18435 Lahser Rd · Detroit, MI 48219

$5,250

None bd · 2.0 ba · 2,862 sqft · MultiFamily public records · 1141 Days on market

Built 1956 10,019 sqft lot

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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 +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.5/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Vacant Land located in the highly desired Old Redford neighborhood. Lot size is 85 ft x 119 ft x 85 ft x 120 ft. This is a land-based site. The DLBA is seeking proposals to support the activation and stewardship of vacant land sites, including urban agriculture, gardening, or beautification, whether for profit or community activation. Interested buyers should consult our proposal guidelines for land-based sites and our Guide to Plot Plan, Site Design, and Maintenance. The DLBA also recommends reviewing relevant Neighborhood Framework Plans from the City of Detroit's Planning and Development Department for additional context about the neighborhood. Please note that the DLBA 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 abatement 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 abatement on the purchase and development financing.

Key facts

• 0.23 acre lot
• Listed 1141 days

Property features AI

Finance

• Other: Located south of 7 Mile Rd and east of Berg Rd; Subdivision: MALVERN HILL (PLATS)

Exterior

• Utilities: Public water; Public sewer
• Home design: Land property (improved)
• Exterior features: Paved road access; Residential zoning; Lot dimensions approximately 85 x 120; Lot area about 0.23 acres

Interior

• Heating & cooling: No heating; No cooling
• Interior features: No heating; No cooling

What this means for you Summary

Snapshot

• This is a ?-bed/2.0-bath multifamily listed at $5k.

Deal economics

• At list price, monthly cash flow is $857 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $5k).
• Recommended offer: $5k (12.0% below list) — sets the bar for market timing.
• Cap rate 202.1% 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 fast (+8.0%/yr); 305 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 31% of the median local income ($44k/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 $36 of loan paydown is wiped out by about $158 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 + 8.0% rent growth), your $1k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 1141 days — a 12% lower offer ($5k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y 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: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $4,620 (12.0% below list)

Questions for the listing agent

1. It's been on market 1141 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 1956 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 21.53% ✓
• Cap rate: 202.07%
• Cash-on-cash: 699.19%
• DSCR: 32.11
• GRM: 0.4

CMA / ARV

• ARV (median comp): $2,857
• List price: $5,250
• Delta: 83.78%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 41.61×
• Total profit: $59,691
• Equity at exit: $783

10-year hold

• IRR: —
• Equity multiple: 102.68×
• Total profit: $149,474
• Equity at exit: $454

Cash invested: $1,470 (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 48219

• Home prices YoY: -10.3%
• Rents YoY: 8.0%
• Active inventory: 305
• Price-to-rent: 0.4×

Monthly cashflow live

• Estimated rent: $1,130 medium
• Mortgage (P&I): −$28
• Tax est. 1.5%: −$7 /mo · $79/yr
• Insurance: −$2
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $857

Break-even live

Break-even rent $46

Max offer price $5,250

Occupancy floor 19%

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: $1,312
• Closing costs: $158
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17815 McIntyre St Detroit, MI	3.0	2.0	2324	$994	$0.43	12d	1	0.29mi

Listing history 18 events

1. 2026-06-18
   days on market $5,250 Active 1141 DOM
2. 2026-06-17
   days on market $5,250 Active 1140 DOM
3. 2026-06-15
   days on market $5,250 Active 1138 DOM
4. 2026-06-13
   days on market $5,250 Active 1136 DOM
5. 2026-06-13
   days on market $5,250 Active 1135 DOM
6. 2026-06-09
   days on market $5,250 Active 1132 DOM
7. 2026-06-08
   days on market $5,250 Active 1131 DOM
8. 2026-06-07
   days on market $5,250 Active 1130 DOM
9. 2026-06-04
   days on market $5,250 Active 1127 DOM
10. 2026-06-03
    days on market $5,250 Active 1126 DOM
11. 2026-06-01
    days on market $5,250 Active 1124 DOM
12. 2026-05-31
    days on market $5,250 Active 1123 DOM
13. 2023-05-04
    listed $5,250 Active

    Show marketing remark (1168 chars)

    Vacant Land located in the highly desired Old Redford neighborhood. Lot size is 85 ft x 119 ft x 85 ft x 120 ft. This is a land-based site. The DLBA is seeking proposals to support the activation and stewardship of vacant land sites, including urban agriculture, gardening, or beautification, whether for profit or community activation. Interested buyers should consult our proposal guidelines for land-based sites and our Guide to Plot Plan, Site Design, and Maintenance. The DLBA also recommends reviewing relevant Neighborhood Framework Plans from the City of Detroit's Planning and Development Department for additional context about the neighborhood. Please note that the DLBA 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 abatement 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 abatement on the purchase and development financing.

14. 2023-05-04
    listed $5,250 Active 1168-char remark

    Show marketing remark (1168 chars)

    Vacant Land located in the highly desired Old Redford neighborhood. Lot size is 85 ft x 119 ft x 85 ft x 120 ft. This is a land-based site. The DLBA is seeking proposals to support the activation and stewardship of vacant land sites, including urban agriculture, gardening, or beautification, whether for profit or community activation. Interested buyers should consult our proposal guidelines for land-based sites and our Guide to Plot Plan, Site Design, and Maintenance. The DLBA also recommends reviewing relevant Neighborhood Framework Plans from the City of Detroit's Planning and Development Department for additional context about the neighborhood. Please note that the DLBA 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 abatement 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 abatement on the purchase and development financing.

15. 2011-03-28
    soldstatus $11,500 49-char remark

    Show marketing remark (49 chars)

    5/5 BRICK DUPLEX, 2 CAR GARAGE, NEAR GOLF COURSE.

16. 2011-02-21
    historical 49-char remark

    Show marketing remark (49 chars)

    5/5 BRICK DUPLEX, 2 CAR GARAGE, NEAR GOLF COURSE.

17. 2010-12-21
    listed $13,500 49-char remark

    Show marketing remark (49 chars)

    5/5 BRICK DUPLEX, 2 CAR GARAGE, NEAR GOLF COURSE.

18. 2001-05-15
    soldstatus $77,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,561
• − Mortgage interest: −$294
• − Property taxes: −$79
• − Insurance: −$26
• − Repairs & maintenance: −$1,085
• − Management: −$1,085
• − Depreciation: −$153
• Taxable income: $10,840
• Est. tax owed @ 24.0%: −$2,602
• After-tax cash flow: $7,677/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): 47,208
• Household income: $43,655
• Rent vs Own: 45.1% rent · 54.9% own
• Severe rent burden: 3584.0

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 5% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% French/Haitian/Cajun 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: ▼ -65.06%
• Current HPI: 563.3263
• Rent YoY: ▲ 8.04%
• 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

-93.2% since first listed

6 events — show timeline

• 2023-05-04 Listed $5,250 MiRealSource-MiMLS
• 2023-05-04 Listed $5,250 REALCOMP
• 2011-03-28 Sold (MLS) $11,500 MiRealSource-MiMLS
• 2011-02-21 Listing Removed — MiRealSource-MiMLS
• 2010-12-21 Listed $13,500 MiRealSource-MiMLS
• 2001-05-15 Sold (Public Records) $77,000 Public Records

Property tax history

-56.9%/yr

Latest (2016): $340 · -81.5% YoY. Source: county tax records.