2514 Lothrop St · Detroit, MI 48206

$274,500

4 bd · 2.0 ba · 2,324 sqft · Townhouse public records · 97 Days on market

Built 1913 7,841 sqft lot $118/sqft · at area comps Est $274k · at est.

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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 +15.9/30.0
• ARV discount +7.4/15.0
• DSCR +4.9/10.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious, light filled, fully renovated in 2019; this South LaSalle Garden home is ready for its next owner! Thoughtfully designed providing modern wants in a historic home. Open first floor living room, dining room and kitchen. First floor bedroom can be utilized as bedroom or office. Full bath on the first floor. Large primary ensuite with a dream size walk in closet. 2nd floor laundry room designed for efficient and easy use. Cover 2nd floor porch to enjoy morning coffee or evening sunsets. 3 sides of backyard fenced, new owner could choose to add gate for driveway and easily enclose. Alley access parking pad. Basement perfect for home gym, additional space for play, entertainment, storage. BATVAI

Key facts

• Fully renovated
• Backyard fenced
• First floor bedroom

Tags

• FULLY RENOVATED
• FIRST FLOOR LIVING ROOM
• FIRST FLOOR BEDROOM
• 2ND FLOOR LAUNDRY ROOM
• COVER 2ND FLOOR PORCH
• BACKYARD FENCED

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $274k.

Deal economics

• At list price, monthly cash flow is $130 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $229k (16.7% below list).
• Recommended offer: $229k (16.7% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 10.2% in Detroit — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 (+5.2%/yr); 271 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $2,286/mo this rent would consume 61% of the median local household income ($45k/yr) (locally 646% 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 $2k of loan paydown is wiped out by about $8k 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 97 days — a 9% lower offer ($250k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 9y ago; this cycle's ask has dropped $16k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $222k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $228,619 (16.7% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1913 — 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: 0.83% ✗
• Cap rate: 6.86%
• Cash-on-cash: 2.03%
• DSCR: 1.09
• GRM: 10.0

CMA / ARV

• ARV (median comp): $273,763
• List price: $274,500
• Delta: 0.27%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.2% rent growth · sell at horizon

5-year hold

• IRR: -10.9%
• Equity multiple: 0.59×
• Total profit: $-31,134
• Equity at exit: $40,929

10-year hold

• IRR: 0.9%
• Equity multiple: 1.07×
• Total profit: $5,334
• Equity at exit: $23,734

Cash invested: $76,860 (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 48206

• Rents YoY: 5.2%
• Active inventory: 271
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,286 high
• Mortgage (P&I): −$1,440
• Tax from tax record: −$122 /mo · $1,467/yr
• Insurance: −$114
• HOA: −$0
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $130

Break-even live

Break-even rent $2,122

Max offer price $274,500

Occupancy floor 89%

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: $68,625
• Closing costs: $8,235
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2509 Gladstone St Unit 1 Detroit, MI	3.0	2.0	3000	$2,650	$0.88	2d	1	0.67mi
2080 Gladstone St #1 Detroit, MI	4.0	2.0	2426	$3,000	$1.24	2d	1	0.76mi
2028 Gladstone St Unit 1 Detroit, MI	5.0	2.0	2500	$2,850	$1.14	3d	1	0.78mi
3799 W Philadelphia St Detroit, MI	5.0	2.0	2200	$1,650	$0.75	17d	1	0.81mi
8951 La Salle Blvd Unit NA Detroit, MI	4.0	2.5	2440	$2,500	$1.02	10d	1	0.81mi
8951 La Salle Blvd Detroit, MI	5.0	2.5	2440	$2,500	$1.02	15d	1	0.81mi
8951 La Salle Blvd Detroit, MI	4.0	2.5	2440	$2,500	$1.02	2d	1	0.81mi
1441 W Euclid St Detroit, MI	3.0	1.0	2380	$2,600	$1.09	24d	1	0.86mi
1418 W Euclid St Detroit, MI	3.0	1.0	2264	$1,200	$0.53	44d	1	0.89mi
1699 Glynn Ct Detroit, MI	5.0	3.5	2542	$2,500	$0.98	22d	1	1.41mi
2655 Collingwood St Detroit, MI	4.0	1.5	1881	$2,700	$1.44	2d	1	1.43mi
5315 Spokane St Detroit, MI	3.0	1.0	2110	$1,200	$0.57	17d	1	1.45mi

Listing history 48 events

1. 2026-06-18
   days on market $274,500 Active 97 DOM
2. 2026-06-17
   days on market $274,500 Active 96 DOM
3. 2026-06-15
   days on market $274,500 Active 94 DOM
4. 2026-06-13
   days on market $274,500 Active 92 DOM
5. 2026-06-13
   days on market $274,500 Active 91 DOM
6. 2026-06-09
   days on market $274,500 Active 88 DOM
7. 2026-06-08
   days on market $274,500 Active 87 DOM
8. 2026-06-07
   days on market $274,500 Active 86 DOM
9. 2026-06-04
   days on market $274,500 Active 83 DOM
10. 2026-06-03
    days on market $274,500 Active 82 DOM
11. 2026-06-01
    days on market $274,500 Active 80 DOM
12. 2026-05-31
    days on market $274,500 Active 79 DOM
13. 2026-04-16
    price $284,500 709-char remark

    Show marketing remark (709 chars)

    Spacious, light filled, fully renovated in 2019; this South LaSalle Garden home is ready for its next owner! Thoughtfully designed providing modern wants in a historic home. Open first floor living room, dining room and kitchen. First floor bedroom can be utilized as bedroom or office. Full bath on the first floor. Large primary ensuite with a dream size walk in closet. 2nd floor laundry room designed for efficient and easy use. Cover 2nd floor porch to enjoy morning coffee or evening sunsets. 3 sides of backyard fenced, new owner could choose to add gate for driveway and easily enclose. Alley access parking pad. Basement perfect for home gym, additional space for play, entertainment, storage. BATVAI

14. 2026-04-16
    price $284,500 709-char remark

    Show marketing remark (709 chars)

    Spacious, light filled, fully renovated in 2019; this South LaSalle Garden home is ready for its next owner! Thoughtfully designed providing modern wants in a historic home. Open first floor living room, dining room and kitchen. First floor bedroom can be utilized as bedroom or office. Full bath on the first floor. Large primary ensuite with a dream size walk in closet. 2nd floor laundry room designed for efficient and easy use. Cover 2nd floor porch to enjoy morning coffee or evening sunsets. 3 sides of backyard fenced, new owner could choose to add gate for driveway and easily enclose. Alley access parking pad. Basement perfect for home gym, additional space for play, entertainment, storage. BATVAI

15. 2026-03-13
    listed $290,500 Active 709-char remark

    Show marketing remark (709 chars)

    Spacious, light filled, fully renovated in 2019; this South LaSalle Garden home is ready for its next owner! Thoughtfully designed providing modern wants in a historic home. Open first floor living room, dining room and kitchen. First floor bedroom can be utilized as bedroom or office. Full bath on the first floor. Large primary ensuite with a dream size walk in closet. 2nd floor laundry room designed for efficient and easy use. Cover 2nd floor porch to enjoy morning coffee or evening sunsets. 3 sides of backyard fenced, new owner could choose to add gate for driveway and easily enclose. Alley access parking pad. Basement perfect for home gym, additional space for play, entertainment, storage. BATVAI

16. 2026-03-13
    listed $290,500 Active 709-char remark

    Show marketing remark (709 chars)

    Spacious, light filled, fully renovated in 2019; this South LaSalle Garden home is ready for its next owner! Thoughtfully designed providing modern wants in a historic home. Open first floor living room, dining room and kitchen. First floor bedroom can be utilized as bedroom or office. Full bath on the first floor. Large primary ensuite with a dream size walk in closet. 2nd floor laundry room designed for efficient and easy use. Cover 2nd floor porch to enjoy morning coffee or evening sunsets. 3 sides of backyard fenced, new owner could choose to add gate for driveway and easily enclose. Alley access parking pad. Basement perfect for home gym, additional space for play, entertainment, storage. BATVAI

17. 2025-11-19
    historical
18. 2025-10-08
    price $299,500
19. 2025-10-08
    price $299,500
20. 2025-07-15
    price $316,000
21. 2025-07-15
    price $316,000
22. 2025-05-24
    status Active
23. 2025-05-24
    status Active
24. 2025-05-22
    status Pending
25. 2025-05-22
    status Pending
26. 2025-05-22
    historical
27. 2025-05-18
    listed $321,000 Active
28. 2025-05-18
    listed $321,000 Active
29. 2025-05-17
    historical
30. 2024-08-05
    historical $2,350
31. 2024-07-14
    price $2,350
32. 2024-06-17
    listed $2,400
33. 2023-12-02
    historical $2,500
34. 2023-10-01
    listed $2,500
35. 2022-12-14
    historical
36. 2019-11-11
    soldstatus $222,000
37. 2019-10-23
    soldstatus $222,000 Sold
38. 2019-10-23
    soldstatus $222,000 Closed
39. 2019-09-29
    status Pending
40. 2019-09-29
    status Pending
41. 2019-09-25
    listed $229,900 Active
42. 2019-09-25
    listed $229,900 Active
43. 2017-11-09
    soldstatus $18,000 Sold
44. 2017-11-09
    soldstatus $18,000 Closed
45. 2017-09-20
    status Pending
46. 2017-09-20
    status Pending
47. 2017-09-07
    listed $29,900 Active
48. 2017-09-07
    listed $29,900 Active

ⓘ 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: $1,467 · $122/mo
• Projected year-2 tax: $2,847 · $237/mo
• Expected delta: +$1,380/yr (+$115/mo · 94.1%)

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

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 ≥97°F today · 15 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: $27,434
• − Mortgage interest: −$15,376
• − Property taxes: −$1,467
• − Insurance: −$1,372
• − Repairs & maintenance: −$2,195
• − Management: −$2,195
• − Depreciation: −$7,985
• Taxable loss: −$3,157
• Est. tax savings @ 24.0%: +$758
• After-tax cash flow: $2,317/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): 15,227
• Household income: $45,046
• Rent vs Own: 46.4% rent · 53.6% own
• Severe rent burden: 646.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 3% Romanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 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: ▼ -139.60%
• Current HPI: 130.9545
• Rent YoY: ▲ 5.20%
• 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

+851.5% since first listed

36 events — show timeline

• 2026-04-16 Price Changed $284,500 MiRealSource-MiMLS
• 2026-04-16 Price Changed $284,500 REALCOMP
• 2026-03-13 Listed $290,500 REALCOMP
• 2026-03-13 Listed $290,500 MiRealSource-MiMLS
• 2025-11-19 Listing Removed — MiRealSource-MiMLS
• 2025-10-08 Price Changed $299,500 MiRealSource-MiMLS
• 2025-10-08 Price Changed $299,500 REALCOMP
• 2025-07-15 Price Changed $316,000 MiRealSource-MiMLS
• 2025-07-15 Price Changed $316,000 REALCOMP
• 2025-05-24 Relisted — MiRealSource-MiMLS
• 2025-05-24 Relisted — REALCOMP
• 2025-05-22 Pending — MiRealSource-MiMLS
• 2025-05-22 Pending — REALCOMP
• 2025-05-22 Listing Removed — REALCOMP
• 2025-05-18 Listed $321,000 MiRealSource-MiMLS
• 2025-05-18 Listed $321,000 REALCOMP
• 2025-05-17 Coming Soon — MiRealSource-MiMLS
• 2024-08-05 Rental Removed $2,350 REALCOMP
• 2024-07-14 Price Changed $2,350 REALCOMP
• 2024-06-17 Listed for Rent $2,400 REALCOMP
• 2023-12-02 Rental Removed $2,500 REALSOURCE
• 2023-10-01 Listed for Rent $2,500 REALSOURCE
• 2022-12-14 Rental Removed — REALSOURCE
• 2019-11-11 Sold (Public Records) $222,000 Public Records
• 2019-10-23 Sold (MLS) $222,000 MiRealSource-MiMLS
• 2019-10-23 Sold (MLS) $222,000 REALCOMP
• 2019-09-29 Pending — MiRealSource-MiMLS
• 2019-09-29 Pending — REALCOMP
• 2019-09-25 Listed $229,900 MiRealSource-MiMLS
• 2019-09-25 Listed $229,900 REALCOMP
• 2017-11-09 Sold (MLS) $18,000 MiRealSource-MiMLS
• 2017-11-09 Sold (MLS) $18,000 REALCOMP
• 2017-09-20 Pending — MiRealSource-MiMLS
• 2017-09-20 Pending — REALCOMP
• 2017-09-07 Listed $29,900 MiRealSource-MiMLS
• 2017-09-07 Listed $29,900 REALCOMP

Property tax history

+1.8%/yr

Latest (2025): $1,467 · -8.6% YoY. Source: county tax records.