20473 Greeley St · Detroit, MI 48203

$54,900

3 bd · 1.0 ba · 1,179 sqft · SingleFamily public records · 114 Days on market

Built 1929 3,485 sqft lot

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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
• ARV discount +7.5/15.0
• 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

Investment opportunity for this rental property. Tenant occupied, needs some work. Located near freeways and amenities of 8 Mile Road. Do not disturb tenant. No showings without an accepted offer.

Key facts

• 3,485 sq ft lot
• Built 1929
• Listed 114 days

🏷️ Possibly a rental listed for sale. The $54,900 price doesn't fit this home's estimated sale value (~$167,418) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $711 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $50k (9.0% below list) — sets the bar for market timing.
• Cap rate 21.8% 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: 216 active listings in the ZIP; 34 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).
• This rent runs 45% of the median local income ($38k/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 $380 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 + 3.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($50k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 7y ago; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,959 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 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 1929 — 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: 2.62% ✓
• Cap rate: 21.84%
• Cash-on-cash: 55.51%
• DSCR: 3.47
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $167,418
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20473 Greeley St	0.00mi	3/1.0	1,179 (0%)	0mo	$47,000	$40	100
20041 Marx St	0.33mi	3/1.5	1,233 (+5%)	2mo	$130,500	$106	73
1107 E Muir Ave	0.28mi	3/1.0	1,081 (-8%)	1mo	$147,900	$137	72
19710 Greeley St	0.47mi	3/1.5	1,143 (-3%)	3mo	$80,000	$70	68
1727 E Elza Ave	0.44mi	3/2.0	1,123 (-5%)	1mo	$185,000	$165	66
19640 Yacama Rd	0.69mi	3/1.0	1,156 (-2%)	1mo	$15,000	$13	63
750 E Hayes Ave	0.47mi	4/1.5 (+1)	1,125 (-5%)	2mo	$212,500	$189	62
1218 E Milton Ave	0.33mi	3/1.0	1,021 (-13%)	1mo	$155,000	$152	61
1437 E Madge Ave	0.58mi	3/1.5	1,104 (-6%)	4mo	$160,000	$145	57
759 E Maxlow Ave	0.62mi	3/1.0	1,270 (+8%)	3mo	$180,000	$142	56
1535 E Meyers Ave	0.63mi	3/2.0	1,280 (+9%)	4mo	$250,000	$195	49
1448 E Harry Ave	0.72mi	3/1.0	1,289 (+9%)	2mo	$153,000	$119	49

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: 53.8%
• Equity multiple: 3.37×
• Total profit: $36,442
• Equity at exit: $8,186

10-year hold

• IRR: 59.0%
• Equity multiple: 6.87×
• Total profit: $90,251
• Equity at exit: $4,747

Cash invested: $15,372 (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 48203

• Home prices YoY: -23.3%
• Active inventory: 216
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,438 high
• Mortgage (P&I): −$288
• Tax from tax record: −$114 /mo · $1,374/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $711

Break-even live

Break-even rent $538

Max offer price $54,900

Occupancy floor 46%

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1301 E Muir Ave Hazel Park, MI	3.0	2.0	1236	$1,600	$1.29	22d	1	0.22mi
2034 John B Ave Warren, MI	3.0	1.0	920	$1,261	$1.37	44d	1	0.38mi
1019 E Hayes Ave Unit 1032331P Hazel Park, MI	3.0	1.0	1033	$5,301	$5.13	2d	1	0.40mi
1211 E Bernhard Ave Hazel Park, MI	2.0	1.0	721	$1,500	$2.08	24d	1	0.41mi
1326 E Evelyn Ave Unit 1032332P Hazel Park, MI	3.0	2.0	1097	$6,448	$5.88	2d	1	0.51mi
1621 E Evelyn Ave Hazel Park, MI	2.0	1.0	749	$1,295	$1.73	18d	1	0.52mi
21516 Dequindre Rd Warren, MI	1.0–2.0	1.0	837	$1,375	$1.64	22d	1	0.57mi
19995 Goddard St Detroit, MI	4.0	1.0	1292	$1,400	$1.08	22d	1	0.60mi
21155 Warner Ave Warren, MI	2.0	1.0	756	$1,029	$1.36	24d	1	0.67mi
407 E Hayes Ave Hazel Park, MI	3.0	1.0	1000	$1,750	$1.75	24d	1	0.70mi
20255 Harned St Detroit, MI	3.0	1.0	1000	$1,374	$1.37	17d	1	0.70mi
19703 Keating St Highland Park, MI	3.0	1.0	1000	$1,200	$1.20	17d	1	0.82mi
1731 E Pearl Ave Hazel Park, MI	3.0	1.0	844	$1,500	$1.78	20d	1	0.85mi
155 W George Ave Hazel Park, MI	2.0	1.0	725	$1,000	$1.38	24d	1	0.93mi
18882 Marx St Highland Park, MI	2.0	1.0	1000	$1,300	$1.30	44d	1	1.01mi
19694 Gallagher St Detroit, MI	3.0	1.0	1000	$1,150	$1.15	15d	1	1.01mi
90 W Meyers Ave Hazel Park, MI	2.0	1.0	831	$1,800	$2.17	24d	1	1.07mi
20000 Norwood St Detroit, MI	3.0	1.5	1150	$1,200	$1.04	24d	1	1.09mi
23077 Davey Ave Hazel Park, MI	3.0	1.0	933	$1,895	$2.03	24d	1	1.17mi
18629 Fleming St Detroit, MI	3.0	1.5	900	$1,150	$1.28	24d	1	1.18mi
1561 E Webster St Ferndale, MI	2.0	1.0	939	$1,600	$1.70	24d	1	1.20mi
19360 Revere St Detroit, MI	3.0	1.0	1050	$1,250	$1.19	24d	1	1.20mi
19450 Norwood St Detroit, MI	3.0	1.0	1000	$1,200	$1.20	5d	1	1.20mi
18551 Saint Aubin St Detroit, MI	3.0	1.0	962	$1,200	$1.25	17d	1	1.21mi
18503 Riopelle St Highland Park, MI	3.0	1.0	1254	$1,250	$1.00	5d	1	1.22mi
19930 Binder St Detroit, MI	3.0	1.0	1000	$1,450	$1.45	17d	1	1.25mi
23115 Tawas Ave Hazel Park, MI	2.0	1.0	706	$1,375	$1.95	24d	1	1.29mi
18666 Joseph Campau St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	17d	1	1.34mi
266 W Goulson Ave Hazel Park, MI	3.0	1.0	942	$1,600	$1.70	22d	1	1.37mi
23345 Tawas Ave Hazel Park, MI	3.0	1.0	1000	$1,550	$1.55	11d	1	1.39mi
18084 Goddard St Detroit, MI	2.0	1.5	790	$1,050	$1.33	17d	1	1.41mi
2709 Capitol Ave Warren, MI	3.0	2.0	1056	$1,649	$1.56	44d	1	1.44mi
23400 Reynolds Ave Hazel Park, MI	3.0	1.0	1305	$1,900	$1.46	5d	1	1.47mi
2023 Ardmore Dr Ferndale, MI	2.0	1.0	771	$1,250	$1.62	24d	1	1.47mi

Listing history 25 events

1. 2026-03-31
   status Pending 196-char remark

   Show marketing remark (196 chars)

   Investment opportunity for this rental property. Tenant occupied, needs some work. Located near freeways and amenities of 8 Mile Road. Do not disturb tenant. No showings without an accepted offer.

2. 2026-03-31
   status Pending

   Show marketing remark (196 chars)

   Investment opportunity for this rental property. Tenant occupied, needs some work. Located near freeways and amenities of 8 Mile Road. Do not disturb tenant. No showings without an accepted offer.

3. 2026-03-20
   historical Accepting Backup Offers 196-char remark

   Show marketing remark (196 chars)

   Investment opportunity for this rental property. Tenant occupied, needs some work. Located near freeways and amenities of 8 Mile Road. Do not disturb tenant. No showings without an accepted offer.

4. 2026-03-20
   historical Active Under Contract

   Show marketing remark (196 chars)

   Investment opportunity for this rental property. Tenant occupied, needs some work. Located near freeways and amenities of 8 Mile Road. Do not disturb tenant. No showings without an accepted offer.

5. 2026-02-25
   price $54,900 196-char remark

   Show marketing remark (196 chars)

   Investment opportunity for this rental property. Tenant occupied, needs some work. Located near freeways and amenities of 8 Mile Road. Do not disturb tenant. No showings without an accepted offer.

6. 2026-02-24
   price $54,900
7. 2026-02-11
   status Active 196-char remark

   Show marketing remark (196 chars)

   Investment opportunity for this rental property. Tenant occupied, needs some work. Located near freeways and amenities of 8 Mile Road. Do not disturb tenant. No showings without an accepted offer.

8. 2026-02-11
   status Active

   Show marketing remark (196 chars)

   Investment opportunity for this rental property. Tenant occupied, needs some work. Located near freeways and amenities of 8 Mile Road. Do not disturb tenant. No showings without an accepted offer.

9. 2026-02-02
   historical Accepting Backup Offers 196-char remark

   Show marketing remark (196 chars)

   Investment opportunity for this rental property. Tenant occupied, needs some work. Located near freeways and amenities of 8 Mile Road. Do not disturb tenant. No showings without an accepted offer.

10. 2026-02-02
    historical Active Under Contract

    Show marketing remark (196 chars)

    Investment opportunity for this rental property. Tenant occupied, needs some work. Located near freeways and amenities of 8 Mile Road. Do not disturb tenant. No showings without an accepted offer.

11. 2025-12-08
    listed $59,900 Active
12. 2025-12-07
    listed $59,900 Active 196-char remark

    Show marketing remark (196 chars)

    Investment opportunity for this rental property. Tenant occupied, needs some work. Located near freeways and amenities of 8 Mile Road. Do not disturb tenant. No showings without an accepted offer.

13. 2021-03-16
    soldstatus $89,900
14. 2020-03-19
    historical
15. 2020-03-19
    historical
16. 2020-02-13
    listed $24,900 Active
17. 2020-02-13
    listed $24,900 Active
18. 2020-01-24
    historical
19. 2020-01-20
    historical
20. 2019-11-01
    listed $30,000 Active
21. 2019-11-01
    listed $30,000 Active
22. 2019-10-06
    historical
23. 2019-10-05
    historical
24. 2019-09-05
    listed $25,000 Active
25. 2019-09-05
    listed $25,000 Active

ⓘ 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: $1,374 · $114/mo
• Projected year-2 tax: $1,374 · $114/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 4/10 Moderate FEMA zone X (unshaded) · 30% 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: $17,260
• − Mortgage interest: −$3,075
• − Property taxes: −$1,374
• − Insurance: −$274
• − Repairs & maintenance: −$1,381
• − Management: −$1,381
• − Depreciation: −$1,597
• Taxable income: $8,178
• Est. tax owed @ 24.0%: −$1,963
• After-tax cash flow: $6,570/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): 20,049
• Household income: $38,404
• Rent vs Own: 48.7% rent · 51.3% own
• Severe rent burden: 1192.0

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 (85%)
• Race & ethnicity: Black 85% White 8% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% 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: ▼ -90.13%
• Current HPI: 297.0176
• 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

+119.6% since first listed

25 events — show timeline

• 2026-03-31 Pending — MiRealSource-MiMLS
• 2026-03-31 Pending — REALCOMP
• 2026-03-20 Contingent — MiRealSource-MiMLS
• 2026-03-20 Contingent — REALCOMP
• 2026-02-25 Price Changed $54,900 MiRealSource-MiMLS
• 2026-02-24 Price Changed $54,900 REALCOMP
• 2026-02-11 Relisted — MiRealSource-MiMLS
• 2026-02-11 Relisted — REALCOMP
• 2026-02-02 Contingent — MiRealSource-MiMLS
• 2026-02-02 Contingent — REALCOMP
• 2025-12-08 Listed $59,900 REALCOMP
• 2025-12-07 Listed $59,900 MiRealSource-MiMLS
• 2021-03-16 Sold (Public Records) $89,900 Public Records
• 2020-03-19 Listing Removed — REALCOMP
• 2020-03-19 Listing Removed — MiRealSource-MiMLS
• 2020-02-13 Listed $24,900 MiRealSource-MiMLS
• 2020-02-13 Listed $24,900 REALCOMP
• 2020-01-24 Listing Removed — REALCOMP
• 2020-01-20 Listing Removed — MiRealSource-MiMLS
• 2019-11-01 Listed $30,000 MiRealSource-MiMLS
• 2019-11-01 Listed $30,000 REALCOMP
• 2019-10-06 Listing Removed — REALCOMP
• 2019-10-05 Listing Removed — MiRealSource-MiMLS
• 2019-09-05 Listed $25,000 MiRealSource-MiMLS
• 2019-09-05 Listed $25,000 REALCOMP

Property tax history

+0.9%/yr

Latest (2025): $1,374 · -10.4% YoY. Source: county tax records.