390 Ashland St · Detroit, MI 48215

$210,000

4 bd · 2.0 ba · 2,024 sqft · Townhouse public records · 23 Days on market

Built 1924 5,663 sqft lot $104/sqft · 42% below area Est $364k · 42% under

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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 +28.6/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.1/10.0
• 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

Listing remarks

Excellent opportunity on the canal in Detroit’s sought-after Jefferson-Chalmers neighborhood, just steps from the Detroit River and adjacent to Grosse Pointe Park. This brick duplex is ideal for investors or owner-occupants looking to house hack. Two bedroom/ One bath each unit, featuring fresh paint throughout, separate electrical service. Major updates include a newer roof, furnace and water heater. Additional features include a spacious finished attic for add. living space or storage, a clean, freshly painted basement with glass block windows. . Located on the Fox Creek Canal with direct access to the Detroit River, this property offers a unique waterfront setting. Enjoy close pro

Key facts

• Waterfront access
• Canal in detroit
• 5,663 sq ft lot

Tags

• CANAL IN DETROIT
• SPACIOUS FINISHED ATTIC
• FRESHLY PAINTED BASEMENT
• WATERFRONT ACCESS
• STRONG RENTAL POTENTIAL

Property features AI

Finance

• Other: Paved road access; Lot approximately 40 x 140 (0.13 acres); Zoned residential; Water body: Fox Creek and Detroit River; Cross streets: Jefferson and Alter; subdivision FREUDS FOX CREEK
• Financial info: No pool; Pets allowed

Exterior

• Utilities: Public water; Public sewer; Water and sewer available
• Home design: Residential income, multi-family property; Two-story building; Waterfront property with canal and river access and seawall
• Construction: Brick construction; Asphalt roof; Block and brick/mortar foundation; Above-grade finished area approximately 2,024 square feet
• Exterior features: Awnings; Balconies; Covered, enclosed and open patios/porches; Deck

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: Two 2-bedroom units
• Bathrooms: Two full bathrooms total (one in each unit)
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Gas water heater; Full unfinished basement
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $210k.

Deal economics

• At list price, monthly cash flow is $233 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Recommended offer: $207k (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: 137 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 23 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $38k; list at $210k implies a 453% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $206,850 (1.5% below list)

Questions for the listing agent

1. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.21% ✓
• Cap rate: 10.26%
• Cash-on-cash: 14.16%
• DSCR: 1.63
• GRM: 6.9

CMA / ARV

• ARV (median comp): $364,473
• List price: $210,000
• Delta: -42.38%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
751 Aberton Ave	0.73mi	3/3.5 (-1)	2,019 (-0%)	9mo	$153,000	$76	47
13315 ST Ervin Ave #16	0.74mi	3/3.5 (-1)	2,190 (+8%)	10mo	$199,900	$91	32

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.8%
• Equity multiple: 0.68×
• Total profit: $-18,929
• Equity at exit: $31,312

10-year hold

• IRR: 0.9%
• Equity multiple: 1.06×
• Total profit: $3,624
• Equity at exit: $18,157

Cash invested: $58,800 (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 48215

• Home prices YoY: -24.1%
• Active inventory: 137
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,545 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$128 /mo · $1,539/yr
• Insurance: −$88
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$535
• Net cashflow: $233

Break-even live

Break-even rent $2,250

Max offer price $210,000

Occupancy floor 86%

Sensitivity live

Price	-10% $352	-5% $293	+0% $233	+5% $174	+10% $114
Rent	-10% $32	-5% $133	+0% $233	+5% $334	+10% $434
Rate	-1.0pp $339	-0.5pp $287	base $233	+0.5pp $179	+1.0pp $124

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
371 Piper Blvd Detroit, MI	3.0	1.5	2340	$2,000	$0.85	45d	1	0.50mi
685 Bedford Ln Grosse Pointe Park, MI	4.0	2.5	2690	$4,500	$1.67	12d	1	0.80mi
2174 Springle St Detroit, MI	3.0	1.0	2256	$1,150	$0.51	3d	1	1.39mi

Listing history 7 events

1. 2026-06-03
   days on market $210,000 Active 23 DOM
2. 2026-06-02
   days on market $210,000 Active 22 DOM
3. 2026-06-01
   days on market $210,000 Active 21 DOM
4. 2026-05-31
   days on market $210,000 Active 20 DOM
5. 2026-05-11
   listed $210,000 Active 1063-char remark
6. 2026-05-11
   listed $210,000 Active 1056-char remark
7. 1997-06-20
   soldstatus $38,000

ⓘ 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: $1,539 · $128/mo
• Projected year-2 tax: $2,387 · $199/mo
• Expected delta: +$847/yr (+$71/mo · 55.1%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 74% 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,544
• − Mortgage interest: −$11,763
• − Property taxes: −$1,539
• − Insurance: −$6,575
• − Repairs & maintenance: −$2,443
• − Management: −$2,443
• − Depreciation: −$6,109
• Taxable loss: −$330
• Est. tax savings @ 24.0%: +$79
• After-tax cash flow: $2,879/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
• City population: 572,865
• Population (ZIP): 10,238

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 (87%)
• Race & ethnicity: Black 87% White 9% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Romanian 1% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 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: ▼ -60.84%
• Current HPI: 191.0405
• Rent YoY: —
• Metro: —
• 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

+452.6% since first listed

5 events — show timeline

• 2026-06-04 Listing Removed — REALCOMP
• 2026-06-03 Listing Removed — MiRealSource-MiMLS
• 2026-05-11 Listed $210,000 REALCOMP
• 2026-05-11 Listed $210,000 MiRealSource-MiMLS
• 1997-06-20 Sold (Public Records) $38,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $1,539 · +26.4% YoY. Source: county tax records.