20467 Binder St · Detroit, MI 48234

$109,900

3 bd · 1.0 ba · 715 sqft · SingleFamily public records · 22 Days on market

Built 1943 3,920 sqft lot

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Why this score? — see what drove the C+ 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 +28.5/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• 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

Charming and updated bungalow on a quiet east side street. Classic character with solid bones — perfect for an owner-occupant or investor.

Key facts

• 3,920 sq ft lot
• Garage
• Built 1943

Property features AI

Exterior

• Parking: Detached garage with 1 parking space
• Utilities: Public water
• Home design: Residential property; 2-story structure; Built in 1943; Frontage approximately 40 feet
• Construction: Basement foundation; Below-grade area noted
• Exterior features: Brick exterior; Paved street access

Interior

• Bedrooms: Bedroom 1 on second level (approx. 12 x 10); Bedroom 2 on entry level (approx. 11 x 8); Bedroom 3 on entry level (approx. 11 wide)
• Bathrooms: 1 full bathroom located on entry level
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: Total of 4 rooms; Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $359 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $108k (1.5% 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 rising fast (+6.7%/yr); 227 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).
• This rent runs 45% 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 $760 of loan paydown is wiped out by about $3k 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 $31k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,251 (1.5% below list)

Questions for the listing agent

1. Built in 1943 — 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: 1.20% ✓
• Cap rate: 10.22%
• Cash-on-cash: 14.01%
• DSCR: 1.62
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $54,340
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20499 Binder St	0.03mi	3/1.0	712 (-0%)	6mo	$72,100	$101	93
19942 Binder St	0.35mi	3/1.0	696 (-3%)	5mo	$70,000	$101	76
20270 Dean Ave	0.16mi	3/1.0	792 (+11%)	7mo	$55,000	$69	69
19667 Sunset St	0.52mi	3/1.5	752 (+5%)	4mo	$28,500	$38	62
20203 Moenart St	0.74mi	2/1.0 (-1)	725 (+1%)	3mo	$48,000	$66	56
20006 Anglin St	0.58mi	2/1.0 (-1)	726 (+2%)	12mo	$55,000	$76	55
21771 Cunningham Ave	0.71mi	2/1.0 (-1)	696 (-3%)	4mo	$125,000	$180	54
21106 Audrey St	0.70mi	2/1.0 (-1)	696 (-3%)	6mo	$53,000	$76	53
20846 Atlantic Ave	0.71mi	2/1.0 (-1)	696 (-3%)	10mo	$85,000	$122	49
19656 Mitchell St	0.63mi	2/1.0 (-1)	814 (+14%)	11mo	$33,000	$41	34
19300 Binder St	0.72mi	2/1.0 (-1)	820 (+15%)	4mo	$10,000	$12	34
20760 Atlantic Ave	0.69mi	2/1.0 (-1)	822 (+15%)	15mo	$39,000	$47	26

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: 8.1%
• Equity multiple: 1.33×
• Total profit: $10,164
• Equity at exit: $16,386

10-year hold

• IRR: 20.2%
• Equity multiple: 2.98×
• Total profit: $60,875
• Equity at exit: $9,502

Cash invested: $30,772 (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: 227
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,318 high
• Mortgage (P&I): −$576
• Tax from tax record: −$60 /mo · $717/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $359

Break-even live

Break-even rent $863

Max offer price $109,900

Occupancy floor 68%

Sensitivity live

Price	-10% $422	-5% $390	+0% $359	+5% $328	+10% $297
Rent	-10% $255	-5% $307	+0% $359	+5% $411	+10% $463
Rate	-1.0pp $415	-0.5pp $387	base $359	+0.5pp $331	+1.0pp $302

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21155 Warner Ave Warren, MI	2.0	1.0	756	$1,029	$1.36	25d	1	0.70mi
21516 Dequindre Rd Warren, MI	1.0–2.0	1.0	837	$1,375	$1.64	23d	1	1.01mi
18662 Sunset St Detroit, MI	2.0	1.0	726	$1,250	$1.72	19d	1	1.09mi
18475 Wexford St Unit 1 Detroit, MI	2.0	1.0	500	$950	$1.90	25d	1	1.21mi
1621 E Evelyn Ave Hazel Park, MI	2.0	1.0	749	$1,295	$1.73	19d	1	1.25mi
1211 E Bernhard Ave Hazel Park, MI	2.0	1.0	721	$1,500	$2.08	25d	1	1.43mi

Listing history 16 events

1. 2026-06-21
   statusdays on market $109,900 Pending 22 DOM
2. 2026-06-18
   days on market $109,900 Active 21 DOM
3. 2026-06-17
   days on market $109,900 Active 20 DOM
4. 2026-06-15
   price $109,900 Active 18 DOM
5. 2026-06-15
   days on market $114,900 Active 18 DOM
6. 2026-06-13
   days on market $114,900 Active 16 DOM
7. 2026-06-13
   days on market $114,900 Active 15 DOM
8. 2026-06-09
   days on market $114,900 Active 12 DOM
9. 2026-06-08
   days on market $114,900 Active 11 DOM
10. 2026-06-07
    days on market $114,900 Active 10 DOM
11. 2026-06-04
    days on market $114,900 Active 7 DOM
12. 2026-06-03
    days on market $114,900 Active 6 DOM
13. 2026-06-02
    days on market $114,900 Active 5 DOM
14. 2026-06-01
    days on market $114,900 Active 4 DOM
15. 2026-05-31
    days on market $114,900 Active 3 DOM
16. 2026-05-22
    historical $114,900

ⓘ 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: $717 · $60/mo
• Projected year-2 tax: $1,205 · $100/mo
• Expected delta: +$488/yr (+$41/mo · 68.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 67% 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: $15,815
• − Mortgage interest: −$6,156
• − Property taxes: −$717
• − Insurance: −$550
• − Repairs & maintenance: −$1,265
• − Management: −$1,265
• − Depreciation: −$3,197
• Taxable income: $2,665
• Est. tax owed @ 24.0%: −$640
• After-tax cash flow: $3,672/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

1 event — show timeline

• 2026-05-22 Coming Soon $114,900 MiRealSource-MiMLS

Property tax history

-5.6%/yr

Latest (2025): $717 · -54.5% YoY. Source: county tax records.