12450 Lansdowne St · Detroit, MI 48224

$39,900

3 bd · 1.0 ba · 730 sqft · SingleFamily public records · 135 Days on market

Built 1943 5,663 sqft lot $55/sqft · at area comps ↓ 39% since listing

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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 +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

NOW VACANT! In the process of getting cleaned out. Showings will start June 11th. Would make a great rental. Close to major freeways. Room sizes estimated. Buyer to verify all information. Buyer to pay compliance fee to Listing broker at close. Thank you for checking out our listing.

Key facts

• 5,663 sq ft lot
• Built 1943
• Listed 135 days

Tags

• CLOSE TO MAJOR FREEWAYS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $667 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 26.4% 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 flat; 484 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 33% of the median local income ($45k/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 $276 of loan paydown is wiped out by about $1k 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 + 0.7% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 25y ago; this cycle's ask has dropped $14k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $5k; list at $40k implies a 682% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1943 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 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 1943 — 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: 3.11% ✓
• Cap rate: 26.36%
• Cash-on-cash: 71.68%
• DSCR: 4.19
• GRM: 2.7

CMA / ARV

• ARV (median comp): $96,194
• List price: $39,900
• Delta: -58.52%
• 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
12505 Laing St	0.21mi	3/1.0	752 (+3%)	3mo	$54,600	$73	82
18700 Mccormick St	0.27mi	2/1.0 (-1)	706 (-3%)	5mo	$63,000	$89	73
19379 Mccormick St	0.23mi	2/1.0 (-1)	696 (-5%)	4mo	$118,900	$171	73
11624 Wayburn St	0.53mi	3/1.0	756 (+4%)	3mo	$17,000	$22	67
18996 Roscommon St	0.38mi	2/1.0 (-1)	698 (-4%)	5mo	$98,000	$140	66
19404 Roscommon St	0.43mi	2/1.0 (-1)	700 (-4%)	4mo	$85,000	$121	64
12897 Riad St	0.27mi	3/1.0	831 (+14%)	1mo	$63,000	$76	63
19380 Roscommon St	0.42mi	2/1.0 (-1)	684 (-6%)	5mo	$100,500	$147	60
11974 Duchess St	0.67mi	2/1.0 (-1)	724 (-1%)	5mo	$37,000	$51	58
18591 Kingsville St	0.33mi	2/1.0 (-1)	824 (+13%)	1mo	$74,000	$90	58
10878 Balfour Rd	0.68mi	3/1.0	784 (+7%)	6mo	$70,000	$89	51
11035 Worden St	0.59mi	3/1.0	834 (+14%)	3mo	$55,000	$66	46

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 · 0.73% rent growth · sell at horizon

5-year hold

• IRR: 68.7%
• Equity multiple: 3.98×
• Total profit: $33,309
• Equity at exit: $5,949

10-year hold

• IRR: 72.1%
• Equity multiple: 7.54×
• Total profit: $73,046
• Equity at exit: $3,450

Cash invested: $11,172 (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 48224

• Rents YoY: 0.7%
• Active inventory: 484
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,239 medium
• Mortgage (P&I): −$209
• Tax from tax record: −$86 /mo · $1,032/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $667

Break-even live

Break-even rent $395

Max offer price $39,900

Occupancy floor 41%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11529 Roxbury St Detroit, MI	2.0	1.0	720	$1,200	$1.67	13d	1	0.39mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	44d	1	0.40mi
12201 Morang Ave Unit 8 Detroit, MI	2.0	1.0	610	$875	$1.43	44d	1	0.43mi

Listing history 50 events

1. 2026-06-18
   days on market $39,900 Active 135 DOM
2. 2026-06-17
   days on market $39,900 Active 134 DOM
3. 2026-06-15
   days on market $39,900 Active 132 DOM
4. 2026-06-13
   days on market $39,900 Active 130 DOM
5. 2026-06-13
   days on market $39,900 Active 129 DOM
6. 2026-06-09
   days on market $39,900 Active 126 DOM
7. 2026-06-08
   days on market $39,900 Active 125 DOM
8. 2026-06-07
   days on market $39,900 Active 124 DOM
9. 2026-06-04
   days on market $39,900 Active 121 DOM
10. 2026-06-03
    days on market $39,900 Active 120 DOM
11. 2026-06-01
    days on market $39,900 Active 118 DOM
12. 2026-05-31
    days on market $39,900 Active 117 DOM
13. 2026-05-12
    price $39,900 284-char remark

    Show marketing remark (284 chars)

    NOW VACANT! In the process of getting cleaned out. Showings will start June 11th. Would make a great rental. Close to major freeways. Room sizes estimated. Buyer to verify all information. Buyer to pay compliance fee to Listing broker at close. Thank you for checking out our listing.

14. 2026-05-11
    price $39,900 285-char remark

    Show marketing remark (285 chars)

    NOW VACANT! In the process of getting cleaned out. Showings will start June 11th. Would make a great rental. Close to major freeways. Room sizes estimated. Buyer to verify all information. Buyer to pay compliance fee to Listing broker at close. Thank you for checking out our listing.

15. 2026-02-24
    price $47,000 284-char remark

    Show marketing remark (284 chars)

    NOW VACANT! In the process of getting cleaned out. Showings will start June 11th. Would make a great rental. Close to major freeways. Room sizes estimated. Buyer to verify all information. Buyer to pay compliance fee to Listing broker at close. Thank you for checking out our listing.

16. 2026-02-23
    price $47,000 285-char remark

    Show marketing remark (285 chars)

    NOW VACANT! In the process of getting cleaned out. Showings will start June 11th. Would make a great rental. Close to major freeways. Room sizes estimated. Buyer to verify all information. Buyer to pay compliance fee to Listing broker at close. Thank you for checking out our listing.

17. 2026-02-03
    historical
18. 2026-02-03
    historical
19. 2025-11-19
    status Active
20. 2025-11-18
    historical
21. 2025-10-02
    listed $54,000 Active 284-char remark

    Show marketing remark (285 chars)

    NOW VACANT! In the process of getting cleaned out. Showings will start June 11th. Would make a great rental. Close to major freeways. Room sizes estimated. Buyer to verify all information. Buyer to pay compliance fee to Listing broker at close. Thank you for checking out our listing.

22. 2025-10-02
    listed $54,000 Active 285-char remark

    Show marketing remark (285 chars)

    NOW VACANT! In the process of getting cleaned out. Showings will start June 11th. Would make a great rental. Close to major freeways. Room sizes estimated. Buyer to verify all information. Buyer to pay compliance fee to Listing broker at close. Thank you for checking out our listing.

23. 2025-10-02
    historical

    Show marketing remark (285 chars)

    NOW VACANT! In the process of getting cleaned out. Showings will start June 11th. Would make a great rental. Close to major freeways. Room sizes estimated. Buyer to verify all information. Buyer to pay compliance fee to Listing broker at close. Thank you for checking out our listing.

24. 2025-10-02
    historical

    Show marketing remark (285 chars)

    NOW VACANT! In the process of getting cleaned out. Showings will start June 11th. Would make a great rental. Close to major freeways. Room sizes estimated. Buyer to verify all information. Buyer to pay compliance fee to Listing broker at close. Thank you for checking out our listing.

25. 2025-06-06
    price $54,000
26. 2025-06-06
    price $54,000
27. 2025-05-02
    price $54,900
28. 2025-05-01
    price $54,900
29. 2025-04-15
    price $59,900
30. 2025-04-14
    status Active
31. 2025-04-14
    price $59,900
32. 2025-04-09
    historical
33. 2025-03-28
    listed $54,000 Active
34. 2025-03-28
    listed $54,000 Active
35. 2025-03-28
    listed $65,000 Active
36. 2025-03-28
    listed $65,000 Active
37. 2018-06-15
    soldstatus $5,100 Sold
38. 2018-06-15
    soldstatus $5,100 Closed
39. 2018-05-24
    status Pending
40. 2018-05-24
    status Pending
41. 2018-05-01
    listed $9,999 Active
42. 2018-05-01
    listed $9,999 Active
43. 2018-04-26
    historical
44. 2018-04-26
    historical
45. 2018-04-26
    historical
46. 2018-04-26
    historical
47. 2017-12-31
    listed $9,999 Active
48. 2017-12-31
    listed $9,999 Active
49. 2017-12-29
    listed $9,999
50. 2017-12-29
    listed $9,999 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: $1,032 · $86/mo
• Projected year-2 tax: $1,032 · $86/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 ≥95°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,873
• − Mortgage interest: −$2,235
• − Property taxes: −$1,032
• − Insurance: −$200
• − Repairs & maintenance: −$1,190
• − Management: −$1,190
• − Depreciation: −$1,161
• Taxable income: $7,867
• Est. tax owed @ 24.0%: −$1,888
• After-tax cash flow: $6,120/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): 39,668
• Household income: $44,856
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 2515.0

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 (88%)
• Race & ethnicity: Black 88% White 8% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Iranian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -226.38%
• Current HPI: 161.886
• Rent YoY: ▲ 0.73%
• 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

-38.6% since first listed

42 events — show timeline

• 2026-05-12 Price Changed $39,900 MiRealSource-MiMLS
• 2026-05-11 Price Changed $39,900 REALCOMP
• 2026-02-24 Price Changed $47,000 MiRealSource-MiMLS
• 2026-02-23 Price Changed $47,000 REALCOMP
• 2026-02-03 Listing Removed — MiRealSource-MiMLS
• 2026-02-03 Listing Removed — REALCOMP
• 2025-11-19 Relisted — REALCOMP
• 2025-11-18 Listing Removed — REALCOMP
• 2025-10-02 Listing Removed — REALCOMP
• 2025-10-02 Listing Removed — MiRealSource-MiMLS
• 2025-10-02 Listed $54,000 REALCOMP
• 2025-10-02 Listed $54,000 MiRealSource-MiMLS
• 2025-06-06 Price Changed $54,000 MiRealSource-MiMLS
• 2025-06-06 Price Changed $54,000 REALCOMP
• 2025-05-02 Price Changed $54,900 MiRealSource-MiMLS
• 2025-05-01 Price Changed $54,900 REALCOMP
• 2025-04-15 Price Changed $59,900 MiRealSource-MiMLS
• 2025-04-14 Relisted — REALCOMP
• 2025-04-14 Price Changed $59,900 REALCOMP
• 2025-04-09 Listing Removed — REALCOMP
• 2025-03-28 Listed $65,000 REALCOMP
• 2025-03-28 Listed $65,000 MiRealSource-MiMLS
• 2025-03-28 Listed $54,000 MiRealSource-MiMLS
• 2025-03-28 Listed $54,000 REALCOMP
• 2018-06-15 Sold (MLS) $5,100 MiRealSource-MiMLS
• 2018-06-15 Sold (MLS) $5,100 REALCOMP
• 2018-05-24 Pending — MiRealSource-MiMLS
• 2018-05-24 Pending — REALCOMP
• 2018-05-01 Listed $9,999 MiRealSource-MiMLS
• 2018-05-01 Listed $9,999 REALCOMP
• 2018-04-26 Listing Removed — REALCOMP
• 2018-04-26 Listing Removed — MiRealSource-MiMLS
• 2018-04-26 Listing Removed — MiRealSource-MiMLS
• 2018-04-26 Listing Removed — REALCOMP
• 2017-12-31 Listed $9,999 MiRealSource-MiMLS
• 2017-12-31 Listed $9,999 REALCOMP
• 2017-12-29 Listed $9,999 MiRealSource-MiMLS
• 2017-12-29 Listed $9,999 REALCOMP
• 2001-12-21 Sold (Public Records) $65,000 Public Records
• 2001-09-27 Sold (MLS) $65,000 MiRealSource-MiMLS
• 2001-08-23 Listing Removed — MiRealSource-MiMLS
• 2001-08-08 Listed $65,000 MiRealSource-MiMLS

Property tax history

-1.0%/yr

Latest (2025): $1,032 · -53.8% YoY. Source: county tax records.