2927 Canton St · Detroit, MI 48207

$120,000

6 bd · 2.5 ba · 2,370 sqft · Townhouse public records · 60 Days on market

Built 1912 3,049 sqft lot $51/sqft · 6% below area Est $128k · 6% 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 +10.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Appreciation +3.6/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks MLS

Spacious 6-bedroom multi-family property located in the desirable Islandview district of Detroit, just minutes from Eastern Market. Each unit features 3 bedrooms, offering generous living space for tenants or extended family living. The full-length attic provides additional flexible space—perfect for a home office, studio, or den. The basement is divided, allowing for added privacy and convenience for each unit. This property offers strong income potential for investors. Both units are currently vacant but were recently tenant-occupied. With a newer roof already in place, the property just needs a touch of updating to reach its full potential—ideal for investors or owner-occupants looking to add value.

Key facts

• Income potential
• Divided basement
• Full-length attic

Tags

• MULTI-FAMILY PROPERTY
• FULL-LENGTH ATTIC
• DIVIDED BASEMENT
• INCOME POTENTIAL

What this means for you Summary

Snapshot

• This is a 6-bed/2.5-bath townhouse listed at $120k.

Deal economics

• At list price, monthly cash flow is $828 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.6% 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 (+3.5%/yr); 244 active listings in the ZIP; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $2,098/mo this rent would consume 53% of the median local household income ($48k/yr) (locally 2017% 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 (-2.8%/yr); year-one equity from $830 of loan paydown is wiped out by about $3k 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 (-2.8% appreciation + 3.5% rent growth), your $34k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 9y ago 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.
• Current owner paid $80k; list at $120k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.75% ✓
• Cap rate: 14.57%
• Cash-on-cash: 29.56%
• DSCR: 2.32
• GRM: 4.8

CMA / ARV

• ARV (median comp): $127,613
• List price: $120,000
• Delta: -5.97%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-2.79% appreciation · 3.53% rent growth · sell at horizon

5-year hold

• IRR: 25.1%
• Equity multiple: 2.06×
• Total profit: $35,484
• Equity at exit: $19,011

10-year hold

• IRR: 32.9%
• Equity multiple: 4.11×
• Total profit: $104,479
• Equity at exit: $12,307

Cash invested: $33,600 (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 48207

• Home prices YoY: -2.0%
• Rents YoY: 3.5%
• Active inventory: 244
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $2,098 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $828

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 56%

Sensitivity live

Price	-10% $911	-5% $869	+0% $828	+5% $786	+10% $745
Rent	-10% $662	-5% $745	+0% $828	+5% $911	+10% $993
Rate	-1.0pp $888	-0.5pp $858	base $828	+0.5pp $797	+1.0pp $765

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 44 events

1. 2026-06-08
   statusdays on market $120,000 Pending 60 DOM
2. 2026-06-07
   days on market $120,000 Active 59 DOM
3. 2026-06-04
   days on market $120,000 Active 56 DOM
4. 2026-06-03
   days on market $120,000 Active 55 DOM
5. 2026-06-02
   days on market $120,000 Active 54 DOM
6. 2026-06-01
   days on market $120,000 Active 53 DOM
7. 2026-05-31
   days on market $120,000 Active 52 DOM
8. 2026-04-09
   listed $120,000 Active 723-char remark

   Show marketing remark (723 chars)

   Spacious 6-bedroom multi-family property located in the desirable Islandview district of Detroit, just minutes from Eastern Market. Each unit features 3 bedrooms, offering generous living space for tenants or extended family living. The full-length attic provides additional flexible space—perfect for a home office, studio, or den. The basement is divided, allowing for added privacy and convenience for each unit. This property offers strong income potential for investors. Both units are currently vacant but were recently tenant-occupied. With a newer roof already in place, the property just needs a touch of updating to reach its full potential—ideal for investors or owner-occupants looking to add value.

9. 2026-04-08
   listed $120,000 Active 715-char remark

   Show marketing remark (715 chars)

   Spacious 6-bedroom multi-family property located in the desirable Islandview district of Detroit, just minutes from Eastern Market. Each unit features 3 bedrooms, offering generous living space for tenants or extended family living. The full-length attic provides additional flexible space - perfect for a home office, studio, or den. The basement is divided, allowing for added privacy and convenience for each unit. This property offers strong income potential for investors. Both units are currently vacant but were recently tenant-occupied. With a newer roof already in place, the property just needs a touch of updating to reach its full potential - ideal for investors or owner-occupants looking to add value.

10. 2024-03-07
    soldstatus $80,000 Sold
11. 2024-03-07
    soldstatus $80,000 Closed
12. 2024-03-05
    status Pending
13. 2024-03-05
    status Pending
14. 2024-03-01
    historical Accepting Backup Offers
15. 2024-03-01
    historical Accepting Backup Offers
16. 2024-02-15
    price $86,000
17. 2024-02-15
    price $86,000
18. 2024-01-21
    price $85,000
19. 2024-01-21
    price $85,000
20. 2023-12-11
    price $87,500
21. 2023-12-11
    price $87,500
22. 2023-12-10
    status Active
23. 2023-12-10
    status Active
24. 2023-12-01
    historical Accepting Backup Offers
25. 2023-12-01
    historical Accepting Backup Offers
26. 2023-10-29
    listed $84,000 Active
27. 2023-10-29
    listed $84,000 Active
28. 2023-10-19
    historical
29. 2023-10-19
    historical
30. 2023-10-18
    status Active
31. 2023-10-18
    status Active
32. 2023-09-18
    status Pending
33. 2023-09-18
    status Pending
34. 2023-09-08
    historical Accepting Backup Offers
35. 2023-09-08
    historical Accepting Backup Offers
36. 2023-08-19
    listed $89,000 Active
37. 2023-08-19
    listed $89,000 Active
38. 2018-01-16
    soldstatus $25,000
39. 2017-12-20
    soldstatus $25,000 Sold
40. 2017-12-20
    soldstatus $25,000 Closed
41. 2017-12-12
    status Pending
42. 2017-12-12
    status Pending
43. 2017-11-19
    listed $24,000 Active
44. 2017-11-19
    listed $24,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $25,171
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$2,014
• − Management: −$2,014
• − Depreciation: −$3,491
• Taxable income: $8,531
• Est. tax owed @ 24.0%: −$2,047
• After-tax cash flow: $7,886/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): 20,848
• Household income: $47,831
• Rent vs Own: 74.2% rent · 25.8% own
• Severe rent burden: 2017.0

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 (74%)
• Race & ethnicity: Black 74% White 18% Two or more races 4% Asian 3% Hispanic / Latino 2%
• Common ancestry: Romanian 2% Italian 1% Lithuanian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Arabic 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: ▼ -2.79%
• Current HPI: 136.6328
• Rent YoY: ▲ 3.53%
• 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

+400.0% since first listed

37 events — show timeline

• 2026-04-09 Listed $120,000 REALCOMP
• 2026-04-08 Listed $120,000 MiRealSource-MiMLS
• 2024-03-07 Sold (MLS) $80,000 MiRealSource-MiMLS
• 2024-03-07 Sold (MLS) $80,000 REALCOMP
• 2024-03-05 Pending — MiRealSource-MiMLS
• 2024-03-05 Pending — REALCOMP
• 2024-03-01 Contingent — MiRealSource-MiMLS
• 2024-03-01 Contingent — REALCOMP
• 2024-02-15 Price Changed $86,000 MiRealSource-MiMLS
• 2024-02-15 Price Changed $86,000 REALCOMP
• 2024-01-21 Price Changed $85,000 MiRealSource-MiMLS
• 2024-01-21 Price Changed $85,000 REALCOMP
• 2023-12-11 Price Changed $87,500 MiRealSource-MiMLS
• 2023-12-11 Price Changed $87,500 REALCOMP
• 2023-12-10 Relisted — MiRealSource-MiMLS
• 2023-12-10 Relisted — REALCOMP
• 2023-12-01 Contingent — MiRealSource-MiMLS
• 2023-12-01 Contingent — REALCOMP
• 2023-10-29 Listed $84,000 MiRealSource-MiMLS
• 2023-10-29 Listed $84,000 REALCOMP
• 2023-10-19 Listing Removed — MiRealSource-MiMLS
• 2023-10-19 Listing Removed — REALCOMP
• 2023-10-18 Relisted — REALCOMP
• 2023-10-18 Relisted — MiRealSource-MiMLS
• 2023-09-18 Pending — MiRealSource-MiMLS
• 2023-09-18 Pending — REALCOMP
• 2023-09-08 Contingent — REALCOMP
• 2023-09-08 Contingent — MiRealSource-MiMLS
• 2023-08-19 Listed $89,000 MiRealSource-MiMLS
• 2023-08-19 Listed $89,000 REALCOMP
• 2018-01-16 Sold (Public Records) $25,000 Public Records
• 2017-12-20 Sold (MLS) $25,000 MiRealSource-MiMLS
• 2017-12-20 Sold (MLS) $25,000 REALCOMP
• 2017-12-12 Pending — MiRealSource-MiMLS
• 2017-12-12 Pending — REALCOMP
• 2017-11-19 Listed $24,000 MiRealSource-MiMLS
• 2017-11-19 Listed $24,000 REALCOMP

Property tax history

+22.6%/yr

Latest (2025): $7,300 · +64.2% YoY. Source: county tax records.