7836 Theisen St · Dearborn, MI 48126

$149,900

4 bd · 3.0 ba · 1,536 sqft · SingleFamily public records · 11 Days on market

Built 1929 4,792 sqft lot Est $169k · 11% under

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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).

• ARV discount +12.6/15.0
• Cash flow +12.1/30.0
• 1% rule +6.9/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• DSCR +3.6/10.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * MULTIPLE OFFERS RECEIVED - OFFER DEADLINE, WEDNESDAY JUNE 17TH @ 12PM * * This historic 4 bedroom, 2 full bathroom brick bungalow is located in Dearborn half of the renowned Aviation subdivision! The property needs a FULL REHAB, but some of its original charm like the hardwood floorinh throughout and the original tile bathrooms might be salvageable! The property has a spacious living room, bonus room, dining room, kitchen, breakfast nook, 1 full bath, and a bedroom on the 1st floor, while the 2nd floor has the other 3 bedrooms and the full bath! The basement was finished but will need a lot of work to restore; it does feature the half bath! This property offers a terrific opportunity for someone who wants to create a beautiful family home in the thriving Dearborn community OR for an investor looking for their next flip project! CASH OR HARD MONEY ONLY AND CASH IS STRONGLY PREFERRED - DO NOT CALL ME ASKING ABOUT SELLER FINANCING OR CONVENTIONAL. SOLD AS-IS. SALE IS SUBJECT TO COURT APPROVAL.

Key facts

• Hardwood flooring
• Bonus room
• Dining room

Tags

• HISTORIC BRICK BUNGALOW
• HARDWOOD FLOORING
• ORIGINAL TILE BATHROOMS
• SPACIOUS LIVING ROOM
• BONUS ROOM
• DINING ROOM

Property features AI

Finance

• Other: Property type: Residential, single family residence; Lot dimensions: 40 x 120 (0.11 acres)
• HOA & community: Neighborhood sidewalks

Exterior

• Parking: Detached garage with approximately 2.5 spaces
• Utilities: Public water; Public sewer; Cable available; Underground utilities
• Home design: Single family residence; One-and-one-half story; Ground-level entry with steps; Brick construction; Faces unspecified direction
• Construction: Brick exterior; Asphalt roof; Brick/mortar foundation; Built area above grade: 1,536 (square feet)
• Exterior features: Balcony; Front porch; Paved road access

Interior

• Kitchen: Includes gas water heater (no additional appliance details provided)
• Bedrooms: Total rooms: 7
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Hot water heating with natural gas; No central cooling
• Interior features: Partially furnished; Gas water heater; Fireplace in the living room; Unfinished basement
• Laundry & utility: Basement utility area (basement unfinished)

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $-33 ($-396/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (3.9% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $144k (3.9% below list) — sets the bar for cash-flow.
• Cap rate 6.0% vs local median 4.3% in Dearborn — 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 80/100 on livability (#84 in MI, #1,904 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D.
• Dearborn City School District (urban): math 26% / reading 39% proficiency, ranked #325 of 540 in MI (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mcdonald Elementary School (math 22% / reading 17%, grade F, #1,110 of 1,397 statewide, top 81%, 335 students, 89% FRL); Unis Middle School (math 21% / reading 34%, grade F, #363 of 493 statewide, top 75%, 579 students, 87% FRL); Fordson High School (math 31% / reading 49%, grade F, #299 of 713 statewide, top 42%, 2,339 students, 85% FRL) — zoned schools average 87% FRL vs 66% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+13.2%/yr); 108 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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).
• At $1,785/mo this rent would consume 51% of the median local household income ($42k/yr) (locally 2742% 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 (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 4.8% of price; built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $144,071 (3.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1929 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 1.19% ✓
• Cap rate: 6.03%
• Cash-on-cash: -0.94%
• DSCR: 0.96
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $168,960
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8205 Appoline St	0.37mi	3/1.5 (-1)	1,580 (+3%)	1mo	$105,000	$66	66
8010 Normile St	0.29mi	3/2.0 (-1)	1,600 (+4%)	7mo	$219,999	$137	65
7741 Miller Rd	0.22mi	4/2.0	1,389 (-10%)	7mo	$280,000	$202	64
5801 Oakman Blvd	0.40mi	4/1.5	1,451 (-6%)	5mo	$160,000	$110	62
8043 E Morrow Circle St E	0.18mi	3/2.0 (-1)	1,398 (-9%)	8mo	$155,000	$111	61
10035 Blesser St	0.62mi	4/1.5	1,512 (-2%)	7mo	$227,000	$150	56
8860 Appoline St	0.69mi	5/1.5 (+1)	1,561 (+2%)	4mo	$61,272	$39	51
8301 Northlawn St	0.69mi	3/2.5 (-1)	1,636 (+6%)	2mo	$115,000	$70	48
8354 Wyoming Ave	0.51mi	3/1.0 (-1)	1,620 (+6%)	8mo	$125,000	$77	48
8304 Pinehurst St	0.36mi	3/1.0 (-1)	1,344 (-12%)	9mo	$123,500	$92	42
8607 Indiana St	0.67mi	3/1.5 (-1)	1,457 (-5%)	9mo	$100,000	$69	42
8029 Hartwell St	0.66mi	3/1.5 (-1)	1,389 (-10%)	2mo	$165,000	$119	41

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -10.2%
• Equity multiple: 0.60×
• Total profit: $-16,681
• Equity at exit: $22,351

10-year hold

• IRR: 6.6%
• Equity multiple: 1.64×
• Total profit: $26,832
• Equity at exit: $12,961

Cash invested: $41,972 (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 48126

• Rents YoY: 13.2%
• Active inventory: 108
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,785 high
• Mortgage (P&I): −$786
• Tax from tax record: −$595 /mo · $7,136/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $-33

Break-even live

Break-even rent $1,827

Max offer price $144,071

Occupancy floor 97%

Sensitivity live

Price	-10% $478	-5% $426	+0% $-33	+5% $-75	+10% $-118
Rent	-10% $-174	-5% $-104	+0% $-33	+5% $38	+10% $108
Rate	-1.0pp $42	-0.5pp $5	base $-33	+0.5pp $-72	+1.0pp $-111

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8143 Wisconsin St Detroit, MI	4.0	1.0	1370	$1,800	$1.31	0d	1	0.56mi
8230 Ohio St Detroit, MI	3.0	1.0	1350	$1,200	$0.89	19d	1	0.67mi
8320 Northlawn St Detroit, MI	3.0	1.0	1737	$1,550	$0.89	22d	1	0.76mi
9209 Pinehurst St Detroit, MI	3.0	1.0	1589	$1,500	$0.94	46d	1	0.88mi
9355 Ward St Detroit, MI	3.0	1.0	1200	$1,327	$1.11	46d	1	1.11mi
7424 Wykes St Detroit, MI	3.0	1.0	1200	$1,100	$0.92	46d	1	1.16mi
10002 Manor Unit 2 Detroit, MI	3.0	1.0	1100	$1,150	$1.05	46d	1	1.41mi
8047 Robson St Detroit, MI	3.0	2.0	1184	$1,200	$1.01	46d	1	1.42mi

Listing history 8 events

1. 2026-06-22
   days on market $149,900 Active 11 DOM
2. 2026-06-21
   days on market $149,900 Active 10 DOM
3. 2026-06-18
   days on market $149,900 Active 7 DOM
4. 2026-06-17
   days on market $149,900 Active 6 DOM
5. 2026-06-16
   days on market $149,900 Active 5 DOM
6. 2026-06-15
   days on market $149,900 Active 4 DOM
7. 2026-06-13
   remarks 699-char remark
8. 2026-06-13
   listed $149,900 Active 2 DOM

ⓘ 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: $7,136 · $595/mo
• Projected year-2 tax: $7,136 · $595/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: $21,421
• − Mortgage interest: −$8,397
• − Property taxes: −$7,136
• − Insurance: −$750
• − Repairs & maintenance: −$1,714
• − Management: −$1,714
• − Depreciation: −$4,361
• Taxable loss: −$2,649
• Est. tax savings @ 24.0%: +$636
• After-tax cash flow: $240/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: Dearborn City School District
• NCES district ID: 2611600
• Math proficiency: 26% ▼ -14.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $46,884
• Composite: 27.93/100
• National rank: #6864
• State rank: #325 of 540 in MI

Livability — Dearborn

• Score: 80/100
• State rank: #84
• US rank: #1904

Category grades

Amenities D Commute A+ Cost of living A+ Crime C Employment C Housing A+ Health & safety C User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dearborn, MI
• County: Wayne County · 1,562,939 people
• City population: 86,476
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 51,997
• Household income: $42,140
• Rent vs Own: 43.4% rent · 56.6% own
• Severe rent burden: 2742.0

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 White (90%)
• Race & ethnicity: White 90% Two or more races 4% Black 3% Asian 2% Hispanic / Latino 1%
• Common ancestry: Arab 8% Romanian 2% Armenian 1%
• Foreign-born: 43% · Canada, South Korea
• Languages at home: 26% English-only · Arabic 70% Other Indo-European 2% 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: ▼ -266.09%
• Current HPI: 241.0732
• Rent YoY: ▲ 13.15%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-06-12 Listed $149,900 MiRealSource-MiMLS
• 2026-06-12 Listed $149,900 REALCOMP
• 2026-06-11 Coming Soon $149,900 MiRealSource-MiMLS

Property tax history

+9.6%/yr

Latest (2025): $7,136 · -2.1% YoY. Source: county tax records.