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Would You Buy This 8-Unit Detroit Building for $99,900?

Flux City

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In this episode of Does It Pencil?, Detroit developer Edward Carrington reviews a striking Realtor.com listing for 5610 23rd Street in Detroit—an 8-unit apartment building offered at just $99,900. On paper, it looks like a steal: nearly 9,718 square feet, a historic brick structure, and an incredibly low price per unit. But as Eddy walks viewers through the listing photos and details, the bigger question becomes clear: is this actually a deal, or just a cheap property with expensive problems?

Using a developer’s lens, Edward breaks down the listing by analyzing building condition, rehab risk, due-diligence concerns, zoning questions, construction-cost scenarios, rent assumptions, and the potential development gap. Instead of reacting emotionally to the price, he shows viewers how to think through the numbers the way a real estate developer would.

This episode introduces the Does It Pencil? series, where every deal gets one of four verdicts: Buy It, Buy It at the Right Price, Only With Subsidy, or Walk Away.

If you’ve ever wondered how developers evaluate distressed multifamily opportunities in Detroit, this video gives you a practical and entertaining look at how the math really works.

If you've been enjoying our updates and insights, please like, subscribe, and drop a comment below.

Media / Credits / Sources
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Realtor.com listing for 5610 23rd Street, Detroit, MI
https://www.realtor.com/realestateand...

City of Detroit — Zoning Verification Letter information
https://detroitmi.gov/node/101346

Detroit Code of Ordinances — Zoning Districts
https://library.municode.com/mi/detro...

Detroit Code of Ordinances — R2 Two-Family Residential District
https://library.municode.com/mi/detro...

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15 Comments

@doooovid 17 hours ago

Great job, cost estimating, the secret art of construction management and devopment!

@jameskeyes7058 15 hours ago

Thank you Mr.Mayor🙏🏾

@abterrell2153 10 hours ago

I love this series thank you

@billyfinch9121 15 hours ago

I would buy at a little cheaper price but i definitely know it wouldn't take a milli to reneovate. (Maybe a little over half a mill)

@juelz021 13 hours ago

I agree

@Gee-q5c 9 hours ago

My brother who lives in Houston asked me to invest in a 4 unit apartment building, he describes as a 2up and 2down. Then he told me he don't drive no nails. He had none of his own money had no job or income of his own other then his executive wife's income that his wife told me he spends $50,000 a year just ridding around to hoods getting high. He did that for 20 years and that was 15 years ago which = 35 years give or take 50 grand. Then his wife told me concerning his plan, that there's no free money. I told him a T-Shirt company would be better.

@osheanun5012 8 hours ago

Good stuff

@Gee-q5c 8 hours ago

I'm thinking a total gutting from top to bottom. Break it down to 4 units.. Two story condos, new windows doors floors and modern fixtures and let them go for 375,995 each. Turn over in 5 months. A new wall and gates on the outside and something nice in the basement as a after thought.

@PaulSmith-q4s 6 hours ago

I would try to purchase for 75k-85k cash. 350k in renovations and $1100 $1250 monthly per unit depending on how many beds/bathrooms.

@j-emcee4420 12 hours ago

400k in renovations and $1200 monthly per unit

@kurtkabat 11 hours ago (edited)

Is it challenging to obtain abatements or subsidies? If so, which government agency should one contact—the city, the state, or HUD? I would think you need a good legal team.

@frmrUSMCPltSgt 7 hours ago (edited)

I’d love to talk to you about two properties in the Eastside, Cadieux and Harper area. One I’d like to turn into a neighborhood resale shop with opportunities for neighbors to sell their crafts during winter when these types of business slow down. And the property next to it which looks to have 10+ apt. units which I’d like to rehab as handicapped accessible and rent at decent rent price or even sell as condos for our community. I’m a Veteran and Female minority, are there programs to assist in this process? I have 783 credit score which may help get funded.