5291 Lakewood St · Detroit, MI 48213

$49,900

4 bd · 2.0 ba · 2,164 sqft · SingleFamily public records · 68 Days on market

Built 1925 4,356 sqft lot $23/sqft · 48% below area Est $96k · 48% under

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

Spacious 4-bedroom, 2-bathroom home offering a functional layout and plenty of living space. Features a large living room ideal for entertaining and a generously sized kitchen with ample room for dining and meal preparation. Property provides great potential for homeowners or investors. Conveniently located near schools, shopping, and major roadways. A solid opportunity with good space and versatility.

Key facts

• 4,356 sq ft lot
• Built 1925
• Listed 67 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $894 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Cap rate 27.8% vs local median 10.1% 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: 192 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $1,591/mo this rent would consume 56% 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 $345 of loan paydown is wiped out by about $1k 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 6y ago; this cycle's ask has dropped $10k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $46,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 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 1925 — 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: 3.19% ✓
• Cap rate: 27.78%
• Cash-on-cash: 76.75%
• DSCR: 4.42
• GRM: 2.6

CMA / ARV

• ARV (median comp): $96,120
• List price: $49,900
• Delta: -48.09%
• 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
4810 Chalmers St	0.34mi	4/2.0	2,084 (-4%)	11mo	$45,000	$22	69
14514 Chandler Park Dr	0.22mi	3/2.0 (-1)	2,101 (-3%)	17mo	$170,000	$81	66
5299 Drexel St	0.29mi	4/2.0	1,914 (-12%)	7mo	$110,000	$57	61
5931 Wayburn St	0.48mi	4/2.0	1,968 (-9%)	12mo	$14,000	$7	52
13324 Camden St	0.69mi	4/2.0	1,992 (-8%)	3mo	$40,000	$20	52
9141 Wayburn St	0.68mi	3/1.5 (-1)	2,150 (-1%)	10mo	$99,000	$46	52
4465 Maryland St	0.62mi	3/2.0 (-1)	2,167 (+0%)	20mo	$130,000	$60	50
14640 Chandler Park Dr	0.27mi	3/1.5 (-1)	1,892 (-13%)	14mo	$85,000	$45	48
4378 Lakewood St	0.54mi	4/2.5	2,000 (-8%)	21mo	$250,000	$125	43
4395 Maryland St	0.66mi	3/1.5 (-1)	1,840 (-15%)	1mo	$169,000	$92	36
5519 Somerset Ave	0.69mi	5/2.5 (+1)	1,900 (-12%)	13mo	$180,000	$95	30
5279 E Somerset Ave	0.69mi	5/2.0 (+1)	1,840 (-15%)	11mo	$160,000	$87	29

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: 76.7%
• Equity multiple: 4.50×
• Total profit: $48,867
• Equity at exit: $7,440

10-year hold

• IRR: 80.4%
• Equity multiple: 9.30×
• Total profit: $115,987
• Equity at exit: $4,314

Cash invested: $13,972 (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 48213

• Active inventory: 192
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,591 high
• Mortgage (P&I): −$262
• Tax from tax record: −$81 /mo · $969/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $894

Break-even live

Break-even rent $460

Max offer price $49,900

Occupancy floor 39%

Sensitivity live

Price	-10% $922	-5% $908	+0% $894	+5% $880	+10% $865
Rent	-10% $768	-5% $831	+0% $894	+5% $957	+10% $1,019
Rate	-1.0pp $919	-0.5pp $906	base $894	+0.5pp $881	+1.0pp $868

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5791 Somerset Ave Detroit, MI	3.0	2.0	1660	$1,400	$0.84	18d	1	0.73mi
13395 Maiden St Detroit, MI	5.0	2.0	1750	$1,600	$0.91	25d	1	0.80mi
9755 Wayburn St Detroit, MI	3.0	2.0	1498	$1,400	$0.93	4d	1	0.93mi
5574 Buckingham Ave Detroit, MI	3.0	1.0	1430	$1,450	$1.01	5d	1	0.95mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	18d	1	0.97mi
5267 Haverhill St Detroit, MI	3.0	1.5	1458	$1,300	$0.89	17d	1	0.97mi
10724 Whitehill St Detroit, MI	3.0	3.0	1425	$1,550	$1.09	19d	1	1.20mi
9635 Everts St Detroit, MI	4.0	2.0	1450	$1,650	$1.14	44d	1	1.42mi

Listing history 44 events

1. 2026-06-21
   days on market $49,900 Active 68 DOM
2. 2026-06-18
   days on market $49,900 Active 65 DOM
3. 2026-06-17
   days on market $49,900 Active 64 DOM
4. 2026-06-15
   days on market $49,900 Active 62 DOM
5. 2026-06-13
   days on market $49,900 Active 60 DOM
6. 2026-06-13
   days on market $49,900 Active 59 DOM
7. 2026-06-09
   days on market $49,900 Active 56 DOM
8. 2026-06-08
   days on market $49,900 Active 55 DOM
9. 2026-06-07
   days on market $49,900 Active 54 DOM
10. 2026-06-04
    days on market $49,900 Active 51 DOM
11. 2026-06-03
    days on market $49,900 Active 50 DOM
12. 2026-06-02
    days on market $49,900 Active 49 DOM
13. 2026-06-01
    days on market $49,900 Active 48 DOM
14. 2026-05-31
    days on market $49,900 Active 47 DOM
15. 2026-05-19
    price $49,900 405-char remark

    Show marketing remark (405 chars)

    Spacious 4-bedroom, 2-bathroom home offering a functional layout and plenty of living space. Features a large living room ideal for entertaining and a generously sized kitchen with ample room for dining and meal preparation. Property provides great potential for homeowners or investors. Conveniently located near schools, shopping, and major roadways. A solid opportunity with good space and versatility.

16. 2026-05-19
    price $49,900 405-char remark

    Show marketing remark (405 chars)

    Spacious 4-bedroom, 2-bathroom home offering a functional layout and plenty of living space. Features a large living room ideal for entertaining and a generously sized kitchen with ample room for dining and meal preparation. Property provides great potential for homeowners or investors. Conveniently located near schools, shopping, and major roadways. A solid opportunity with good space and versatility.

17. 2026-04-14
    listed $59,900 Active 405-char remark

    Show marketing remark (405 chars)

    Spacious 4-bedroom, 2-bathroom home offering a functional layout and plenty of living space. Features a large living room ideal for entertaining and a generously sized kitchen with ample room for dining and meal preparation. Property provides great potential for homeowners or investors. Conveniently located near schools, shopping, and major roadways. A solid opportunity with good space and versatility.

18. 2026-04-14
    listed $59,900 Active 405-char remark

    Show marketing remark (405 chars)

    Spacious 4-bedroom, 2-bathroom home offering a functional layout and plenty of living space. Features a large living room ideal for entertaining and a generously sized kitchen with ample room for dining and meal preparation. Property provides great potential for homeowners or investors. Conveniently located near schools, shopping, and major roadways. A solid opportunity with good space and versatility.

19. 2021-02-17
    historical
20. 2021-02-17
    historical
21. 2020-08-04
    historical
22. 2020-08-04
    historical
23. 2020-03-26
    price $19,999
24. 2020-03-26
    price $19,999
25. 2020-03-26
    price $19,999
26. 2020-03-26
    price $19,999
27. 2020-02-29
    price $20,000
28. 2020-02-29
    price $20,000
29. 2020-02-28
    price $20,000
30. 2020-02-28
    price $20,000
31. 2020-01-21
    price $30,000
32. 2020-01-21
    price $30,000
33. 2020-01-20
    price $30,000
34. 2020-01-20
    price $30,000
35. 2020-01-16
    status Active
36. 2020-01-15
    status Active
37. 2020-01-10
    status Pending
38. 2020-01-10
    status Pending
39. 2020-01-09
    price $35,000
40. 2020-01-09
    price $35,000
41. 2020-01-06
    listed $35,000 Active
42. 2020-01-06
    listed $35,000 Active
43. 2020-01-03
    listed $30,000 Active
44. 2020-01-03
    listed $30,000 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: $969 · $81/mo
• Projected year-2 tax: $969 · $81/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 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: $19,092
• − Mortgage interest: −$2,795
• − Property taxes: −$969
• − Insurance: −$250
• − Repairs & maintenance: −$1,527
• − Management: −$1,527
• − Depreciation: −$1,452
• Taxable income: $10,572
• Est. tax owed @ 24.0%: −$2,537
• After-tax cash flow: $8,187/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

+66.3% since first listed

30 events — show timeline

• 2026-05-19 Price Changed $49,900 MiRealSource-MiMLS
• 2026-05-19 Price Changed $49,900 REALCOMP
• 2026-04-14 Listed $59,900 REALCOMP
• 2026-04-14 Listed $59,900 MiRealSource-MiMLS
• 2021-02-17 Listing Removed — REALCOMP
• 2021-02-17 Listing Removed — MiRealSource-MiMLS
• 2020-08-04 Listing Removed — REALCOMP
• 2020-08-04 Listing Removed — MiRealSource-MiMLS
• 2020-03-26 Price Changed $19,999 MiRealSource-MiMLS
• 2020-03-26 Price Changed $19,999 MiRealSource-MiMLS
• 2020-03-26 Price Changed $19,999 REALCOMP
• 2020-03-26 Price Changed $19,999 REALCOMP
• 2020-02-29 Price Changed $20,000 MiRealSource-MiMLS
• 2020-02-29 Price Changed $20,000 MiRealSource-MiMLS
• 2020-02-28 Price Changed $20,000 REALCOMP
• 2020-02-28 Price Changed $20,000 REALCOMP
• 2020-01-21 Price Changed $30,000 MiRealSource-MiMLS
• 2020-01-21 Price Changed $30,000 MiRealSource-MiMLS
• 2020-01-20 Price Changed $30,000 REALCOMP
• 2020-01-20 Price Changed $30,000 REALCOMP
• 2020-01-16 Relisted — MiRealSource-MiMLS
• 2020-01-15 Relisted — REALCOMP
• 2020-01-10 Pending — MiRealSource-MiMLS
• 2020-01-10 Pending — REALCOMP
• 2020-01-09 Price Changed $35,000 MiRealSource-MiMLS
• 2020-01-09 Price Changed $35,000 REALCOMP
• 2020-01-06 Listed $35,000 REALCOMP
• 2020-01-06 Listed $35,000 MiRealSource-MiMLS
• 2020-01-03 Listed $30,000 MiRealSource-MiMLS
• 2020-01-03 Listed $30,000 REALCOMP

Property tax history

-4.0%/yr

Latest (2025): $969 · -8.1% YoY. Source: county tax records.