329,900
19. 2025-12-05
    price $329,900
20. 2025-11-24
    price $338,900
21. 2025-11-24
    price $338,900
22. 2025-11-17
    price $347,900
23. 2025-11-16
    price $347,900
24. 2025-11-04
    price $349,000
25. 2025-11-04
    price $349,000
26. 2025-10-27
    listed $349,900 Active
27. 2025-10-27
    listed $349,900 Active
28. 2025-07-08
    listed $2,150
29. 2019-01-16
    soldstatus $130,000
30. 2019-01-10
    soldstatus $130,000 Sold
31. 2019-01-10
    soldstatus $130,000 Closed
32. 2018-11-20
    status Pending
33. 2018-11-20
    status Pending
34. 2018-11-09
    listed $105,900 Active
35. 2018-11-09
    listed $105,900 Active
36. 2008-03-05
    historical
37. 2007-10-03
    listed $14,900

ⓘ 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: $2,394 · $200/mo
• Projected year-2 tax: $3,238 · $270/mo
• Expected delta: +$843/yr (+$70/mo · 35.2%)

ⓘ 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 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $53,808
• − Mortgage interest: −$14,844
• − Property taxes: −$2,394
• − Insurance: −$1,325
• − Repairs & maintenance: −$4,305
• − Management: −$4,305
• − Depreciation: −$7,709
• Taxable income: $18,926
• Est. tax owed @ 24.0%: −$4,542
• After-tax cash flow: $17,570/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): 15,227
• Household income: $45,046
• Rent vs Own: 46.4% rent · 53.6% own
• Severe rent burden: 646.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 3% Romanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 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: ▼ -139.60%
• Current HPI: 130.9545
• Rent YoY: ▲ 5.20%
• 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

+1678.5% since first listed

37 events — show timeline

• 2026-03-05 Pending — MiRealSource-MiMLS
• 2026-03-05 Pending — REALCOMP
• 2026-02-23 Listed $264,999 REALCOMP
• 2026-02-23 Listing Removed — MiRealSource-MiMLS
• 2026-02-23 Listing Removed — REALCOMP
• 2026-02-23 Listed $264,999 MiRealSource-MiMLS
• 2026-02-20 Price Changed $264,900 MiRealSource-MiMLS
• 2026-02-20 Price Changed $264,900 REALCOMP
• 2026-01-29 Price Changed $284,800 MiRealSource-MiMLS
• 2026-01-28 Price Changed $284,800 REALCOMP
• 2026-01-15 Price Changed $284,900 MiRealSource-MiMLS
• 2026-01-14 Price Changed $284,900 REALCOMP
• 2026-01-09 Rental Removed $2,150 REALSOURCE
• 2025-12-31 Price Changed $299,000 MiRealSource-MiMLS
• 2025-12-30 Price Changed $299,000 REALCOMP
• 2025-12-16 Price Changed $322,900 MiRealSource-MiMLS
• 2025-12-16 Price Changed $322,900 REALCOMP
• 2025-12-05 Price Changed $329,900 MiRealSource-MiMLS
• 2025-12-05 Price Changed $329,900 REALCOMP
• 2025-11-24 Price Changed $338,900 MiRealSource-MiMLS
• 2025-11-24 Price Changed $338,900 REALCOMP
• 2025-11-17 Price Changed $347,900 MiRealSource-MiMLS
• 2025-11-16 Price Changed $347,900 REALCOMP
• 2025-11-04 Price Changed $349,000 MiRealSource-MiMLS
• 2025-11-04 Price Changed $349,000 REALCOMP
• 2025-10-27 Listed $349,900 REALCOMP
• 2025-10-27 Listed $349,900 MiRealSource-MiMLS
• 2025-07-08 Listed for Rent $2,150 REALSOURCE
• 2019-01-16 Sold (Public Records) $130,000 Public Records
• 2019-01-10 Sold (MLS) $130,000 MiRealSource-MiMLS
• 2019-01-10 Sold (MLS) $130,000 REALCOMP
• 2018-11-20 Pending — MiRealSource-MiMLS
• 2018-11-20 Pending — REALCOMP
• 2018-11-09 Listed $105,900 MiRealSource-MiMLS
• 2018-11-09 Listed $105,900 REALCOMP
• 2008-03-05 Listing Removed — MiRealSource-MiMLS
• 2007-10-03 Listed $14,900 MiRealSource-MiMLS

Property tax history

+2.0%/yr

Latest (2025): $2,394 · -10.3% YoY. Source: county tax records.