149 S Forman St · Detroit, MI 48209

$115,000

4 bd · 1.0 ba · 1,426 sqft · SingleFamily public records · 155 Days on market

Built 1916 3,920 sqft lot $81/sqft · at area comps Est $118k · at est. ↓ 12% since listing

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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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +8.6/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks MLS

Exceptional investment opportunity in the highly sought after Gordie Howe Bridge corridor. This property includes 4 lots across 3 parcels located at 137, 149, & 155 S. Forman, providing rare land and development potential in a rapidly growing area. The property features a well-maintained residence offering 4 bedrooms, 1 bathroom, a spacious living room, formal dining room, kitchen, and a bonus entry breakfast/bar area. The upper attic space presents an easy opportunity to convert into a loft or additional living area. Additional highlights include a new roof, excellent foundation, basement, private driveway, and a private setting directly across from Forman Park. Location is the true bonus, minutes from Downtown Detroit, across from a 10 acre park across street, Forman property is 2 miles from Fort Wayne, Gordie Howe Bridge and Dearborn Sausage Co. It's also a half mile from Gonella's (famous subs), Giovanni's Restaurante and a kayak dock to access the Rouge River coming soon and minutes from downtown Detroit.

Key facts

• Formal dining room
• Spacious living room
• 3,920 sq ft lot

Tags

• 4 LOTS ACROSS 3 PARCELS
• LAND AND DEVELOPMENT POTENTIAL
• WELL-MAINTAINED RESIDENCE
• SPACIOUS LIVING ROOM
• FORMAL DINING ROOM
• BONUS ENTRY BREAKFAST BAR

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $570 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.2% 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: 66 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• This rent runs 44% of the median local income ($43k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $12k of equity ($795 loan paydown + $12k appreciation (10.0% local appreciation)).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 155 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 155 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 1916 — 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. 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.
8. 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.
9. 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: 1.37% ✓
• Cap rate: 12.25%
• Cash-on-cash: 21.26%
• DSCR: 1.95
• GRM: 6.1

CMA / ARV

• ARV (median comp): $117,870
• List price: $115,000
• Delta: -2.43%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10259 W Fort St	0.28mi	5/2.0 (+1)	1,428 (+0%)	14mo	$65,000	$46	66
9182 Lafayette Blvd	0.72mi	5/2.0 (+1)	1,553 (+9%)	14mo	$170,000	$109	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 40.2%
• Equity multiple: 4.07×
• Total profit: $98,911
• Equity at exit: $103,601

10-year hold

• IRR: 34.6%
• Equity multiple: 9.16×
• Total profit: $262,607
• Equity at exit: $223,420

Cash invested: $32,200 (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 48209

• Home prices YoY: 21.8%
• Active inventory: 66
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,575 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$23 /mo · $272/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $570

Break-even live

Break-even rent $853

Max offer price $115,000

Occupancy floor 59%

Sensitivity live

Price	-10% $636	-5% $603	+0% $570	+5% $538	+10% $505
Rent	-10% $446	-5% $508	+0% $570	+5% $633	+10% $695
Rate	-1.0pp $628	-0.5pp $600	base $570	+0.5pp $541	+1.0pp $510

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1139 S Bassett St Detroit, MI	3.0	1.0	927	$1,120	$1.21	44d	1	0.82mi
1139 S Bassett St Detroit, MI	3.0	1.0	927	$1,050	$1.13	25d	1	0.82mi
8804 Mason Pl Detroit, MI	5.0	2.0	1680	$2,800	$1.67	0d	1	1.16mi
2488 Woodmere St Detroit, MI	3.0	1.0	1000	$1,453	$1.45	5d	1	1.48mi

Listing history 19 events

1. 2026-06-17
   statusdays on market $115,000 Pending 155 DOM
2. 2026-06-15
   days on market $115,000 Active 154 DOM
3. 2026-06-13
   days on market $115,000 Active 152 DOM
4. 2026-06-13
   days on market $115,000 Active 151 DOM
5. 2026-06-09
   days on market $115,000 Active 148 DOM
6. 2026-06-08
   days on market $115,000 Active 147 DOM
7. 2026-06-07
   days on market $115,000 Active 146 DOM
8. 2026-06-04
   days on market $115,000 Active 143 DOM
9. 2026-06-03
   days on market $115,000 Active 142 DOM
10. 2026-06-01
    days on market $115,000 Active 140 DOM
11. 2026-05-31
    days on market $115,000 Active 139 DOM
12. 2026-05-19
    price $115,000 1031-char remark

    Show marketing remark (1031 chars)

    Exceptional investment opportunity in the highly sought after Gordie Howe Bridge corridor. This property includes 4 lots across 3 parcels located at 137, 149, & 155 S. Forman, providing rare land and development potential in a rapidly growing area. The property features a well-maintained residence offering 4 bedrooms, 1 bathroom, a spacious living room, formal dining room, kitchen, and a bonus entry breakfast/bar area. The upper attic space presents an easy opportunity to convert into a loft or additional living area. Additional highlights include a new roof, excellent foundation, basement, private driveway, and a private setting directly across from Forman Park. Location is the true bonus, minutes from Downtown Detroit, across from a 10 acre park across street, Forman property is 2 miles from Fort Wayne, Gordie Howe Bridge and Dearborn Sausage Co. It's also a half mile from Gonella's (famous subs), Giovanni's Restaurante and a kayak dock to access the Rouge River coming soon and minutes from downtown Detroit.

13. 2026-05-18
    price $115,000 1049-char remark

    Show marketing remark (1049 chars)

    Exceptional investment opportunity in the highly sought after Gordie Howe Bridge corridor. This property includes 4 lots across 3 parcels located at 137, 149, & 155 S. Forman, providing rare land and development potential in a rapidly growing area. The property features a well-maintained residence offering 4 bedrooms, 1 bathroom, a spacious living room, formal dining room, kitchen, and a bonus entry breakfast/bar area. The upper attic space presents an easy opportunity to convert into a loft or additional living area. Additional highlights include a new roof, excellent foundation, basement, private driveway, and a private setting directly across from Forman Park. Location is the true bonus, minutes from Downtown Detroit, across from a 10 acre park across street, Forman property is 2 miles from Fort Wayne, Gordie Howe Bridge and Dearborn Sausage Co. It’s also a half mile from Gonella’s (famous subs), Giovanni’s Restaurante and a kayak dock to access the Rouge River coming soon and minutes from downtown Detroit.

14. 2026-04-17
    price $119,900 1031-char remark

    Show marketing remark (1031 chars)

    Exceptional investment opportunity in the highly sought after Gordie Howe Bridge corridor. This property includes 4 lots across 3 parcels located at 137, 149, & 155 S. Forman, providing rare land and development potential in a rapidly growing area. The property features a well-maintained residence offering 4 bedrooms, 1 bathroom, a spacious living room, formal dining room, kitchen, and a bonus entry breakfast/bar area. The upper attic space presents an easy opportunity to convert into a loft or additional living area. Additional highlights include a new roof, excellent foundation, basement, private driveway, and a private setting directly across from Forman Park. Location is the true bonus, minutes from Downtown Detroit, across from a 10 acre park across street, Forman property is 2 miles from Fort Wayne, Gordie Howe Bridge and Dearborn Sausage Co. It's also a half mile from Gonella's (famous subs), Giovanni's Restaurante and a kayak dock to access the Rouge River coming soon and minutes from downtown Detroit.

15. 2026-04-16
    price $119,900 1049-char remark

    Show marketing remark (1049 chars)

    Exceptional investment opportunity in the highly sought after Gordie Howe Bridge corridor. This property includes 4 lots across 3 parcels located at 137, 149, & 155 S. Forman, providing rare land and development potential in a rapidly growing area. The property features a well-maintained residence offering 4 bedrooms, 1 bathroom, a spacious living room, formal dining room, kitchen, and a bonus entry breakfast/bar area. The upper attic space presents an easy opportunity to convert into a loft or additional living area. Additional highlights include a new roof, excellent foundation, basement, private driveway, and a private setting directly across from Forman Park. Location is the true bonus, minutes from Downtown Detroit, across from a 10 acre park across street, Forman property is 2 miles from Fort Wayne, Gordie Howe Bridge and Dearborn Sausage Co. It’s also a half mile from Gonella’s (famous subs), Giovanni’s Restaurante and a kayak dock to access the Rouge River coming soon and minutes from downtown Detroit.

16. 2026-03-07
    price $124,999 1031-char remark

    Show marketing remark (1031 chars)

    Exceptional investment opportunity in the highly sought after Gordie Howe Bridge corridor. This property includes 4 lots across 3 parcels located at 137, 149, & 155 S. Forman, providing rare land and development potential in a rapidly growing area. The property features a well-maintained residence offering 4 bedrooms, 1 bathroom, a spacious living room, formal dining room, kitchen, and a bonus entry breakfast/bar area. The upper attic space presents an easy opportunity to convert into a loft or additional living area. Additional highlights include a new roof, excellent foundation, basement, private driveway, and a private setting directly across from Forman Park. Location is the true bonus, minutes from Downtown Detroit, across from a 10 acre park across street, Forman property is 2 miles from Fort Wayne, Gordie Howe Bridge and Dearborn Sausage Co. It's also a half mile from Gonella's (famous subs), Giovanni's Restaurante and a kayak dock to access the Rouge River coming soon and minutes from downtown Detroit.

17. 2026-03-06
    price $124,999 1049-char remark

    Show marketing remark (1049 chars)

    Exceptional investment opportunity in the highly sought after Gordie Howe Bridge corridor. This property includes 4 lots across 3 parcels located at 137, 149, & 155 S. Forman, providing rare land and development potential in a rapidly growing area. The property features a well-maintained residence offering 4 bedrooms, 1 bathroom, a spacious living room, formal dining room, kitchen, and a bonus entry breakfast/bar area. The upper attic space presents an easy opportunity to convert into a loft or additional living area. Additional highlights include a new roof, excellent foundation, basement, private driveway, and a private setting directly across from Forman Park. Location is the true bonus, minutes from Downtown Detroit, across from a 10 acre park across street, Forman property is 2 miles from Fort Wayne, Gordie Howe Bridge and Dearborn Sausage Co. It’s also a half mile from Gonella’s (famous subs), Giovanni’s Restaurante and a kayak dock to access the Rouge River coming soon and minutes from downtown Detroit.

18. 2026-01-12
    listed $130,000 Active 1049-char remark

    Show marketing remark (1031 chars)

    Exceptional investment opportunity in the highly sought after Gordie Howe Bridge corridor. This property includes 4 lots across 3 parcels located at 137, 149, & 155 S. Forman, providing rare land and development potential in a rapidly growing area. The property features a well-maintained residence offering 4 bedrooms, 1 bathroom, a spacious living room, formal dining room, kitchen, and a bonus entry breakfast/bar area. The upper attic space presents an easy opportunity to convert into a loft or additional living area. Additional highlights include a new roof, excellent foundation, basement, private driveway, and a private setting directly across from Forman Park. Location is the true bonus, minutes from Downtown Detroit, across from a 10 acre park across street, Forman property is 2 miles from Fort Wayne, Gordie Howe Bridge and Dearborn Sausage Co. It's also a half mile from Gonella's (famous subs), Giovanni's Restaurante and a kayak dock to access the Rouge River coming soon and minutes from downtown Detroit.

19. 2026-01-12
    listed $130,000 Active 1031-char remark

    Show marketing remark (1031 chars)

    Exceptional investment opportunity in the highly sought after Gordie Howe Bridge corridor. This property includes 4 lots across 3 parcels located at 137, 149, & 155 S. Forman, providing rare land and development potential in a rapidly growing area. The property features a well-maintained residence offering 4 bedrooms, 1 bathroom, a spacious living room, formal dining room, kitchen, and a bonus entry breakfast/bar area. The upper attic space presents an easy opportunity to convert into a loft or additional living area. Additional highlights include a new roof, excellent foundation, basement, private driveway, and a private setting directly across from Forman Park. Location is the true bonus, minutes from Downtown Detroit, across from a 10 acre park across street, Forman property is 2 miles from Fort Wayne, Gordie Howe Bridge and Dearborn Sausage Co. It's also a half mile from Gonella's (famous subs), Giovanni's Restaurante and a kayak dock to access the Rouge River coming soon and minutes from downtown Detroit.

ⓘ 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: $272 · $23/mo
• Projected year-2 tax: $1,021 · $85/mo
• Expected delta: +$750/yr (+$62/mo · 275.8%)

ⓘ 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 ≥95°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,897
• − Mortgage interest: −$6,442
• − Property taxes: −$272
• − Insurance: −$575
• − Repairs & maintenance: −$1,512
• − Management: −$1,512
• − Depreciation: −$3,345
• Taxable income: $5,239
• Est. tax owed @ 24.0%: −$1,257
• After-tax cash flow: $5,587/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): 27,184
• Household income: $43,161
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 831.0

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 Hispanic (76%)
• Race & ethnicity: Hispanic / Latino 76% White 17% Two or more races 14% Black 6% Native American 2%
• Hispanic origin (detail): Mexican 58% Puerto Rican 7% Cuban 1%
• Common ancestry: Romanian 2% Lithuanian 0%
• Foreign-born: 26% · Canada
• Languages at home: 38% English-only · Spanish 62%

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: ▲ 73.77%
• Current HPI: 412.9753
• 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

-11.5% since first listed

8 events — show timeline

• 2026-05-19 Price Changed $115,000 MiRealSource-MiMLS
• 2026-05-18 Price Changed $115,000 REALCOMP
• 2026-04-17 Price Changed $119,900 MiRealSource-MiMLS
• 2026-04-16 Price Changed $119,900 REALCOMP
• 2026-03-07 Price Changed $124,999 MiRealSource-MiMLS
• 2026-03-06 Price Changed $124,999 REALCOMP
• 2026-01-12 Listed $130,000 REALCOMP
• 2026-01-12 Listed $130,000 MiRealSource-MiMLS

Property tax history

+0.1%/yr

Latest (2025): $272 · -7.4% YoY. Source: county tax records.