3208 Pasadena St · Detroit, MI 48238

$134,900

6 bd · 2.5 ba · 2,600 sqft · Townhouse public records · 286 Days on market

Built 1926 3,920 sqft lot $52/sqft · 59% above area

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Why this score? — see what drove the C+ 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 +27.6/30.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Rent growth +4.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

Key facts

• 3,920 sq ft lot
• Parking
• Built 1926

What this means for you Summary

Snapshot

• This is a 6-bed/2.5-bath townhouse listed at $135k.

Deal economics

• At list price, monthly cash flow is $402 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.

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: Rents rising fast (+6.1%/yr); 346 active listings in the ZIP; 1 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).
• At $1,669/mo this rent would consume 60% of the median local household income ($33k/yr) (locally 2172% 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 $933 of loan paydown is wiped out by about $4k 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 + 6.1% rent growth), your $38k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 286 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 15y 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 $12k; list at $135k implies a 979% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 286 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 1926 — 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: 1.24% ✓
• Cap rate: 9.87%
• Cash-on-cash: 12.76%
• DSCR: 1.57
• GRM: 6.7

CMA / ARV

• ARV (median comp): $84,824
• List price: $134,900
• Delta: 59.04%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.14% rent growth · sell at horizon

5-year hold

• IRR: 6.0%
• Equity multiple: 1.24×
• Total profit: $9,180
• Equity at exit: $20,114

10-year hold

• IRR: 18.0%
• Equity multiple: 2.72×
• Total profit: $64,807
• Equity at exit: $11,664

Cash invested: $37,772 (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 48238

• Home prices YoY: -14.4%
• Rents YoY: 6.1%
• Active inventory: 346
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,669 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$153 /mo · $1,836/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$350
• Net cashflow: $402

Break-even live

Break-even rent $1,160

Max offer price $134,900

Occupancy floor 71%

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13225 Santa Rosa Dr Detroit, MI	5.0	2.0	2100	$1,700	$0.81	5d	1	0.83mi

Listing history 40 events

1. 2026-06-18
   days on market $134,900 Active 286 DOM
2. 2026-06-17
   days on market $134,900 Active 285 DOM
3. 2026-06-15
   days on market $134,900 Active 283 DOM
4. 2026-06-13
   days on market $134,900 Active 281 DOM
5. 2026-06-13
   days on market $134,900 Active 280 DOM
6. 2026-06-09
   days on market $134,900 Active 277 DOM
7. 2026-06-08
   days on market $134,900 Active 276 DOM
8. 2026-06-07
   days on market $134,900 Active 275 DOM
9. 2026-06-04
   days on market $134,900 Active 272 DOM
10. 2026-06-03
    days on market $134,900 Active 271 DOM
11. 2026-06-01
    days on market $134,900 Active 269 DOM
12. 2026-05-31
    days on market $134,900 Active 268 DOM
13. 2026-04-27
    price $134,900 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

14. 2026-04-26
    status Active 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

15. 2026-04-26
    status Active 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

16. 2026-04-26
    price $134,900 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

17. 2025-12-26
    historical 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

18. 2025-09-10
    price $124,900 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

19. 2025-09-09
    price $124,900 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

20. 2025-08-15
    price $114,900 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

21. 2025-08-15
    price $114,900 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

22. 2025-08-01
    price $119,900 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

23. 2025-08-01
    price $119,900 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

24. 2025-07-08
    price $124,900 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

25. 2025-07-08
    price $124,900 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

26. 2025-06-28
    status Active 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

27. 2025-06-27
    historical 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

28. 2025-06-05
    price $129,900 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

29. 2025-06-04
    price $129,900 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

30. 2025-05-07
    listed $140,000 Active 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

31. 2025-05-07
    listed $140,000 Active 79-char remark

    Show marketing remark (79 chars)

    Great investment property brick 3 bedroom 1 bathroom per unit. Freshly painted.

32. 2024-03-01
    status Active
33. 2024-03-01
    historical
34. 2024-03-01
    historical
35. 2024-03-01
    historical
36. 2024-01-25
    listed $129,900 Active
37. 2024-01-25
    listed $129,900 Active
38. 2011-09-30
    soldstatus $12,500
39. 2011-09-15
    historical
40. 2011-06-02
    listed $24,900

ⓘ 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: $1,836 · $153/mo
• Projected year-2 tax: $1,957 · $163/mo
• Expected delta: +$121/yr (+$10/mo · 6.6%)

ⓘ 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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,026
• − Mortgage interest: −$7,556
• − Property taxes: −$1,836
• − Insurance: −$674
• − Repairs & maintenance: −$1,602
• − Management: −$1,602
• − Depreciation: −$3,924
• Taxable income: $2,830
• Est. tax owed @ 24.0%: −$679
• After-tax cash flow: $4,141/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): 24,731
• Household income: $33,315
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 2172.0

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 (94%)
• Race & ethnicity: Black 94% Two or more races 3% White 1%
• Foreign-born: 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: ▼ -31.96%
• Current HPI: 189.6227
• Rent YoY: ▲ 6.14%
• 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

+441.8% since first listed

28 events — show timeline

• 2026-04-27 Price Changed $134,900 MiRealSource-MiMLS
• 2026-04-26 Relisted — REALCOMP
• 2026-04-26 Relisted — MiRealSource-MiMLS
• 2026-04-26 Price Changed $134,900 REALCOMP
• 2025-12-26 Listing Removed — MiRealSource-MiMLS
• 2025-09-10 Price Changed $124,900 MiRealSource-MiMLS
• 2025-09-09 Price Changed $124,900 REALCOMP
• 2025-08-15 Price Changed $114,900 MiRealSource-MiMLS
• 2025-08-15 Price Changed $114,900 REALCOMP
• 2025-08-01 Price Changed $119,900 MiRealSource-MiMLS
• 2025-08-01 Price Changed $119,900 REALCOMP
• 2025-07-08 Price Changed $124,900 MiRealSource-MiMLS
• 2025-07-08 Price Changed $124,900 REALCOMP
• 2025-06-28 Relisted — REALCOMP
• 2025-06-27 Listing Removed — REALCOMP
• 2025-06-05 Price Changed $129,900 MiRealSource-MiMLS
• 2025-06-04 Price Changed $129,900 REALCOMP
• 2025-05-07 Listed $140,000 REALCOMP
• 2025-05-07 Listed $140,000 MiRealSource-MiMLS
• 2024-03-01 Relisted — MiRealSource-MiMLS
• 2024-03-01 Listing Removed — MiRealSource-MiMLS
• 2024-03-01 Listing Removed — MiRealSource-MiMLS
• 2024-03-01 Listing Removed — REALCOMP
• 2024-01-25 Listed $129,900 MiRealSource-MiMLS
• 2024-01-25 Listed $129,900 REALCOMP
• 2011-09-30 Sold (MLS) $12,500 MiRealSource-MiMLS
• 2011-09-15 Listing Removed — MiRealSource-MiMLS
• 2011-06-02 Listed $24,900 MiRealSource-MiMLS

Property tax history

+0.0%/yr

Latest (2025): $1,836 · -50.7% YoY. Source: county tax records.