15354 Lahser Rd · Detroit, MI 48223

$59,900

3 bd · 1.0 ba · 874 sqft · SingleFamily public records · 162 Days on market

Built 1958 4,356 sqft lot $69/sqft · 6% above area Est $56k · 6% over

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Why this score? — see what drove the C+ 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 +4.6/15.0
• 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

Don't pass up this great 3 bedroom home with lot's of updates. Clean and updated home with fresh paint and newer carpet throughout. Remodeled bathroom and updated kitchen as well at a great price! Why rent when you can own for less!? Please see agent only comments for offer instructions.

Key facts

• Remodeled bathroom
• Updated kitchen
• 4,356 sq ft lot

Tags

• REMODELED BATHROOM
• UPDATED KITCHEN

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $454 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.4% 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: 158 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% 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 31% 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 $414 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 $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 162 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $52,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 162 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 1958 — 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: 1.95% ✓
• Cap rate: 15.38%
• Cash-on-cash: 32.46%
• DSCR: 2.44
• GRM: 4.3

CMA / ARV

• ARV (median comp): $56,318
• List price: $59,900
• Delta: 6.36%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15835 Burgess St	0.34mi	3/1.0	918 (+5%)	9mo	$93,000	$101	69
15757 Dacosta St	0.34mi	3/1.0	960 (+10%)	2mo	$65,000	$68	66
15421 Westbrook St	0.31mi	2/1.0 (-1)	815 (-7%)	5mo	$31,000	$38	65
16115 Burt Rd	0.64mi	2/1.0 (-1)	859 (-2%)	5mo	$57,000	$66	58
15717 Fielding St	0.73mi	3/1.5	867 (-1%)	9mo	$95,000	$110	56
16555 Bramell St	0.75mi	3/1.0	918 (+5%)	3mo	$60,000	$65	54
15366 Patton St	0.67mi	3/1.0	809 (-7%)	7mo	$85,000	$105	51
15361 Patton St	0.64mi	3/1.0	950 (+9%)	8mo	$80,000	$84	49
22612 Lyndon St	0.70mi	3/1.0	988 (+13%)	7mo	$149,000	$151	40
14371 Dacosta St	0.71mi	3/1.0	755 (-14%)	7mo	$4,200	$6	39
15900 W Parkway St	0.65mi	3/1.0	1,000 (+14%)	9mo	$70,000	$70	39
22556 Lyndon St	0.69mi	3/1.5	991 (+13%)	7mo	$135,000	$136	38

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: 27.6%
• Equity multiple: 2.15×
• Total profit: $19,243
• Equity at exit: $8,931

10-year hold

• IRR: 35.1%
• Equity multiple: 4.23×
• Total profit: $54,175
• Equity at exit: $5,179

Cash invested: $16,772 (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 48223

• Active inventory: 158
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,167 high
• Mortgage (P&I): −$314
• Tax from tax record: −$129 /mo · $1,551/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $454

Break-even live

Break-even rent $593

Max offer price $59,900

Occupancy floor 56%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15847 Chatham St Detroit, MI	3.0	1.0	909	$1,325	$1.46	5d	1	0.45mi
15340 Braile St Detroit, MI	3.0	1.0	883	$1,000	$1.13	5d	1	0.63mi
22241 Lyndon St Detroit, MI	3.0	1.0	960	$1,100	$1.15	17d	1	0.65mi
16700 Lahser Rd Apt 18 Detroit, MI	2.0	1.0	750	$900	$1.20	44d	1	0.65mi
16717 Trinity St Detroit, MI	3.0	1.5	1101	$1,250	$1.14	44d	1	0.79mi
15318 Kentfield St Detroit, MI	3.0	1.5	900	$1,400	$1.56	44d	1	0.86mi
16194 Fielding St Unit 2 Detroit, MI	2.0	1.0	750	$950	$1.27	15d	1	0.88mi
14177 Bentler St Detroit, MI	4.0	1.0	1000	$1,475	$1.48	44d	1	0.90mi
14280 Bramell St Detroit, MI	3.0	1.0	1100	$1,500	$1.36	17d	1	0.91mi
15143 Evergreen Rd Detroit, MI	2.0	1.0	653	$875	$1.34	22d	1	1.00mi
15143 Evergreen Rd Detroit, MI	2.0	1.0	653	$875	$1.34	24d	1	1.00mi
14541 Kentfield St Detroit, MI	3.0	1.0	797	$1,300	$1.63	17d	1	1.00mi
15712 Evergreen Rd Detroit, MI	2.0	1.0	850	$1,050	$1.24	44d	1	1.02mi
16131 Dale St Detroit, MI	3.0	1.0	1100	$1,500	$1.36	18d	1	1.05mi
15519 Plainview Ave Detroit, MI	3.0	1.0	900	$1,396	$1.55	17d	1	1.05mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$850	$1.21	44d	2	1.07mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$838	$1.20	24d	2	1.07mi
17274 Bentler St #46 Detroit, MI	2.0	1.0	700	$850	$1.21	17d	1	1.08mi
17270 Bentler St Detroit, MI	2.0	1.0	650	$850	$1.31	44d	1	1.09mi
16207 Woodbine St Detroit, MI	3.0	1.0	1000	$1,294	$1.29	5d	1	1.19mi
14230 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	44d	1	1.20mi
14234 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	44d	1	1.20mi
14228 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	44d	1	1.20mi
14238 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	44d	1	1.20mi
14226 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	44d	1	1.20mi
16800 Telegraph Rd Detroit, MI	2.0	1.0	775	$875	$1.13	44d	1	1.21mi
14222 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	44d	1	1.21mi
14224 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	44d	1	1.21mi
14240 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	44d	1	1.21mi
14262 Riverview St Detroit, MI	2.0	1.0	900	$985	$1.09	44d	1	1.22mi
14260 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	44d	1	1.22mi
14268 Riverview St Detroit, MI	2.0	1.0	900	$850	$0.94	44d	1	1.22mi
14264 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	44d	1	1.22mi
14266 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	44d	1	1.22mi
14258 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	44d	1	1.22mi
14223 Riverview St Detroit, MI	2.0	1.0	900	$985	$1.09	44d	1	1.23mi
14202 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	44d	1	1.23mi
14210 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	44d	1	1.23mi
14206 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	44d	1	1.23mi
14214 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	44d	1	1.23mi

Listing history 16 events

1. 2026-06-18
   days on market $59,900 Active 162 DOM
2. 2026-06-17
   days on market $59,900 Active 161 DOM
3. 2026-06-15
   days on market $59,900 Active 159 DOM
4. 2026-06-13
   days on market $59,900 Active 157 DOM
5. 2026-06-13
   days on market $59,900 Active 156 DOM
6. 2026-06-09
   days on market $59,900 Active 153 DOM
7. 2026-06-08
   days on market $59,900 Active 152 DOM
8. 2026-06-07
   days on market $59,900 Active 151 DOM
9. 2026-06-04
   days on market $59,900 Active 148 DOM
10. 2026-06-03
    days on market $59,900 Active 147 DOM
11. 2026-06-01
    days on market $59,900 Active 145 DOM
12. 2026-05-31
    days on market $59,900 Active 144 DOM
13. 2026-01-07
    listed $64,900 Active 288-char remark

    Show marketing remark (288 chars)

    Don't pass up this great 3 bedroom home with lot's of updates. Clean and updated home with fresh paint and newer carpet throughout. Remodeled bathroom and updated kitchen as well at a great price! Why rent when you can own for less!? Please see agent only comments for offer instructions.

14. 2026-01-07
    listed $64,900 Active 288-char remark

    Show marketing remark (288 chars)

    Don't pass up this great 3 bedroom home with lot's of updates. Clean and updated home with fresh paint and newer carpet throughout. Remodeled bathroom and updated kitchen as well at a great price! Why rent when you can own for less!? Please see agent only comments for offer instructions.

15. 2026-01-07
    soldstatus $45,000

    Show marketing remark (288 chars)

    Don't pass up this great 3 bedroom home with lot's of updates. Clean and updated home with fresh paint and newer carpet throughout. Remodeled bathroom and updated kitchen as well at a great price! Why rent when you can own for less!? Please see agent only comments for offer instructions.

16. 1992-09-09
    soldstatus $8,500

ⓘ 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: $1,551 · $129/mo
• Projected year-2 tax: $1,551 · $129/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 6/10 Major FEMA zone X (unshaded) · 68% 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: $14,006
• − Mortgage interest: −$3,355
• − Property taxes: −$1,551
• − Insurance: −$300
• − Repairs & maintenance: −$1,121
• − Management: −$1,121
• − Depreciation: −$1,743
• Taxable income: $4,817
• Est. tax owed @ 24.0%: −$1,156
• After-tax cash flow: $4,289/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): 22,622
• Household income: $44,512
• Rent vs Own: 43.8% rent · 56.2% own
• Severe rent burden: 1151.0

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 (86%)
• Race & ethnicity: Black 86% White 7% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Romanian 1% Iranian 1%
• Foreign-born: 1% · Canada
• 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: ▼ -303.41%
• Current HPI: 138.2779
• 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

+429.4% since first listed

4 events — show timeline

• 2026-01-07 Sold (Public Records) $45,000 Public Records
• 2026-01-07 Listed $64,900 MiRealSource-MiMLS
• 2026-01-07 Listed $64,900 REALCOMP
• 1992-09-09 Sold (Public Records) $8,500 Public Records

Property tax history

+5.3%/yr

Latest (2025): $1,551 · -54.1% YoY. Source: county tax records.