2435 Cortland St · Detroit, MI 48206

$100,000

6 bd · 4.0 ba · — sqft · MultiFamily · 5 Days on market

Built 1929 Poor condition 100 ac 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
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Schools +1.3/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Key facts

• 100 acre lot
• Built 1929
• Listed 4 days

Property features AI

Finance

• Financial info: Annual tax approximately $3,500

Exterior

• Utilities: Public water; Public sewer; Electricity connected
• Home design: Multi-family residential income property
• Construction: Brick construction
• Exterior features: 100-acre lot; Lot dimensions around 100 (unit unspecified)

Interior

• Bedrooms: Two 3-bedroom units
• Bathrooms: Each unit has 2 bathrooms
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Basement present; Accessible entrance; Accessible doors

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $100k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $709/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $100k).
• Cap rate 23.3% 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; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $2,670/mo this rent would consume 71% 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 $691 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 + 5.2% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,000

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.67% ✓
• Cap rate: 23.31%
• Cash-on-cash: 60.78%
• DSCR: 3.70
• GRM: 3.1

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2716 Elmhurst St	0.30mi	6/2.0	2,750	1mo	$225,000	$82	65
2952 Elmhurst St	0.40mi	6/2.5	2,950	2mo	$65,000	$22	62
1708 Burlingame St	0.51mi	6/4.0	3,094	3mo	$236,900	$77	61
2965 Tuxedo St	0.45mi	6/2.0	4,356	1mo	$65,000	$15	58
2922 Fullerton St	0.39mi	6/2.0	—	4mo	$162,117	—	58
2931 Tuxedo St	0.42mi	6/2.0	2,510	3mo	$50,000	$20	58
2959 Tuxedo St	0.44mi	6/2.0	2,264	3mo	$181,000	$80	57
2009 Calvert St	0.59mi	6/3.0	3,452	1mo	$50,000	$14	55
3200 Cortland St	0.48mi	6/2.0	5,270	3mo	$29,900	$6	54
3230 Fullerton St	0.54mi	6/2.0	2,950	3mo	$65,000	$22	52
3322 Webb St	0.65mi	6/3.0	3,312	4mo	$190,000	$57	50
2907 Calvert St	0.63mi	6/2.0	3,140	2mo	$130,000	$41	48

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: 62.1%
• Equity multiple: 3.86×
• Total profit: $80,203
• Equity at exit: $14,910

10-year hold

• IRR: 67.4%
• Equity multiple: 8.58×
• Total profit: $212,240
• Equity at exit: $8,646

Cash invested: $28,000 (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 48206

• Rents YoY: 5.2%
• Active inventory: 271
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,670 high
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,500/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$561
• Net cashflow: $1,418

Break-even live

Break-even rent $875

Max offer price $100,000

Occupancy floor 42%

Sensitivity live

Price	-10% $1,487	-5% $1,453	+0% $1,418	+5% $1,384	+10% $1,349
Rent	-10% $1,207	-5% $1,313	+0% $1,418	+5% $1,524	+10% $1,629
Rate	-1.0pp $1,469	-0.5pp $1,444	base $1,418	+0.5pp $1,392	+1.0pp $1,366

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,670
Total (2 units)			$2,670

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2245 Glynn Ct Detroit, MI	5.0	2.5	—	$2,200	—	2d	1	0.60mi
1699 Glynn Ct Detroit, MI	5.0	3.5	—	$2,500	—	44d	1	0.74mi
1699 Glynn Ct Detroit, MI	5.0	3.5	2542	$2,500	$0.98	22d	1	0.74mi
3040 Kendall St Detroit, MI	5.0	1.0	1188	$1,386	$1.17	13d	1	1.01mi
8951 La Salle Blvd Detroit, MI	5.0	2.5	2440	$2,500	$1.02	15d	1	1.08mi
2028 Gladstone St Unit 1 Detroit, MI	5.0	2.0	2500	$2,850	$1.14	3d	1	1.21mi
2509 Gladstone St Unit NA Detroit, MI	6.0	3.0	3008	$2,000	$0.66	11d	1	1.22mi
41 Richton St Highland Park, MI	5.0	2.0	1871	$1,800	$0.96	2d	1	1.31mi
41 Richton St Highland Park, MI	5.0	2.0	1871	$1,800	$0.96	15d	1	1.31mi
41 Richton St Highland Park, MI	5.0	2.0	—	$1,800	—	3d	1	1.31mi
13225 Santa Rosa Dr Detroit, MI	5.0	2.0	2100	$1,700	$0.81	5d	1	1.38mi

Listing history 3 events

1. 2026-06-09
   days on market $100,000 Active 5 DOM
2. 2026-06-08
   days on market $100,000 Active 4 DOM
3. 2026-06-07
   listed $100,000 Active 3 DOM

ⓘ 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 · 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: $32,040
• − Mortgage interest: −$5,602
• − Property taxes: −$1,500
• − Insurance: −$500
• − Repairs & maintenance: −$2,563
• − Management: −$2,563
• − Depreciation: −$2,909
• Taxable income: $16,403
• Est. tax owed @ 24.0%: −$3,937
• After-tax cash flow: $13,082/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 · 1 photo

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and updates to its roof, exterior, flooring, interior walls, HVAC, and landscaping to become move-in ready and significantly increase its resale and rental value.

Repairs flagged

• Major roof — No visible roof in the satellite image.
• Major exterior — No visible exterior in the satellite image.
• Major flooring — No visible flooring in the satellite image.
• Major interior walls/paint — No visible interior walls/paint in the satellite image.
• Major HVAC/mechanicals — No visible HVAC/mechanicals in the satellite image.
• Major landscaping/curb appeal — No visible landscaping/curb appeal in the satellite image.

Value-add opportunities

• Both roof replacement — A new roof would significantly improve the home's appearance and functionality.
• Both exterior painting and siding repair — A fresh coat of paint and repairs to the siding would enhance curb appeal and value.
• Both flooring replacement — New flooring would improve the home's aesthetic and functionality.
• Both interior painting and repairs — Fresh paint and repairs to interior walls would improve the home's appearance and value.
• Both HVAC system replacement — A new HVAC system would improve comfort and energy efficiency.
• Both landscaping and curb appeal improvements — Landscaping and curb appeal improvements would enhance the home's overall appearance and value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · No visible roof in the satellite image.	Major	$15,000–50,000
exterior · No visible exterior in the satellite image.	Major	$15,000–50,000
flooring · No visible flooring in the satellite image.	Major	$15,000–50,000
interior walls/paint · No visible interior walls/paint in the satellite image.	Major	$15,000–50,000
HVAC/mechanicals · No visible HVAC/mechanicals in the satellite image.	Major	$15,000–50,000
landscaping/curb appeal · No visible landscaping/curb appeal in the satellite image.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both roof replacement — A new roof would significantly improve the home's appearance and functionality. ↑
• Both exterior painting and siding repair — A fresh coat of paint and repairs to the siding would enhance curb appeal and value. ↑
• Both flooring replacement — New flooring would improve the home's aesthetic and functionality. ↑
• Both interior painting and repairs — Fresh paint and repairs to interior walls would improve the home's appearance and value. ↑
• Both HVAC system replacement — A new HVAC system would improve comfort and energy efficiency. ↑
• Both landscaping and curb appeal improvements — Landscaping and curb appeal improvements would enhance the home's overall appearance and value. ↑

ⓘ 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): 15,227
• 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

+0.0% since first listed

2 events — show timeline

• 2026-06-04 Listed $100,000 REALCOMP
• 2026-06-04 Listed $100,000 MiRealSource-MiMLS