The Fjord Coupe
- Layout
- 2 bed / 2.5 bath
- Size
- 1,444 sq ft
- Footprint
- 38' × 19'
- Phase 1 price
- $409,000
BacktheBuild
Six net-zero homes in Detroit's East Village, one block from walkable amenities. A 12% flat return on the raise, principal returned home by home as the shells close, with a nine-month goal.
The market
Detroit has momentum. It does not have new housing.
The buyer exists. New housing options are scarce.
3 yrs
of population growth in a row. Detroit led every Michigan city in 2025.
U.S. Census Bureau, May 20268
new single-family homes permitted citywide in 2022.
Mayor Duggan, Detroit News, May 202324
new homes brought to market in East Village since 2025. Half have already closed, and six more are under contract.
Realcomp MLS, Sep 2026
The market
Detroit housing is stuck in the past
Detroit has one of the oldest housing stocks in the country. About 95% of single-family homes were built before 1980. Today's buyers choose between fast flips, costly fixer-uppers, or the rare new build priced out of reach.
Attainable, modern homes are almost nonexistent.
Keylight
We deliver what's missing
Keylight builds attainable, high-quality, net-zero homes on Detroit's vacant lots using off-site construction.
We focus on infill in established, walkable neighborhoods close to parks, schools, restaurants and business corridors, bringing new construction where it has been missing for decades.
The place
East Village is moving fast
East Village is seeing momentum few Detroit neighborhoods can match. New homebuyers are entering the market, an arts and culture scene has taken root, and galleries, restaurants and retail are filling in the commercial corridor.
The market is showing it: 24 new homes brought to market since 2025, half already closed and six more under contract.
The place
New construction is selling here
| Address | Sale price | Sq ft | Bed / bath | Closed |
|---|---|---|---|---|
| 1707 McClellan St | $584,900 | 1,840 | 3 / 2.5 | Sep 2026 |
| 1463 Fischer St | $550,705 | 1,840 | 3 / 2.5 | Aug 2026 |
| 1478 Fischer St | $535,410 | 1,840 | 3 / 2.5 | Jan 2026 |
| 1805 Fischer St | $485,225 | 1,840 | 3 / 2.5 | Jul 2026 |
| 1591 Belvidere St | $476,980 | 1,523 | 3 / 2.5 | Mar 2026 |
| 1723 Fischer St | $474,400 | 1,325 | 2 / 2.5 | Jun 2026 |
| 1595 Belvidere St | $410,270 | 1,325 | 2 / 2.5 | Apr 2026 |
| 1742 Fischer St | $400,000 | 1,325 | 2 / 2.5 | Dec 2025 |
Realcomp MLS closed sales, 2025 builds, above-grade square feet. Each home also carries a 556 to 920 sq ft basement.
The place
East Woods
A rare 59-lot assemblage, around the corner from the shops and restaurants of Little Village and set among the sugar maple farms that shade these streets.
Phase 1
6 homesites · lots 1 to 6
Future phases
53 homesites · lots 7 to 59
The product
Two sizes, one system
The Fjord Grande
- Layout
- 3 bed / 2.5 bath
- Size
- 1,824 sq ft
- Footprint
- 48' × 19'
- Phase 1 price
- $459,000
Net zero is standard on both homes. Prices are introductory Phase 1 pricing.
Model home interior, 2505 Townsend
The product
Nothing builder grade
Nine-foot ceilings on every floor and oversized windows throughout. Maple cabinets in modern color palettes, quartz counters in every kitchen and bath, tile in every bathroom.
The same package in every East Woods home, with the buyer choosing their palette from the Keylight selections menu.
The product
Net zero, standard in every home
No comparable new home in the neighborhood offers it. Every East Woods home includes:
- Rooftop solar with battery backupRuns on sunlight by day, battery by night.
- Heat pump systemReplaces the furnace and air conditioner.
- Geothermal loopGround-source heating and cooling, sized for the home.
- Energy recovery ventilationFresh air without the heating loss.
The proof
Proof in the pilot
In February 2026 we completed a home on a Detroit city lot to validate the design, the permitting path and the off-site delivery model.
1 dayfactory to foundation
< 6 monthspermit to completed home
$455,000sold, setting new neighborhood comps
East Woods turns the pilot into a repeatable six-home build.
Keylight
Meet the developer
John Boros
Founder & Principal
John Boros is a licensed Michigan residential builder and founder of Keylight, a Detroit-based development and construction company focused on bringing modern, attainable homes to the city's neighborhoods. He currently lives in a Keylight home.
John co-founded the Detroit Builders Guild, a trade organization for small builders, and works with the Detroit Land Bank Authority and City Planning to put vacant lots back into production.
Keylight
From Classroom
to Jobsite
Building Detroit's next generation of skilled tradespeople.
East Woods is built by experienced local trades, with the next generation learning alongside them.
Keylight partners with the Emerging Industries Training Institute (EITI) to create a direct pathway from skilled-trades training to real-world construction experience. EITI graduates work alongside seasoned tradespeople on active projects, learning the systems, sequencing and installation processes behind our off-site builds.
The future of housing will require new ways of building and a new generation of skilled tradespeople. We're building both at the same time.
The model
Your capital funds 48% of finished home value, not 100% of the risk.
A spec build funds the whole house on a guess, finishes it before anyone chooses anything, and carries it until it sells.
Our model funds the lots and the six structures for about nine months, and each buyer's lender funds the finish package they chose.
The expensive half is never built without a buyer and a bank already committed.
The model
Shell and Sell
Detroit buyers do not easily commit off renderings on a vacant block. They commit when they can stand inside a house and see development progress. So we build the structure first, then build the finishes to order.
- We build the shellSlab, framing, roof, windows, doors, sheathing, stairs and interior walls. Weathered in and secure in 60 days after permits.
- The buyer walks it and signsThey stand in their home, then personalize from the Keylight selections menu.
- Their construction loan funds the finishThe initial draw covers the shell, with subsequent draws funding the interior as it's built.
The model
Buyer financing in place
For the buyer, it's the same construction loan they would use on any new build.
- Pre-starts approvedOur construction lender finances a buyer's purchase of a Keylight shell.
- Shell value funds at closingThe lender pays Keylight for the shell at the buyer's closing. That closing returns the investor's principal on that home.
- Clean title, every homeKeylight owns the lots, pays its own trades, and delivers full lien waivers on every shell.
The economics
Nine months from funding to final closings, capped at twelve
Months 9 to 12, interest paid after final closings
Fund & permit
Month 0 to 1- Single funding, all six lots closed
- Permits filed
- Survey and site plan
Build six shells
Months 1 to 3- Taps and slabs, weather permitting
- Panels, roof, windows, doors
- All six sheathed and weathered in
Market & sign
Months 3 to 6- Shells listed
- Buyers tour and sign
- Buyer loans approved
Shell closings
Months 6 to 9- Principal returned home by home
- Interiors built on buyer draws
- Final closings follow
- 12% interest paid after the final closes
Months 9 to 12, interest paid after final closings
The economics
From dirt to done: cost to build per home
| Category | What's included | Coupe | Grande |
|---|---|---|---|
| General requirements | Permits, survey, site plan, security, note and lien recording | $17,000 | $18,000 |
| Earthwork & site utilities | Water and sewer taps, right-of-way restoration, final grade | $25,500 | $25,500 |
| Foundation & concrete | Slab on grade, parking pad, sidewalks, porch footings, sill plates | $20,800 | $23,100 |
| Structure | Factory-cut wood panels, windows, doors, erection | $57,600 | $66,600 |
| MEP systems | Plumbing, electrical, lighting, water heater, meter set | $35,500 | $41,500 |
| Net zero systems | Geothermal loop, heat pump, rooftop solar, energy recovery ventilation | $24,500 | $24,500 |
| Interior finishes | Insulation, drywall, flooring, cabinets, counters, tile, paint | $74,700 | $89,500 |
| Exterior finishes | Roofing, siding, gutters, porch, rear steps, seeding, landscaping | $31,450 | $35,700 |
| Construction cost | $199 per sq ft Coupe · $178 per sq ft Grande | $286,800 | $324,150 |
| Lot | Homesite at cost: $10 per sq ft under the Hantz option, less option credit, averaged over six lots | $36,112 | $36,112 |
| Total project cost | Lot plus construction | $322,912 | $360,262 |
| Funded by the investor | Lot plus the shell at cost, with 5% contingency and 10% builder fee on the shell | $198,952 | $214,822 |
| Funded by the buyer's loan | Finish package, with contingency and fee on the finish | $166,980 | $194,063 |
| Sale price | Phase 1 introductory price | $409,000 | $459,000 |
| Less selling costs | 5.5%: commissions, buyer-agent concession, seller closing | −$22,495 | −$25,245 |
| Gross margin | Covers builder fee, contingency, investor return and developer profit | $63,593 · 15.5% | $73,493 · 16.0% |
Projected estimates from current trade quotes on a single home, updated October 2026. Six adjacent lots are bid as one job. Final costs are subject to material fluctuations, municipal approvals and site engineering.
The economics
Deal economics: target sales revenue
Phase 1 is priced to sell, with introductory pricing while we establish the development. Later phases will be priced to the area's values at the time.
| Home | Qty | Lot + construction | Sale price | Selling costs | Gross margin | Margin |
|---|---|---|---|---|---|---|
| The Fjord Coupe, 2 bed | 3 | $322,912 | $409,000 | $22,495 | $63,593 | 15.5% |
| The Fjord Grande, 3 bed | 3 | $360,262 | $459,000 | $25,245 | $73,493 | 16.0% |
| Total | 6 | $2,049,520 | $2,604,000 | $143,220 | $411,260 | 15.8% |
Gross margin is after 5.5% selling costs and before the builder fee, contingency reserve and investor return.
The economics
Exit strategy and returns
1. Six homes sold
- Gross sales revenue
- $2,604,000
- 3 Coupes and 3 Grandes
- Less selling costs
- −$143,220
- 5.5%: commissions, buyer-agent concession, seller closing
- Less lots and construction
- −$2,049,520
- Six lots at $216,670 under the Hantz option, plus construction
- Gross margin
- $411,260
- 15.8% of sales
2. To the investor
- Return of capital
- $1,241,320
- Principal returned home by home at each shell closing, funded by the buyer's construction lender
- 12% flat return
- $148,958
- 12% of the raise, paid after the homes' final closings. Not reduced if principal comes back early, capped at twelve months
- Total to investor
- $1,390,278
- 12% flat. At the nine-month goal, a 16% annualized rate
3. To Keylight
- Builder fee
- $183,285
- 10% of construction, excluding land, earned during the build
- Contingency
- $91,643
- 5% reserve on construction, kept only if unspent
- Net to Keylight
- $262,302
- Fee, unspent contingency and sales margin, after the investor's $148,958 is paid
How the money moves. One funding closes all six lots and builds all six shells at once. At each buyer's construction loan closing, the lender funds the shell value and that home's share of principal is returned. The 12% is paid after the homes' final closings.
The finish work, $1,083,128 across six homes, is paid through the buyers' construction loan draws and is never funded by the investor.
Keylight's fee and contingency sit between the investor and any loss.
The economics
Built for resilience: three scenarios
| Metric | Downside (12 mo cap) | Base (goal 9 mo) | Upside (6 mo) |
|---|---|---|---|
| Project assumptions | |||
| Gross sales revenue | $2,525,880 (3% below) | $2,604,000 | $2,734,200 (5% above) |
| Construction cost | 5% over, absorbed by reserve | On budget | On budget |
| Sales & closing costs | 6.5% of revenue | 5.5% of revenue | 5.0% of revenue |
| Gross margin | $220,535 (8.7%) | $411,260 (15.8%) | $547,970 (20.0%) |
| Investor outcomes | |||
| Capital returned | $1,241,320 | $1,241,320 | $1,241,320 |
| 12% flat return | $148,958 | $148,958 | $148,958 |
| Months outstanding | 12 | 9 | 6 |
| Total investor return | $148,958 · 12% annualized | $148,958 · 16% annualized | $148,958 · 24% annualized |
| Developer protection, from gross margin | |||
| Builder fee (earned during build) | $183,285 | $183,285 | $183,285 |
| Contingency | $0, fully consumed | $91,643 | $91,643 |
| Sales margin after investor return | −$111,708 | −$12,626 | $124,084 |
| Total Keylight payout | $71,577 | $262,302 | $399,012 |
Investor capital is capped at $1,241,320 in every scenario, and the 12% is a flat amount: the same $148,958 whether the homes close in six months or twelve. A cost overrun is absorbed first by the contingency reserve, then by Keylight's fee, before the investor return is touched.
What's next
Rolling forward into Phases 2 through 5
Phase 1 opens the street. Phases 2 through 5 are the same play, 53 more times, with each completed home helping establish the value of the homes that follow.
Phase 1
6 homes · funded
Phases 2 to 5
53 homes · to come
Phase 1 investors get first look at Phase 2, on the same terms.
The ask
$1.24M for Phase 1
One funding of $1,241,320 closes all six lots and builds all six shells at once. Each buyer's construction loan funds the finish.
Return12% flat on the raise: $148,958, regardless of how fast principal comes back
PrincipalReturned home by home at each shell closing, funded by the buyer's construction lender
InterestPaid after the homes' final closings
TermGoal of nine months. Paid as if twelve, and capped at twelve
SecurityPromissory note plus a recorded first-position lien on all six lots
StructureOne funding, one closing, all six shells built at once
Per Coupe, three homes$198,952
- Principal back
- At shell closing
- Return
- +$23,874 · 12% flat
Per Grande, three homes$214,822
- Principal back
- At shell closing
- Return
- +$25,779 · 12% flat
The phase, six homes$1,241,320
- Paid back
- $1,390,278
- Return
- +$148,958 · 12% flat
At the nine-month goal16% annualized
- At twelve months
- 12% annualized
- At six months
- 24% annualized
Each home's share of principal, lot plus shell, is returned when that buyer's construction loan closes and the lender funds the shell. The 12% is calculated on the full raise and paid in one payment after the homes' final closings. It is not reduced if principal comes back early, and it is capped at twelve months of return. Secured by a promissory note and a recorded first-position lien on each of the six lots.
The ask
Ready for the next steps
The groundwork for East Woods is complete.
- 59 homesites under agreement
- Lender confirmed for pre-starts
- Architectural plans complete
- Trades vetted and priced
- Home designs finalized
- Budget and timeline complete
What's next
See it, then decide
- Tour the model homeWalk the finished product at 2505 Townsend.
- Walk the siteStand on McClellan, one block from Little Village.
- Review the fileCost model, Hantz option agreement, lender letter, comps and the note.
- Fund Phase 1$1,241,320, one closing, all six lots and shells.