3255 Hogarth St · Detroit, MI 48206

$70,000

6 bd · 3.0 ba · 2,265 sqft · MultiFamily · 176 Days on market

Built 1915 Poor condition 2,614 sqft lot $31/sqft · 32% above area Est $53k · 32% over

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Schools +1.3/10.0
• Condition / age +1.0/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Great investment. DLBA-owned side by side duplex with 3 bed in each unit property located in the Wildemere Park neighborhood. Sold with 3257 Hogarth St for a total of $70000. Sale is subject to approval by the Detroit Land Bank Authority (DLBA) and execution of a DLBA Renovation/Development Agreement. Purchaser must submit a complete proposal to DLBA, including intended use and renovation timeline, proof of funds, scope of work with cost breakdown, and documentation of prior renovation projects (addresses and photos). The DLBA recommends reviewing all applicable Neighborhood Framework Plans through the City of Detroit Planning and Development Department for additional neighborhood context. DLBA retains the right to tax recapture for five (5) years following transfer of ownership. This may be incompatible with certain tax abatements or lot combinations. Waiver requests will be reviewed on a case-by-case basis and may require payment in lieu of taxes, subject to review of development pro forma and financing.

Key facts

• 2,614 sq ft lot
• Built 1915
• Listed 176 days

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $70k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $851/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 35.5% 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; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $2,768/mo this rent would consume 74% 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 $484 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 + 5.2% 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 176 days — a 12% lower offer ($62k) 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.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 176 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 3.95% ✓
• Cap rate: 35.49%
• Cash-on-cash: 104.26%
• DSCR: 5.64
• GRM: 2.1

CMA / ARV

• ARV (median comp): $52,944
• List price: $70,000
• Delta: 32.21%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3759 W Euclid St	0.38mi	6/2.0	2,346 (+4%)	2mo	$207,500	$88	70
3785 Blaine St	0.54mi	6/2.5	2,330 (+3%)	1mo	$40,000	$17	67
3757 Blaine St	0.53mi	6/2.5	2,362 (+4%)	8mo	$205,000	$87	60
2676 - 2672 Columbus St	0.33mi	6/2.0	2,404 (+6%)	24mo	$28,500	$12	51
2982 Vicksburg St	0.28mi	6/2.0	2,550 (+13%)	18mo	$89,000	$35	46
2305 W Euclid St	0.67mi	6/—	2,444 (+8%)	14mo	$43,500	$18	44
8665 Quincy St	0.67mi	6/2.0	2,526 (+12%)	14mo	$142,500	$56	34

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: —
• Equity multiple: 6.28×
• Total profit: $103,423
• Equity at exit: $10,437

10-year hold

• IRR: —
• Equity multiple: 14.10×
• Total profit: $256,769
• Equity at exit: $6,052

Cash invested: $19,600 (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: 4.2×

Monthly cashflow live

• Estimated rent: $2,768 high
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$88 /mo · $1,050/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$581
• Net cashflow: $1,703

Break-even live

Break-even rent $612

Max offer price $70,000

Occupancy floor 33%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,768
Total (2 units)			$2,768

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3799 W Philadelphia St Detroit, MI	5.0	2.0	2200	$1,650	$0.75	16d	1	0.47mi
2509 Gladstone St Unit NA Detroit, MI	6.0	3.0	3008	$2,000	$0.66	10d	1	0.75mi
8951 La Salle Blvd Detroit, MI	5.0	2.5	2440	$2,500	$1.02	15d	1	0.91mi
2028 Gladstone St Unit 1 Detroit, MI	5.0	2.0	2500	$2,850	$1.14	3d	1	1.00mi

Listing history 14 events

1. 2026-06-18
   days on market $70,000 Active 176 DOM
2. 2026-06-17
   days on market $70,000 Active 175 DOM
3. 2026-06-15
   days on market $70,000 Active 173 DOM
4. 2026-06-13
   days on market $70,000 Active 171 DOM
5. 2026-06-13
   days on market $70,000 Active 170 DOM
6. 2026-06-09
   days on market $70,000 Active 167 DOM
7. 2026-06-08
   days on market $70,000 Active 166 DOM
8. 2026-06-07
   days on market $70,000 Active 165 DOM
9. 2026-06-04
   days on market $70,000 Active 162 DOM
10. 2026-06-03
    days on market $70,000 Active 161 DOM
11. 2026-06-01
    days on market $70,000 Active 159 DOM
12. 2026-05-31
    days on market $70,000 Active 158 DOM
13. 2025-12-24
    listed $70,000 Active 1022-char remark

    Show marketing remark (1021 chars)

    Great investment. DLBA-owned side by side duplex with 3 bed in each unit property located in the Wildemere Park neighborhood. Sold with 3257 Hogarth St for a total of $70000. Sale is subject to approval by the Detroit Land Bank Authority (DLBA) and execution of a DLBA Renovation/Development Agreement. Purchaser must submit a complete proposal to DLBA, including intended use and renovation timeline, proof of funds, scope of work with cost breakdown, and documentation of prior renovation projects (addresses and photos). The DLBA recommends reviewing all applicable Neighborhood Framework Plans through the City of Detroit Planning and Development Department for additional neighborhood context. DLBA retains the right to tax recapture for five (5) years following transfer of ownership. This may be incompatible with certain tax abatements or lot combinations. Waiver requests will be reviewed on a case-by-case basis and may require payment in lieu of taxes, subject to review of development pro forma and financing.

14. 2025-12-24
    listed $70,000 Active 1021-char remark

    Show marketing remark (1021 chars)

    Great investment. DLBA-owned side by side duplex with 3 bed in each unit property located in the Wildemere Park neighborhood. Sold with 3257 Hogarth St for a total of $70000. Sale is subject to approval by the Detroit Land Bank Authority (DLBA) and execution of a DLBA Renovation/Development Agreement. Purchaser must submit a complete proposal to DLBA, including intended use and renovation timeline, proof of funds, scope of work with cost breakdown, and documentation of prior renovation projects (addresses and photos). The DLBA recommends reviewing all applicable Neighborhood Framework Plans through the City of Detroit Planning and Development Department for additional neighborhood context. DLBA retains the right to tax recapture for five (5) years following transfer of ownership. This may be incompatible with certain tax abatements or lot combinations. Waiver requests will be reviewed on a case-by-case basis and may require payment in lieu of taxes, subject to review of development pro forma and financing.

ⓘ 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: $33,216
• − Mortgage interest: −$3,921
• − Property taxes: −$1,050
• − Insurance: −$350
• − Repairs & maintenance: −$2,657
• − Management: −$2,657
• − Depreciation: −$2,036
• Taxable income: $20,544
• Est. tax owed @ 24.0%: −$4,931
• After-tax cash flow: $15,505/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 · 12 photos

Poor 20/100 Gut rehab

This property requires extensive renovation and repair work, including kitchen and bathroom renovations, exterior siding and foundation repairs, and landscaping improvements. The property is currently in a poor condition and requires significant investment to become move-in ready.

Repairs flagged

• Major Kitchen cabinets — Severe damage
• Major Kitchen countertops — Severe damage
• Major Kitchen flooring — Severe damage
• Major Bathroom fixtures — Severe damage
• Major Bathroom walls — Severe damage
• Major Bathroom flooring — Severe damage
• Major Exterior siding — Severe damage
• Major Exterior windows — Severe damage
• Major Exterior foundation — Severe damage
• Major Landscaping — Overgrown and unkempt

Value-add opportunities

• Both Kitchen renovation — Creates a functional and attractive space
• Both Bathroom renovation — Creates a functional and attractive space
• Both Exterior renovation — Enhances curb appeal and property value
• Both Landscaping — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Severe damage	Major	$15,000–50,000
Kitchen countertops · Severe damage	Major	$15,000–50,000
Kitchen flooring · Severe damage	Major	$15,000–50,000
Bathroom fixtures · Severe damage	Major	$15,000–50,000
Bathroom walls · Severe damage	Major	$15,000–50,000
Bathroom flooring · Severe damage	Major	$15,000–50,000
Exterior siding · Severe damage	Major	$15,000–50,000
Exterior windows · Severe damage	Major	$15,000–50,000
Exterior foundation · Severe damage	Major	$15,000–50,000
Landscaping · Overgrown and unkempt	Major	$15,000–50,000
Total estimated repair cost · 10 items		$150,000–500,000

Value-add ROI direction

• Both Kitchen renovation — Creates a functional and attractive space ↑
• Both Bathroom renovation — Creates a functional and attractive space ↑
• Both Exterior renovation — Enhances curb appeal and property value ↑
• Both Landscaping — Enhances curb appeal and property 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

• 2025-12-24 Listed $70,000 MiRealSource-MiMLS
• 2025-12-24 Listed $70,000 REALCOMP