2224 Anderdon St · Detroit, MI 48215

$20,000

4 bd · 1.0 ba · 2,800 sqft · SingleFamily public records · 404 Days on market

Built 1926 4,356 sqft lot $7/sqft · 79% below area

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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 +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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 MLS

Attention Investors check out this latest offering from the Detroit Land Bank Authority! Welcome to an incredible investment opportunity in the Riverbend neighborhood! This two-story full brick colonial property boasts over 2600 square feet of potential, offering versatile living spaces across two units. This property presents a unique opportunity for restoration and renovation, allowing you to unleash its full potential. Please note that the DLBA is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests

Key facts

• Renovation potential
• 4,356 sq ft lot
• Built 1926

Tags

• RIVERBEND NEIGHBORHOOD
• TWO STORY FULL BRICK COLONIAL
• VERSATILE LIVING SPACES
• RENOVATION POTENTIAL

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $20k.

Deal economics

• At list price, monthly cash flow is $835 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Recommended offer: $18k (12.0% below list) — sets the bar for market timing.
• Cap rate 56.4% vs local median 10.0% 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: 137 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $138 of loan paydown is wiped out by about $600 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 + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 404 days — a 12% lower offer ($18k) 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 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $17,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 404 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — 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. 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 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: 6.13% ✓
• Cap rate: 56.40%
• Cash-on-cash: 178.96%
• DSCR: 8.96
• GRM: 1.4

CMA / ARV

• ARV (median comp): $94,172
• List price: $20,000
• Delta: -78.76%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2553 Marlborough St	0.74mi	3/2.5 (-1)	2,668 (-5%)	9mo	$200,000	$75	39

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: —
• Equity multiple: 9.92×
• Total profit: $49,966
• Equity at exit: $2,982

10-year hold

• IRR: —
• Equity multiple: 21.01×
• Total profit: $112,064
• Equity at exit: $1,729

Cash invested: $5,600 (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 48215

• Home prices YoY: -24.1%
• Active inventory: 137
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $1,226 medium
• Mortgage (P&I): −$105
• Tax from tax record: −$20 /mo · $240/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $835

Break-even live

Break-even rent $169

Max offer price $20,000

Occupancy floor 27%

Sensitivity live

Price	-10% $846	-5% $841	+0% $835	+5% $829	+10% $824
Rent	-10% $738	-5% $787	+0% $835	+5% $884	+10% $932
Rate	-1.0pp $845	-0.5pp $840	base $835	+0.5pp $830	+1.0pp $825

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2174 Springle St Detroit, MI	3.0	1.0	2256	$1,150	$0.51	3d	1	0.12mi
371 Piper Blvd Detroit, MI	3.0	1.5	2340	$2,000	$0.85	45d	1	1.29mi

Listing history 15 events

1. 2026-06-21
   days on market $20,000 Active 404 DOM
2. 2026-06-18
   days on market $20,000 Active 401 DOM
3. 2026-06-17
   days on market $20,000 Active 400 DOM
4. 2026-06-15
   days on market $20,000 Active 398 DOM
5. 2026-06-13
   days on market $20,000 Active 396 DOM
6. 2026-06-13
   days on market $20,000 Active 395 DOM
7. 2026-06-09
   days on market $20,000 Active 392 DOM
8. 2026-06-08
   days on market $20,000 Active 391 DOM
9. 2026-06-07
   days on market $20,000 Active 390 DOM
10. 2026-06-04
    days on market $20,000 Active 387 DOM
11. 2026-06-03
    days on market $20,000 Active 386 DOM
12. 2026-06-01
    days on market $20,000 Active 384 DOM
13. 2026-05-31
    days on market $20,000 Active 383 DOM
14. 2025-05-13
    listed $20,000 Active 791-char remark

    Show marketing remark (791 chars)

    Attention Investors check out this latest offering from the Detroit Land Bank Authority! Welcome to an incredible investment opportunity in the Riverbend neighborhood! This two-story full brick colonial property boasts over 2600 square feet of potential, offering versatile living spaces across two units. This property presents a unique opportunity for restoration and renovation, allowing you to unleash its full potential. Please note that the DLBA is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests

15. 2025-05-13
    listed $20,000 Active 791-char remark

    Show marketing remark (791 chars)

    Attention Investors check out this latest offering from the Detroit Land Bank Authority! Welcome to an incredible investment opportunity in the Riverbend neighborhood! This two-story full brick colonial property boasts over 2600 square feet of potential, offering versatile living spaces across two units. This property presents a unique opportunity for restoration and renovation, allowing you to unleash its full potential. Please note that the DLBA is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests

ⓘ 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: $240 · $20/mo
• Projected year-2 tax: $274 · $23/mo
• Expected delta: +$34/yr (+$3/mo · 14.2%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,709
• − Mortgage interest: −$1,120
• − Property taxes: −$240
• − Insurance: −$100
• − Repairs & maintenance: −$1,177
• − Management: −$1,177
• − Depreciation: −$582
• Taxable income: $10,314
• Est. tax owed @ 24.0%: −$2,475
• After-tax cash flow: $7,547/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

+0.0% since first listed

2 events — show timeline

• 2025-05-13 Listed $20,000 REALCOMP
• 2025-05-13 Listed $20,000 MiRealSource-MiMLS

Property tax history

-26.9%/yr

Latest (2016): $240 · -46.8% YoY. Source: county tax records.