15954 NW Hackett St NW

Detroit, MI 48227

$183,300C-

6 bd · 3.0 ba · 2,704 sqft · Built 1926 · Townhouse · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,892/mo
• Mortgage (P&I): −$961
• Tax + insurance: −$235
• HOA: −$0
• Vac / Maint / Mgmt: −$397
• Net cashflow: $299/mo
• Annual: $3,583/yr
• Cap rate: 8.25%
• Cash-on-cash: 6.98%
• DSCR: 1.31
• 1% rule: 1.03%
• Cash to close: $51,324

Investor read

• This is a 6-bed/3.0-bath townhouse listed at $183k.
• At list price, monthly cash flow is $299 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $183k).
• It's been on market 31 days — a 3% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $178k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• 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: 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.
• Zoned schools: Edison Elementary School (math 10% / reading 10%, grade F, #1,230 of 1,397 statewide, top 91%, 309 students, 89% FRL); Cody High School (math 24% / reading 24%, grade F, #481 of 713 statewide, top 81%, 466 students, 88% FRL) — zoned schools at 88% FRL track the district average.
• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.6%/yr); 393 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 14 sale attempts since 20y ago 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.
• Current owner paid $15k; list at $183k implies a 1122% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $51k cash investment doubles in ~10 years — after that, you're playing with house money.
• At $1,892/mo this rent would consume 62% of the median local household income ($37k/yr) (locally 2371% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.