320 Owen St · Detroit, MI 48202

$75,000

4 bd · 2.5 ba · 2,734 sqft · MultiFamily public records · 7 Days on market

Built 1919 3,920 sqft lot Est $139k · 46% under

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Rent growth +1.2/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Full rehab opportunity in Detroit on North End! Multi-unit, 2 family property with great potential for value-add. Ideal for investors looking to renovate and generate rental income or resale profit. Property needs complete renovation - bring your vision and tools. Sold as-is. Full rehab needed. Agent and buyer must sign Hold Harmless Agreement and provide proof of funds prior to showings.

Key facts

• Value-add potential
• Complete renovation
• Multi-unit property

Tags

• MULTI-UNIT PROPERTY
• VALUE-ADD POTENTIAL
• COMPLETE RENOVATION

Property features AI

Finance

• Other: Zoned for multi-family/residential
• Financial info: Residential income property with 2 dwelling units; Each unit unfurnished; Unit size example: one unit listed as 1,250 total (unit breakdown available)

Exterior

• Utilities: Public water; Public sewer (sewer available)
• Home design: Multi-family residential property; Two-story building
• Construction: Brick veneer exterior; Block foundation; Built area above grade: 2,734 square feet
• Exterior features: Paved road access; Lot approximately 0.09 acres (35 x 110)

Interior

• Bedrooms: Two 2-bedroom units
• Bathrooms: Two full bathrooms and one half bathroom (total)
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Unfinished basement; Pets allowed

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.2-bath units multifamily listed at $75k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $75k).
• Cap rate 39.5% 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 falling (-5.1%/yr); 257 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $3,217/mo this rent would consume 88% of the median local household income ($44k/yr) (locally 1258% 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 $519 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 + 0.0% rent growth), your $21k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 7 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 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,000

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. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 4.29% ✓
• Cap rate: 39.46%
• Cash-on-cash: 118.46%
• DSCR: 6.27
• GRM: 1.9

CMA / ARV

• ARV (on-the-fly): $139,434
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
555 Hague St	0.30mi	4/2.0	2,545 (-7%)	15mo	$279,000	$110	60
291 Englewood St	0.73mi	4/2.0	2,609 (-5%)	5mo	$96,600	$37	52
715 Gladstone St	0.63mi	4/2.0	2,376 (-13%)	22mo	$120,000	$51	28

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.26×
• Total profit: $110,466
• Equity at exit: $11,183

10-year hold

• IRR: —
• Equity multiple: 11.94×
• Total profit: $229,839
• Equity at exit: $6,485

Cash invested: $21,000 (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 48202

• Rents YoY: -5.1%
• Active inventory: 257
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $3,217 high
• Mortgage (P&I): −$393
• Tax from tax record: −$44 /mo · $527/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$676
• Net cashflow: $2,073

Break-even live

Break-even rent $593

Max offer price $75,000

Occupancy floor 31%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.2	$3,216
Total (2 units)			$3,217

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
330 Westminster St Detroit, MI	3.0	1.0	1995	$1,900	$0.95	23d	1	0.18mi
330 Westminster St Unit NA Detroit, MI	3.0	1.0	1995	$1,900	$0.95	43d	1	0.18mi
216 Holbrook St Detroit, MI	4.0	2.0	2000	$2,000	$1.00	21d	1	0.23mi
216 Holbrook Unit Na Detroit, MI	4.0	2.0	2000	$2,200	$1.10	1d	1	0.23mi
634 Atkinson St Detroit, MI	3.0	3.5	3000	$6,500	$2.17	10d	1	0.55mi
41 Richton St Highland Park, MI	5.0	2.0	1871	$1,800	$0.96	14d	1	1.08mi
41 Richton St Highland Park, MI	5.0	2.0	1871	$1,800	$0.96	1d	1	1.08mi
1418 W Euclid St Detroit, MI	3.0	1.0	2264	$1,200	$0.53	43d	1	1.12mi
1441 W Euclid St Detroit, MI	3.0	1.0	2380	$2,600	$1.09	24d	1	1.15mi
1699 Glynn Ct Detroit, MI	5.0	3.5	2542	$2,500	$0.98	21d	1	1.35mi
2028 Gladstone St Unit 1 Detroit, MI	5.0	2.0	2500	$2,850	$1.14	3d	1	1.48mi

Listing history 7 events

1. 2026-06-18
   days on market $75,000 Active 7 DOM
2. 2026-06-17
   days on market $75,000 Active 6 DOM
3. 2026-06-16
   days on market $75,000 Active 5 DOM
4. 2026-06-15
   days on market $75,000 Active 4 DOM
5. 2026-06-13
   days on market $75,000 Active 2 DOM
6. 2026-06-13
   remarks 389-char remark
7. 2026-06-13
   listed $75,000 Active 1 DOM

ⓘ 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: $527 · $44/mo
• Projected year-2 tax: $841 · $70/mo
• Expected delta: +$314/yr (+$26/mo · 59.7%)

ⓘ 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 ≥96°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: $38,604
• − Mortgage interest: −$4,201
• − Property taxes: −$527
• − Insurance: −$375
• − Repairs & maintenance: −$3,088
• − Management: −$3,088
• − Depreciation: −$2,182
• Taxable income: $25,143
• Est. tax owed @ 24.0%: −$6,034
• After-tax cash flow: $18,842/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): 15,780
• Household income: $43,627
• Rent vs Own: 69.1% rent · 30.9% own
• Severe rent burden: 1258.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 60% White 26% Asian 6% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 3% Slovak 1% Lithuanian 1%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 90% English-only · Other Indo-European 3% Arabic 2% Spanish 2%

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: ▼ -239.24%
• Current HPI: 145.5509
• Rent YoY: ▼ -5.13%
• 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

• 2026-06-06 Listed $75,000 MiRealSource-MiMLS
• 2026-06-06 Listed $75,000 REALCOMP

Property tax history

-4.7%/yr

Latest (2025): $527 · -25.7% YoY. Source: county tax records.