10420 Lakepointe St · Detroit, MI 48224

$75,000

3 bd · 1.0 ba · 935 sqft · SingleFamily public records · 314 Days on market

Built 1940 6,098 sqft lot $80/sqft · 51% above area Est $64k · 18% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This newly remodeled home is across from a elementary/secondary school in a great area. Schedule an appointment to see this home today. BATVAI. Purchaser to pay a $495 transaction fee at closing.

Key facts

• 6,098 sq ft lot
• Built 1940
• Listed 314 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $513 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.5% 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: Rents flat; 484 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 35% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k 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 + 0.7% rent growth), your $21k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 314 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 9y 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 $26k; list at $75k implies a 188% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 314 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 1940 — 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: 1.73% ✓
• Cap rate: 14.50%
• Cash-on-cash: 29.32%
• DSCR: 2.30
• GRM: 4.8

CMA / ARV

• ARV (median comp): $63,828
• List price: $75,000
• Delta: 17.50%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10058 Greensboro St	0.14mi	3/1.0	928 (-1%)	3mo	$40,000	$43	90
10696 Stratman St	0.15mi	3/1.5	1,000 (+7%)	3mo	$53,000	$53	77
9768 Manistique St	0.34mi	3/1.0	986 (+6%)	0mo	$35,000	$35	75
9459 Lakepointe St	0.31mi	3/1.0	855 (-9%)	2mo	$40,000	$47	70
10326 Beaconsfield St	0.25mi	3/1.0	1,042 (+11%)	3mo	$66,000	$63	67
10904 N Mogul St	0.32mi	3/1.0	1,045 (+12%)	0mo	$113,000	$108	65
10319 Mckinney St	0.64mi	4/1.0 (+1)	990 (+6%)	1mo	$25,000	$25	55
9204 Wayburn St	0.39mi	4/1.0 (+1)	1,045 (+12%)	4mo	$80,000	$77	54
5818 Beaconsfield St	0.61mi	3/1.5	1,038 (+11%)	3mo	$60,000	$58	49
12641 Kelly Rd	0.73mi	2/1.0 (-1)	840 (-10%)	4mo	$15,000	$18	40
5759 Barham St	0.67mi	3/1.0	1,075 (+15%)	5mo	$72,000	$67	40
5777 Lakepointe St	0.67mi	4/2.5 (+1)	1,075 (+15%)	2mo	$174,999	$163	31

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 · 0.73% rent growth · sell at horizon

5-year hold

• IRR: 21.2%
• Equity multiple: 1.84×
• Total profit: $17,644
• Equity at exit: $11,183

10-year hold

• IRR: 27.8%
• Equity multiple: 3.20×
• Total profit: $46,155
• Equity at exit: $6,485

Cash invested: $21,000 (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 48224

• Rents YoY: 0.7%
• Active inventory: 484
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,295 high
• Mortgage (P&I): −$393
• Tax from tax record: −$86 /mo · $1,028/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $513

Break-even live

Break-even rent $646

Max offer price $75,000

Occupancy floor 55%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10141 Roxbury St Detroit, MI	3.0	1.0	1115	$1,000	$0.90	43d	1	0.12mi
10644 Stratman St Detroit, MI	2.0	1.0	1000	$1,200	$1.20	17d	1	0.15mi
9927 Beaconsfield St Detroit, MI	3.0	1.0	942	$1,375	$1.46	14d	1	0.19mi
9747 Somerset Ave Detroit, MI	2.0	1.0	797	$1,100	$1.38	43d	1	0.26mi
9516 Wayburn St Detroit, MI	2.0	1.0	800	$950	$1.19	17d	1	0.30mi
10404 Somerset Ave Detroit, MI	3.0	1.0	1108	$1,475	$1.33	3d	1	0.43mi
9190 Hayes St Unit 1 Detroit, MI	2.0	1.0	750	$850	$1.13	14d	1	0.64mi
5751 Nottingham Rd Unit 5/21/26 Detroit, MI	3.0	1.0	1100	$1,250	$1.14	14d	1	0.66mi
11235 Roxbury St Detroit, MI	3.0	1.0	1062	$1,325	$1.25	17d	1	0.67mi
10037 Grayton St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	3d	1	0.70mi
10177 Boleyn St Detroit, MI	3.0	1.0	767	$1,250	$1.63	43d	1	0.72mi
10400 Britain St Detroit, MI	3.0	1.0	890	$1,100	$1.24	43d	1	0.83mi
10370 Britain St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	43d	1	0.84mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	43d	1	0.87mi
13400 Longview St Detroit, MI	3.0	1.5	1000	$1,400	$1.40	43d	1	0.88mi
5284 Devonshire Rd Detroit, MI	2.0	1.0	650	$1,050	$1.62	24d	1	0.91mi
5235 Chatsworth St Detroit, MI	2.0	1.0	900	$1,050	$1.17	43d	1	0.92mi
11529 Roxbury St Detroit, MI	2.0	1.0	720	$1,200	$1.67	12d	1	0.92mi
12201 Morang Ave Unit 8 Detroit, MI	2.0	1.0	610	$875	$1.43	43d	1	0.92mi
5783 Yorkshire Rd Detroit, MI	2.0	1.0	1040	$1,200	$1.15	43d	1	0.93mi
10692 Meuse St Detroit, MI	3.0	1.0	955	$1,250	$1.31	12d	1	0.93mi
11776 Rossiter St Detroit, MI	3.0	1.0	964	$1,150	$1.19	11d	1	0.97mi
15010 Cedargrove St Detroit, MI	3.0	1.5	1018	$1,350	$1.33	43d	1	0.98mi
5112 Haverhill St Unit 1 Detroit, MI	2.0	1.0	1000	$1,100	$1.10	43d	1	0.99mi
13137 Elmdale St Detroit, MI	3.0	1.0	1115	$1,400	$1.26	24d	1	1.00mi
15494 Mapleridge St Detroit, MI	3.0	1.0	937	$1,275	$1.36	43d	1	1.07mi
13067 Wade St Detroit, MI	2.0	1.0	660	$900	$1.36	4d	1	1.07mi
5031 Bedford St Detroit, MI	2.0	1.0	876	$1,870	$2.13	1d	1	1.08mi
5028 Bedford St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	4d	1	1.10mi
6304 Bluehill St Detroit, MI	3.0	1.0	1088	$1,500	$1.38	43d	1	1.13mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	43d	1	1.19mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	14d	1	1.20mi
12716 Riad St Detroit, MI	3.0	1.0	974	$1,275	$1.31	17d	1	1.21mi
5955 Guilford St Detroit, MI	3.0	1.0	802	$1,400	$1.75	17d	1	1.22mi
6325 Neff Ave Detroit, MI	3.0	1.0	1000	$1,500	$1.50	2d	1	1.26mi
10542 Lanark St Detroit, MI	3.0	1.0	1023	$1,250	$1.22	43d	1	1.27mi
6181 Neff Ave Detroit, MI	3.0	1.0	1102	$1,299	$1.18	17d	1	1.28mi
10985 Peerless St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	4d	1	1.28mi
19144 Moross Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	43d	1	1.30mi
4627 Bedford St Unit 1 Detroit, MI	2.0	1.0	1050	$945	$0.90	20d	1	1.34mi

Listing history 31 events

1. 2026-05-31
   days on market $75,000 Active 314 DOM
2. 2025-07-21
   listed $75,000 Active 195-char remark

   Show marketing remark (195 chars)

   This newly remodeled home is across from a elementary/secondary school in a great area. Schedule an appointment to see this home today. BATVAI. Purchaser to pay a $495 transaction fee at closing.

3. 2025-07-21
   listed $75,000 Active 195-char remark

   Show marketing remark (195 chars)

   This newly remodeled home is across from a elementary/secondary school in a great area. Schedule an appointment to see this home today. BATVAI. Purchaser to pay a $495 transaction fee at closing.

4. 2025-04-30
   historical
5. 2025-04-30
   historical
6. 2024-11-20
   listed $85,000 Active
7. 2024-11-20
   listed $85,000 Active
8. 2024-09-30
   historical
9. 2024-09-30
   historical
10. 2024-05-15
    listed $110,000 Active
11. 2024-05-15
    listed $110,000 Active
12. 2021-11-02
    historical
13. 2021-10-15
    status Pending
14. 2021-10-12
    historical
15. 2021-07-02
    status Pending
16. 2021-07-02
    status Pending
17. 2021-07-02
    historical
18. 2021-06-24
    listed $36,500 Active
19. 2021-06-24
    listed $36,500 Active
20. 2021-06-17
    historical
21. 2021-06-16
    historical
22. 2021-04-16
    status Active
23. 2021-04-13
    historical
24. 2021-03-16
    listed $36,500 Active
25. 2021-03-16
    listed $36,500 Active
26. 2017-06-01
    soldstatus $26,000 Sold
27. 2017-06-01
    soldstatus $26,000 Closed
28. 2017-04-27
    status Pending
29. 2017-04-27
    status Pending
30. 2017-04-18
    listed $26,000 Active
31. 2017-04-17
    listed $26,000 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: $1,028 · $86/mo
• Projected year-2 tax: $1,092 · $91/mo
• Expected delta: +$63/yr (+$5/mo · 6.2%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,544
• − Mortgage interest: −$4,201
• − Property taxes: −$1,028
• − Insurance: −$375
• − Repairs & maintenance: −$1,243
• − Management: −$1,243
• − Depreciation: −$2,182
• Taxable income: $5,270
• Est. tax owed @ 24.0%: −$1,265
• After-tax cash flow: $4,892/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): 39,668
• Household income: $44,856
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 2515.0

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 (88%)
• Race & ethnicity: Black 88% White 8% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Iranian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -226.38%
• Current HPI: 161.886
• Rent YoY: ▲ 0.73%
• 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

+188.5% since first listed

30 events — show timeline

• 2025-07-21 Listed $75,000 REALCOMP
• 2025-07-21 Listed $75,000 MiRealSource-MiMLS
• 2025-04-30 Listing Removed — MiRealSource-MiMLS
• 2025-04-30 Listing Removed — REALCOMP
• 2024-11-20 Listed $85,000 MiRealSource-MiMLS
• 2024-11-20 Listed $85,000 REALCOMP
• 2024-09-30 Listing Removed — MiRealSource-MiMLS
• 2024-09-30 Listing Removed — REALCOMP
• 2024-05-15 Listed $110,000 MiRealSource-MiMLS
• 2024-05-15 Listed $110,000 REALCOMP
• 2021-11-02 Listing Removed — REALCOMP
• 2021-10-15 Pending — REALCOMP
• 2021-10-12 Listing Removed — REALCOMP
• 2021-07-02 Pending — MiRealSource-MiMLS
• 2021-07-02 Pending — REALCOMP
• 2021-07-02 Listing Removed — MiRealSource-MiMLS
• 2021-06-24 Listed $36,500 MiRealSource-MiMLS
• 2021-06-24 Listed $36,500 REALCOMP
• 2021-06-17 Listing Removed — REALCOMP
• 2021-06-16 Listing Removed — MiRealSource-MiMLS
• 2021-04-16 Relisted — REALCOMP
• 2021-04-13 Listing Removed — REALCOMP
• 2021-03-16 Listed $36,500 MiRealSource-MiMLS
• 2021-03-16 Listed $36,500 REALCOMP
• 2017-06-01 Sold (MLS) $26,000 MiRealSource-MiMLS
• 2017-06-01 Sold (MLS) $26,000 REALCOMP
• 2017-04-27 Pending — MiRealSource-MiMLS
• 2017-04-27 Pending — REALCOMP
• 2017-04-18 Listed $26,000 MiRealSource-MiMLS
• 2017-04-17 Listed $26,000 REALCOMP

Property tax history

-5.0%/yr

Latest (2025): $1,028 · -53.8% YoY. Source: county tax records.