5565 Ridgewood St · Detroit, MI 48204

$74,000

4 bd · 2.0 ba · 2,142 sqft · Townhouse public records · 191 Days on market

Built 1923 4,356 sqft lot Est $78k · 5% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +9.8/15.0
• 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

INVESTMENT OPPORTUNITY: Vacant brick Duplex in attractive neighborhood. Home requires minor turn.

Key facts

• Vacant brick duplex
• 4,356 sq ft lot
• Built 1923

Tags

• INVESTMENT OPPORTUNITY
• VACANT BRICK DUPLEX
• ATTRACTIVE NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $74k.

Deal economics

• At list price, monthly cash flow is $568 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $74k).
• Recommended offer: $65k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.5% vs local median 10.1% 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: 248 active listings in the ZIP; 13 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 $1,450/mo this rent would consume 50% 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 $8k of equity ($512 loan paydown + $7k 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 $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 191 days — a 12% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• 22 sale attempts since 19y ago; this cycle's ask has dropped $36k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 191 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 1923 — 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: 1.96% ✓
• Cap rate: 15.50%
• Cash-on-cash: 32.90%
• DSCR: 2.46
• GRM: 4.3

CMA / ARV

• ARV (median comp): $77,946
• List price: $74,000
• Delta: -5.06%
• Verdict: FAIR
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 49.4%
• Equity multiple: 4.69×
• Total profit: $76,541
• Equity at exit: $66,665

10-year hold

• IRR: 43.2%
• Equity multiple: 10.51×
• Total profit: $197,077
• Equity at exit: $143,766

Cash invested: $20,720 (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: 248
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,450 high
• Mortgage (P&I): −$388
• Tax from tax record: −$159 /mo · $1,907/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $568

Break-even live

Break-even rent $731

Max offer price $74,000

Occupancy floor 56%

Sensitivity live

Price	-10% $610	-5% $589	+0% $568	+5% $547	+10% $526
Rent	-10% $453	-5% $511	+0% $568	+5% $625	+10% $683
Rate	-1.0pp $605	-0.5pp $587	base $568	+0.5pp $549	+1.0pp $529

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: $18,500
• Closing costs: $2,220
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5315 Spokane St Detroit, MI	3.0	1.0	2110	$1,200	$0.57	17d	1	0.64mi
8320 Northlawn St Detroit, MI	3.0	1.0	1737	$1,550	$0.89	21d	1	0.85mi
3786 Carter St Unit 2 Detroit, MI	3.0	1.0	1400	$1,100	$0.79	25d	1	1.10mi
3799 W Philadelphia St Detroit, MI	5.0	2.0	2200	$1,650	$0.75	17d	1	1.15mi
12546 Broadstreet Ave Detroit, MI	3.0	1.5	1899	$1,250	$0.66	45d	1	1.32mi
12303 Cloverlawn St Detroit, MI	3.0	1.5	1454	$1,400	$0.96	44d	1	1.33mi
9209 Pinehurst St Detroit, MI	3.0	1.0	1589	$1,500	$0.94	44d	1	1.42mi
3322 Webb St Unit 2 Detroit, MI	3.0	1.0	1656	$1,350	$0.82	44d	1	1.42mi
3322 Webb St Unit 1 Detroit, MI	3.0	1.0	1656	$1,350	$0.82	44d	1	1.42mi
3241 Lawrence St Detroit, MI	4.0	2.0	2636	$1,800	$0.68	17d	1	1.42mi
3322 Webb St Detroit, MI	3.0	1.0	1600	$1,250	$0.78	17d	1	1.42mi
4341 Glendale St Detroit, MI	4.0	2.5	1832	$1,680	$0.92	6d	1	1.46mi
3031 Lawrence St Detroit, MI	4.0	1.0	1700	$1,600	$0.94	17d	1	1.49mi

Listing history 50 events

1. 2026-05-11
   price $74,000 97-char remark

   Show marketing remark (98 chars)

   INVESTMENT OPPORTUNITY: Vacant brick Duplex in attractive neighborhood. Home requires minor turn.

2. 2026-05-11
   status Active 97-char remark

   Show marketing remark (98 chars)

   INVESTMENT OPPORTUNITY: Vacant brick Duplex in attractive neighborhood. Home requires minor turn.

3. 2026-05-11
   price $74,000 98-char remark

   Show marketing remark (98 chars)

   INVESTMENT OPPORTUNITY: Vacant brick Duplex in attractive neighborhood. Home requires minor turn.

4. 2026-05-11
   status Active 98-char remark

   Show marketing remark (98 chars)

   INVESTMENT OPPORTUNITY: Vacant brick Duplex in attractive neighborhood. Home requires minor turn.

5. 2026-04-09
   historical 97-char remark

   Show marketing remark (97 chars)

   INVESTMENT OPPORTUNITY: Vacant brick Duplex in attractive neighborhood. Home requires minor turn.

6. 2026-03-17
   price $84,900 97-char remark

   Show marketing remark (98 chars)

   INVESTMENT OPPORTUNITY: Vacant brick Duplex in attractive neighborhood. Home requires minor turn.

7. 2026-03-17
   price $84,900 98-char remark

   Show marketing remark (98 chars)

   INVESTMENT OPPORTUNITY: Vacant brick Duplex in attractive neighborhood. Home requires minor turn.

8. 2025-11-18
   price $90,000 97-char remark

   Show marketing remark (98 chars)

   INVESTMENT OPPORTUNITY: Vacant brick Duplex in attractive neighborhood. Home requires minor turn.

9. 2025-11-18
   price $90,000 98-char remark

   Show marketing remark (98 chars)

   INVESTMENT OPPORTUNITY: Vacant brick Duplex in attractive neighborhood. Home requires minor turn.

10. 2025-10-15
    listed $110,000 Active 97-char remark

    Show marketing remark (98 chars)

    INVESTMENT OPPORTUNITY: Vacant brick Duplex in attractive neighborhood. Home requires minor turn.

11. 2025-10-15
    listed $110,000 Active 98-char remark

    Show marketing remark (98 chars)

    INVESTMENT OPPORTUNITY: Vacant brick Duplex in attractive neighborhood. Home requires minor turn.

12. 2025-10-01
    historical
13. 2025-09-30
    historical
14. 2025-09-19
    status Active
15. 2025-09-19
    status Active
16. 2025-09-04
    historical Active Under Contract
17. 2025-09-04
    historical Accepting Backup Offers
18. 2025-08-07
    price $120,000
19. 2025-08-07
    price $120,000
20. 2025-07-14
    price $125,000
21. 2025-07-14
    price $125,000
22. 2025-06-30
    listed $130,000 Active
23. 2025-06-30
    listed $130,000 Active
24. 2025-06-19
    historical
25. 2025-06-19
    historical
26. 2025-05-23
    price $135,000
27. 2025-05-22
    price $135,000
28. 2025-02-03
    listed $140,000 Active
29. 2025-02-02
    listed $140,000 Active
30. 2022-02-10
    soldstatus $125,000
31. 2021-12-18
    historical
32. 2021-11-24
    historical
33. 2021-10-18
    price $125,000
34. 2021-10-18
    price $125,000
35. 2021-10-08
    price $128,000
36. 2021-10-07
    price $128,000
37. 2021-09-17
    status Active
38. 2021-09-14
    historical
39. 2021-08-19
    listed $130,000 Active
40. 2021-08-19
    listed $125,000
41. 2020-01-22
    soldstatus $70,000
42. 2019-09-04
    soldstatus $22,000 Sold
43. 2019-09-04
    soldstatus $22,000 Closed
44. 2019-07-23
    price $27,000
45. 2019-07-23
    price $27,000
46. 2019-07-23
    status Active
47. 2019-07-23
    status Active
48. 2019-07-17
    status Pending
49. 2019-07-17
    status Pending
50. 2019-07-09
    historical

ⓘ 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: $1,907 · $159/mo
• Projected year-2 tax: $1,907 · $159/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 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: $17,405
• − Mortgage interest: −$4,145
• − Property taxes: −$1,907
• − Insurance: −$370
• − Repairs & maintenance: −$1,392
• − Management: −$1,392
• − Depreciation: −$2,153
• Taxable income: $6,045
• Est. tax owed @ 24.0%: −$1,451
• After-tax cash flow: $5,365/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

+428.6% since first listed

65 events — show timeline

• 2026-05-11 Price Changed $74,000 MiRealSource-MiMLS
• 2026-05-11 Relisted — MiRealSource-MiMLS
• 2026-05-11 Price Changed $74,000 REALCOMP
• 2026-05-11 Relisted — REALCOMP
• 2026-04-09 Listing Removed — MiRealSource-MiMLS
• 2026-03-17 Price Changed $84,900 MiRealSource-MiMLS
• 2026-03-17 Price Changed $84,900 REALCOMP
• 2025-11-18 Price Changed $90,000 MiRealSource-MiMLS
• 2025-11-18 Price Changed $90,000 REALCOMP
• 2025-10-15 Listed $110,000 REALCOMP
• 2025-10-15 Listed $110,000 MiRealSource-MiMLS
• 2025-10-01 Listing Removed — MiRealSource-MiMLS
• 2025-09-30 Listing Removed — REALCOMP
• 2025-09-19 Relisted — MiRealSource-MiMLS
• 2025-09-19 Relisted — REALCOMP
• 2025-09-04 Contingent — REALCOMP
• 2025-09-04 Contingent — MiRealSource-MiMLS
• 2025-08-07 Price Changed $120,000 MiRealSource-MiMLS
• 2025-08-07 Price Changed $120,000 REALCOMP
• 2025-07-14 Price Changed $125,000 MiRealSource-MiMLS
• 2025-07-14 Price Changed $125,000 REALCOMP
• 2025-06-30 Listed $130,000 REALCOMP
• 2025-06-30 Listed $130,000 MiRealSource-MiMLS
• 2025-06-19 Listing Removed — REALCOMP
• 2025-06-19 Listing Removed — MiRealSource-MiMLS
• 2025-05-23 Price Changed $135,000 MiRealSource-MiMLS
• 2025-05-22 Price Changed $135,000 REALCOMP
• 2025-02-03 Listed $140,000 REALCOMP
• 2025-02-02 Listed $140,000 MiRealSource-MiMLS
• 2022-02-10 Sold (Public Records) $125,000 Public Records
• 2021-12-18 Listing Removed — MiRealSource-MiMLS
• 2021-11-24 Listing Removed — REALCOMP
• 2021-10-18 Price Changed $125,000 MiRealSource-MiMLS
• 2021-10-18 Price Changed $125,000 REALCOMP
• 2021-10-08 Price Changed $128,000 MiRealSource-MiMLS
• 2021-10-07 Price Changed $128,000 REALCOMP
• 2021-09-17 Relisted — REALCOMP
• 2021-09-14 Listing Removed — REALCOMP
• 2021-08-19 Listed $125,000 MiRealSource-MiMLS
• 2021-08-19 Listed $130,000 REALCOMP
• 2020-01-22 Sold (Public Records) $70,000 Public Records
• 2019-09-04 Sold (MLS) $22,000 MiRealSource-MiMLS
• 2019-09-04 Sold (MLS) $22,000 REALCOMP
• 2019-07-23 Price Changed $27,000 MiRealSource-MiMLS
• 2019-07-23 Price Changed $27,000 REALCOMP
• 2019-07-23 Relisted — MiRealSource-MiMLS
• 2019-07-23 Relisted — REALCOMP
• 2019-07-17 Pending — MiRealSource-MiMLS
• 2019-07-17 Pending — REALCOMP
• 2019-07-09 Listing Removed — REALCOMP
• 2019-07-09 Listing Removed — MiRealSource-MiMLS
• 2019-06-25 Listed $32,000 MiRealSource-MiMLS
• 2019-06-25 Listed $32,000 REALCOMP
• 2019-06-25 Listed $32,000 MiRealSource-MiMLS
• 2019-06-25 Listed $32,000 REALCOMP
• 2018-01-15 Listing Removed — REALCOMP
• 2018-01-11 Listing Removed — MiRealSource-MiMLS
• 2017-09-30 Listed $40,000 MiRealSource-MiMLS
• 2017-09-30 Listed $40,000 REALCOMP
• 2008-03-19 Sold (Public Records) $78,000 Public Records
• 2007-03-12 Sold (MLS) $13,000 MiRealSource-MiMLS
• 2007-02-20 Listing Removed — MiRealSource-MiMLS
• 2007-01-25 Listed $16,900 MiRealSource-MiMLS
• 2002-05-16 Sold (Public Records) $14,000 Public Records
• 1997-05-23 Sold (Public Records) $14,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $1,907 · -9.4% YoY. Source: county tax records.