15870 W Parkway St · Detroit, MI 48223

$48,000

3 bd · 1.0 ba · 906 sqft · SingleFamily public records · 49 Days on market

Built 1951 5,227 sqft lot $53/sqft · 10% above area Est $44k · 10% 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
• ARV discount +3.0/15.0
• 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 15870 West Parkway, a charming Detroit home with classic character, meaningful updates, and room to make it your own. This property is a great fit for a first-time homebuyer, investor, or anyone looking for a solid opportunity in an area with continued growth and neighborhood improvements. Features include hardwood floors, a full basement, a complete re-shingled roof in 2025, and a fresh coat of paint in 2025. Conveniently located near parks, shopping, schools, major roads, and nearby redevelopment activity. A wonderful chance to own a home with value, versatility, and future potential. Sale as-is.

Key facts

• 5,227 sq ft lot
• Built 1951
• Listed 48 days

Property features AI

Finance

• Financial info: Annual property tax approximately $2,425

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories; Ground-level entry with steps; Vinyl siding exterior
• Construction: Brick/mortar foundation
• Exterior features: Paved road access; Lot roughly 40 x 125 (0.12 acres)

Interior

• Bedrooms: 4 total rooms (includes bedrooms and living areas)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Full, unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $48k.

Deal economics

• At list price, monthly cash flow is $613 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• Recommended offer: $47k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.6% vs local median 10.1% 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: 161 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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 32% 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 $332 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 19y 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 $38k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $46,560 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.49% ✓
• Cap rate: 21.63%
• Cash-on-cash: 54.77%
• DSCR: 3.44
• GRM: 3.3

CMA / ARV

• ARV (median comp): $43,672
• List price: $48,000
• Delta: 9.91%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16555 Bramell St	0.26mi	3/1.0	918 (+1%)	3mo	$60,000	$65	83
15900 W Parkway St	0.02mi	3/1.0	1,000 (+10%)	9mo	$70,000	$70	74
15757 Dacosta St	0.31mi	3/1.0	960 (+6%)	2mo	$65,000	$68	74
16165 W Parkway St	0.16mi	3/1.0	1,022 (+13%)	5mo	$50,000	$49	67
15835 Burgess St	0.60mi	3/1.0	918 (+1%)	9mo	$93,000	$101	62
16804 Dolphin St	0.57mi	3/2.0	943 (+4%)	10mo	$75,000	$80	54
16131 Lenore	0.73mi	3/1.0	864 (-5%)	10mo	$69,900	$81	50
15893 Lenore Ave	0.73mi	3/1.0	960 (+6%)	9mo	$120,000	$125	48
15361 Grayfield St	0.38mi	2/2.0 (-1)	815 (-10%)	10mo	$30,000	$37	48
24255 Puritan	0.64mi	2/1.0 (-1)	855 (-6%)	10mo	$129,999	$152	47
22482 W Mcnichols Rd	0.60mi	3/1.5	1,031 (+14%)	2mo	$61,000	$59	45
15411 Lahser Rd	0.57mi	3/2.0	1,025 (+13%)	4mo	$42,000	$41	44

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 53.0%
• Equity multiple: 3.33×
• Total profit: $31,312
• Equity at exit: $7,157

10-year hold

• IRR: 58.2%
• Equity multiple: 6.78×
• Total profit: $77,650
• Equity at exit: $4,150

Cash invested: $13,440 (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 48223

• Active inventory: 161
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,196 high
• Mortgage (P&I): −$252
• Tax est. 1.5%: −$60 /mo · $720/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $613

Break-even live

Break-even rent $420

Max offer price $48,000

Occupancy floor 44%

Sensitivity live

Price	-10% $647	-5% $630	+0% $613	+5% $597	+10% $580
Rent	-10% $519	-5% $566	+0% $613	+5% $661	+10% $708
Rate	-1.0pp $638	-0.5pp $626	base $613	+0.5pp $601	+1.0pp $588

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: $12,000
• Closing costs: $1,440
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15847 Chatham St Detroit, MI	3.0	1.0	909	$1,325	$1.46	6d	1	0.18mi
16131 Dale St Detroit, MI	3.0	1.0	1100	$1,500	$1.36	19d	1	0.45mi
16800 Telegraph Rd Detroit, MI	2.0	1.0	775	$875	$1.13	45d	1	0.59mi
16207 Woodbine St Detroit, MI	3.0	1.0	1000	$1,294	$1.29	6d	1	0.60mi
16700 Lahser Rd Apt 18 Detroit, MI	2.0	1.0	750	$900	$1.20	45d	1	0.60mi
16581 Wormer St Detroit, MI	2.0	1.0	720	$1,100	$1.53	45d	1	0.70mi
16800 Wormer St Detroit, MI	3.0	1.0	912	$1,250	$1.37	19d	1	0.72mi
15490 Dixie Redford, MI	3.0	1.0	912	$1,600	$1.75	6d	1	0.89mi
16717 Trinity St Detroit, MI	3.0	1.5	1101	$1,250	$1.14	45d	1	0.98mi
17274 Bentler St #46 Detroit, MI	2.0	1.0	700	$850	$1.21	18d	1	1.02mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$838	$1.20	25d	2	1.02mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$850	$1.21	45d	2	1.02mi
17270 Bentler St Detroit, MI	2.0	1.0	650	$850	$1.31	45d	1	1.03mi
22241 Lyndon St Detroit, MI	3.0	1.0	960	$1,100	$1.15	18d	1	1.04mi
21440 Bennett St Detroit, MI	3.0	1.0	1037	$1,394	$1.34	18d	1	1.11mi
14280 Bramell St Detroit, MI	3.0	1.0	1100	$1,500	$1.36	18d	1	1.15mi
17324 Salem St Detroit, MI	2.0	1.0	989	$1,200	$1.21	25d	1	1.15mi
21451 Glenco St Detroit, MI	3.0	1.0	1026	$1,400	$1.36	18d	1	1.18mi
18025 Bentler St Detroit, MI	3.0	1.0	728	$1,250	$1.72	25d	1	1.19mi
15340 Braile St Detroit, MI	3.0	1.0	883	$1,000	$1.13	6d	1	1.20mi
16194 Fielding St Unit 2 Detroit, MI	2.0	1.0	750	$950	$1.27	16d	1	1.25mi
14268 Riverview St Detroit, MI	2.0	1.0	900	$850	$0.94	45d	1	1.25mi
14264 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	1.25mi
14260 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	1.25mi
14262 Riverview St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	1.25mi
14266 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	1.25mi
14224 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.25mi
14258 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	1.26mi
14292 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	1.26mi
14222 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.26mi
14244 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	1.26mi
14246 Riverview St Unit RB Detroit, MI	2.0	1.0	900	$895	$0.99	45d	1	1.26mi
14246 Riverview St Unit A Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	1.26mi
14228 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.26mi
14234 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.26mi
14238 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	1.26mi
14226 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.26mi
14230 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.26mi
14246 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	1.26mi
14240 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	1.26mi

Listing history 42 events

1. 2026-06-21
   days on market $48,000 Active 49 DOM
2. 2026-06-18
   days on market $48,000 Active 46 DOM
3. 2026-06-17
   days on market $48,000 Active 45 DOM
4. 2026-06-15
   days on market $48,000 Active 43 DOM
5. 2026-06-13
   days on market $48,000 Active 41 DOM
6. 2026-06-13
   days on market $48,000 Active 40 DOM
7. 2026-06-09
   days on market $48,000 Active 37 DOM
8. 2026-06-08
   days on market $48,000 Active 36 DOM
9. 2026-06-07
   days on market $48,000 Active 35 DOM
10. 2026-06-04
    days on market $48,000 Active 32 DOM
11. 2026-06-03
    days on market $48,000 Active 31 DOM
12. 2026-06-02
    days on market $48,000 Active 30 DOM
13. 2026-06-01
    days on market $48,000 Active 29 DOM
14. 2026-05-31
    days on market $48,000 Active 28 DOM
15. 2026-05-04
    listed $48,000 Active 616-char remark

    Show marketing remark (616 chars)

    Welcome to 15870 West Parkway, a charming Detroit home with classic character, meaningful updates, and room to make it your own. This property is a great fit for a first-time homebuyer, investor, or anyone looking for a solid opportunity in an area with continued growth and neighborhood improvements. Features include hardwood floors, a full basement, a complete re-shingled roof in 2025, and a fresh coat of paint in 2025. Conveniently located near parks, shopping, schools, major roads, and nearby redevelopment activity. A wonderful chance to own a home with value, versatility, and future potential. Sale as-is.

16. 2026-05-04
    listed $48,000 Active 616-char remark

    Show marketing remark (616 chars)

    Welcome to 15870 West Parkway, a charming Detroit home with classic character, meaningful updates, and room to make it your own. This property is a great fit for a first-time homebuyer, investor, or anyone looking for a solid opportunity in an area with continued growth and neighborhood improvements. Features include hardwood floors, a full basement, a complete re-shingled roof in 2025, and a fresh coat of paint in 2025. Conveniently located near parks, shopping, schools, major roads, and nearby redevelopment activity. A wonderful chance to own a home with value, versatility, and future potential. Sale as-is.

17. 2026-05-03
    historical $48,000 616-char remark

    Show marketing remark (616 chars)

    Welcome to 15870 West Parkway, a charming Detroit home with classic character, meaningful updates, and room to make it your own. This property is a great fit for a first-time homebuyer, investor, or anyone looking for a solid opportunity in an area with continued growth and neighborhood improvements. Features include hardwood floors, a full basement, a complete re-shingled roof in 2025, and a fresh coat of paint in 2025. Conveniently located near parks, shopping, schools, major roads, and nearby redevelopment activity. A wonderful chance to own a home with value, versatility, and future potential. Sale as-is.

18. 2026-04-10
    historical
19. 2026-04-07
    price $50,000
20. 2026-04-06
    price $50,000
21. 2026-04-06
    price $50,000
22. 2026-01-26
    price $65,000
23. 2026-01-26
    price $65,000
24. 2026-01-26
    price $65,000
25. 2026-01-15
    listed $75,000 Active
26. 2026-01-15
    listed $75,000 Active
27. 2026-01-15
    historical
28. 2025-06-02
    status Pending
29. 2025-06-02
    status Pending
30. 2025-05-30
    soldstatus $38,050 Closed
31. 2025-05-30
    soldstatus $38,050 Closed
32. 2025-05-03
    listed $38,000 Active
33. 2025-05-03
    listed $38,000 Active
34. 2025-05-02
    historical $38,000
35. 2014-06-28
    historical
36. 2014-06-28
    historical
37. 2013-11-28
    listed $3,500
38. 2013-11-28
    listed $3,500
39. 2007-11-02
    soldstatus $4,500
40. 2007-06-18
    listed $5,900
41. 2004-05-18
    soldstatus $76,500
42. 1997-01-23
    soldstatus $25,000

ⓘ 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 3/10 Moderate 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: $14,357
• − Mortgage interest: −$2,689
• − Property taxes: −$720
• − Insurance: −$240
• − Repairs & maintenance: −$1,149
• − Management: −$1,149
• − Depreciation: −$1,396
• Taxable income: $7,015
• Est. tax owed @ 24.0%: −$1,684
• After-tax cash flow: $5,678/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): 22,622
• Household income: $44,512
• Rent vs Own: 43.8% rent · 56.2% own
• Severe rent burden: 1151.0

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 (86%)
• Race & ethnicity: Black 86% White 7% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Romanian 1% Iranian 1%
• Foreign-born: 1% · Canada
• 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: ▼ -303.41%
• Current HPI: 138.2779
• Rent YoY: —
• 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

+92.0% since first listed

28 events — show timeline

• 2026-05-04 Listed $48,000 REALCOMP
• 2026-05-04 Listed $48,000 MiRealSource-MiMLS
• 2026-05-03 Coming Soon $48,000 MiRealSource-MiMLS
• 2026-04-10 Listing Removed — MiRealSource-MiMLS
• 2026-04-07 Price Changed $50,000 MiRealSource-MiMLS
• 2026-04-06 Price Changed $50,000 REALCOMP
• 2026-04-06 Price Changed $50,000 SW Michigan MLS
• 2026-01-26 Price Changed $65,000 MiRealSource-MiMLS
• 2026-01-26 Price Changed $65,000 REALCOMP
• 2026-01-26 Price Changed $65,000 SW Michigan MLS
• 2026-01-15 Listed $75,000 REALCOMP
• 2026-01-15 Listed $75,000 MiRealSource-MiMLS
• 2026-01-15 Coming Soon — MiRealSource-MiMLS
• 2025-06-02 Pending — MiRealSource-MiMLS
• 2025-06-02 Pending — REALCOMP
• 2025-05-30 Sold (MLS) $38,050 REALCOMP
• 2025-05-30 Sold (MLS) $38,050 MiRealSource-MiMLS
• 2025-05-03 Listed $38,000 MiRealSource-MiMLS
• 2025-05-03 Listed $38,000 REALCOMP
• 2025-05-02 Coming Soon $38,000 MiRealSource-MiMLS
• 2014-06-28 Listing Removed — MiRealSource-MiMLS
• 2014-06-28 Listing Removed — REALCOMP
• 2013-11-28 Listed $3,500 MiRealSource-MiMLS
• 2013-11-28 Listed $3,500 REALCOMP
• 2007-11-02 Sold (MLS) $4,500 REALCOMP
• 2007-06-18 Listed $5,900 REALCOMP
• 2004-05-18 Sold (Public Records) $76,500 Public Records
• 1997-01-23 Sold (Public Records) $25,000 Public Records

Property tax history

+7.2%/yr

Latest (2025): $3,303 · +37.3% YoY. Source: county tax records.