15346 Dexter Ave · Detroit, MI 48238

$112,000

3 bd · 1.0 ba · 1,184 sqft · SingleFamily public records · 38 Days on market

Built 1923 3,920 sqft lot $95/sqft · 144% 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 +26.1/30.0
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• 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

Beautiful 3-bedroom, 2-full-bath home offering great potential for both homeowners and investors alike! Situated on a spacious double lot, this property provides plenty of backyard space perfect for family gatherings, summer BBQs, and outdoor entertaining. Features include a cozy living room, formal dining area ideal for holidays and family dinners. Conveniently located with easy access to the Lodge Freeway and just 15–20 minutes from Downtown Detroit. The additional adjacent lot offers exciting possibilities for a future garage or home expansion with city approval. Property is being sold AS IS.

Key facts

• Double lot
• Formal dining area
• Backyard space

Tags

• DOUBLE LOT
• BACKYARD SPACE
• FORMAL DINING AREA
• EASY ACCESS TO LODGE FREEWAY

Property features AI

Finance

• Financial info: Annual tax amount reported

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Ground-level entry with steps; Brick exterior
• Construction: Block foundation
• Exterior features: Paved road access; Lot approximately 0.09 acres (30 x 125)

Interior

• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas heating; ENERGY STAR qualified equipment; No cooling system
• Interior features: Six total rooms; Partially finished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $112k.

Deal economics

• At list price, monthly cash flow is $283 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $112k).
• Recommended offer: $109k (3.0% 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); 348 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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).
• At $1,283/mo this rent would consume 46% 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 $774 of loan paydown is wiped out by about $3k 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 $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y 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.

Risks & watch-outs

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

Recommended offer $108,640 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1923 — 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: 1.15% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.82%
• DSCR: 1.48
• GRM: 7.3

CMA / ARV

• ARV (median comp): $67,713
• List price: $112,000
• Delta: 65.40%
• 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
15021 Petoskey Ave	0.27mi	3/1.0	1,177 (-1%)	1mo	$28,000	$24	85
15863 Belden St	0.36mi	3/1.0	1,156 (-2%)	1mo	$18,600	$16	79
15455 Wildemere St	0.19mi	3/1.0	1,095 (-8%)	2mo	$18,500	$17	77
15904 Parkside St	0.45mi	3/1.5	1,204 (+2%)	2mo	$140,000	$116	73
15840 Lawton St	0.46mi	3/1.0	1,176 (-1%)	7mo	$38,000	$32	72
7447 Ellsworth St	0.58mi	3/1.0	1,160 (-2%)	5mo	$35,500	$31	65
14629 Monica St	0.61mi	3/1.0	1,128 (-5%)	4mo	$19,000	$17	60
14752 Petoskey Ave	0.41mi	3/1.5	1,029 (-13%)	0mo	$40,000	$39	57
6433 Globe St	0.44mi	3/1.0	1,344 (+14%)	7mo	$100,000	$74	51
15853 Santa Rosa Dr	0.51mi	4/1.0 (+1)	1,050 (-11%)	2mo	$140,000	$133	50
15560 La Salle Blvd	0.57mi	3/1.0	1,022 (-14%)	1mo	$35,000	$34	50
15379 Woodingham Dr	0.74mi	4/1.0 (+1)	1,300 (+10%)	4mo	$7,000	$5	41

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: 3.2%
• Equity multiple: 1.13×
• Total profit: $4,036
• Equity at exit: $16,700

10-year hold

• IRR: 15.5%
• Equity multiple: 2.43×
• Total profit: $44,975
• Equity at exit: $9,684

Cash invested: $31,360 (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: 348
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,283 high
• Mortgage (P&I): −$587
• Tax from tax record: −$97 /mo · $1,159/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $283

Break-even live

Break-even rent $925

Max offer price $112,000

Occupancy floor 73%

Sensitivity live

Price	-10% $346	-5% $315	+0% $283	+5% $251	+10% $219
Rent	-10% $181	-5% $232	+0% $283	+5% $333	+10% $384
Rate	-1.0pp $339	-0.5pp $311	base $283	+0.5pp $254	+1.0pp $224

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: $28,000
• Closing costs: $3,360
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15345 Parkside St Detroit, MI	3.0	1.0	1152	$1,300	$1.13	45d	1	0.18mi
15906 Alden St Detroit, MI	3.0	1.0	1030	$1,150	$1.12	18d	1	0.44mi
7350 Globe St Detroit, MI	3.0	1.0	1000	$1,550	$1.55	4d	1	0.53mi
16174 Princeton St Unit 2 Detroit, MI	2.0	1.0	985	$1,100	$1.12	45d	1	0.60mi
16174 Princeton St Detroit, MI	2.0	1.0	985	$1,100	$1.12	20d	1	0.60mi
2034 Ewald Cir Detroit, MI	2.0	1.0	1000	$995	$0.99	6d	1	0.66mi
15771 Turner St Detroit, MI	2.0	1.0	1000	$1,049	$1.05	45d	1	0.74mi
16582 Santa Rosa Dr Detroit, MI	3.0	1.0	1314	$1,399	$1.06	18d	1	0.77mi
16255 Lilac St Detroit, MI	3.0	1.0	1312	$1,394	$1.06	18d	1	0.84mi
2433 Pasadena St Unit 2435 Detroit, MI	2.0	1.0	700	$1,025	$1.46	45d	1	0.90mi
15457 Cloverlawn St Detroit, MI	3.0	2.0	1500	$1,275	$0.85	25d	1	0.91mi
3812 W Grand St Detroit, MI	2.0	1.0	1100	$1,025	$0.93	18d	1	0.91mi
14656 Roselawn St Detroit, MI	3.0	1.0	1000	$1,200	$1.20	18d	1	0.93mi
13639 La Salle Blvd Detroit, MI	2.0	1.0	800	$695	$0.87	12d	1	0.96mi
2690 Ewald Cir Detroit, MI	1.0–2.0	1.0	750	$900	$1.20	25d	4	1.00mi
2521 W McNichols Rd Unit B2 Detroit, MI	2.0	1.0	1300	$1,250	$0.96	45d	1	1.01mi
16722 Tuller St Detroit, MI	3.0	1.5	1100	$1,500	$1.36	18d	1	1.02mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	25d	1	1.03mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	45d	1	1.03mi
17145 Santa Rosa Dr Unit 1 Detroit, MI	3.0	1.0	1050	$1,400	$1.33	19d	1	1.05mi
4287 W Grand St Unit 4289 Detroit, MI	3.0	1.0	1250	$1,000	$0.80	45d	1	1.05mi
17215 Warrington Dr Detroit, MI	2.0	1.0	1015	$2,000	$1.97	45d	1	1.06mi
16927 Inverness St Detroit, MI	2.0	1.0	897	$1,650	$1.84	18d	1	1.07mi
14550 Northlawn St Detroit, MI	3.0	2.0	950	$1,200	$1.26	18d	1	1.07mi
17147 Monica St Unit 2 1 Detroit, MI	2.0	1.0	900	$975	$1.08	25d	1	1.07mi
3740 Tyler St Unit 1 Detroit, MI	3.0	1.0	1300	$1,300	$1.00	6d	1	1.11mi
14570 Cherrylawn St Detroit, MI	3.0	1.0	840	$1,250	$1.49	13d	1	1.11mi
17163 Prairie St Unit 1B Detroit, MI	3.0	1.5	1317	$1,350	$1.03	45d	1	1.11mi
3824 Tyler St Apt 1 Detroit, MI	3.0	1.0	900	$1,523	$1.69	18d	1	1.13mi
15777 Wisconsin St Unit 77 Detroit, MI	2.0	1.0	900	$950	$1.06	6d	1	1.14mi
3783 Tyler St Unit Lower Detroit, MI	3.0	1.0	1000	$1,150	$1.15	45d	1	1.14mi
1926 Clements St Unit 1926 Detroit, MI	3.0	1.0	1150	$1,250	$1.09	21d	1	1.15mi
1926 Clements St Detroit, MI	3.0	1.0	1150	$1,150	$1.00	6d	1	1.15mi
326 Eason St Highland Park, MI	3.0	1.0	1256	$1,300	$1.04	18d	1	1.16mi
Ohio St Unit 4 Detroit, MI	4.0	1.5	1400	$750	$0.54	45d	1	1.20mi
4203 Tyler St Detroit, MI	2.0	1.0	950	$895	$0.94	45d	1	1.21mi
16183 Wisconsin St Detroit, MI	3.0	1.5	1370	$1,400	$1.02	45d	1	1.23mi
13620 Tuller St Detroit, MI	4.0	1.0	1064	$1,374	$1.29	13d	1	1.24mi
2926 Ewald Cir Detroit, MI	2.0	1.0	800	$900	$1.12	18d	1	1.25mi
14011 Roselawn St Detroit, MI	4.0	1.5	1300	$1,450	$1.12	18d	1	1.26mi

Listing history 29 events

1. 2026-06-21
   days on market $112,000 Active 38 DOM
2. 2026-06-18
   days on market $112,000 Active 35 DOM
3. 2026-06-17
   days on market $112,000 Active 34 DOM
4. 2026-06-15
   days on market $112,000 Active 32 DOM
5. 2026-06-13
   days on market $112,000 Active 30 DOM
6. 2026-06-13
   days on market $112,000 Active 29 DOM
7. 2026-06-09
   days on market $112,000 Active 26 DOM
8. 2026-06-08
   days on market $112,000 Active 25 DOM
9. 2026-06-07
   days on market $112,000 Active 24 DOM
10. 2026-06-04
    days on market $112,000 Active 21 DOM
11. 2026-06-03
    days on market $112,000 Active 20 DOM
12. 2026-06-02
    days on market $112,000 Active 19 DOM
13. 2026-06-01
    days on market $112,000 Active 18 DOM
14. 2026-05-31
    days on market $112,000 Active 17 DOM
15. 2026-05-14
    listed $112,000 Active 621-char remark

    Show marketing remark (621 chars)

    Beautiful 3-bedroom, 2-full-bath home offering great potential for both homeowners and investors alike! Situated on a spacious double lot, this property provides plenty of backyard space perfect for family gatherings, summer BBQs, and outdoor entertaining. Features include a cozy living room, formal dining area ideal for holidays and family dinners. Conveniently located with easy access to the Lodge Freeway and just 15–20 minutes from Downtown Detroit. The additional adjacent lot offers exciting possibilities for a future garage or home expansion with city approval. Property is being sold AS IS.

16. 2026-05-14
    listed $112,000 Active 608-char remark

    Show marketing remark (621 chars)

    Beautiful 3-bedroom, 2-full-bath home offering great potential for both homeowners and investors alike! Situated on a spacious double lot, this property provides plenty of backyard space perfect for family gatherings, summer BBQs, and outdoor entertaining. Features include a cozy living room, formal dining area ideal for holidays and family dinners. Conveniently located with easy access to the Lodge Freeway and just 15–20 minutes from Downtown Detroit. The additional adjacent lot offers exciting possibilities for a future garage or home expansion with city approval. Property is being sold AS IS.

17. 2024-10-13
    historical
18. 2024-10-13
    historical
19. 2024-07-17
    listed $103,000 Active
20. 2024-07-16
    historical
21. 2024-07-16
    listed $103,000
22. 2024-05-27
    status Pending
23. 2024-05-25
    historical
24. 2024-05-25
    historical
25. 2024-04-21
    price $95,000
26. 2024-03-29
    price $115,000
27. 2024-03-08
    listed $120,000 Active
28. 2024-03-07
    historical
29. 2024-03-06
    listed $95,000

ⓘ 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: $1,159 · $97/mo
• Projected year-2 tax: $1,442 · $120/mo
• Expected delta: +$283/yr (+$24/mo · 24.4%)

ⓘ 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: $15,394
• − Mortgage interest: −$6,274
• − Property taxes: −$1,159
• − Insurance: −$560
• − Repairs & maintenance: −$1,232
• − Management: −$1,232
• − Depreciation: −$3,258
• Taxable income: $1,679
• Est. tax owed @ 24.0%: −$403
• After-tax cash flow: $2,991/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

+17.9% since first listed

15 events — show timeline

• 2026-05-14 Listed $112,000 REALCOMP
• 2026-05-14 Listed $112,000 MiRealSource-MiMLS
• 2024-10-13 Listing Removed — REALCOMP
• 2024-10-13 Listing Removed — MiRealSource-MiMLS
• 2024-07-17 Listed $103,000 MiRealSource-MiMLS
• 2024-07-16 Coming Soon — MiRealSource-MiMLS
• 2024-07-16 Listed $103,000 REALCOMP
• 2024-05-27 Pending — MiRealSource-MiMLS
• 2024-05-25 Listing Removed — REALCOMP
• 2024-05-25 Listing Removed — MiRealSource-MiMLS
• 2024-04-21 Price Changed $95,000 MiRealSource-MiMLS
• 2024-03-29 Price Changed $115,000 MiRealSource-MiMLS
• 2024-03-08 Listed $120,000 MiRealSource-MiMLS
• 2024-03-07 Coming Soon — MiRealSource-MiMLS
• 2024-03-06 Listed $95,000 REALCOMP

Property tax history

+3.0%/yr

Latest (2025): $1,159 · +19.4% YoY. Source: county tax records.