789 Lakewood St · Detroit, MI 48215

$189,900

4 bd · 2.0 ba · 2,112 sqft · SingleFamily public records · 64 Days on market

Built 1921 5,227 sqft lot $90/sqft · 12% below area Est $215k · 12% under

---

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 +27.8/30.0
• ARV discount +12.7/15.0
• DSCR +9.8/10.0
• 1% rule +6.5/10.0
• 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

Nicely restored Multi-level Colonial with real character in Jefferson Chalmers! 4 bedrooms possibly 5 with converted playroom with HW floors. Updated kitchen with granite countertops, finished 3rd floor. Recently designated a National Treasure! Just down the street to the Detroit River, A. B. Ford Park. All appliances may be included * * *

Key facts

• Multi-level colonial
• Finished 3rd floor
• Updated kitchen

Tags

• MULTI-LEVEL COLONIAL
• CONVERTED PLAYROOM
• UPDATED KITCHEN
• GRANITE COUNTERTOPS
• FINISHED 3RD FLOOR

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $120 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.

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; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $6k 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

• It's been on market 64 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y ago; this cycle's ask has dropped $38k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $178,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 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 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.15% ✓
• Cap rate: 9.96%
• Cash-on-cash: 13.09%
• DSCR: 1.58
• GRM: 7.2

CMA / ARV

• ARV (median comp): $214,626
• List price: $189,900
• Delta: 4.60%
• 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
888 Marlborough St	0.19mi	5/2.5 (+1)	2,200 (+4%)	3mo	$175,000	$80	74
678 Lakewood St	0.12mi	3/2.5 (-1)	1,850 (-12%)	2mo	$273,000	$148	65
561 Lakewood St	0.24mi	5/3.5 (+1)	2,230 (+6%)	5mo	$305,000	$137	64
1108 Wayburn St	0.64mi	3/2.0 (-1)	2,176 (+3%)	1mo	$340,000	$156	60
243 Newport St	0.72mi	3/2.5 (-1)	2,160 (+2%)	2mo	$225,000	$104	54
938 Lakepointe Street St	0.59mi	3/1.5 (-1)	1,925 (-9%)	1mo	$477,000	$248	50
294 Riverside Dr	0.65mi	5/2.5 (+1)	1,945 (-8%)	1mo	$235,000	$121	49
458 Marlborough St	0.41mi	3/2.0 (-1)	1,800 (-15%)	6mo	$40,000	$22	46
838 Algonquin St	0.55mi	3/2.5 (-1)	1,800 (-15%)	5mo	$265,000	$147	39
846 Lakepointe St	0.60mi	3/2.5 (-1)	1,826 (-14%)	6mo	$525,000	$288	38
1081 Lakepointe St	0.66mi	3/2.0 (-1)	1,836 (-13%)	8mo	$245,000	$133	36
709 Lakepointe St	0.69mi	3/1.5 (-1)	1,837 (-13%)	7mo	$415,000	$226	34

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: -11.9%
• Equity multiple: 0.57×
• Total profit: $-22,927
• Equity at exit: $28,315

10-year hold

• IRR: -2.6%
• Equity multiple: 0.83×
• Total profit: $-9,269
• Equity at exit: $16,419

Cash invested: $53,172 (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: 7.2×

Monthly cashflow live

• Estimated rent: $2,186 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$72 /mo · $861/yr
• Insurance: −$79
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $120

Break-even live

Break-even rent $2,034

Max offer price $189,900

Occupancy floor 90%

Sensitivity live

Price	-10% $227	-5% $174	+0% $120	+5% $66	+10% $12
Rent	-10% $-53	-5% $33	+0% $120	+5% $206	+10% $293
Rate	-1.0pp $215	-0.5pp $168	base $120	+0.5pp $71	+1.0pp $21

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
371 Piper Blvd Detroit, MI	3.0	1.5	2340	$2,000	$0.85	44d	1	0.52mi
2174 Springle St Detroit, MI	3.0	1.0	2256	$1,150	$0.51	2d	1	0.81mi
685 Bedford Ln Grosse Pointe Park, MI	4.0	2.5	2690	$4,500	$1.67	11d	1	1.20mi

Listing history 30 events

1. 2026-06-19
   remarks 414-char remark
2. 2026-06-19
   price $189,900 Active 64 DOM
3. 2026-06-18
   days on market $224,500 Active 64 DOM
4. 2026-06-17
   days on market $224,500 Active 63 DOM
5. 2026-06-16
   price $224,500 Active 61 DOM
6. 2026-06-15
   days on market $227,500 Active 61 DOM
7. 2026-06-13
   days on market $227,500 Active 59 DOM
8. 2026-06-13
   days on market $227,500 Active 58 DOM
9. 2026-06-09
   days on market $227,500 Active 55 DOM
10. 2026-06-08
    days on market $227,500 Active 54 DOM
11. 2026-06-07
    days on market $227,500 Active 53 DOM
12. 2026-06-04
    days on market $227,500 Active 50 DOM
13. 2026-06-03
    days on market $227,500 Active 49 DOM
14. 2026-06-02
    days on market $227,500 Active 48 DOM
15. 2026-06-01
    days on market $227,500 Active 47 DOM
16. 2026-05-31
    days on market $227,500 Active 46 DOM
17. 2026-04-15
    listed $227,500 Active 344-char remark

    Show marketing remark (343 chars)

    Nicely restored Multi-level Colonial with real character in Jefferson Chalmers! 4 bedrooms possibly 5 with converted playroom with HW floors. Updated kitchen with granite countertops, finished 3rd floor. Recently designated a National Treasure! Just down the street to the Detroit River, A. B. Ford Park. All appliances may be included * * *

18. 2026-04-15
    listed $227,500 Active 343-char remark

    Show marketing remark (343 chars)

    Nicely restored Multi-level Colonial with real character in Jefferson Chalmers! 4 bedrooms possibly 5 with converted playroom with HW floors. Updated kitchen with granite countertops, finished 3rd floor. Recently designated a National Treasure! Just down the street to the Detroit River, A. B. Ford Park. All appliances may be included * * *

19. 2020-04-22
    soldstatus $170,000
20. 2020-04-10
    soldstatus $170,000 Sold
21. 2020-04-10
    soldstatus $170,000 Closed
22. 2020-02-26
    status Pending
23. 2020-02-26
    status Pending
24. 2020-02-16
    listed $169,000 Active
25. 2020-02-16
    listed $169,000 Active
26. 2007-12-17
    soldstatus $14,500
27. 2007-12-17
    soldstatus $14,500
28. 2007-11-19
    historical
29. 2007-11-05
    listed $14,900
30. 2007-11-05
    listed $14,900

ⓘ 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: $861 · $72/mo
• Projected year-2 tax: $1,893 · $158/mo
• Expected delta: +$1,032/yr (+$86/mo · 119.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 71% 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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,232
• − Mortgage interest: −$10,637
• − Property taxes: −$861
• − Insurance: −$6,475
• − Repairs & maintenance: −$2,099
• − Management: −$2,099
• − Depreciation: −$5,524
• Taxable loss: −$1,462
• Est. tax savings @ 24.0%: +$351
• After-tax cash flow: $1,789/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

+1426.8% since first listed

14 events — show timeline

• 2026-04-15 Listed $227,500 REALCOMP
• 2026-04-15 Listed $227,500 MiRealSource-MiMLS
• 2020-04-22 Sold (Public Records) $170,000 Public Records
• 2020-04-10 Sold (MLS) $170,000 MiRealSource-MiMLS
• 2020-04-10 Sold (MLS) $170,000 REALCOMP
• 2020-02-26 Pending — MiRealSource-MiMLS
• 2020-02-26 Pending — REALCOMP
• 2020-02-16 Listed $169,000 MiRealSource-MiMLS
• 2020-02-16 Listed $169,000 REALCOMP
• 2007-12-17 Sold (MLS) $14,500 MiRealSource-MiMLS
• 2007-12-17 Sold (MLS) $14,500 REALCOMP
• 2007-11-19 Listing Removed — MiRealSource-MiMLS
• 2007-11-05 Listed $14,900 MiRealSource-MiMLS
• 2007-11-05 Listed $14,900 REALCOMP

Property tax history

+0.8%/yr

Latest (2025): $861 · -36.4% YoY. Source: county tax records.