232 Horton St · Detroit, MI 48202

$72,000

4 bd · 2.5 ba · 2,379 sqft · SingleFamily public records · 150 Days on market

Built 1900 3,049 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
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Rent growth +1.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bring your vision and make this home your own! Perfectly situated in a highly desirable location, this property offers convenience to schools, shopping, dining, and major freeways. With plenty of space and a functional layout, it's ideal for investors, first-time buyers ready for a project, or anyone looking to add value through updates and renovations. This is your chance to create the home you've always wanted or an excellent investment opportunity in a sought-after neighborhood. Don't miss out - schedule your showing today! Please note the adjacent lots are not included with the sale. BATVAI

Key facts

• 3,049 sq ft lot
• Built 1900
• Listed 150 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $72k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $72k).
• Recommended offer: $63k (12.0% below list) — sets the bar for market timing.
• Cap rate 29.7% 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 falling (-5.1%/yr); 257 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $2,424/mo this rent would consume 67% 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 $498 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 + 0.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 3.37% ✓
• Cap rate: 29.69%
• Cash-on-cash: 83.57%
• DSCR: 4.72
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $302,133
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
256 Horton St	0.02mi	5/3.0 (+1)	2,400 (+1%)	17mo	$405,000	$169	76
514 Mount Vernon St	0.40mi	3/2.0 (-1)	2,575 (+8%)	6mo	$309,000	$120	56
608 Mount Vernon St	0.45mi	4/2.0	2,600 (+9%)	12mo	$245,000	$94	52
65 Melbourne St	0.44mi	4/4.5	2,650 (+11%)	2mo	$275,000	$104	51
612 Marston St	0.41mi	4/2.5	2,068 (-13%)	12mo	$340,000	$164	49
266 Alger St	0.66mi	4/2.5	2,557 (+8%)	11mo	$405,000	$158	48
237 Alger St	0.68mi	4/3.0	2,597 (+9%)	6mo	$337,500	$130	46
250 Alger St	0.66mi	5/1.5 (+1)	2,500 (+5%)	9mo	$317,500	$127	45
443 E Edsel Ford Fwy E	0.51mi	3/1.5 (-1)	2,526 (+6%)	16mo	$75,000	$30	44
89 Hague St	0.62mi	5/3.5 (+1)	2,154 (-10%)	5mo	$175,000	$81	42

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 80.5%
• Equity multiple: 4.51×
• Total profit: $70,691
• Equity at exit: $10,735

10-year hold

• IRR: 83.2%
• Equity multiple: 8.41×
• Total profit: $149,423
• Equity at exit: $6,225

Cash invested: $20,160 (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: 2.5×

Monthly cashflow live

• Estimated rent: $2,424 high
• Mortgage (P&I): −$378
• Tax from tax record: −$104 /mo · $1,243/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $1,404

Break-even live

Break-even rent $647

Max offer price $72,000

Occupancy floor 37%

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: $18,000
• Closing costs: $2,160
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
528 E Philadelphia St Detroit, MI	3.0	1.0	1625	$2,400	$1.48	2d	1	0.57mi
419 King St Detroit, MI	3.0	1.0	1668	$2,300	$1.38	10d	1	0.75mi
216 Holbrook Unit Na Detroit, MI	4.0	2.0	2000	$2,200	$1.10	2d	1	0.77mi
216 Holbrook St Detroit, MI	4.0	2.0	2000	$2,000	$1.00	22d	1	0.77mi
1418 W Euclid St Detroit, MI	3.0	1.0	2264	$1,200	$0.53	44d	1	0.99mi
1441 W Euclid St Detroit, MI	3.0	1.0	2380	$2,600	$1.09	24d	1	0.99mi
634 Atkinson St Detroit, MI	3.0	3.5	3000	$6,500	$2.17	10d	1	1.07mi
330 Westminster St Detroit, MI	3.0	1.0	1995	$1,900	$0.95	24d	1	1.10mi
330 Westminster St Unit NA Detroit, MI	3.0	1.0	1995	$1,900	$0.95	44d	1	1.11mi
505 Westminster St Detroit, MI	3.0	1.0	1700	$1,400	$0.82	17d	1	1.14mi

Listing history 22 events

1. 2026-02-13
   status Pending 601-char remark

   Show marketing remark (601 chars)

   Bring your vision and make this home your own! Perfectly situated in a highly desirable location, this property offers convenience to schools, shopping, dining, and major freeways. With plenty of space and a functional layout, it's ideal for investors, first-time buyers ready for a project, or anyone looking to add value through updates and renovations. This is your chance to create the home you've always wanted or an excellent investment opportunity in a sought-after neighborhood. Don't miss out - schedule your showing today! Please note the adjacent lots are not included with the sale. BATVAI

2. 2026-02-13
   status Pending

   Show marketing remark (601 chars)

   Bring your vision and make this home your own! Perfectly situated in a highly desirable location, this property offers convenience to schools, shopping, dining, and major freeways. With plenty of space and a functional layout, it's ideal for investors, first-time buyers ready for a project, or anyone looking to add value through updates and renovations. This is your chance to create the home you've always wanted or an excellent investment opportunity in a sought-after neighborhood. Don't miss out - schedule your showing today! Please note the adjacent lots are not included with the sale. BATVAI

3. 2025-09-09
   listed $72,000 Active 601-char remark

   Show marketing remark (601 chars)

   Bring your vision and make this home your own! Perfectly situated in a highly desirable location, this property offers convenience to schools, shopping, dining, and major freeways. With plenty of space and a functional layout, it's ideal for investors, first-time buyers ready for a project, or anyone looking to add value through updates and renovations. This is your chance to create the home you've always wanted or an excellent investment opportunity in a sought-after neighborhood. Don't miss out - schedule your showing today! Please note the adjacent lots are not included with the sale. BATVAI

4. 2025-09-09
   listed $72,000 Active

   Show marketing remark (601 chars)

   Bring your vision and make this home your own! Perfectly situated in a highly desirable location, this property offers convenience to schools, shopping, dining, and major freeways. With plenty of space and a functional layout, it's ideal for investors, first-time buyers ready for a project, or anyone looking to add value through updates and renovations. This is your chance to create the home you've always wanted or an excellent investment opportunity in a sought-after neighborhood. Don't miss out - schedule your showing today! Please note the adjacent lots are not included with the sale. BATVAI

5. 2024-04-22
   historical
6. 2024-04-22
   historical
7. 2023-09-11
   listed $160,000 Active
8. 2023-09-11
   listed $160,000 Active
9. 2023-07-31
   historical
10. 2023-07-31
    historical
11. 2023-03-02
    historical
12. 2023-03-02
    status Active
13. 2023-01-31
    listed $295,000 Active
14. 2023-01-31
    listed $295,000 Active
15. 2023-01-02
    historical
16. 2023-01-01
    historical
17. 2022-11-30
    price $425,000
18. 2022-11-30
    price $425,000
19. 2022-11-17
    price $59,000
20. 2022-11-16
    price $59,000
21. 2022-06-02
    listed $499,900 Active
22. 2022-06-02
    listed $499,900 Active

ⓘ 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: $1,243 · $104/mo
• Projected year-2 tax: $1,243 · $104/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 ≥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: $29,090
• − Mortgage interest: −$4,033
• − Property taxes: −$1,243
• − Insurance: −$360
• − Repairs & maintenance: −$2,327
• − Management: −$2,327
• − Depreciation: −$2,095
• Taxable income: $16,705
• Est. tax owed @ 24.0%: −$4,009
• After-tax cash flow: $12,838/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): 15,780
• 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

-85.6% since first listed

22 events — show timeline

• 2026-02-13 Pending — MiRealSource-MiMLS
• 2026-02-13 Pending — REALCOMP
• 2025-09-09 Listed $72,000 REALCOMP
• 2025-09-09 Listed $72,000 MiRealSource-MiMLS
• 2024-04-22 Listing Removed — MiRealSource-MiMLS
• 2024-04-22 Listing Removed — REALCOMP
• 2023-09-11 Listed $160,000 MiRealSource-MiMLS
• 2023-09-11 Listed $160,000 REALCOMP
• 2023-07-31 Listing Removed — MiRealSource-MiMLS
• 2023-07-31 Listing Removed — REALCOMP
• 2023-03-02 Listing Removed — REALCOMP
• 2023-03-02 Relisted — REALCOMP
• 2023-01-31 Listed $295,000 MiRealSource-MiMLS
• 2023-01-31 Listed $295,000 REALCOMP
• 2023-01-02 Listing Removed — MiRealSource-MiMLS
• 2023-01-01 Listing Removed — REALCOMP
• 2022-11-30 Price Changed $425,000 MiRealSource-MiMLS
• 2022-11-30 Price Changed $425,000 REALCOMP
• 2022-11-17 Price Changed $59,000 MiRealSource-MiMLS
• 2022-11-16 Price Changed $59,000 REALCOMP
• 2022-06-02 Listed $499,900 MiRealSource-MiMLS
• 2022-06-02 Listed $499,900 REALCOMP

Property tax history

+4.1%/yr

Latest (2025): $1,243 · -8.9% YoY. Source: county tax records.