15348 Quincy St · Detroit, MI 48238

$24,000

2 bd · 1.0 ba · 810 sqft · SingleFamily public records · 30 Days on market

Built 1923 3,485 sqft lot $30/sqft · 31% below area Est $35k · 31% under

---

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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

West Side Detroit investor special located in a Federal Opportunity Zone. This 2-bedroom, 1-bath property offers strong upside potential for investors or buyers looking to add value. Features an unfinished attic space with the possibility to finish and create an additional bedroom or expanded living area - buyer to verify all possibilities and measurements. Conveniently located near major roads, shopping, dining, and local amenities. Great opportunity to renovate and build equity at an attractive price point.

Key facts

• 3,485 sq ft lot
• Built 1923
• Listed 30 days

Tags

• UNFINISHED ATTIC SPACE
• OPPORTUNITY TO RENOVATE

Property features AI

Finance

• Other: Lot approximately 0.08 acres (30 x 119); Subdivision: A J GILLINGHAM; Directions: South of the Lodge and east of Livernois; cross street Livernois and Lodge
• Financial info: Annual tax approximately $684

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family home; One level; Ground-level entry with steps; Residential property
• Construction: Built with other construction materials; Block foundation
• Exterior features: Enclosed porch/patio; Paved road access

Interior

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

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $24k.

Deal economics

• At list price, monthly cash flow is $699 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $24k).
• Recommended offer: $24k (1.5% below list) — sets the bar for market timing.
• Cap rate 41.3% 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 (+6.1%/yr); 346 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 39% of the median local income ($33k/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 $166 of loan paydown is wiped out by about $720 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $23,640 (1.5% below list)

Questions for the listing agent

1. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 4.56% ✓
• Cap rate: 41.25%
• Cash-on-cash: 124.86%
• DSCR: 6.56
• GRM: 1.8

CMA / ARV

• ARV (median comp): $34,581
• List price: $24,000
• Delta: -30.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14890 Holmur St	0.24mi	2/1.0	779 (-4%)	10mo	$40,598	$52	74
7300 Ellsworth St	0.32mi	2/1.0	836 (+3%)	10mo	$30,000	$36	71
6362 Globe St	0.31mi	2/1.0	888 (+10%)	0mo	$15,000	$17	69
15893 Alden St	0.53mi	2/1.5	836 (+3%)	1mo	$24,000	$29	67
6445 SW Globe St S	0.35mi	2/1.0	795 (-2%)	18mo	$30,000	$38	65
7326 Ellsworth St	0.34mi	2/1.0	756 (-7%)	13mo	$35,000	$46	62
14601 San Juan Dr	0.62mi	3/1.5 (+1)	816 (+1%)	4mo	$37,000	$45	59
15841 Tuller St	0.60mi	3/1.0 (+1)	816 (+1%)	23mo	$27,200	$33	47
16230 Santa Rosa Dr	0.62mi	2/1.0	895 (+10%)	10mo	$120,000	$134	45
15865 Princeton St	0.58mi	2/1.0	714 (-12%)	16mo	$59,000	$83	40
14668 Greenlawn St	0.74mi	3/2.0 (+1)	870 (+7%)	22mo	$73,000	$84	26

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 · 6.14% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.58×
• Total profit: $44,229
• Equity at exit: $3,578

10-year hold

• IRR: —
• Equity multiple: 17.60×
• Total profit: $111,543
• Equity at exit: $2,075

Cash invested: $6,720 (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: 1.8×

Monthly cashflow live

• Estimated rent: $1,095 high
• Mortgage (P&I): −$126
• Tax est. 1.5%: −$30 /mo · $360/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $699

Break-even live

Break-even rent $210

Max offer price $24,000

Occupancy floor 31%

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: $6,000
• Closing costs: $720
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14950 Stoepel St Detroit, MI	2.0	1.0	600	$900	$1.50	24d	1	0.31mi
7350 Globe St Detroit, MI	3.0	1.0	1000	$1,550	$1.55	3d	1	0.40mi
15906 Alden St Detroit, MI	3.0	1.0	1030	$1,150	$1.12	16d	1	0.53mi
15771 Turner St Detroit, MI	2.0	1.0	1000	$1,049	$1.05	43d	1	0.60mi
16174 Princeton St Unit 2 Detroit, MI	2.0	1.0	985	$1,100	$1.12	43d	1	0.69mi
16174 Princeton St Detroit, MI	2.0	1.0	985	$1,100	$1.12	19d	1	0.69mi
3808 Kendall St Unit 3 Detroit, MI	1.0	1.0	550	$700	$1.27	43d	1	0.69mi
2034 Ewald Cir Detroit, MI	2.0	1.0	1000	$995	$0.99	5d	1	0.72mi
1875 Ewald Cir Unit 2E Detroit, MI	1.0	1.0	725	$875	$1.21	5d	1	0.73mi
1705 Oakman Blvd Unit 5 Detroit, MI	1.0	1.0	650	$895	$1.38	43d	1	0.78mi
1705 Oakman Blvd Unit 10 Detroit, MI	1.0	1.0	650	$895	$1.38	24d	1	0.78mi
2341 Ewald Cir Unit 3 Detroit, MI	1.0	1.0	600	$900	$1.50	43d	1	0.79mi
14656 Roselawn St Detroit, MI	3.0	1.0	1000	$1,200	$1.20	17d	1	0.80mi
3266 Pasadena St Unit 3 Detroit, MI	1.0	1.0	696	$700	$1.01	43d	1	0.85mi
3812 W Grand St Detroit, MI	2.0	1.0	1100	$1,025	$0.93	16d	1	0.93mi
16722 Tuller St Detroit, MI	3.0	1.5	1100	$1,500	$1.36	16d	1	0.93mi
14550 Northlawn St Detroit, MI	3.0	2.0	950	$1,200	$1.26	16d	1	0.94mi
2690 Ewald Cir Detroit, MI	1.0–2.0	1.0	750	$900	$1.20	24d	4	0.95mi
14570 Cherrylawn St Detroit, MI	3.0	1.0	840	$1,250	$1.49	12d	1	0.97mi
15777 Wisconsin St Unit 77 Detroit, MI	2.0	1.0	900	$950	$1.06	5d	1	0.99mi
17150 Santa Rosa Dr Detroit, MI	1.0	1.0	950	$1,250	$1.32	17d	1	0.99mi
17145 Santa Rosa Dr Unit 1 Detroit, MI	3.0	1.0	1050	$1,400	$1.33	18d	1	0.99mi
2623 W McNichols Rd Unit 23106 Detroit, MI	1.0	1.0	750	$1,075	$1.43	43d	1	1.01mi
17147 Monica St Unit 2 1 Detroit, MI	2.0	1.0	900	$975	$1.08	24d	1	1.01mi
2433 Pasadena St Unit 2435 Detroit, MI	2.0	1.0	700	$1,025	$1.46	43d	1	1.02mi
17215 Warrington Dr Detroit, MI	2.0	1.0	1015	$2,000	$1.97	43d	1	1.03mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	43d	1	1.04mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	24d	1	1.04mi
13639 La Salle Blvd Detroit, MI	2.0	1.0	800	$695	$0.87	11d	1	1.08mi
13639 La Salle Blvd Detroit, MI	1.0	1.0	800	$775	$0.97	43d	1	1.08mi
13641 La Salle Blvd Detroit, MI	1.0	1.0	800	$775	$0.97	24d	1	1.08mi
15878 Kentucky St Detroit, MI	2.0	1.0	800	$900	$1.12	43d	1	1.11mi
15839 Kentucky St Detroit, MI	2.0	1.0	800	$1,200	$1.50	17d	1	1.13mi
16230 Indiana St Unit 2 Detroit, MI	2.0	1.0	1050	$1,200	$1.14	18d	1	1.14mi
3824 Tyler St Apt 1 Detroit, MI	3.0	1.0	900	$1,523	$1.69	16d	1	1.16mi
16927 Inverness St Detroit, MI	2.0	1.0	897	$1,650	$1.84	16d	1	1.16mi
3783 Tyler St Unit Lower Detroit, MI	3.0	1.0	1000	$1,150	$1.15	43d	1	1.18mi
2926 Ewald Cir Detroit, MI	2.0	1.0	800	$900	$1.12	17d	1	1.19mi
15765 Washburn St Detroit, MI	2.0	1.0	1093	$950	$0.87	43d	1	1.20mi
4203 Tyler St Detroit, MI	2.0	1.0	950	$895	$0.94	43d	1	1.23mi

Listing history 11 events

1. 2026-06-10
   status $24,000 Pending 30 DOM
2. 2026-06-09
   days on market $24,000 Active 30 DOM

   Show marketing remark (514 chars)

   West Side Detroit investor special located in a Federal Opportunity Zone. This 2-bedroom, 1-bath property offers strong upside potential for investors or buyers looking to add value. Features an unfinished attic space with the possibility to finish and create an additional bedroom or expanded living area - buyer to verify all possibilities and measurements. Conveniently located near major roads, shopping, dining, and local amenities. Great opportunity to renovate and build equity at an attractive price point.

3. 2026-06-08
   days on market $24,000 Active 29 DOM
4. 2026-06-07
   days on market $24,000 Active 28 DOM
5. 2026-06-04
   days on market $24,000 Active 25 DOM
6. 2026-06-03
   days on market $24,000 Active 24 DOM
7. 2026-06-02
   days on market $24,000 Active 23 DOM
8. 2026-06-01
   days on market $24,000 Active 22 DOM
9. 2026-05-31
   days on market $24,000 Active 21 DOM
10. 2026-05-08
    listed $24,000 Active 518-char remark

    Show marketing remark (514 chars)

    West Side Detroit investor special located in a Federal Opportunity Zone. This 2-bedroom, 1-bath property offers strong upside potential for investors or buyers looking to add value. Features an unfinished attic space with the possibility to finish and create an additional bedroom or expanded living area - buyer to verify all possibilities and measurements. Conveniently located near major roads, shopping, dining, and local amenities. Great opportunity to renovate and build equity at an attractive price point.

11. 2026-05-08
    listed $24,000 Active 514-char remark

    Show marketing remark (514 chars)

    West Side Detroit investor special located in a Federal Opportunity Zone. This 2-bedroom, 1-bath property offers strong upside potential for investors or buyers looking to add value. Features an unfinished attic space with the possibility to finish and create an additional bedroom or expanded living area - buyer to verify all possibilities and measurements. Conveniently located near major roads, shopping, dining, and local amenities. Great opportunity to renovate and build equity at an attractive price point.

ⓘ 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 ≥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: $13,140
• − Mortgage interest: −$1,344
• − Property taxes: −$360
• − Insurance: −$120
• − Repairs & maintenance: −$1,051
• − Management: −$1,051
• − Depreciation: −$698
• Taxable income: $8,515
• Est. tax owed @ 24.0%: −$2,044
• After-tax cash flow: $6,347/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

+0.0% since first listed

8 events — show timeline

• 2026-06-09 Pending — MiRealSource-MiMLS
• 2026-06-09 Pending — REALCOMP
• 2026-05-29 Relisted — MiRealSource-MiMLS
• 2026-05-29 Relisted — REALCOMP
• 2026-05-27 Pending — MiRealSource-MiMLS
• 2026-05-27 Pending — REALCOMP
• 2026-05-08 Listed $24,000 REALCOMP
• 2026-05-08 Listed $24,000 MiRealSource-MiMLS

Property tax history

+4.9%/yr

Latest (2025): $1,371 · +1.6% YoY. Source: county tax records.