2935 Lakewood St · Detroit, MI 48215

$65,000

6 bd · 3.0 ba · 2,826 sqft · Townhouse public records · 159 Days on market

Built 1924 6,098 sqft lot $23/sqft · 73% below area

---

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

Listing remarks MLS

INVESTOR SPECIAL with significant upside! 2935 Lakewood Street is being sold with two adjacent lots [2927 and 2919], creating a rare three-parcel package in Detroit’s 48215 area. This is an ideal opportunity for a fix-and-flip, rental portfolio expansion, or redevelopment play. The existing home offers a solid footprint ready for renovation (ROOF 2020, MOST WINDOWS NEW), while the additional lots dramatically increase value potential—perfect for new construction, expansion, or future resale (buyer to verify zoning and use, currently zoned R2 [two family] / Room measurements may not be accurate). Located on a residential street with improving surrounding values and proximity to Jefferson-Chalmers, the riverfront, and major commuter routes. Priced with rehab in mind and sold AS-IS, this property is best suited for investors looking to capitalize on land + structure value in an area seeing continued reinvestment. All three parcels included in sale.

Key facts

• Three parcel package
• New construction
• Residential street

Tags

• THREE PARCEL PACKAGE
• NEW CONSTRUCTION
• RESIDENTIAL STREET
• PROXIMITY TO RIVERFRONT
• MAJOR COMMUTER ROUTES

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath townhouse listed at $65k.

Deal economics

• At list price, monthly cash flow is $754 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.2% 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: 137 active listings in the ZIP; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k 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 + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 159 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 8y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 159 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 1924 — 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: 2.51% ✓
• Cap rate: 20.20%
• Cash-on-cash: 49.68%
• DSCR: 3.21
• GRM: 3.3

CMA / ARV

• ARV (median comp): $242,467
• List price: $65,000
• Delta: -73.19%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 47.4%
• Equity multiple: 3.06×
• Total profit: $37,537
• Equity at exit: $9,692

10-year hold

• IRR: 53.1%
• Equity multiple: 6.21×
• Total profit: $94,799
• Equity at exit: $5,620

Cash invested: $18,200 (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 48215

• Home prices YoY: -24.1%
• Active inventory: 137
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,632 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$168 /mo · $2,012/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $754

Break-even live

Break-even rent $678

Max offer price $65,000

Occupancy floor 49%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 41 events

1. 2026-06-18
   days on market $65,000 Active 159 DOM
2. 2026-06-17
   days on market $65,000 Active 158 DOM
3. 2026-06-15
   days on market $65,000 Active 156 DOM
4. 2026-06-13
   days on market $65,000 Active 154 DOM
5. 2026-06-13
   days on market $65,000 Active 153 DOM
6. 2026-06-09
   days on market $65,000 Active 150 DOM
7. 2026-06-08
   days on market $65,000 Active 149 DOM
8. 2026-06-07
   days on market $65,000 Active 148 DOM
9. 2026-06-04
   days on market $65,000 Active 145 DOM
10. 2026-06-03
    days on market $65,000 Active 144 DOM
11. 2026-06-02
    price $65,000 Active 142 DOM
12. 2026-06-01
    days on market $70,000 Active 142 DOM
13. 2026-05-31
    days on market $70,000 Active 141 DOM
14. 2026-01-10
    listed $70,000 Active 971-char remark

    Show marketing remark (961 chars)

    INVESTOR SPECIAL with significant upside! 2935 Lakewood Street is being sold with two adjacent lots [2927 and 2919], creating a rare three-parcel package in Detroit's 48215 area. This is an ideal opportunity for a fix-and-flip, rental portfolio expansion, or redevelopment play. The existing home offers a solid footprint ready for renovation (ROOF 2020, MOST WINDOWS NEW), while the additional lots dramatically increase value potential - perfect for new construction, expansion, or future resale (buyer to verify zoning and use, currently zoned R2 [two family] / Room measurements may not be accurate). Located on a residential street with improving surrounding values and proximity to Jefferson-Chalmers, the riverfront, and major commuter routes. Priced with rehab in mind and sold AS-IS, this property is best suited for investors looking to capitalize on land + structure value in an area seeing continued reinvestment. All three parcels included in sale.

15. 2026-01-10
    listed $70,000 Active 961-char remark

    Show marketing remark (961 chars)

    INVESTOR SPECIAL with significant upside! 2935 Lakewood Street is being sold with two adjacent lots [2927 and 2919], creating a rare three-parcel package in Detroit's 48215 area. This is an ideal opportunity for a fix-and-flip, rental portfolio expansion, or redevelopment play. The existing home offers a solid footprint ready for renovation (ROOF 2020, MOST WINDOWS NEW), while the additional lots dramatically increase value potential - perfect for new construction, expansion, or future resale (buyer to verify zoning and use, currently zoned R2 [two family] / Room measurements may not be accurate). Located on a residential street with improving surrounding values and proximity to Jefferson-Chalmers, the riverfront, and major commuter routes. Priced with rehab in mind and sold AS-IS, this property is best suited for investors looking to capitalize on land + structure value in an area seeing continued reinvestment. All three parcels included in sale.

16. 2024-06-12
    historical
17. 2024-06-12
    historical
18. 2024-05-06
    listed $70,000 Active
19. 2024-05-06
    listed $70,000 Active
20. 2023-03-28
    status Pending
21. 2023-03-28
    status Pending
22. 2023-03-28
    historical
23. 2023-03-28
    historical
24. 2023-03-08
    status Active
25. 2023-03-08
    status Active
26. 2023-03-02
    historical
27. 2023-03-02
    status Active
28. 2023-02-27
    status Pending
29. 2023-02-27
    status Pending
30. 2023-01-31
    listed $70,000 Active
31. 2023-01-31
    listed $70,000 Active
32. 2023-01-01
    historical
33. 2022-12-31
    historical
34. 2022-06-28
    listed $100,000 Active
35. 2022-06-28
    listed $100,000 Active
36. 2019-03-21
    historical
37. 2019-03-21
    historical
38. 2019-03-08
    status Active
39. 2019-03-04
    historical
40. 2018-09-18
    listed $19,900 Active
41. 2018-09-18
    listed $19,900 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: $2,012 · $168/mo
• Projected year-2 tax: $2,012 · $168/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: $19,582
• − Mortgage interest: −$3,641
• − Property taxes: −$2,012
• − Insurance: −$325
• − Repairs & maintenance: −$1,567
• − Management: −$1,567
• − Depreciation: −$1,891
• Taxable income: $8,580
• Est. tax owed @ 24.0%: −$2,059
• After-tax cash flow: $6,983/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
• City population: 572,865
• Population (ZIP): 10,238

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 (87%)
• Race & ethnicity: Black 87% White 9% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Romanian 1% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% 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: ▼ -60.84%
• Current HPI: 191.0405
• Rent YoY: —
• Metro: —
• 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

+251.8% since first listed

28 events — show timeline

• 2026-01-10 Listed $70,000 REALCOMP
• 2026-01-10 Listed $70,000 MiRealSource-MiMLS
• 2024-06-12 Listing Removed — MiRealSource-MiMLS
• 2024-06-12 Listing Removed — REALCOMP
• 2024-05-06 Listed $70,000 MiRealSource-MiMLS
• 2024-05-06 Listed $70,000 REALCOMP
• 2023-03-28 Pending — MiRealSource-MiMLS
• 2023-03-28 Pending — REALCOMP
• 2023-03-28 Listing Removed — MiRealSource-MiMLS
• 2023-03-28 Listing Removed — REALCOMP
• 2023-03-08 Relisted — MiRealSource-MiMLS
• 2023-03-08 Relisted — REALCOMP
• 2023-03-02 Listing Removed — REALCOMP
• 2023-03-02 Relisted — REALCOMP
• 2023-02-27 Pending — MiRealSource-MiMLS
• 2023-02-27 Pending — REALCOMP
• 2023-01-31 Listed $70,000 MiRealSource-MiMLS
• 2023-01-31 Listed $70,000 REALCOMP
• 2023-01-01 Listing Removed — MiRealSource-MiMLS
• 2022-12-31 Listing Removed — REALCOMP
• 2022-06-28 Listed $100,000 MiRealSource-MiMLS
• 2022-06-28 Listed $100,000 REALCOMP
• 2019-03-21 Listing Removed — REALCOMP
• 2019-03-21 Listing Removed — MiRealSource-MiMLS
• 2019-03-08 Relisted — REALCOMP
• 2019-03-04 Listing Removed — REALCOMP
• 2018-09-18 Listed $19,900 MiRealSource-MiMLS
• 2018-09-18 Listed $19,900 REALCOMP

Property tax history

+5.1%/yr

Latest (2025): $2,012 · -9.5% YoY. Source: county tax records.