9359 Otsego St · Detroit, MI 48204

$150,000

6 bd · 2.0 ba · 2,088 sqft · Townhouse public records · 64 Days on market

Built 1918 3,920 sqft lot $72/sqft · 28% above area Est $151k · at est.

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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 +29.9/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +7.9/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks MLS

Exceptional multifamily opportunity located in the historic Nardin Park neighborhood, one of Detroit’s most architecturally rich and rapidly reinvesting west side communities. Known for its tree-lined boulevards, classic brick colonials, and strong neighborhood identity, Nardin Park offers investors a rare combination of character, stability, and forward-looking growth. Nardin Park is a designated Strategic Neighborhood Fund (SNF) target area, placing it among Detroit’s top priorities for revitalization and long-term growth. Streetscape improvements, facade upgrades, public art, and new retail pop-ups are transforming the nearby Dexter Avenue corridor into a walkable, vibrant comunity. Property is 1 of 11 in a portfolio being sold all within the Downtown Area. Buy 1 or as many as you would like. MLS#s for the other 10 properties: 20261015005, 20261015035, 20261015052, 20261015057, 20261015574, 20261015576, 20261015577, 20261015578, 20261015583, 20261015683

Key facts

• Public art
• Facade upgrades
• 3,920 sq ft lot

Tags

• TREE LINED BOULEVARDS
• CLASSIC BRICK COLONIALS
• STRONG NEIGHBORHOOD IDENTITY
• STREETSCAPE IMPROVEMENTS
• FACADE UPGRADES
• PUBLIC ART

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath townhouse listed at $150k.

Deal economics

• At list price, monthly cash flow is $554 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $141k (6.0% 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: 244 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $1,965/mo this rent would consume 68% of the median local household income ($34k/yr) (locally 1418% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 13y ago; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $141,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1918 — 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: 1.31% ✓
• Cap rate: 10.72%
• Cash-on-cash: 15.82%
• DSCR: 1.70
• GRM: 6.4

CMA / ARV

• ARV (median comp): $151,378
• List price: $150,000
• Delta: -0.91%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 36.0%
• Equity multiple: 3.78×
• Total profit: $116,955
• Equity at exit: $135,132

10-year hold

• IRR: 31.0%
• Equity multiple: 8.54×
• Total profit: $316,702
• Equity at exit: $291,417

Cash invested: $42,000 (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 48204

• Home prices YoY: 18.5%
• Active inventory: 244
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,965 high
• Mortgage (P&I): −$787
• Tax from tax record: −$150 /mo · $1,797/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $554

Break-even live

Break-even rent $1,264

Max offer price $150,000

Occupancy floor 67%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4114 W Euclid St Detroit, MI	6.0	2.0	1500	$1,800	$1.20	44d	1	0.63mi
3799 W Philadelphia St Detroit, MI	5.0	2.0	2200	$1,650	$0.75	17d	1	0.64mi
8951 La Salle Blvd Detroit, MI	5.0	2.5	2440	$2,500	$1.02	15d	1	1.03mi
2028 Gladstone St Unit 1 Detroit, MI	5.0	2.0	2500	$2,850	$1.14	3d	1	1.29mi
13225 Santa Rosa Dr Detroit, MI	5.0	2.0	2100	$1,700	$0.81	5d	1	1.39mi
1699 Glynn Ct Detroit, MI	5.0	3.5	2542	$2,500	$0.98	22d	1	1.45mi

Listing history 27 events

1. 2026-06-18
   days on market $150,000 Active 64 DOM
2. 2026-06-17
   days on market $150,000 Active 63 DOM
3. 2026-06-15
   days on market $150,000 Active 61 DOM
4. 2026-06-13
   days on market $150,000 Active 59 DOM
5. 2026-06-13
   days on market $150,000 Active 58 DOM
6. 2026-06-09
   days on market $150,000 Active 55 DOM
7. 2026-06-08
   days on market $150,000 Active 54 DOM
8. 2026-06-07
   days on market $150,000 Active 53 DOM
9. 2026-06-04
   days on market $150,000 Active 50 DOM
10. 2026-06-03
    days on market $150,000 Active 49 DOM
11. 2026-06-02
    days on market $150,000 Active 48 DOM
12. 2026-06-01
    days on market $150,000 Active 47 DOM
13. 2026-05-31
    days on market $150,000 Active 46 DOM
14. 2026-04-15
    listed $170,000 Active 982-char remark

    Show marketing remark (970 chars)

    Exceptional multifamily opportunity located in the historic Nardin Park neighborhood, one of Detroit's most architecturally rich and rapidly reinvesting west side communities. Known for its tree-lined boulevards, classic brick colonials, and strong neighborhood identity, Nardin Park offers investors a rare combination of character, stability, and forward-looking growth. Nardin Park is a designated Strategic Neighborhood Fund (SNF) target area, placing it among Detroit's top priorities for revitalization and long-term growth. Streetscape improvements, facade upgrades, public art, and new retail pop-ups are transforming the nearby Dexter Avenue corridor into a walkable, vibrant comunity. Property is 1 of 11 in a portfolio being sold all within the Downtown Area. Buy 1 or as many as you would like. MLS#s for the other 10 properties: 20261015005, 20261015035, 20261015052, 20261015057, 20261015574, 20261015576, 20261015577, 20261015578, 20261015583, 20261015683

15. 2026-04-15
    listed $170,000 Active 970-char remark

    Show marketing remark (970 chars)

    Exceptional multifamily opportunity located in the historic Nardin Park neighborhood, one of Detroit's most architecturally rich and rapidly reinvesting west side communities. Known for its tree-lined boulevards, classic brick colonials, and strong neighborhood identity, Nardin Park offers investors a rare combination of character, stability, and forward-looking growth. Nardin Park is a designated Strategic Neighborhood Fund (SNF) target area, placing it among Detroit's top priorities for revitalization and long-term growth. Streetscape improvements, facade upgrades, public art, and new retail pop-ups are transforming the nearby Dexter Avenue corridor into a walkable, vibrant comunity. Property is 1 of 11 in a portfolio being sold all within the Downtown Area. Buy 1 or as many as you would like. MLS#s for the other 10 properties: 20261015005, 20261015035, 20261015052, 20261015057, 20261015574, 20261015576, 20261015577, 20261015578, 20261015583, 20261015683

16. 2026-03-17
    listed $170,000 Active
17. 2026-03-17
    listed $170,000 Active
18. 2026-02-16
    historical
19. 2026-02-16
    historical
20. 2025-10-23
    listed $169,900 Active
21. 2025-10-23
    listed $169,900 Active
22. 2024-08-02
    soldstatus $162,500
23. 2013-12-31
    soldstatus $3,000
24. 2013-12-31
    soldstatus $3,000
25. 2013-11-14
    historical
26. 2013-10-11
    listed $6,000
27. 2013-10-11
    listed $6,000

ⓘ 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: $1,797 · $150/mo
• Projected year-2 tax: $2,053 · $171/mo
• Expected delta: +$257/yr (+$21/mo · 14.3%)

ⓘ 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 ≥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: $23,580
• − Mortgage interest: −$8,402
• − Property taxes: −$1,797
• − Insurance: −$750
• − Repairs & maintenance: −$1,886
• − Management: −$1,886
• − Depreciation: −$4,364
• Taxable income: $4,495
• Est. tax owed @ 24.0%: −$1,079
• After-tax cash flow: $5,564/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): 20,696
• Household income: $34,468
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 1418.0

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 (86%)
• Race & ethnicity: Black 86% Two or more races 7% Hispanic / Latino 5% White 4% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Hispanic 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 36.51%
• Current HPI: 234.0465
• 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

+2733.3% since first listed

14 events — show timeline

• 2026-04-15 Listed $170,000 REALCOMP
• 2026-04-15 Listed $170,000 MiRealSource-MiMLS
• 2026-03-17 Listed $170,000 REALCOMP
• 2026-03-17 Listed $170,000 MiRealSource-MiMLS
• 2026-02-16 Listing Removed — MiRealSource-MiMLS
• 2026-02-16 Listing Removed — REALCOMP
• 2025-10-23 Listed $169,900 REALCOMP
• 2025-10-23 Listed $169,900 MiRealSource-MiMLS
• 2024-08-02 Sold (Public Records) $162,500 Public Records
• 2013-12-31 Sold (MLS) $3,000 REALCOMP
• 2013-12-31 Sold (MLS) $3,000 MiRealSource-MiMLS
• 2013-11-14 Listing Removed — MiRealSource-MiMLS
• 2013-10-11 Listed $6,000 REALCOMP
• 2013-10-11 Listed $6,000 MiRealSource-MiMLS

Property tax history

+4.9%/yr

Latest (2025): $1,797 · +63.6% YoY. Source: county tax records.