14390 Lappin St · Detroit, MI 48205

$20,000

2 bd · 1.0 ba · 1,047 sqft · SingleFamily public records · 605 Days on market

Built 1933 4,356 sqft lot $19/sqft · 56% below area

---

Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the latest offering from the Detroit Land Bank Authority. 2 bedroom frame ranch in a mostly brick neighborhood. Home needs a ton of work, but it is being sold as part of a bundle so you get 3 for the price of 1. Sale also includes 14531 and 14578 Lappin all for the price listed above. Please note that the Detroit Land bank Authority is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatements and/or lot combinations that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing. Please refer to DLBA proposal guidelines.

Key facts

• 4,356 sq ft lot
• Garage
• Built 1933

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $20k.

Deal economics

• At list price, monthly cash flow is $785 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Recommended offer: $18k (12.0% below list) — sets the bar for market timing.
• Cap rate 53.4% 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 (+1.3%/yr); 373 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 37% of the median local income ($39k/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 $138 of loan paydown is wiped out by about $600 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 + 1.3% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 605 days — a 12% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 18y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1933 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $17,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 605 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 1933 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 6.05% ✓
• Cap rate: 53.40%
• Cash-on-cash: 168.24%
• DSCR: 8.49
• GRM: 1.4

CMA / ARV

• ARV (median comp): $45,288
• List price: $20,000
• Delta: -55.84%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14076 Rossini Dr	0.46mi	3/1.0 (+1)	1,055 (+1%)	0mo	$90,000	$85	72
19953 Regent Dr	0.46mi	3/1.0 (+1)	1,038 (-1%)	2mo	$55,000	$53	70
15017 Lappin St	0.46mi	3/1.0 (+1)	1,008 (-4%)	2mo	$60,000	$60	66
14788 Rossini Dr	0.53mi	3/1.0 (+1)	1,099 (+5%)	1mo	$82,000	$75	61
15256 Fordham St	0.60mi	3/1.5 (+1)	1,099 (+5%)	3mo	$60,000	$55	54
14910 Fairmount Dr	0.62mi	3/1.0 (+1)	1,116 (+7%)	1mo	$15,000	$13	54
15037 E State Fair St	0.63mi	3/1.0 (+1)	992 (-5%)	4mo	$27,500	$28	54
15260 Faircrest St	0.65mi	2/1.0	942 (-10%)	1mo	$35,000	$37	52
14078 Bringard Dr	0.64mi	3/1.5 (+1)	1,110 (+6%)	2mo	$76,000	$68	51
14173 Edmore Dr	0.72mi	3/1.5 (+1)	1,109 (+6%)	5mo	$134,000	$121	46
13452 Tacoma St	0.66mi	3/1.0 (+1)	900 (-14%)	1mo	$69,072	$77	40
13424 Tacoma St	0.68mi	3/1.0 (+1)	900 (-14%)	3mo	$72,000	$80	37

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 · 1.33% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 9.00×
• Total profit: $44,803
• Equity at exit: $2,982

10-year hold

• IRR: —
• Equity multiple: 18.08×
• Total profit: $95,621
• Equity at exit: $1,729

Cash invested: $5,600 (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 48205

• Home prices YoY: -28.1%
• Rents YoY: 1.3%
• Active inventory: 373
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $1,211 high
• Mortgage (P&I): −$105
• Tax from tax record: −$58 /mo · $696/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $785

Break-even live

Break-even rent $217

Max offer price $20,000

Occupancy floor 30%

Sensitivity live

Price	-10% $796	-5% $791	+0% $785	+5% $779	+10% $774
Rent	-10% $690	-5% $737	+0% $785	+5% $833	+10% $881
Rate	-1.0pp $795	-0.5pp $790	base $785	+0.5pp $780	+1.0pp $775

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14461 Lappin St Detroit, MI	3.0	1.5	989	$1,150	$1.16	18d	1	0.05mi
14481 Maddelein St Detroit, MI	3.0	1.0	1200	$1,100	$0.92	44d	1	0.09mi
14504 Coram St Detroit, MI	3.0	1.0	1203	$1,175	$0.98	25d	1	0.11mi
13669 Pfent St Detroit, MI	3.0	2.0	1031	$1,374	$1.33	18d	1	0.45mi
15030 Rossini Dr Unit 2 Detroit, MI	1.0	1.0	720	$800	$1.11	44d	1	0.63mi
19220 Alcoy St Detroit, MI	3.0	1.0	1023	$1,350	$1.32	18d	1	0.70mi
15604 Coram St Detroit, MI	3.0	1.0	1210	$1,000	$0.83	44d	1	0.74mi
14134 Collingham Dr Detroit, MI	3.0	1.5	1300	$1,350	$1.04	44d	1	0.74mi
15616 E 7 Mile Rd Detroit, MI	3.0	1.5	1150	$1,150	$1.00	18d	1	0.80mi
14068 Carlisle St Detroit, MI	3.0	1.0	1020	$1,300	$1.27	25d	1	0.81mi
13693 Edmore Dr Detroit, MI	3.0	1.5	1269	$1,550	$1.22	12d	1	0.82mi
20215 Schoenherr St Unit 1 Detroit, MI	2.0	1.0	1000	$1,200	$1.20	18d	1	0.84mi
19143 Fairport St Detroit, MI	3.0	1.0	1070	$1,225	$1.14	18d	1	0.85mi
20227 Pelkey St Detroit, MI	3.0	1.0	968	$1,350	$1.39	18d	1	0.89mi
18624 Fairport St Unit NA Detroit, MI	3.0	1.0	924	$1,450	$1.57	25d	1	0.89mi
18624 Fairport St Detroit, MI	3.0	1.0	874	$1,450	$1.66	22d	1	0.89mi
15010 Cedargrove St Detroit, MI	3.0	1.5	1018	$1,350	$1.33	44d	1	0.89mi
13503 E McNichols Rd Unit 7 Detroit, MI	1.0	1.0	750	$800	$1.07	18d	1	0.89mi
20027 Alcoy St Detroit, MI	3.0	1.0	1000	$1,349	$1.35	18d	1	0.89mi
15494 Mapleridge St Detroit, MI	3.0	1.0	937	$1,275	$1.36	44d	1	0.91mi
19610 Westphalia St Detroit, MI	3.0	1.0	1200	$1,595	$1.33	18d	1	0.91mi
19419 Westphalia St Detroit, MI	3.0	1.0	1293	$1,325	$1.02	18d	1	0.92mi
20242 Hickory St Detroit, MI	3.0	1.0	747	$1,300	$1.74	12d	1	0.92mi
18119 Joann St Detroit, MI	2.0	1.0	800	$1,100	$1.38	25d	1	0.94mi
13218 Greiner St Detroit, MI	3.0	1.0	1162	$1,195	$1.03	18d	1	0.97mi
15909 Maddelein St Detroit, MI	3.0	1.0	894	$1,266	$1.42	44d	1	0.97mi
14103 Rochelle Ave Unit 3 Detroit, MI	1.0	1.0	700	$800	$1.14	44d	1	0.98mi
15503 Edmore Dr Detroit, MI	3.0	1.0	1285	$1,100	$0.86	44d	1	1.00mi
16031 E 7 Mile Rd #5 Detroit, MI	2.0	1.0	1204	$1,200	$1.00	3d	1	1.01mi
18703 Waltham St Detroit, MI	2.0	1.0	1000	$1,100	$1.10	44d	1	1.07mi
15000 Mayfield St Detroit, MI	3.0	1.0	1146	$970	$0.85	18d	1	1.09mi
16212 Maddelein St Detroit, MI	2.0	1.0	800	$1,200	$1.50	13d	1	1.13mi
18681 Barlow St Detroit, MI	3.0	1.0	1041	$1,400	$1.34	25d	1	1.13mi
15663 Carlisle St Detroit, MI	2.0	1.0	803	$1,050	$1.31	15d	1	1.15mi
13501 Vernon Ave Warren, MI	2.0	1.0	850	$1,300	$1.53	25d	1	1.19mi
12716 Riad St Detroit, MI	3.0	1.0	974	$1,275	$1.31	18d	1	1.22mi
18530 Kingsville St Harper Woods, MI	3.0	1.5	1396	$1,375	$0.98	18d	1	1.22mi
20296 Waltham St Detroit, MI	3.0	1.5	986	$1,300	$1.32	18d	1	1.23mi
20091 Barlow St Detroit, MI	3.0	1.0	930	$1,300	$1.40	18d	1	1.24mi
12846 Georgiana Ave Warren, MI	3.0	1.0	912	$1,300	$1.43	25d	1	1.30mi

Listing history 32 events

1. 2026-06-18
   days on market $20,000 Active 605 DOM
2. 2026-06-17
   days on market $20,000 Active 604 DOM
3. 2026-06-15
   days on market $20,000 Active 602 DOM
4. 2026-06-13
   days on market $20,000 Active 600 DOM
5. 2026-06-13
   days on market $20,000 Active 599 DOM
6. 2026-06-09
   days on market $20,000 Active 596 DOM
7. 2026-06-08
   days on market $20,000 Active 595 DOM
8. 2026-06-07
   days on market $20,000 Active 594 DOM
9. 2026-06-04
   days on market $20,000 Active 591 DOM
10. 2026-06-03
    days on market $20,000 Active 590 DOM
11. 2026-06-01
    days on market $20,000 Active 588 DOM
12. 2026-05-31
    days on market $20,000 Active 587 DOM
13. 2024-10-21
    listed $20,000 Active 901-char remark

    Show marketing remark (900 chars)

    Welcome to the latest offering from the Detroit Land Bank Authority. 2 bedroom frame ranch in a mostly brick neighborhood. Home needs a ton of work, but it is being sold as part of a bundle so you get 3 for the price of 1. Sale also includes 14531 and 14578 Lappin all for the price listed above. Please note that the Detroit Land bank Authority is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatements and/or lot combinations that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing. Please refer to DLBA proposal guidelines.

14. 2024-10-21
    listed $20,000 Active 900-char remark

    Show marketing remark (900 chars)

    Welcome to the latest offering from the Detroit Land Bank Authority. 2 bedroom frame ranch in a mostly brick neighborhood. Home needs a ton of work, but it is being sold as part of a bundle so you get 3 for the price of 1. Sale also includes 14531 and 14578 Lappin all for the price listed above. Please note that the Detroit Land bank Authority is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatements and/or lot combinations that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing. Please refer to DLBA proposal guidelines.

15. 2023-06-26
    status Pending
16. 2023-06-26
    status Pending
17. 2023-06-26
    historical
18. 2023-06-26
    historical
19. 2020-09-19
    price $2,500
20. 2020-09-18
    price $2,500
21. 2020-03-09
    status Active
22. 2020-03-09
    status Active
23. 2020-02-29
    historical
24. 2020-02-29
    listed $4,000 Active
25. 2020-02-29
    historical
26. 2020-02-29
    listed $4,000
27. 2009-02-24
    soldstatus $77,000
28. 2008-03-15
    soldstatus $300
29. 2008-03-15
    soldstatus $300
30. 2008-01-22
    historical
31. 2008-01-01
    listed $1,915
32. 2008-01-01
    listed $1,915

ⓘ 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: $696 · $58/mo
• Projected year-2 tax: $696 · $58/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 ≥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: $14,527
• − Mortgage interest: −$1,120
• − Property taxes: −$696
• − Insurance: −$100
• − Repairs & maintenance: −$1,162
• − Management: −$1,162
• − Depreciation: −$582
• Taxable income: $9,704
• Est. tax owed @ 24.0%: −$2,329
• After-tax cash flow: $7,093/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): 34,187
• Household income: $38,966
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 2121.0

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 (93%)
• Race & ethnicity: Black 93% White 3% Two or more races 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▼ -91.80%
• Current HPI: 235.0926
• Rent YoY: ▲ 1.33%
• 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

+944.4% since first listed

20 events — show timeline

• 2024-10-21 Listed $20,000 MiRealSource-MiMLS
• 2024-10-21 Listed $20,000 REALCOMP
• 2023-06-26 Pending — MiRealSource-MiMLS
• 2023-06-26 Pending — REALCOMP
• 2023-06-26 Listing Removed — MiRealSource-MiMLS
• 2023-06-26 Listing Removed — REALCOMP
• 2020-09-19 Price Changed $2,500 MiRealSource-MiMLS
• 2020-09-18 Price Changed $2,500 REALCOMP
• 2020-03-09 Relisted — MiRealSource-MiMLS
• 2020-03-09 Relisted — REALCOMP
• 2020-02-29 Listing Removed — REALCOMP
• 2020-02-29 Listed $4,000 MiRealSource-MiMLS
• 2020-02-29 Listing Removed — MiRealSource-MiMLS
• 2020-02-29 Listed $4,000 REALCOMP
• 2009-02-24 Sold (Public Records) $77,000 Public Records
• 2008-03-15 Sold (MLS) $300 MiRealSource-MiMLS
• 2008-03-15 Sold (MLS) $300 REALCOMP
• 2008-01-22 Listing Removed — MiRealSource-MiMLS
• 2008-01-01 Listed $1,915 MiRealSource-MiMLS
• 2008-01-01 Listed $1,915 REALCOMP

Property tax history

-24.2%/yr

Latest (2017): $696 · -40.7% YoY. Source: county tax records.