5776 Lakeview St · Detroit, MI 48213

$12,500

3 bd · 1.0 ba · 1,299 sqft · SingleFamily public records · 153 Days on market

Built 1927 3,920 sqft lot $10/sqft · 81% below area

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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
• 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

Welcome to the latest offering from the Detroit Land Bank Authority. This 3 bedroom brick colonial is being offered in the historic Chandler Park community. This home needs a full rehab but once complete will make a very good investment. Be advised that this home also includes vacant lots located at 5782 and 5790 Lakeview for an additional 8000 sqft. of buildable space. Please note that the Detroit Land bank Authority 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 abatements and/or lot combinations 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 abatements on the purchase and development financing. Please refer to DLBA proposal guidelines

Key facts

• Buildable space
• 3,920 sq ft lot
• 2 garage spots

Tags

• BUILDABLE SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $12k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $12k).
• Recommended offer: $11k (12.0% below list) — sets the bar for market timing.
• Cap rate 104.3% 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: 190 active listings in the ZIP; 38 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).
• At $1,402/mo this rent would consume 49% of the median local household income ($34k/yr) (locally 1202% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $86 of loan paydown is wiped out by about $375 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 $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 153 days — a 12% lower offer ($11k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 20y 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 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $11,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 153 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 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: 11.22% ✓
• Cap rate: 104.33%
• Cash-on-cash: 350.15%
• DSCR: 16.58
• GRM: 0.7

CMA / ARV

• ARV (median comp): $64,569
• List price: $12,500
• Delta: -80.64%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5557 Lakeview St	0.14mi	3/1.0	1,233 (-5%)	4mo	$40,000	$32	82
13113 Camden St	0.46mi	3/1.0	1,224 (-6%)	2mo	$88,000	$72	67
5794 Dickerson St	0.21mi	3/1.0	1,467 (+13%)	4mo	$118,000	$80	65
13334 Elmdale St	0.66mi	3/1.0	1,221 (-6%)	3mo	$89,254	$73	57
5545 Maryland St	0.61mi	4/1.0 (+1)	1,251 (-4%)	6mo	$140,000	$112	56
9131 Wayburn St	0.65mi	3/1.5	1,222 (-6%)	6mo	$100,000	$82	53
13136 Maiden St	0.53mi	4/1.0 (+1)	1,144 (-12%)	1mo	$10,000	$9	50
9200 Manistique St	0.60mi	3/1.0	1,135 (-13%)	4mo	$69,500	$61	48
14480 Wade St	0.59mi	2/2.0 (-1)	1,406 (+8%)	6mo	$122,500	$87	44
11156 E Outer Dr	0.71mi	3/1.5	1,153 (-11%)	7mo	$55,000	$48	40
12798 Corbett St	0.65mi	3/1.5	1,124 (-14%)	6mo	$75,000	$67	40
5566 LAKEPOINTE S S. Chandler Park St	0.69mi	3/1.5	1,108 (-15%)	3mo	$57,000	$51	39

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: 19.01×
• Total profit: $63,041
• Equity at exit: $1,864

10-year hold

• IRR: —
• Equity multiple: 40.64×
• Total profit: $138,736
• Equity at exit: $1,081

Cash invested: $3,500 (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 48213

• Active inventory: 190
• Price-to-rent: 0.7×

Monthly cashflow live

• Estimated rent: $1,402 high
• Mortgage (P&I): −$66
• Tax est. 1.5%: −$16 /mo · $188/yr
• Insurance: −$5
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $1,021

Break-even live

Break-even rent $109

Max offer price $12,500

Occupancy floor 22%

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: $3,125
• Closing costs: $375
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5966 Eastlawn St Unit NA Detroit, MI	3.0	1.5	1366	$1,500	$1.10	24d	1	0.13mi
5747 Lakepointe St Detroit, MI	3.0	1.5	1316	$1,473	$1.12	43d	1	0.65mi
13137 Elmdale St Detroit, MI	3.0	1.0	1115	$1,400	$1.26	24d	1	0.68mi
9168 Wayburn St Detroit, MI	3.0	1.0	1274	$1,300	$1.02	20d	1	0.69mi
13400 Longview St Detroit, MI	3.0	1.5	1000	$1,400	$1.40	43d	1	0.72mi
9400 Lakepointe St Detroit, MI	3.0	1.0	1300	$1,150	$0.88	4d	1	0.77mi
5751 Nottingham Rd Unit 5/21/26 Detroit, MI	3.0	1.0	1100	$1,250	$1.14	14d	1	0.79mi
5791 Somerset Ave Detroit, MI	3.0	2.0	1660	$1,400	$0.84	17d	1	0.85mi
9755 Wayburn St Detroit, MI	3.0	2.0	1498	$1,400	$0.93	3d	1	0.87mi
9409 Balfour Rd Detroit, MI	3.0	1.0	1195	$1,200	$1.00	43d	1	0.96mi
12210 Longview St Detroit, MI	3.0	1.0	1020	$1,100	$1.08	43d	1	0.98mi
9927 Beaconsfield St Detroit, MI	3.0	1.0	942	$1,375	$1.46	14d	1	0.99mi
10141 Roxbury St Detroit, MI	3.0	1.0	1115	$1,000	$0.90	43d	1	1.00mi
5235 Chatsworth St Detroit, MI	2.0	1.0	900	$1,050	$1.17	43d	1	1.02mi
4251 Wayburn St Detroit, MI	3.0	1.5	1326	$1,650	$1.24	43d	1	1.03mi
9984 Beaconsfield St Detroit, MI	3.0	1.0	1222	$1,575	$1.29	43d	1	1.05mi
15857 Evanston St Detroit, MI	3.0	1.5	1232	$1,250	$1.01	4d	1	1.09mi
4391 Nottingham Rd Unit 4393 Detroit, MI	2.0	1.0	1038	$950	$0.92	4d	1	1.09mi
10724 Whitehill St Detroit, MI	3.0	3.0	1425	$1,550	$1.09	17d	1	1.12mi
5574 Buckingham Ave Detroit, MI	3.0	1.0	1430	$1,450	$1.01	4d	1	1.12mi
10644 Stratman St Detroit, MI	2.0	1.0	1000	$1,200	$1.20	17d	1	1.13mi
12840 Kilbourne St Detroit, MI	3.0	1.0	1136	$1,350	$1.19	17d	1	1.16mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	16d	1	1.17mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	17d	1	1.17mi
10813 Whitehill St Detroit, MI	3.0	1.0	1392	$1,350	$0.97	17d	1	1.17mi
12051 Wilshire Dr Detroit, MI	3.0	1.5	1224	$1,250	$1.02	17d	1	1.19mi
4151 Nottingham Rd Detroit, MI	2.0	1.0	1022	$1,275	$1.25	17d	1	1.21mi
5112 Haverhill St Unit 1 Detroit, MI	2.0	1.0	1000	$1,100	$1.10	43d	1	1.21mi
11018 Whitehill St Detroit, MI	3.0	1.0	1146	$1,450	$1.27	10d	1	1.28mi
5031 Bedford St Detroit, MI	2.0	1.0	876	$1,870	$2.13	1d	1	1.31mi
5028 Bedford St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	4d	1	1.34mi
5045 Fairview St Detroit, MI	3.0	1.0	1303	$1,200	$0.92	43d	1	1.42mi
4627 Bedford St Unit 1 Detroit, MI	2.0	1.0	1050	$945	$0.90	20d	1	1.42mi
8205 E Outer Dr Detroit, MI	3.0	1.5	1874	$1,400	$0.75	17d	1	1.43mi
10803 Roxbury St Detroit, MI	3.0	1.0	1150	$900	$0.78	20d	1	1.48mi
4055 Beniteau St Detroit, MI	2.0	1.0	1000	$900	$0.90	17d	1	1.48mi
9635 Everts St Detroit, MI	4.0	2.0	1450	$1,650	$1.14	43d	1	1.49mi
10404 Somerset Ave Detroit, MI	3.0	1.0	1108	$1,475	$1.33	3d	1	1.50mi

Listing history 35 events

1. 2026-06-18
   days on market $12,500 Active 153 DOM
2. 2026-06-17
   days on market $12,500 Active 152 DOM
3. 2026-06-15
   days on market $12,500 Active 150 DOM
4. 2026-06-13
   days on market $12,500 Active 148 DOM
5. 2026-06-13
   days on market $12,500 Active 147 DOM
6. 2026-06-09
   days on market $12,500 Active 144 DOM
7. 2026-06-08
   days on market $12,500 Active 143 DOM
8. 2026-06-07
   days on market $12,500 Active 142 DOM
9. 2026-06-04
   days on market $12,500 Active 139 DOM
10. 2026-06-03
    days on market $12,500 Active 138 DOM
11. 2026-06-01
    days on market $12,500 Active 136 DOM
12. 2026-05-31
    days on market $12,500 Active 135 DOM
13. 2026-01-16
    listed $12,500 Active 975-char remark

    Show marketing remark (975 chars)

    Welcome to the latest offering from the Detroit Land Bank Authority. This 3 bedroom brick colonial is being offered in the historic Chandler Park community. This home needs a full rehab but once complete will make a very good investment. Be advised that this home also includes vacant lots located at 5782 and 5790 Lakeview for an additional 8000 sqft. of buildable space. Please note that the Detroit Land bank Authority 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 abatements and/or lot combinations 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 abatements on the purchase and development financing. Please refer to DLBA proposal guidelines

14. 2026-01-16
    listed $12,500 Active 975-char remark

    Show marketing remark (975 chars)

    Welcome to the latest offering from the Detroit Land Bank Authority. This 3 bedroom brick colonial is being offered in the historic Chandler Park community. This home needs a full rehab but once complete will make a very good investment. Be advised that this home also includes vacant lots located at 5782 and 5790 Lakeview for an additional 8000 sqft. of buildable space. Please note that the Detroit Land bank Authority 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 abatements and/or lot combinations 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 abatements on the purchase and development financing. Please refer to DLBA proposal guidelines

15. 2023-12-17
    historical
16. 2023-12-16
    historical
17. 2023-09-09
    price $19,500
18. 2023-09-08
    price $19,500
19. 2023-08-07
    listed $24,000 Active
20. 2023-08-07
    listed $24,000 Active
21. 2019-09-01
    historical
22. 2019-09-01
    historical
23. 2019-06-01
    listed $10,000
24. 2019-06-01
    listed $10,000
25. 2019-05-31
    historical
26. 2019-05-31
    historical
27. 2019-02-01
    listed $9,500
28. 2019-02-01
    listed $9,500
29. 2019-01-31
    historical
30. 2019-01-31
    historical
31. 2018-06-12
    listed $10,000
32. 2018-06-12
    listed $10,000
33. 2006-06-30
    historical
34. 2006-01-18
    listed $92,000
35. 2005-03-02
    soldstatus $84,000

ⓘ 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 ≥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: $16,825
• − Mortgage interest: −$700
• − Property taxes: −$188
• − Insurance: −$62
• − Repairs & maintenance: −$1,346
• − Management: −$1,346
• − Depreciation: −$364
• Taxable income: $12,819
• Est. tax owed @ 24.0%: −$3,077
• After-tax cash flow: $9,179/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): 20,075
• Household income: $34,003
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 1202.0

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 (92%)
• Race & ethnicity: Black 92% White 4% Hispanic / Latino 2% Two or more races 1%
• Common ancestry: Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Arabic 1% 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: ▼ -122.86%
• Current HPI: 217.2037
• 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

-85.1% since first listed

23 events — show timeline

• 2026-01-16 Listed $12,500 REALCOMP
• 2026-01-16 Listed $12,500 MiRealSource-MiMLS
• 2023-12-17 Listing Removed — MiRealSource-MiMLS
• 2023-12-16 Listing Removed — REALCOMP
• 2023-09-09 Price Changed $19,500 MiRealSource-MiMLS
• 2023-09-08 Price Changed $19,500 REALCOMP
• 2023-08-07 Listed $24,000 MiRealSource-MiMLS
• 2023-08-07 Listed $24,000 REALCOMP
• 2019-09-01 Listing Removed — MiRealSource-MiMLS
• 2019-09-01 Listing Removed — REALCOMP
• 2019-06-01 Listed $10,000 MiRealSource-MiMLS
• 2019-06-01 Listed $10,000 REALCOMP
• 2019-05-31 Listing Removed — MiRealSource-MiMLS
• 2019-05-31 Listing Removed — REALCOMP
• 2019-02-01 Listed $9,500 MiRealSource-MiMLS
• 2019-02-01 Listed $9,500 REALCOMP
• 2019-01-31 Listing Removed — MiRealSource-MiMLS
• 2019-01-31 Listing Removed — REALCOMP
• 2018-06-12 Listed $10,000 MiRealSource-MiMLS
• 2018-06-12 Listed $10,000 REALCOMP
• 2006-06-30 Listing Removed — REALCOMP
• 2006-01-18 Listed $92,000 REALCOMP
• 2005-03-02 Sold (Public Records) $84,000 Public Records

Property tax history

+4.5%/yr

Latest (2025): $1,350 · -24.7% YoY. Source: county tax records.