15778 Indiana St · Detroit, MI 48238

$128,900

4 bd · 2.0 ba · 2,117 sqft · Townhouse public records · 43 Days on market

Built 1928 3,920 sqft lot

---

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 +19.3/30.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 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

Excellent opportunity for both homeowners and investors in Detroit! This expansive two-family flat offers flexibility and strong potential. Featuring two living rooms, two dining rooms, an upgraded kitchen. The home is perfect for buyers looking to add value while keeping it multi-family or converting it to a spacious single-family residence. BATVAI.

Key facts

• Two dining rooms
• Upgraded kitchen
• Two living rooms

Tags

• TWO LIVING ROOMS
• TWO DINING ROOMS
• UPGRADED KITCHEN

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $129k.

Deal economics

• At list price, monthly cash flow is $141 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Recommended offer: $125k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 10.1% in Detroit — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; 10 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).
• At $1,620/mo this rent would consume 58% 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 $891 of loan paydown is wiped out by about $4k 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 $36k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($125k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 7y 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: property tax is 3.8% of price; built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,033 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 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 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.26% ✓
• Cap rate: 7.60%
• Cash-on-cash: 4.68%
• DSCR: 1.21
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.14% rent growth · sell at horizon

5-year hold

• IRR: -4.6%
• Equity multiple: 0.82×
• Total profit: $-6,469
• Equity at exit: $19,219

10-year hold

• IRR: 9.1%
• Equity multiple: 1.82×
• Total profit: $29,729
• Equity at exit: $11,145

Cash invested: $36,092 (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: 6.6×

Monthly cashflow live

• Estimated rent: $1,620 high
• Mortgage (P&I): −$676
• Tax from tax record: −$409 /mo · $4,910/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$340
• Net cashflow: $141

Break-even live

Break-even rent $1,442

Max offer price $128,900

Occupancy floor 86%

Sensitivity live

Price	-10% $214	-5% $177	+0% $141	+5% $104	+10% $68
Rent	-10% $13	-5% $77	+0% $141	+5% $205	+10% $269
Rate	-1.0pp $206	-0.5pp $174	base $141	+0.5pp $107	+1.0pp $73

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: $32,225
• Closing costs: $3,867
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15756 Ohio St Detroit, MI	5.0	2.0	1934	$1,700	$0.88	25d	1	0.09mi
15457 Cloverlawn St Detroit, MI	3.0	2.0	1500	$1,275	$0.85	25d	1	0.25mi
16211 Kentucky St Detroit, MI	4.0	2.0	2168	$1,995	$0.92	18d	1	0.32mi
16546 Wisconsin St Detroit, MI	3.0	1.0	1577	$1,500	$0.95	44d	1	0.41mi
16934 Ilene St Detroit, MI	3.0	1.5	1516	$1,400	$0.92	21d	1	0.70mi
Ohio St Unit 4 Detroit, MI	4.0	1.5	1400	$750	$0.54	44d	1	0.81mi
16230 Cheyenne St Detroit, MI	3.0	1.0	1653	$1,450	$0.88	44d	1	0.97mi
14242 Ohio St Detroit, MI	4.0	1.0	1400	$1,000	$0.71	44d	1	1.01mi
17530 Roselawn St Unit 1 Detroit, MI	3.0	2.0	1600	$2,000	$1.25	25d	1	1.01mi
16505 Stansbury St Detroit, MI	3.0	1.0	1700	$1,345	$0.79	44d	1	1.37mi

Listing history 41 events

1. 2026-04-11
   listed $128,900 Active 352-char remark

   Show marketing remark (352 chars)

   Excellent opportunity for both homeowners and investors in Detroit! This expansive two-family flat offers flexibility and strong potential. Featuring two living rooms, two dining rooms, an upgraded kitchen. The home is perfect for buyers looking to add value while keeping it multi-family or converting it to a spacious single-family residence. BATVAI.

2. 2026-04-10
   listed $128,900 Active 352-char remark

   Show marketing remark (352 chars)

   Excellent opportunity for both homeowners and investors in Detroit! This expansive two-family flat offers flexibility and strong potential. Featuring two living rooms, two dining rooms, an upgraded kitchen. The home is perfect for buyers looking to add value while keeping it multi-family or converting it to a spacious single-family residence. BATVAI.

3. 2026-03-02
   historical
4. 2026-03-02
   historical
5. 2026-02-28
   listed $134,900 Active
6. 2026-02-28
   listed $134,900 Active
7. 2026-02-24
   historical
8. 2026-02-24
   historical
9. 2026-01-27
   price $138,500
10. 2026-01-26
    price $138,500
11. 2025-12-16
    listed $140,000 Active
12. 2025-12-16
    listed $140,000 Active
13. 2025-10-06
    historical
14. 2025-09-19
    price $124,900
15. 2025-09-19
    status Active
16. 2025-09-19
    status Active
17. 2025-09-19
    price $124,900
18. 2025-09-15
    historical
19. 2025-09-15
    historical
20. 2025-09-10
    price $149,900
21. 2025-09-09
    price $149,900
22. 2025-09-04
    price $159,900
23. 2025-09-03
    price $159,900
24. 2025-08-19
    listed $164,900 Active
25. 2025-08-19
    listed $164,900 Active
26. 2023-04-04
    soldstatus $147,000
27. 2022-02-07
    soldstatus $55,000
28. 2021-09-17
    soldstatus $55,000 Sold
29. 2021-09-17
    soldstatus $55,000 Closed
30. 2021-09-14
    historical
31. 2021-09-10
    status Pending
32. 2021-09-10
    status Pending
33. 2021-08-11
    listed $50,000 Active
34. 2021-08-11
    listed $50,000 Active
35. 2019-09-10
    status Pending
36. 2019-09-09
    listed $28,900 Active
37. 2019-09-09
    historical
38. 2019-09-09
    historical
39. 2019-04-30
    price $28,900
40. 2019-04-12
    listed $29,900 Active
41. 2019-04-12
    listed $28,900

ⓘ 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: $4,910 · $409/mo
• Projected year-2 tax: $4,910 · $409/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $19,436
• − Mortgage interest: −$7,220
• − Property taxes: −$4,910
• − Insurance: −$644
• − Repairs & maintenance: −$1,555
• − Management: −$1,555
• − Depreciation: −$3,750
• Taxable loss: −$198
• Est. tax savings @ 24.0%: +$48
• After-tax cash flow: $1,736/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

+331.1% since first listed

41 events — show timeline

• 2026-04-11 Listed $128,900 REALCOMP
• 2026-04-10 Listed $128,900 MiRealSource-MiMLS
• 2026-03-02 Listing Removed — REALCOMP
• 2026-03-02 Listing Removed — MiRealSource-MiMLS
• 2026-02-28 Listed $134,900 REALCOMP
• 2026-02-28 Listed $134,900 MiRealSource-MiMLS
• 2026-02-24 Listing Removed — REALCOMP
• 2026-02-24 Listing Removed — MiRealSource-MiMLS
• 2026-01-27 Price Changed $138,500 MiRealSource-MiMLS
• 2026-01-26 Price Changed $138,500 REALCOMP
• 2025-12-16 Listed $140,000 MiRealSource-MiMLS
• 2025-12-16 Listed $140,000 REALCOMP
• 2025-10-06 Listing Removed — MiRealSource-MiMLS
• 2025-09-19 Price Changed $124,900 MiRealSource-MiMLS
• 2025-09-19 Relisted — MiRealSource-MiMLS
• 2025-09-19 Relisted — REALCOMP
• 2025-09-19 Price Changed $124,900 REALCOMP
• 2025-09-15 Listing Removed — REALCOMP
• 2025-09-15 Listing Removed — MiRealSource-MiMLS
• 2025-09-10 Price Changed $149,900 MiRealSource-MiMLS
• 2025-09-09 Price Changed $149,900 REALCOMP
• 2025-09-04 Price Changed $159,900 MiRealSource-MiMLS
• 2025-09-03 Price Changed $159,900 REALCOMP
• 2025-08-19 Listed $164,900 REALCOMP
• 2025-08-19 Listed $164,900 MiRealSource-MiMLS
• 2023-04-04 Sold (Public Records) $147,000 Public Records
• 2022-02-07 Sold (Public Records) $55,000 Public Records
• 2021-09-17 Sold (MLS) $55,000 MiRealSource-MiMLS
• 2021-09-17 Sold (MLS) $55,000 REALCOMP
• 2021-09-14 Listing Removed — REALCOMP
• 2021-09-10 Pending — MiRealSource-MiMLS
• 2021-09-10 Pending — REALCOMP
• 2021-08-11 Listed $50,000 MiRealSource-MiMLS
• 2021-08-11 Listed $50,000 REALCOMP
• 2019-09-10 Pending — MiRealSource-MiMLS
• 2019-09-09 Listed $28,900 MiRealSource-MiMLS
• 2019-09-09 Listing Removed — REALCOMP
• 2019-09-09 Listing Removed — MiRealSource-MiMLS
• 2019-04-30 Price Changed $28,900 MiRealSource-MiMLS
• 2019-04-12 Listed $28,900 REALCOMP
• 2019-04-12 Listed $29,900 MiRealSource-MiMLS

Property tax history

+7.6%/yr

Latest (2025): $4,910 · -37.2% YoY. Source: county tax records.