595-597 Belmont St · Detroit, MI 48202

$169,900

6 bd · 2.0 ba · 2,372 sqft · Condo · 162 Days on market

Built 1913 Good condition $72/sqft · 25% below area Est $227k · 25% under

---

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 +27.2/30.0
• ARV discount +15.0/15.0
• DSCR +9.5/10.0
• 1% rule +7.4/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Schools +1.3/10.0
• Rent growth +1.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this 2-unit multifamily home located in the City of Detroit, built in 1913 and offering a total of 2372 sq ft of living space. Each spacious unit features 3 bedrooms and 1 bathroom. Step inside to a bright living room filled with natural light and complemented by hardwood flooring throughout. The kitchens offer white cabinetry and ample space, ideal for everyday cooking and meal preparation - step outside to a decent-sized backyard, perfect for family gatherings, entertaining, or gardening.

Key facts

• Hardwood flooring
• Multifamily home
• Bright living room

Tags

• MULTIFAMILY HOME
• BRIGHT LIVING ROOM
• HARDWOOD FLOORING
• WHITE CABINETRY
• DECENT SIZED BACKYARD

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath condo listed at $170k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $489 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.

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 falling (-5.1%/yr); 257 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $2,105/mo this rent would consume 58% of the median local household income ($44k/yr) (locally 1258% 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 $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 162 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $25k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 162 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 1913 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
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 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: 1.24% ✓
• Cap rate: 9.74%
• Cash-on-cash: 12.32%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (median comp): $227,118
• List price: $169,900
• Delta: -22.55%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -1.5%
• Equity multiple: 0.95×
• Total profit: $-2,550
• Equity at exit: $25,333

10-year hold

• IRR: 4.7%
• Equity multiple: 1.30×
• Total profit: $14,140
• Equity at exit: $14,690

Cash invested: $47,572 (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 48202

• Rents YoY: -5.1%
• Active inventory: 257
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $2,105 medium
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $489

Break-even live

Break-even rent $1,486

Max offer price $169,900

Occupancy floor 72%

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
41 Richton St Highland Park, MI	5.0	2.0	1871	$1,800	$0.96	14d	1	0.75mi
41 Richton St Highland Park, MI	5.0	2.0	1871	$1,800	$0.96	1d	1	0.75mi
1699 Glynn Ct Detroit, MI	5.0	3.5	2542	$2,500	$0.98	21d	1	1.40mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-18
   days on market $169,900 Active 162 DOM
2. 2026-06-17
   pricedays on market $169,900 Active 161 DOM
3. 2026-06-15
   days on market $175,900 Active 159 DOM
4. 2026-06-13
   days on market $175,900 Active 157 DOM
5. 2026-06-13
   days on market $175,900 Active 156 DOM
6. 2026-06-10
   status $175,900 Active 153 DOM
7. 2026-06-09
   days on market $175,900 Active Under Contract 153 DOM
8. 2026-06-08
   days on market $175,900 Active Under Contract 152 DOM
9. 2026-06-07
   days on market $175,900 Active Under Contract 151 DOM
10. 2026-06-04
    days on market $175,900 Active Under Contract 148 DOM
11. 2026-06-03
    days on market $175,900 Active Under Contract 147 DOM
12. 2026-06-01
    days on market $175,900 Active Under Contract 145 DOM
13. 2026-05-31
    days on market $175,900 Active Under Contract 144 DOM
14. 2026-05-06
    historical Accepting Backup Offers 506-char remark

    Show marketing remark (506 chars)

    Welcome to this 2-unit multifamily home located in the City of Detroit, built in 1913 and offering a total of 2372 sq ft of living space. Each spacious unit features 3 bedrooms and 1 bathroom. Step inside to a bright living room filled with natural light and complemented by hardwood flooring throughout. The kitchens offer white cabinetry and ample space, ideal for everyday cooking and meal preparation - step outside to a decent-sized backyard, perfect for family gatherings, entertaining, or gardening.

15. 2026-05-05
    historical Active Under Contract 510-char remark

    Show marketing remark (510 chars)

    Welcome to this 2-unit multifamily home located in the City of Detroit, built in 1913 and offering a total of 2372 sq ft of living space. Each spacious unit features 3 bedrooms and 1 bathroom. Step inside to a bright living room filled with natural light and complemented by hardwood flooring throughout. The kitchens offer white cabinetry and ample space, ideal for everyday cooking and meal preparation—step outside to a decent-sized backyard, perfect for family gatherings, entertaining, or gardening.

16. 2026-04-17
    price $175,900 506-char remark

    Show marketing remark (506 chars)

    Welcome to this 2-unit multifamily home located in the City of Detroit, built in 1913 and offering a total of 2372 sq ft of living space. Each spacious unit features 3 bedrooms and 1 bathroom. Step inside to a bright living room filled with natural light and complemented by hardwood flooring throughout. The kitchens offer white cabinetry and ample space, ideal for everyday cooking and meal preparation - step outside to a decent-sized backyard, perfect for family gatherings, entertaining, or gardening.

17. 2026-04-16
    price $175,900 510-char remark

    Show marketing remark (510 chars)

    Welcome to this 2-unit multifamily home located in the City of Detroit, built in 1913 and offering a total of 2372 sq ft of living space. Each spacious unit features 3 bedrooms and 1 bathroom. Step inside to a bright living room filled with natural light and complemented by hardwood flooring throughout. The kitchens offer white cabinetry and ample space, ideal for everyday cooking and meal preparation—step outside to a decent-sized backyard, perfect for family gatherings, entertaining, or gardening.

18. 2026-03-27
    status Active 506-char remark

    Show marketing remark (510 chars)

    Welcome to this 2-unit multifamily home located in the City of Detroit, built in 1913 and offering a total of 2372 sq ft of living space. Each spacious unit features 3 bedrooms and 1 bathroom. Step inside to a bright living room filled with natural light and complemented by hardwood flooring throughout. The kitchens offer white cabinetry and ample space, ideal for everyday cooking and meal preparation—step outside to a decent-sized backyard, perfect for family gatherings, entertaining, or gardening.

19. 2026-03-27
    status Active 510-char remark

    Show marketing remark (510 chars)

    Welcome to this 2-unit multifamily home located in the City of Detroit, built in 1913 and offering a total of 2372 sq ft of living space. Each spacious unit features 3 bedrooms and 1 bathroom. Step inside to a bright living room filled with natural light and complemented by hardwood flooring throughout. The kitchens offer white cabinetry and ample space, ideal for everyday cooking and meal preparation—step outside to a decent-sized backyard, perfect for family gatherings, entertaining, or gardening.

20. 2026-03-06
    historical Accepting Backup Offers 506-char remark

    Show marketing remark (510 chars)

    Welcome to this 2-unit multifamily home located in the City of Detroit, built in 1913 and offering a total of 2372 sq ft of living space. Each spacious unit features 3 bedrooms and 1 bathroom. Step inside to a bright living room filled with natural light and complemented by hardwood flooring throughout. The kitchens offer white cabinetry and ample space, ideal for everyday cooking and meal preparation—step outside to a decent-sized backyard, perfect for family gatherings, entertaining, or gardening.

21. 2026-03-06
    historical Active Under Contract 510-char remark

    Show marketing remark (510 chars)

    Welcome to this 2-unit multifamily home located in the City of Detroit, built in 1913 and offering a total of 2372 sq ft of living space. Each spacious unit features 3 bedrooms and 1 bathroom. Step inside to a bright living room filled with natural light and complemented by hardwood flooring throughout. The kitchens offer white cabinetry and ample space, ideal for everyday cooking and meal preparation—step outside to a decent-sized backyard, perfect for family gatherings, entertaining, or gardening.

22. 2026-02-12
    price $184,900 506-char remark

    Show marketing remark (506 chars)

    Welcome to this 2-unit multifamily home located in the City of Detroit, built in 1913 and offering a total of 2372 sq ft of living space. Each spacious unit features 3 bedrooms and 1 bathroom. Step inside to a bright living room filled with natural light and complemented by hardwood flooring throughout. The kitchens offer white cabinetry and ample space, ideal for everyday cooking and meal preparation - step outside to a decent-sized backyard, perfect for family gatherings, entertaining, or gardening.

23. 2026-02-11
    price $184,900 510-char remark

    Show marketing remark (510 chars)

    Welcome to this 2-unit multifamily home located in the City of Detroit, built in 1913 and offering a total of 2372 sq ft of living space. Each spacious unit features 3 bedrooms and 1 bathroom. Step inside to a bright living room filled with natural light and complemented by hardwood flooring throughout. The kitchens offer white cabinetry and ample space, ideal for everyday cooking and meal preparation—step outside to a decent-sized backyard, perfect for family gatherings, entertaining, or gardening.

24. 2026-01-07
    listed $194,900 Active 506-char remark

    Show marketing remark (510 chars)

    Welcome to this 2-unit multifamily home located in the City of Detroit, built in 1913 and offering a total of 2372 sq ft of living space. Each spacious unit features 3 bedrooms and 1 bathroom. Step inside to a bright living room filled with natural light and complemented by hardwood flooring throughout. The kitchens offer white cabinetry and ample space, ideal for everyday cooking and meal preparation—step outside to a decent-sized backyard, perfect for family gatherings, entertaining, or gardening.

25. 2026-01-07
    listed $194,900 Active 510-char remark

    Show marketing remark (510 chars)

    Welcome to this 2-unit multifamily home located in the City of Detroit, built in 1913 and offering a total of 2372 sq ft of living space. Each spacious unit features 3 bedrooms and 1 bathroom. Step inside to a bright living room filled with natural light and complemented by hardwood flooring throughout. The kitchens offer white cabinetry and ample space, ideal for everyday cooking and meal preparation—step outside to a decent-sized backyard, perfect for family gatherings, entertaining, or gardening.

26. 2024-04-04
    historical $1,200
27. 2024-01-09
    listed $1,200

ⓘ 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 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: $25,256
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$2,021
• − Management: −$2,021
• − Depreciation: −$4,943
• Taxable income: $3,358
• Est. tax owed @ 24.0%: −$806
• After-tax cash flow: $5,057/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This 2-unit multifamily home in Detroit is in good condition with a fresh paint job and a well-maintained yard. It offers a good return on investment with potential for further improvements to enhance its curb appeal and value.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Landscaping the yard — A well-maintained yard can improve curb appeal and attract potential buyers/tenants.
• Resale Upgrading the kitchen appliances — Modern appliances can attract more buyers and increase the home's value.
• Rental Adding a deck or patio — An outdoor space can increase rental income and attract tenants who value outdoor living spaces.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Landscaping the yard — A well-maintained yard can improve curb appeal and attract potential buyers/tenants. ↑
• Resale Upgrading the kitchen appliances — Modern appliances can attract more buyers and increase the home's value. ↑
• Rental Adding a deck or patio — An outdoor space can increase rental income and attract tenants who value outdoor living spaces. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 15,780
• Household income: $43,627
• Rent vs Own: 69.1% rent · 30.9% own
• Severe rent burden: 1258.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 60% White 26% Asian 6% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 3% Slovak 1% Lithuanian 1%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 90% English-only · Other Indo-European 3% Arabic 2% Spanish 2%

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: ▼ -239.24%
• Current HPI: 145.5509
• Rent YoY: ▼ -5.13%
• 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

+14558.3% since first listed

14 events — show timeline

• 2026-05-06 Contingent — MiRealSource-MiMLS
• 2026-05-05 Contingent — REALCOMP
• 2026-04-17 Price Changed $175,900 MiRealSource-MiMLS
• 2026-04-16 Price Changed $175,900 REALCOMP
• 2026-03-27 Relisted — MiRealSource-MiMLS
• 2026-03-27 Relisted — REALCOMP
• 2026-03-06 Contingent — MiRealSource-MiMLS
• 2026-03-06 Contingent — REALCOMP
• 2026-02-12 Price Changed $184,900 MiRealSource-MiMLS
• 2026-02-11 Price Changed $184,900 REALCOMP
• 2026-01-07 Listed $194,900 REALCOMP
• 2026-01-07 Listed $194,900 MiRealSource-MiMLS
• 2024-04-04 Rental Removed $1,200 REALSOURCE
• 2024-01-09 Listed for Rent $1,200 REALSOURCE