1423 Lakewood St · Detroit, MI 48215

$99,900

6 bd · 2.5 ba · 2,300 sqft · Townhouse public records · 12 Days on market

Built 1915 7,405 sqft lot $43/sqft · 70% below area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Multifamily opportunity at 1423 Lakewood in Detroit! This property features two spacious units, each offering 3 bedrooms and 1 full bathroom, A full kitchen, living room and dining room making it ideal for both investors and owner-occupants. The property includes a shared basement, providing additional storage and utility space for tenants. Outside, you'll find a large driveway with ample parking along with two separate garages - a 2.5-car garage and an additional 1.5-car garage, a rare and valuable feature for rental properties. Situated on two parcels of land, this property offers added flexibility and long-term potential for expansion or increased value. Conveniently located near major roads, shopping, and local amenities, this is a strong income-producing asset with room to grow. * * Second floor unit's address is 1427 Lakewood St, Detroit, MI 48215 * * * * Second parcel included is 1407 Lakewood St, Detroit, MI 48215 * * Don't miss out on this versatile Detroit investment opportunity!

Key facts

• Large driveway
• Ample parking
• Two separate garages

Tags

• WELL MAINTAINED PROPERTY
• LARGE DRIVEWAY
• AMPLE PARKING
• TWO SEPARATE GARAGES
• TWO PARCELS OF LAND
• CONVENIENTLY LOCATED

Property features AI

Finance

• Other: Property type: Residential, Single Family Residence
• Financial info: No investor or income/expense details provided
• HOA & community: Pets allowed

Exterior

• Parking: Detached garage; 2 garage spaces; Driveway
• Security: No security details provided
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Ground-level entry with steps; Brick exterior
• Construction: Brick construction; Asphalt roof; Brick/mortar foundation; Built area above grade: 2,300 (reported)
• Exterior features: Covered porch; Front and back yard fencing; Paved road access

Interior

• Kitchen: No kitchen appliance list provided
• Bedrooms: 12 total rooms (bedrooms included within room count)
• Flooring: No flooring details provided
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Ceiling fans; No central air
• Interior features: Gas water heater; Full unfinished basement
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 6-bed/2.5-bath townhouse listed at $100k.

Deal economics

• At list price, monthly cash flow is $526 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Cap rate 12.6% vs local median 10.2% in Detroit — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 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 $691 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts 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: property tax is 2.6% of price; built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,900

Questions for the listing agent

1. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.66% ✓
• Cap rate: 12.61%
• Cash-on-cash: 22.56%
• DSCR: 2.00
• GRM: 5.0

CMA / ARV

• ARV (median comp): $336,967
• List price: $99,900
• Delta: -70.35%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 15.5%
• Equity multiple: 1.62×
• Total profit: $17,390
• Equity at exit: $14,895

10-year hold

• IRR: 24.2%
• Equity multiple: 3.10×
• Total profit: $58,612
• Equity at exit: $8,638

Cash invested: $27,972 (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: 5.0×

Monthly cashflow live

• Estimated rent: $1,660 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$220 /mo · $2,641/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $526

Break-even live

Break-even rent $994

Max offer price $99,900

Occupancy floor 63%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-12
   status Pending 1011-char remark

   Show marketing remark (1011 chars)

   Multifamily opportunity at 1423 Lakewood in Detroit! This property features two spacious units, each offering 3 bedrooms and 1 full bathroom, A full kitchen, living room and dining room making it ideal for both investors and owner-occupants. The property includes a shared basement, providing additional storage and utility space for tenants. Outside, you'll find a large driveway with ample parking along with two separate garages - a 2.5-car garage and an additional 1.5-car garage, a rare and valuable feature for rental properties. Situated on two parcels of land, this property offers added flexibility and long-term potential for expansion or increased value. Conveniently located near major roads, shopping, and local amenities, this is a strong income-producing asset with room to grow. * * Second floor unit's address is 1427 Lakewood St, Detroit, MI 48215 * * * * Second parcel included is 1407 Lakewood St, Detroit, MI 48215 * * Don't miss out on this versatile Detroit investment opportunity!

2. 2026-05-12
   status Pending 1011-char remark

   Show marketing remark (1011 chars)

   Multifamily opportunity at 1423 Lakewood in Detroit! This property features two spacious units, each offering 3 bedrooms and 1 full bathroom, A full kitchen, living room and dining room making it ideal for both investors and owner-occupants. The property includes a shared basement, providing additional storage and utility space for tenants. Outside, you'll find a large driveway with ample parking along with two separate garages - a 2.5-car garage and an additional 1.5-car garage, a rare and valuable feature for rental properties. Situated on two parcels of land, this property offers added flexibility and long-term potential for expansion or increased value. Conveniently located near major roads, shopping, and local amenities, this is a strong income-producing asset with room to grow. * * Second floor unit's address is 1427 Lakewood St, Detroit, MI 48215 * * * * Second parcel included is 1407 Lakewood St, Detroit, MI 48215 * * Don't miss out on this versatile Detroit investment opportunity!

3. 2026-05-12
   status Pending

   Show marketing remark (1011 chars)

   Multifamily opportunity at 1423 Lakewood in Detroit! This property features two spacious units, each offering 3 bedrooms and 1 full bathroom, A full kitchen, living room and dining room making it ideal for both investors and owner-occupants. The property includes a shared basement, providing additional storage and utility space for tenants. Outside, you'll find a large driveway with ample parking along with two separate garages - a 2.5-car garage and an additional 1.5-car garage, a rare and valuable feature for rental properties. Situated on two parcels of land, this property offers added flexibility and long-term potential for expansion or increased value. Conveniently located near major roads, shopping, and local amenities, this is a strong income-producing asset with room to grow. * * Second floor unit's address is 1427 Lakewood St, Detroit, MI 48215 * * * * Second parcel included is 1407 Lakewood St, Detroit, MI 48215 * * Don't miss out on this versatile Detroit investment opportunity!

4. 2026-05-12
   status Pending

   Show marketing remark (1011 chars)

   Multifamily opportunity at 1423 Lakewood in Detroit! This property features two spacious units, each offering 3 bedrooms and 1 full bathroom, A full kitchen, living room and dining room making it ideal for both investors and owner-occupants. The property includes a shared basement, providing additional storage and utility space for tenants. Outside, you'll find a large driveway with ample parking along with two separate garages - a 2.5-car garage and an additional 1.5-car garage, a rare and valuable feature for rental properties. Situated on two parcels of land, this property offers added flexibility and long-term potential for expansion or increased value. Conveniently located near major roads, shopping, and local amenities, this is a strong income-producing asset with room to grow. * * Second floor unit's address is 1427 Lakewood St, Detroit, MI 48215 * * * * Second parcel included is 1407 Lakewood St, Detroit, MI 48215 * * Don't miss out on this versatile Detroit investment opportunity!

5. 2026-04-30
   listed $99,900 Active 1011-char remark

   Show marketing remark (1011 chars)

   Multifamily opportunity at 1423 Lakewood in Detroit! This property features two spacious units, each offering 3 bedrooms and 1 full bathroom, A full kitchen, living room and dining room making it ideal for both investors and owner-occupants. The property includes a shared basement, providing additional storage and utility space for tenants. Outside, you'll find a large driveway with ample parking along with two separate garages - a 2.5-car garage and an additional 1.5-car garage, a rare and valuable feature for rental properties. Situated on two parcels of land, this property offers added flexibility and long-term potential for expansion or increased value. Conveniently located near major roads, shopping, and local amenities, this is a strong income-producing asset with room to grow. * * Second floor unit's address is 1427 Lakewood St, Detroit, MI 48215 * * * * Second parcel included is 1407 Lakewood St, Detroit, MI 48215 * * Don't miss out on this versatile Detroit investment opportunity!

6. 2026-04-30
   listed $99,900 Active 1011-char remark

   Show marketing remark (1011 chars)

   Multifamily opportunity at 1423 Lakewood in Detroit! This property features two spacious units, each offering 3 bedrooms and 1 full bathroom, A full kitchen, living room and dining room making it ideal for both investors and owner-occupants. The property includes a shared basement, providing additional storage and utility space for tenants. Outside, you'll find a large driveway with ample parking along with two separate garages - a 2.5-car garage and an additional 1.5-car garage, a rare and valuable feature for rental properties. Situated on two parcels of land, this property offers added flexibility and long-term potential for expansion or increased value. Conveniently located near major roads, shopping, and local amenities, this is a strong income-producing asset with room to grow. * * Second floor unit's address is 1427 Lakewood St, Detroit, MI 48215 * * * * Second parcel included is 1407 Lakewood St, Detroit, MI 48215 * * Don't miss out on this versatile Detroit investment opportunity!

7. 2026-04-30
   listed $99,900 Active

   Show marketing remark (1011 chars)

   Multifamily opportunity at 1423 Lakewood in Detroit! This property features two spacious units, each offering 3 bedrooms and 1 full bathroom, A full kitchen, living room and dining room making it ideal for both investors and owner-occupants. The property includes a shared basement, providing additional storage and utility space for tenants. Outside, you'll find a large driveway with ample parking along with two separate garages - a 2.5-car garage and an additional 1.5-car garage, a rare and valuable feature for rental properties. Situated on two parcels of land, this property offers added flexibility and long-term potential for expansion or increased value. Conveniently located near major roads, shopping, and local amenities, this is a strong income-producing asset with room to grow. * * Second floor unit's address is 1427 Lakewood St, Detroit, MI 48215 * * * * Second parcel included is 1407 Lakewood St, Detroit, MI 48215 * * Don't miss out on this versatile Detroit investment opportunity!

8. 2026-04-30
   listed $99,900 Active

   Show marketing remark (1011 chars)

   Multifamily opportunity at 1423 Lakewood in Detroit! This property features two spacious units, each offering 3 bedrooms and 1 full bathroom, A full kitchen, living room and dining room making it ideal for both investors and owner-occupants. The property includes a shared basement, providing additional storage and utility space for tenants. Outside, you'll find a large driveway with ample parking along with two separate garages - a 2.5-car garage and an additional 1.5-car garage, a rare and valuable feature for rental properties. Situated on two parcels of land, this property offers added flexibility and long-term potential for expansion or increased value. Conveniently located near major roads, shopping, and local amenities, this is a strong income-producing asset with room to grow. * * Second floor unit's address is 1427 Lakewood St, Detroit, MI 48215 * * * * Second parcel included is 1407 Lakewood St, Detroit, MI 48215 * * Don't miss out on this versatile Detroit investment opportunity!

ⓘ 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: $2,641 · $220/mo
• Projected year-2 tax: $2,641 · $220/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 3/10 Moderate FEMA zone X (unshaded) · 17% 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: $19,921
• − Mortgage interest: −$5,596
• − Property taxes: −$2,641
• − Insurance: −$500
• − Repairs & maintenance: −$1,594
• − Management: −$1,594
• − Depreciation: −$2,906
• Taxable income: $5,091
• Est. tax owed @ 24.0%: −$1,222
• After-tax cash flow: $5,089/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

+0.0% since first listed

8 events — show timeline

• 2026-05-12 Pending — MiRealSource-MiMLS
• 2026-05-12 Pending — MiRealSource-MiMLS
• 2026-05-12 Pending — REALCOMP
• 2026-05-12 Pending — REALCOMP
• 2026-04-30 Listed $99,900 REALCOMP
• 2026-04-30 Listed $99,900 REALCOMP
• 2026-04-30 Listed $99,900 MiRealSource-MiMLS
• 2026-04-30 Listed $99,900 MiRealSource-MiMLS

Property tax history

+6.4%/yr

Latest (2025): $2,641 · +73.4% YoY. Source: county tax records.