3737 Scovel Pl · Detroit, MI 48208

$900,000

20 bd · 400.0 ba · — sqft · MultiFamily · 737 Days on market

Built 1927 6,534 sqft lot

---

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
• Rent growth +2.5/5.0
• 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 (5+ Unit). Listing-text estimate: 20 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Great investment opportunity! Newly updated 20 unit occupied apartment building with leases in place in a convenient location. Find your way downtown in less 10 minutes or to midtown in just 5 minutes!The building comes with ample parking in an attached concrete lot directly next to building. The entire building has been rental certified and has passed lead inspection by the city of Detroit. There are 10 one bedroom units and 10 studio units. The majority of all units have newer flooring, paint, and lighting. All unit doors have are equipped steel doors with keyless/digital entry as well as deadbolt locks. All units have their own electric meter along with heating and cooling units. Each unit is separately metered. All tenant pay thier own electric bills. All one bedroom units have newfurnaces and AC units. Each studio units have new mini-split systems that have heat and AC. The majority of the plumbing stacks have been replaced. The front door has new hinges and locking mechanism, the back door is an all new steel door. The roof was aluminum seal coated in 2016. The hot water tank was replaced for the entire building in 2016. The entire Building has newer windows. All common areas have new LED light fixtures. A new camera system has been installed throughout the entire building and outside.

Key facts

• New lighting
• Newer flooring
• New paint

Tags

• NEWER FLOORING
• NEW PAINT
• NEW LIGHTING
• KEYLESS/DIGITAL ENTRY
• SEPARATELY METERED
• NEW FURNACES AND AC UNITS

What this means for you Summary

Snapshot

• This is a 20 × 1-bed/1-bath units multifamily listed at $900k.

Deal economics

• At list price, monthly cash flow is $9k ($103k/yr) — positive. Per door: $430/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $900k).
• Recommended offer: $792k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.8% 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: 184 active listings in the ZIP; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $18,770/mo this rent would consume 622% of the median local household income ($36k/yr) (locally 601% 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 $6k of loan paydown is wiped out by about $27k 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 + 3.0% rent growth), your $252k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 737 days — a 12% lower offer ($792k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 5y 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 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $792,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 737 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.09% ✓
• Cap rate: 17.77%
• Cash-on-cash: 40.99%
• DSCR: 2.82
• GRM: 4.0

CMA / ARV

• ARV (median comp): $61,314
• List price: $900,000
• Delta: 1367.85%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 37.5%
• Equity multiple: 2.60×
• Total profit: $402,731
• Equity at exit: $134,193

10-year hold

• IRR: 44.1%
• Equity multiple: 5.20×
• Total profit: $1,057,848
• Equity at exit: $77,816

Cash invested: $252,000 (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 48208

• Home prices YoY: -5.9%
• Active inventory: 184
• Price-to-rent: 79.9×

Monthly cashflow live

• Estimated rent: $18,770 high
• Mortgage (P&I): −$4,720
• Tax est. 1.5%: −$1,125 /mo · $13,500/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,942
• Net cashflow: $8,609

Break-even live

Break-even rent $7,873

Max offer price $900,000

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 20× units	1	1	$18,760
Total (20 units)			$18,770

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: $225,000
• Closing costs: $27,000
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-18
   days on market $900,000 Active 737 DOM
2. 2026-06-17
   days on market $900,000 Active 736 DOM
3. 2026-06-15
   days on market $900,000 Active 734 DOM
4. 2026-06-13
   days on market $900,000 Active 732 DOM
5. 2026-06-13
   days on market $900,000 Active 731 DOM
6. 2026-06-09
   days on market $900,000 Active 728 DOM
7. 2026-06-08
   days on market $900,000 Active 727 DOM
8. 2026-06-07
   days on market $900,000 Active 726 DOM
9. 2026-06-04
   days on market $900,000 Active 723 DOM
10. 2026-06-03
    days on market $900,000 Active 722 DOM
11. 2026-06-01
    days on market $900,000 Active 720 DOM
12. 2026-05-31
    days on market $900,000 Active 719 DOM
13. 2025-04-21
    status Active 1312-char remark

    Show marketing remark (796 chars)

    Great investment opportunity! Newly updated 20 unit occupied apartment building with leases in place in a convenient location. Find your way downtown in less 10 minutes or to midtown in just 5 minutes!The building comes with ample parking in an attached concrete lot directly next to building. The entire building has been rental certified and has passed lead inspection by the city of Detroit. There are 10 one bedroom units and 10 studio units. The majority of all units have newer flooring, paint, and lighting. All unit doors have are equipped steel doors with keyless/digital entry as well as deadbolt locks. All units have their own electric meter along with heating and cooling units. Each unit is separately metered. All tenant pay thier own electric bills. All one bedroom units have new

14. 2025-04-21
    status Active 796-char remark

    Show marketing remark (796 chars)

    Great investment opportunity! Newly updated 20 unit occupied apartment building with leases in place in a convenient location. Find your way downtown in less 10 minutes or to midtown in just 5 minutes!The building comes with ample parking in an attached concrete lot directly next to building. The entire building has been rental certified and has passed lead inspection by the city of Detroit. There are 10 one bedroom units and 10 studio units. The majority of all units have newer flooring, paint, and lighting. All unit doors have are equipped steel doors with keyless/digital entry as well as deadbolt locks. All units have their own electric meter along with heating and cooling units. Each unit is separately metered. All tenant pay thier own electric bills. All one bedroom units have new

15. 2025-04-03
    historical Accepting Backup Offers 796-char remark

    Show marketing remark (1312 chars)

    Great investment opportunity! Newly updated 20 unit occupied apartment building with leases in place in a convenient location. Find your way downtown in less 10 minutes or to midtown in just 5 minutes!The building comes with ample parking in an attached concrete lot directly next to building. The entire building has been rental certified and has passed lead inspection by the city of Detroit. There are 10 one bedroom units and 10 studio units. The majority of all units have newer flooring, paint, and lighting. All unit doors have are equipped steel doors with keyless/digital entry as well as deadbolt locks. All units have their own electric meter along with heating and cooling units. Each unit is separately metered. All tenant pay thier own electric bills. All one bedroom units have newfurnaces and AC units. Each studio units have new mini-split systems that have heat and AC. The majority of the plumbing stacks have been replaced. The front door has new hinges and locking mechanism, the back door is an all new steel door. The roof was aluminum seal coated in 2016. The hot water tank was replaced for the entire building in 2016. The entire Building has newer windows. All common areas have new LED light fixtures. A new camera system has been installed throughout the entire building and outside.

16. 2025-04-03
    historical Active Under Contract 1312-char remark

    Show marketing remark (1312 chars)

    Great investment opportunity! Newly updated 20 unit occupied apartment building with leases in place in a convenient location. Find your way downtown in less 10 minutes or to midtown in just 5 minutes!The building comes with ample parking in an attached concrete lot directly next to building. The entire building has been rental certified and has passed lead inspection by the city of Detroit. There are 10 one bedroom units and 10 studio units. The majority of all units have newer flooring, paint, and lighting. All unit doors have are equipped steel doors with keyless/digital entry as well as deadbolt locks. All units have their own electric meter along with heating and cooling units. Each unit is separately metered. All tenant pay thier own electric bills. All one bedroom units have newfurnaces and AC units. Each studio units have new mini-split systems that have heat and AC. The majority of the plumbing stacks have been replaced. The front door has new hinges and locking mechanism, the back door is an all new steel door. The roof was aluminum seal coated in 2016. The hot water tank was replaced for the entire building in 2016. The entire Building has newer windows. All common areas have new LED light fixtures. A new camera system has been installed throughout the entire building and outside.

17. 2024-07-11
    status Active 1312-char remark

    Show marketing remark (796 chars)

    Great investment opportunity! Newly updated 20 unit occupied apartment building with leases in place in a convenient location. Find your way downtown in less 10 minutes or to midtown in just 5 minutes!The building comes with ample parking in an attached concrete lot directly next to building. The entire building has been rental certified and has passed lead inspection by the city of Detroit. There are 10 one bedroom units and 10 studio units. The majority of all units have newer flooring, paint, and lighting. All unit doors have are equipped steel doors with keyless/digital entry as well as deadbolt locks. All units have their own electric meter along with heating and cooling units. Each unit is separately metered. All tenant pay thier own electric bills. All one bedroom units have new

18. 2024-07-11
    status Active 796-char remark

    Show marketing remark (796 chars)

    Great investment opportunity! Newly updated 20 unit occupied apartment building with leases in place in a convenient location. Find your way downtown in less 10 minutes or to midtown in just 5 minutes!The building comes with ample parking in an attached concrete lot directly next to building. The entire building has been rental certified and has passed lead inspection by the city of Detroit. There are 10 one bedroom units and 10 studio units. The majority of all units have newer flooring, paint, and lighting. All unit doors have are equipped steel doors with keyless/digital entry as well as deadbolt locks. All units have their own electric meter along with heating and cooling units. Each unit is separately metered. All tenant pay thier own electric bills. All one bedroom units have new

19. 2024-07-02
    historical Accepting Backup Offers 1312-char remark

    Show marketing remark (796 chars)

    Great investment opportunity! Newly updated 20 unit occupied apartment building with leases in place in a convenient location. Find your way downtown in less 10 minutes or to midtown in just 5 minutes!The building comes with ample parking in an attached concrete lot directly next to building. The entire building has been rental certified and has passed lead inspection by the city of Detroit. There are 10 one bedroom units and 10 studio units. The majority of all units have newer flooring, paint, and lighting. All unit doors have are equipped steel doors with keyless/digital entry as well as deadbolt locks. All units have their own electric meter along with heating and cooling units. Each unit is separately metered. All tenant pay thier own electric bills. All one bedroom units have new

20. 2024-07-02
    historical Accepting Backup Offers 796-char remark

    Show marketing remark (796 chars)

    Great investment opportunity! Newly updated 20 unit occupied apartment building with leases in place in a convenient location. Find your way downtown in less 10 minutes or to midtown in just 5 minutes!The building comes with ample parking in an attached concrete lot directly next to building. The entire building has been rental certified and has passed lead inspection by the city of Detroit. There are 10 one bedroom units and 10 studio units. The majority of all units have newer flooring, paint, and lighting. All unit doors have are equipped steel doors with keyless/digital entry as well as deadbolt locks. All units have their own electric meter along with heating and cooling units. Each unit is separately metered. All tenant pay thier own electric bills. All one bedroom units have new

21. 2024-06-07
    listed $900,000 Active 1312-char remark

    Show marketing remark (796 chars)

    Great investment opportunity! Newly updated 20 unit occupied apartment building with leases in place in a convenient location. Find your way downtown in less 10 minutes or to midtown in just 5 minutes!The building comes with ample parking in an attached concrete lot directly next to building. The entire building has been rental certified and has passed lead inspection by the city of Detroit. There are 10 one bedroom units and 10 studio units. The majority of all units have newer flooring, paint, and lighting. All unit doors have are equipped steel doors with keyless/digital entry as well as deadbolt locks. All units have their own electric meter along with heating and cooling units. Each unit is separately metered. All tenant pay thier own electric bills. All one bedroom units have new

22. 2024-06-07
    listed $900,000 Active 796-char remark

    Show marketing remark (796 chars)

    Great investment opportunity! Newly updated 20 unit occupied apartment building with leases in place in a convenient location. Find your way downtown in less 10 minutes or to midtown in just 5 minutes!The building comes with ample parking in an attached concrete lot directly next to building. The entire building has been rental certified and has passed lead inspection by the city of Detroit. There are 10 one bedroom units and 10 studio units. The majority of all units have newer flooring, paint, and lighting. All unit doors have are equipped steel doors with keyless/digital entry as well as deadbolt locks. All units have their own electric meter along with heating and cooling units. Each unit is separately metered. All tenant pay thier own electric bills. All one bedroom units have new

23. 2024-03-21
    historical
24. 2023-04-27
    historical
25. 2023-04-27
    historical
26. 2022-06-01
    status Active
27. 2022-06-01
    status Active
28. 2022-03-02
    status Pending
29. 2022-03-02
    status Pending
30. 2021-12-31
    status Active
31. 2021-12-23
    historical
32. 2021-10-21
    listed $900,000 Active
33. 2021-10-21
    listed $900,000 Active

ⓘ 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 ≥97°F today · 14 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: $225,240
• − Mortgage interest: −$50,414
• − Property taxes: −$13,500
• − Insurance: −$4,500
• − Repairs & maintenance: −$18,019
• − Management: −$18,019
• − Depreciation: −$26,182
• Taxable income: $94,606
• Est. tax owed @ 24.0%: −$22,705
• After-tax cash flow: $80,598/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): 8,037
• Household income: $36,194
• Rent vs Own: 65.7% rent · 34.3% own
• Severe rent burden: 601.0

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 (66%)
• Race & ethnicity: Black 66% White 23% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 3% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 5% Arabic 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: ▼ -10.56%
• Current HPI: 168.8907
• 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

+0.0% since first listed

21 events — show timeline

• 2025-04-21 Relisted — REALCOMP
• 2025-04-21 Relisted — MiRealSource-MiMLS
• 2025-04-03 Contingent — MiRealSource-MiMLS
• 2025-04-03 Contingent — REALCOMP
• 2024-07-11 Relisted — REALCOMP
• 2024-07-11 Relisted — MiRealSource-MiMLS
• 2024-07-02 Contingent — REALCOMP
• 2024-07-02 Contingent — MiRealSource-MiMLS
• 2024-06-07 Listed $900,000 MiRealSource-MiMLS
• 2024-06-07 Listed $900,000 REALCOMP
• 2024-03-21 Rental Removed — APPFOLIO
• 2023-04-27 Listing Removed — MiRealSource-MiMLS
• 2023-04-27 Listing Removed — REALCOMP
• 2022-06-01 Relisted — MiRealSource-MiMLS
• 2022-06-01 Relisted — REALCOMP
• 2022-03-02 Pending — MiRealSource-MiMLS
• 2022-03-02 Pending — REALCOMP
• 2021-12-31 Relisted — MiRealSource-MiMLS
• 2021-12-23 Listing Removed — MiRealSource-MiMLS
• 2021-10-21 Listed $900,000 MiRealSource-MiMLS
• 2021-10-21 Listed $900,000 REALCOMP