2950 Lakewood St · Detroit, MI 48215

$99,999

6 bd · 3.0 ba · 2,844 sqft · Townhouse public records · 16 Days on market

Built 1923 6,098 sqft lot

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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

Welcome to 2950/2952 Lakewood Street, situated in Detroit's Garden Heights Subdivision, conveniently located between Mack Avenue and Charlevoix Street. This owner-occupied duplex multifamily property features 3 bedrooms and 1 bath in both the upstairs and downstairs units. As an attractive investment opportunity, this property is being offered for sale in its current condition, presenting potential for rental income and value appreciation. Explore the possibilities of renovating and renting out both units or making improvements for future resale. Located in a prime area, this property is poised for success in the rental market. Schedule a showing today to learn more about this exciting investment opportunity.

Key facts

• 6,098 sq ft lot
• Garage
• Built 1923

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath townhouse listed at $100k.

Deal economics

• At list price, monthly cash flow is $630 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.9% 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: 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 ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 2 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: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,499 (1.5% below list)

Questions for the listing agent

1. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.63% ✓
• Cap rate: 13.86%
• Cash-on-cash: 27.01%
• DSCR: 2.20
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 20.9%
• Equity multiple: 1.85×
• Total profit: $23,937
• Equity at exit: $14,910

10-year hold

• IRR: 29.1%
• Equity multiple: 3.59×
• Total profit: $72,546
• Equity at exit: $8,646

Cash invested: $28,000 (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: 5.1×

Monthly cashflow live

• Estimated rent: $1,632 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$93 /mo · $1,115/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $630

Break-even live

Break-even rent $834

Max offer price $99,999

Occupancy floor 56%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-03-27
   status Pending
2. 2026-03-27
   historical
3. 2025-04-22
   status Pending
4. 2025-04-21
   historical
5. 2025-03-21
   status Pending 718-char remark

   Show marketing remark (718 chars)

   Welcome to 2950/2952 Lakewood Street, situated in Detroit's Garden Heights Subdivision, conveniently located between Mack Avenue and Charlevoix Street. This owner-occupied duplex multifamily property features 3 bedrooms and 1 bath in both the upstairs and downstairs units. As an attractive investment opportunity, this property is being offered for sale in its current condition, presenting potential for rental income and value appreciation. Explore the possibilities of renovating and renting out both units or making improvements for future resale. Located in a prime area, this property is poised for success in the rental market. Schedule a showing today to learn more about this exciting investment opportunity.

6. 2025-03-21
   status Pending

   Show marketing remark (718 chars)

   Welcome to 2950/2952 Lakewood Street, situated in Detroit's Garden Heights Subdivision, conveniently located between Mack Avenue and Charlevoix Street. This owner-occupied duplex multifamily property features 3 bedrooms and 1 bath in both the upstairs and downstairs units. As an attractive investment opportunity, this property is being offered for sale in its current condition, presenting potential for rental income and value appreciation. Explore the possibilities of renovating and renting out both units or making improvements for future resale. Located in a prime area, this property is poised for success in the rental market. Schedule a showing today to learn more about this exciting investment opportunity.

7. 2025-03-06
   listed $99,999 Active 718-char remark

   Show marketing remark (718 chars)

   Welcome to 2950/2952 Lakewood Street, situated in Detroit's Garden Heights Subdivision, conveniently located between Mack Avenue and Charlevoix Street. This owner-occupied duplex multifamily property features 3 bedrooms and 1 bath in both the upstairs and downstairs units. As an attractive investment opportunity, this property is being offered for sale in its current condition, presenting potential for rental income and value appreciation. Explore the possibilities of renovating and renting out both units or making improvements for future resale. Located in a prime area, this property is poised for success in the rental market. Schedule a showing today to learn more about this exciting investment opportunity.

8. 2025-03-06
   listed $99,999 Active

   Show marketing remark (718 chars)

   Welcome to 2950/2952 Lakewood Street, situated in Detroit's Garden Heights Subdivision, conveniently located between Mack Avenue and Charlevoix Street. This owner-occupied duplex multifamily property features 3 bedrooms and 1 bath in both the upstairs and downstairs units. As an attractive investment opportunity, this property is being offered for sale in its current condition, presenting potential for rental income and value appreciation. Explore the possibilities of renovating and renting out both units or making improvements for future resale. Located in a prime area, this property is poised for success in the rental market. Schedule a showing today to learn more about this exciting investment opportunity.

9. 2025-03-05
   historical $99,999 718-char remark

   Show marketing remark (718 chars)

   Welcome to 2950/2952 Lakewood Street, situated in Detroit's Garden Heights Subdivision, conveniently located between Mack Avenue and Charlevoix Street. This owner-occupied duplex multifamily property features 3 bedrooms and 1 bath in both the upstairs and downstairs units. As an attractive investment opportunity, this property is being offered for sale in its current condition, presenting potential for rental income and value appreciation. Explore the possibilities of renovating and renting out both units or making improvements for future resale. Located in a prime area, this property is poised for success in the rental market. Schedule a showing today to learn more about this exciting 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: $1,115 · $93/mo
• Projected year-2 tax: $1,327 · $111/mo
• Expected delta: +$213/yr (+$18/mo · 19.1%)

ⓘ 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 ≥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: $19,582
• − Mortgage interest: −$5,601
• − Property taxes: −$1,115
• − Insurance: −$500
• − Repairs & maintenance: −$1,567
• − Management: −$1,567
• − Depreciation: −$2,909
• Taxable income: $6,324
• Est. tax owed @ 24.0%: −$1,518
• After-tax cash flow: $6,044/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

9 events — show timeline

• 2026-03-27 Pending — REALCOMP
• 2026-03-27 Listing Removed — REALCOMP
• 2025-04-22 Pending — REALCOMP
• 2025-04-21 Listing Removed — REALCOMP
• 2025-03-21 Pending — MiRealSource-MiMLS
• 2025-03-21 Pending — REALCOMP
• 2025-03-06 Listed $99,999 MiRealSource-MiMLS
• 2025-03-06 Listed $99,999 REALCOMP
• 2025-03-05 Coming Soon $99,999 MiRealSource-MiMLS

Property tax history

-6.1%/yr

Latest (2025): $1,115 · -69.8% YoY. Source: county tax records.