18240 Lahser Rd #10 · Detroit, MI 48219

$25,000

1 bd · 1.0 ba · 540 sqft · Condo · 176 Days on market

Built 1965 Fair condition $46/sqft · 24% below area Est $33k · 24% under $345/mo HOA · 37% of rent

---

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
• Rent growth +4.5/5.0
• Livability +3.7/5.0
• Condition / age +2.0/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

1 bedroom 1 bath unit tenant occupied. Can be included in package deal or sold individually. Batvai

Key facts

• $345 HOA
• Built 1965
• Listed 176 days

🏷️ Possibly a rental listed for sale. The $25,000 price doesn't fit this home's estimated sale value (~$32,687) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $25k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $217 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($931 rent vs $25k).
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.7% 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 rising fast (+8.0%/yr); 305 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $173 of loan paydown is wiped out by about $750 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 + 8.0% rent growth), your $7k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 176 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $5k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 37% of rent.

Recommended offer $22,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 176 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.72% ✓
• Cap rate: 16.73%
• Cash-on-cash: 37.27%
• DSCR: 2.66
• GRM: 2.2

CMA / ARV

• ARV (median comp): $32,687
• List price: $25,000
• Delta: -23.52%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 43.6%
• Equity multiple: 3.13×
• Total profit: $14,941
• Equity at exit: $3,728

10-year hold

• IRR: 53.4%
• Equity multiple: 8.73×
• Total profit: $54,144
• Equity at exit: $2,162

Cash invested: $7,000 (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 48219

• Home prices YoY: -10.3%
• Rents YoY: 8.0%
• Active inventory: 305
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $931 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$345
• Vacancy / Maint / Mgmt: −$195
• Net cashflow: $217

Break-even live

Break-even rent $655

Max offer price $25,000

Occupancy floor 72%

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18350 Lahser Rd Detroit, MI	1.0	1.0	600	$950	$1.58	44d	1	0.03mi
18400 Lahser Rd Detroit, MI	1.0	1.0	620	$950	$1.53	24d	1	0.06mi
18450 Lahser Rd Apt 1 Detroit, MI	1.0	1.0	650	$820	$1.26	5d	1	0.09mi
18045 Lahser Rd Detroit, MI	1.0	1.0	670	$960	$1.43	5d	2	0.13mi
17644 Lahser Rd Unit 7 Detroit, MI	1.0	1.0	600	$995	$1.66	24d	1	0.19mi
17270 Bentler St Detroit, MI	2.0	1.0	650	$850	$1.31	44d	1	0.47mi
17274 Bentler St #46 Detroit, MI	2.0	1.0	700	$850	$1.21	17d	1	0.48mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$838	$1.20	24d	2	0.50mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$850	$1.21	44d	2	0.50mi
16885 Lahser Rd Unit 1A Detroit, MI	1.0	1.0	650	$750	$1.15	5d	1	0.61mi
16885 Lahser Rd Apt 3A Detroit, MI	1.0	1.0	700	$750	$1.07	44d	1	0.62mi
16854 Lahser Rd Detroit, MI	1.0	1.0	680	$885	$1.30	13d	1	0.64mi
18274 Fielding St Detroit, MI	2.0	1.0	700	$1,200	$1.71	17d	1	0.73mi
16700 Lahser Rd Apt 18 Detroit, MI	2.0	1.0	750	$900	$1.20	44d	1	0.80mi
19255 Shiawassee Dr Apt 105 Detroit, MI	1.0	1.0	680	$950	$1.40	5d	1	0.98mi
19301 Shiawassee Dr Detroit, MI	1.0–2.0	1.0	740	$950	$1.28	44d	2	1.00mi
19260 Telegraph Rd Unit J2 Detroit, MI	1.0	1.0	700	$820	$1.17	44d	1	1.10mi
19254 Telegraph Rd Unit M5 Detroit, MI	1.0	1.0	700	$820	$1.17	15d	1	1.11mi
19264 Telegraph Rd Unit G2 Detroit, MI	1.0	1.0	700	$820	$1.17	44d	1	1.13mi
24224 W 7 Mile Rd Detroit, MI	1.0–2.0	1.0	600	$700	$1.17	44d	3	1.16mi
16194 Fielding St Unit 2 Detroit, MI	2.0	1.0	750	$950	$1.27	15d	1	1.23mi
24235 W McNichols Rd Detroit, MI	1.0	1.0	700	$800	$1.14	44d	4	1.24mi
24244 Dale St Unit 211 Detroit, MI	1.0	1.0	550	$800	$1.45	24d	1	1.29mi
20555 Lahser Rd Detroit, MI	1.0–2.0	1.0	737	$850	$1.15	44d	2	1.32mi
22045 Michigan 102 Detroit, MI	1.0	1.0	750	$775	$1.03	44d	1	1.36mi
16581 Wormer St Detroit, MI	2.0	1.0	720	$1,100	$1.53	44d	1	1.40mi
24651 W McNichols Rd Detroit, MI	1.0	1.0	700	$800	$1.14	44d	4	1.50mi

HOA detail condo

• Monthly dues: $345 · $4,140/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-18
   days on market $25,000 Active 176 DOM
2. 2026-06-17
   days on market $25,000 Active 175 DOM
3. 2026-06-15
   days on market $25,000 Active 173 DOM
4. 2026-06-13
   days on market $25,000 Active 171 DOM
5. 2026-06-13
   days on market $25,000 Active 170 DOM
6. 2026-06-10
   price $25,000 Active 167 DOM
7. 2026-06-09
   days on market $27,000 Active 167 DOM
8. 2026-06-08
   days on market $27,000 Active 166 DOM
9. 2026-06-07
   days on market $27,000 Active 165 DOM
10. 2026-06-04
    days on market $27,000 Active 162 DOM
11. 2026-06-03
    days on market $27,000 Active 161 DOM
12. 2026-06-01
    days on market $27,000 Active 159 DOM
13. 2026-05-31
    days on market $27,000 Active 158 DOM
14. 2025-12-24
    listed $30,000 Active 99-char remark

    Show marketing remark (99 chars)

    1 bedroom 1 bath unit tenant occupied. Can be included in package deal or sold individually. Batvai

15. 2025-12-24
    listed $30,000 Active 99-char remark

    Show marketing remark (99 chars)

    1 bedroom 1 bath unit tenant occupied. Can be included in package deal or sold individually. Batvai

16. 2023-01-09
    historical
17. 2023-01-06
    soldstatus $22,000 Sold
18. 2023-01-06
    soldstatus $22,000 Closed
19. 2023-01-03
    status Pending
20. 2023-01-03
    status Pending
21. 2022-11-10
    listed $25,000 Active
22. 2022-11-10
    listed $25,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,167
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$893
• − Management: −$893
• − HOA: −$4,140
• − Depreciation: −$727
• Taxable income: $2,613
• Est. tax owed @ 24.0%: −$627
• After-tax cash flow: $1,982/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.

Condition & rehab AI · 1 photo

Fair 40/100 Moderate rehab

This condo requires moderate repairs and maintenance, including exterior and interior painting, HVAC system inspection, and landscaping updates. These improvements can significantly enhance its resale and rental value.

Repairs flagged

• Minor exterior paint — Peeling paint on the brick facade.
• Minor interior paint — Peeling paint on interior walls.
• Moderate HVAC system — No visible signs of malfunction, but not inspected.
• Minor landscaping — Overgrown grass and shrubs need trimming and updating.

Value-add opportunities

• Resale exterior paint — Fresh paint can enhance curb appeal and property value.
• Rental HVAC system — A functional HVAC system is crucial for tenant satisfaction and retention.
• Both landscaping — A well-maintained landscape can improve both resale and rental value by enhancing curb appeal and property aesthetics.

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Peeling paint on the brick facade.	Minor	$500–3,000
interior paint · Peeling paint on interior walls.	Minor	$500–3,000
HVAC system · No visible signs of malfunction, but not inspected.	Moderate	$3,000–15,000
landscaping · Overgrown grass and shrubs need trimming and updating.	Minor	$500–3,000
Total estimated repair cost · 4 items		$4,500–24,000

Value-add ROI direction

• Resale exterior paint — Fresh paint can enhance curb appeal and property value. ↑
• Rental HVAC system — A functional HVAC system is crucial for tenant satisfaction and retention. ↑
• Both landscaping — A well-maintained landscape can improve both resale and rental value by enhancing curb appeal and property aesthetics. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 47,208
• Household income: $43,655
• Rent vs Own: 45.1% rent · 54.9% own
• Severe rent burden: 3584.0

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 5% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% French/Haitian/Cajun 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: ▼ -65.06%
• Current HPI: 563.3263
• Rent YoY: ▲ 8.04%
• 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

+20.0% since first listed

9 events — show timeline

• 2025-12-24 Listed $30,000 REALCOMP
• 2025-12-24 Listed $30,000 MiRealSource-MiMLS
• 2023-01-09 Listing Removed — REALCOMP
• 2023-01-06 Sold (MLS) $22,000 MiRealSource-MiMLS
• 2023-01-06 Sold (MLS) $22,000 REALCOMP
• 2023-01-03 Pending — MiRealSource-MiMLS
• 2023-01-03 Pending — REALCOMP
• 2022-11-10 Listed $25,000 MiRealSource-MiMLS
• 2022-11-10 Listed $25,000 REALCOMP