13938 Lumpkin St · Detroit, MI 48212

$26,000

3 bd · 1.0 ba · 1,363 sqft · SingleFamily public records · 70 Days on market

Built 1927 3,049 sqft lot $19/sqft · 45% below area Est $47k · 45% 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).

• Cash flow +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

13938 Lumpkin Street is a value add multi-family property near the Joe Louis Greenway, offering strong upside potential in a growing redevelopment area. Showings- hold harmless condition enter at your own risk the property requires repairs and due diligence. Features include 2 kitchens, 2 bathrooms, and 3 bedrooms, making it well-suited for investors seeking renovation and income opportunities. Agent related to seller. Structural damage at the rear of the property; the second floor is inaccessible.

Key facts

• 3,049 sq ft lot
• Built 1927
• Listed 69 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $26k.

Deal economics

• At list price, monthly cash flow is $875 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $26k).
• Recommended offer: $24k (6.0% below list) — sets the bar for market timing.
• Cap rate 46.7% 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: 166 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 43% of the median local income ($38k/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 $180 of loan paydown is wiped out by about $780 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $3k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $24,440 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
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: 5.21% ✓
• Cap rate: 46.69%
• Cash-on-cash: 144.27%
• DSCR: 7.42
• GRM: 1.6

CMA / ARV

• ARV (median comp): $47,119
• List price: $26,000
• Delta: -44.82%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17496 Saint Aubin St	0.57mi	4/1.5 (+1)	1,377 (+1%)	5mo	$25,000	$18	60
17428 Goddard St	0.47mi	3/1.5	1,409 (+3%)	13mo	$75,000	$53	60
17520 Goddard Street St	0.56mi	4/2.0 (+1)	1,302 (-4%)	3mo	$54,900	$42	55
17520 Maine St	0.57mi	3/1.5	1,308 (-4%)	23mo	$78,000	$60	46
1984 Dearing St	0.43mi	3/1.0	1,158 (-15%)	13mo	$10,500	$9	44
17803 Saint Aubin St	0.64mi	4/2.0 (+1)	1,518 (+11%)	6mo	$50,001	$33	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.08×
• Total profit: $51,563
• Equity at exit: $3,877

10-year hold

• IRR: —
• Equity multiple: 17.04×
• Total profit: $116,804
• Equity at exit: $2,248

Cash invested: $7,280 (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 48212

• Home prices YoY: -34.2%
• Active inventory: 166
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $1,355 high
• Mortgage (P&I): −$136
• Tax from tax record: −$48 /mo · $580/yr
• Insurance: −$11
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $875

Break-even live

Break-even rent $248

Max offer price $26,000

Occupancy floor 30%

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: $6,500
• Closing costs: $780
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
168 Beresford St Highland Park, MI	4.0	1.0	1541	$1,475	$0.96	17d	1	0.95mi
18551 Saint Aubin St Detroit, MI	3.0	1.0	962	$1,200	$1.25	16d	1	1.00mi
18503 Riopelle St Highland Park, MI	3.0	1.0	1254	$1,250	$1.00	4d	1	1.04mi
18629 Fleming St Detroit, MI	3.0	1.5	900	$1,150	$1.28	24d	1	1.05mi
18666 Joseph Campau St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	16d	1	1.09mi
18557 Wexford St Detroit, MI	3.0	1.0	1216	$1,250	$1.03	24d	1	1.16mi
165 Rhode Island St Highland Park, MI	4.0	1.5	1639	$1,200	$0.73	17d	1	1.16mi
18882 Marx St Highland Park, MI	2.0	1.0	1000	$1,300	$1.30	43d	1	1.20mi
101 Stevens St Highland Park, MI	3.0	1.5	1152	$1,600	$1.39	17d	1	1.21mi
101 Colorado St Unit NA Highland Park, MI	4.0	1.5	1695	$1,500	$0.88	24d	1	1.21mi
27 Pasadena St Highland Park, MI	2.0	1.0	900	$825	$0.92	43d	1	1.29mi
520 Englewood St Detroit, MI	4.0	1.5	1086	$1,725	$1.59	24d	1	1.46mi
64 Glendale St Highland Park, MI	4.0	1.0	1464	$1,500	$1.02	10d	1	1.46mi
2716 Belmont St Unit B Hamtramck, MI	2.0	1.0	965	$775	$0.80	20d	1	1.47mi
2315 Yemans St Hamtramck, MI	2.0	2.5	1328	$1,600	$1.20	17d	1	1.48mi

Listing history 16 events

1. 2026-06-18
   days on market $26,000 Active 70 DOM
2. 2026-06-17
   days on market $26,000 Active 69 DOM
3. 2026-06-15
   days on market $26,000 Active 67 DOM
4. 2026-06-13
   days on market $26,000 Active 65 DOM
5. 2026-06-13
   days on market $26,000 Active 64 DOM
6. 2026-06-09
   days on market $26,000 Active 61 DOM
7. 2026-06-08
   days on market $26,000 Active 60 DOM
8. 2026-06-07
   days on market $26,000 Active 59 DOM
9. 2026-06-04
   days on market $26,000 Active 56 DOM
10. 2026-06-03
    days on market $26,000 Active 55 DOM
11. 2026-06-02
    days on market $26,000 Active 54 DOM
12. 2026-06-01
    days on market $26,000 Active 53 DOM
13. 2026-05-31
    pricedays on market $26,000 Active 52 DOM
14. 2026-04-10
    listed $29,000 Active 503-char remark

    Show marketing remark (503 chars)

    13938 Lumpkin Street is a value add multi-family property near the Joe Louis Greenway, offering strong upside potential in a growing redevelopment area. Showings- hold harmless condition enter at your own risk the property requires repairs and due diligence. Features include 2 kitchens, 2 bathrooms, and 3 bedrooms, making it well-suited for investors seeking renovation and income opportunities. Agent related to seller. Structural damage at the rear of the property; the second floor is inaccessible.

15. 2026-04-10
    listed $29,000 Active 503-char remark

    Show marketing remark (503 chars)

    13938 Lumpkin Street is a value add multi-family property near the Joe Louis Greenway, offering strong upside potential in a growing redevelopment area. Showings- hold harmless condition enter at your own risk the property requires repairs and due diligence. Features include 2 kitchens, 2 bathrooms, and 3 bedrooms, making it well-suited for investors seeking renovation and income opportunities. Agent related to seller. Structural damage at the rear of the property; the second floor is inaccessible.

16. 2026-04-09
    historical $29,000 503-char remark

    Show marketing remark (503 chars)

    13938 Lumpkin Street is a value add multi-family property near the Joe Louis Greenway, offering strong upside potential in a growing redevelopment area. Showings- hold harmless condition enter at your own risk the property requires repairs and due diligence. Features include 2 kitchens, 2 bathrooms, and 3 bedrooms, making it well-suited for investors seeking renovation and income opportunities. Agent related to seller. Structural damage at the rear of the property; the second floor is inaccessible.

ⓘ 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: $580 · $48/mo
• Projected year-2 tax: $580 · $48/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 5/10 Major FEMA zone X (unshaded) · 51% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,265
• − Mortgage interest: −$1,456
• − Property taxes: −$580
• − Insurance: −$130
• − Repairs & maintenance: −$1,301
• − Management: −$1,301
• − Depreciation: −$756
• Taxable income: $10,740
• Est. tax owed @ 24.0%: −$2,578
• After-tax cash flow: $7,926/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): 43,384
• Household income: $38,186
• Rent vs Own: 38.3% rent · 61.7% own
• Severe rent burden: 1175.0

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: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 43% Asian 29% Black 19% Two or more races 6%
• Common ancestry: Romanian 4% Subsaharan African 1% American 1%
• Foreign-born: 41%
• Languages at home: 36% English-only · Other Indo-European 28% Arabic 28% Russian/Polish/Slavic 6%

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: ▼ -152.41%
• Current HPI: 292.9126
• Rent YoY: —
• 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

• 2026-04-10 Listed $29,000 REALCOMP
• 2026-04-10 Listed $29,000 MiRealSource-MiMLS
• 2026-04-09 Coming Soon $29,000 MiRealSource-MiMLS

Property tax history

-2.9%/yr

Latest (2025): $580 · -35.3% YoY. Source: county tax records.