19700 Binder St · Detroit, MI 48234

$42,500

2 bd · 1.0 ba · 695 sqft · SingleFamily public records · 120 Days on market

Built 1940 4,356 sqft lot $61/sqft · 19% below area Est $53k · 19% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.2/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great performing investment property. 2 bedroom 1 bath home on the first block south of Outer Drive west of Ryan. New HWT. Currently tenant occupied.

Key facts

• 4,356 sq ft lot
• Garage
• Built 1940

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $42k.

Deal economics

• At list price, monthly cash flow is $551 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $42k).
• Recommended offer: $39k (9.0% below list) — sets the bar for market timing.
• Cap rate 21.9% 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 (+6.7%/yr); 226 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• This rent runs 40% of the median local income ($35k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $294 of loan paydown is wiped out by about $1k 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 + 6.7% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 20y ago; this cycle's ask has dropped $7k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $38,675 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 2.75% ✓
• Cap rate: 21.85%
• Cash-on-cash: 55.57%
• DSCR: 3.47
• GRM: 3.0

CMA / ARV

• ARV (median comp): $52,766
• List price: $42,500
• Delta: -19.46%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19942 Binder St	0.12mi	3/1.0 (+1)	696 (+0%)	5mo	$70,000	$101	85
19255 Binder St	0.29mi	2/1.0	719 (+4%)	3mo	$38,500	$54	78
19667 Sunset St	0.14mi	3/1.5 (+1)	752 (+8%)	4mo	$28,500	$38	69
20499 Binder St	0.49mi	3/1.0 (+1)	712 (+2%)	6mo	$72,100	$101	63
19676 Conley St	0.61mi	2/1.0	720 (+4%)	9mo	$50,000	$69	58
20006 Anglin St	0.56mi	2/1.0	726 (+4%)	12mo	$55,000	$76	56
19226 Eureka St	0.46mi	2/1.0	731 (+5%)	20mo	$15,000	$21	54
19200 Shields St	0.41mi	3/1.0 (+1)	742 (+7%)	15mo	$64,500	$87	52
20270 Dean Ave	0.39mi	3/1.0 (+1)	792 (+14%)	7mo	$55,000	$69	48
19623 Goddard St	0.73mi	2/1.0	672 (-3%)	16mo	$17,000	$25	47
18640 Wexford St	0.63mi	2/1.0	798 (+15%)	19mo	$36,000	$45	30

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 · 6.72% rent growth · sell at horizon

5-year hold

• IRR: 58.5%
• Equity multiple: 3.76×
• Total profit: $32,807
• Equity at exit: $6,337

10-year hold

• IRR: 64.7%
• Equity multiple: 8.91×
• Total profit: $94,103
• Equity at exit: $3,675

Cash invested: $11,900 (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 48234

• Home prices YoY: -11.9%
• Rents YoY: 6.7%
• Active inventory: 226
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,167 medium
• Mortgage (P&I): −$223
• Tax from tax record: −$130 /mo · $1,564/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $551

Break-even live

Break-even rent $470

Max offer price $42,500

Occupancy floor 48%

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: $10,625
• Closing costs: $1,275
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18662 Sunset St Detroit, MI	2.0	1.0	726	$1,250	$1.72	18d	1	0.67mi
18475 Wexford St Unit 1 Detroit, MI	2.0	1.0	500	$950	$1.90	24d	1	0.80mi
21155 Warner Ave Warren, MI	2.0	1.0	756	$1,029	$1.36	24d	1	1.01mi
21516 Dequindre Rd Warren, MI	1.0–2.0	1.0	837	$1,375	$1.64	22d	1	1.30mi

Listing history 44 events

1. 2026-06-18
   days on market $42,500 Active 120 DOM
2. 2026-06-17
   days on market $42,500 Active 119 DOM
3. 2026-06-15
   days on market $42,500 Active 117 DOM
4. 2026-06-13
   days on market $42,500 Active 115 DOM
5. 2026-06-13
   days on market $42,500 Active 114 DOM
6. 2026-06-09
   days on market $42,500 Active 111 DOM
7. 2026-06-08
   days on market $42,500 Active 110 DOM
8. 2026-06-07
   days on market $42,500 Active 109 DOM
9. 2026-06-04
   pricedays on market $42,500 Active 106 DOM
10. 2026-06-03
    days on market $47,500 Active 105 DOM
11. 2026-06-01
    days on market $47,500 Active 103 DOM
12. 2026-05-31
    days on market $47,500 Active 102 DOM
13. 2026-04-30
    price $47,500 149-char remark

    Show marketing remark (149 chars)

    Great performing investment property. 2 bedroom 1 bath home on the first block south of Outer Drive west of Ryan. New HWT. Currently tenant occupied.

14. 2026-04-29
    price $47,500 149-char remark

    Show marketing remark (149 chars)

    Great performing investment property. 2 bedroom 1 bath home on the first block south of Outer Drive west of Ryan. New HWT. Currently tenant occupied.

15. 2026-02-18
    listed $49,900 Active 149-char remark

    Show marketing remark (149 chars)

    Great performing investment property. 2 bedroom 1 bath home on the first block south of Outer Drive west of Ryan. New HWT. Currently tenant occupied.

16. 2026-02-18
    listed $49,900 Active 149-char remark

    Show marketing remark (149 chars)

    Great performing investment property. 2 bedroom 1 bath home on the first block south of Outer Drive west of Ryan. New HWT. Currently tenant occupied.

17. 2026-02-17
    historical
18. 2026-02-17
    historical
19. 2025-11-19
    listed $49,900 Active
20. 2025-11-19
    listed $49,900 Active
21. 2025-11-06
    historical
22. 2025-11-06
    historical
23. 2025-07-22
    price $45,000
24. 2025-07-22
    price $45,000
25. 2025-05-19
    listed $49,900 Active
26. 2025-05-19
    listed $49,900 Active
27. 2025-02-03
    historical
28. 2025-02-03
    historical
29. 2024-08-06
    listed $49,900 Active
30. 2024-08-06
    listed $49,900 Active
31. 2024-05-09
    historical
32. 2024-05-09
    historical
33. 2024-03-21
    listed $49,900 Active
34. 2024-03-21
    listed $49,900 Active
35. 2022-10-31
    historical
36. 2022-10-31
    historical
37. 2022-09-17
    price $54,000
38. 2022-09-16
    price $54,000
39. 2022-07-22
    listed $59,900 Active
40. 2022-07-22
    listed $59,900 Active
41. 2007-04-11
    historical
42. 2007-04-11
    historical
43. 2006-08-31
    listed $10,500
44. 2006-08-31
    listed $10,500

ⓘ 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: $1,564 · $130/mo
• Projected year-2 tax: $1,564 · $130/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 68% 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: $14,005
• − Mortgage interest: −$2,381
• − Property taxes: −$1,564
• − Insurance: −$212
• − Repairs & maintenance: −$1,120
• − Management: −$1,120
• − Depreciation: −$1,236
• Taxable income: $6,371
• Est. tax owed @ 24.0%: −$1,529
• After-tax cash flow: $5,084/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): 32,760
• Household income: $35,322
• Rent vs Own: 47.0% rent · 53.0% own
• Severe rent burden: 2372.0

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 (94%)
• Race & ethnicity: Black 94% White 3% Two or more races 1%
• Common ancestry: Romanian 1%
• Foreign-born: 2% · Canada, Vietnam, Philippines
• Languages at home: 97% English-only · French/Haitian/Cajun 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: ▼ -44.65%
• Current HPI: 328.8978
• Rent YoY: ▲ 6.72%
• 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

+352.4% since first listed

32 events — show timeline

• 2026-04-30 Price Changed $47,500 MiRealSource-MiMLS
• 2026-04-29 Price Changed $47,500 REALCOMP
• 2026-02-18 Listed $49,900 REALCOMP
• 2026-02-18 Listed $49,900 MiRealSource-MiMLS
• 2026-02-17 Listing Removed — MiRealSource-MiMLS
• 2026-02-17 Listing Removed — REALCOMP
• 2025-11-19 Listed $49,900 MiRealSource-MiMLS
• 2025-11-19 Listed $49,900 REALCOMP
• 2025-11-06 Listing Removed — MiRealSource-MiMLS
• 2025-11-06 Listing Removed — REALCOMP
• 2025-07-22 Price Changed $45,000 MiRealSource-MiMLS
• 2025-07-22 Price Changed $45,000 REALCOMP
• 2025-05-19 Listed $49,900 REALCOMP
• 2025-05-19 Listed $49,900 MiRealSource-MiMLS
• 2025-02-03 Listing Removed — MiRealSource-MiMLS
• 2025-02-03 Listing Removed — REALCOMP
• 2024-08-06 Listed $49,900 REALCOMP
• 2024-08-06 Listed $49,900 MiRealSource-MiMLS
• 2024-05-09 Listing Removed — MiRealSource-MiMLS
• 2024-05-09 Listing Removed — REALCOMP
• 2024-03-21 Listed $49,900 MiRealSource-MiMLS
• 2024-03-21 Listed $49,900 REALCOMP
• 2022-10-31 Listing Removed — MiRealSource-MiMLS
• 2022-10-31 Listing Removed — REALCOMP
• 2022-09-17 Price Changed $54,000 MiRealSource-MiMLS
• 2022-09-16 Price Changed $54,000 REALCOMP
• 2022-07-22 Listed $59,900 MiRealSource-MiMLS
• 2022-07-22 Listed $59,900 REALCOMP
• 2007-04-11 Listing Removed — REALCOMP
• 2007-04-11 Listing Removed — MiRealSource-MiMLS
• 2006-08-31 Listed $10,500 REALCOMP
• 2006-08-31 Listed $10,500 MiRealSource-MiMLS

Property tax history

+2.4%/yr

Latest (2025): $1,564 · +5.4% YoY. Source: county tax records.