15640 Inverness St · Detroit, MI 48238

$40,000

2 bd · 1.0 ba · 976 sqft · SingleFamily public records · 4 Days on market

Built 1924 3,920 sqft lot Est $35k · 14% 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
• Rent growth +4.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• ARV discount +1.3/15.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Special – Double Lot Included! Great investment opportunity for the savvy investor looking to bring new life to a property with tremendous potential. This home requires a complete renovation but offers the opportunity to create a strong rental property or value-add investment once improvements are completed. The sale includes the adjacent double lot to the left of the home, providing additional space and future possibilities. Inside, you'll find a bonus living area, separate dining room, spacious room sizes, a full open basement, and a huge attic offering ample storage or potential expansion opportunities. Additional features include a large covered front porch and a functional layout ready for your vision and updates. Property is being sold as-is.

Key facts

• Bonus living area
• Huge attic
• Separate dining room

Tags

• DOUBLE LOT
• BONUS LIVING AREA
• SEPARATE DINING ROOM
• FULL OPEN BASEMENT
• HUGE ATTIC
• LARGE COVERED FRONT PORCH

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One level; Ground-level entry with steps
• Construction: Constructed with aluminum siding, block, vinyl siding, and wood siding; Block foundation
• Exterior features: Paved road access; Lot approximately 0.09 acres (30 x 127)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Unfinished basement; Total of 5 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $561 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Cap rate 23.1% vs local median 10.0% 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: 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.
• Zoned schools: Paul Robeson Malcolm X Academy (math 10% / reading 10%, grade F, #1,230 of 1,397 statewide, top 91%, 395 students, 88% FRL); Mumford High School (math 24% / reading 24%, grade F, #481 of 713 statewide, top 81%, 889 students, 86% FRL) — zoned schools at 87% FRL track the district average.
• Market conditions: Rents rising fast (+6.1%/yr); 350 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 46d 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).
• This rent runs 38% 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 $277 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 + 6.1% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 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: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $40,000

Questions for the listing agent

1. Built in 1924 — 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: 2.65% ✓
• Cap rate: 23.11%
• Cash-on-cash: 60.07%
• DSCR: 3.67
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $35,136
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15560 La Salle Blvd	0.14mi	3/1.0 (+1)	1,022 (+5%)	1mo	$35,000	$34	80
15798 Muirland St	0.56mi	2/1.0	943 (-3%)	1mo	$29,000	$31	67
15834 Baylis St	0.09mi	3/1.0 (+1)	1,065 (+9%)	10mo	$111,500	$105	67
16200 Lawton St	0.48mi	3/1.0 (+1)	956 (-2%)	4mo	$56,500	$59	66
15488 Wildemere St	0.52mi	3/1.0 (+1)	949 (-3%)	1mo	$49,900	$53	65
1952 Louise St	0.35mi	3/1.0 (+1)	882 (-10%)	2mo	$33,000	$37	61
1983 Brighton St	0.47mi	3/1.0 (+1)	921 (-6%)	5mo	$40,000	$43	60
15774 Muirland St	0.56mi	2/1.0	1,018 (+4%)	10mo	$35,000	$34	58
15893 Alden St	0.45mi	2/1.5	836 (-14%)	1mo	$24,000	$29	52
2505 La Belle St	0.73mi	3/1.0 (+1)	1,027 (+5%)	2mo	$25,000	$24	51
15455 Wildemere St	0.55mi	3/1.0 (+1)	1,095 (+12%)	2mo	$18,500	$17	47
15494 Muirland St	0.56mi	2/1.0	1,090 (+12%)	9mo	$39,000	$36	47

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: 62.4%
• Equity multiple: 3.92×
• Total profit: $32,698
• Equity at exit: $5,964

10-year hold

• IRR: 67.9%
• Equity multiple: 9.00×
• Total profit: $89,634
• Equity at exit: $3,458

Cash invested: $11,200 (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: 350
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,060 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $561

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 42%

Sensitivity live

Price	-10% $588	-5% $575	+0% $561	+5% $547	+10% $533
Rent	-10% $477	-5% $519	+0% $561	+5% $603	+10% $644
Rate	-1.0pp $581	-0.5pp $571	base $561	+0.5pp $550	+1.0pp $540

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16174 Princeton St Unit 2 Detroit, MI	2.0	1.0	985	$1,100	$1.12	46d	1	0.45mi
16174 Princeton St Detroit, MI	2.0	1.0	985	$1,100	$1.12	21d	1	0.45mi
15906 Alden St Detroit, MI	3.0	1.0	1030	$1,150	$1.12	19d	1	0.46mi
16927 Inverness St Detroit, MI	2.0	1.0	897	$1,650	$1.84	19d	1	0.68mi
1705 Oakman Blvd Unit 10 Detroit, MI	1.0	1.0	650	$895	$1.38	26d	1	0.73mi
1705 Oakman Blvd Unit 5 Detroit, MI	1.0	1.0	650	$895	$1.38	46d	1	0.73mi
1705 Oakman Blvd Unit 8 Detroit, MI	1.0	1.0	650	$950	$1.46	0d	1	0.73mi
2433 Pasadena St Unit 2435 Detroit, MI	2.0	1.0	700	$1,025	$1.46	46d	1	0.76mi
2623 W McNichols Rd Unit 23106 Detroit, MI	1.0	1.0	750	$1,075	$1.43	46d	1	0.78mi
13641 La Salle Blvd Detroit, MI	1.0	1.0	800	$775	$0.97	26d	1	0.80mi
13639 La Salle Blvd Detroit, MI	2.0	1.0	800	$695	$0.87	13d	1	0.80mi
13639 La Salle Blvd Detroit, MI	1.0	1.0	800	$775	$0.97	46d	1	0.80mi
1875 Ewald Cir Unit 2E Detroit, MI	1.0	1.0	725	$875	$1.21	7d	1	0.84mi
941 Merton Rd Highland Park, MI	2.0	1.0	850	$1,000	$1.18	46d	1	0.85mi
17449 Manderson Rd Unit 16 Detroit, MI	1.0	1.0	700	$950	$1.36	26d	1	0.89mi
17449 Manderson Rd Unit 3 Detroit, MI	1.0	1.0	700	$950	$1.36	5d	1	0.89mi
17449 Manderson Rd Unit 1 Detroit, MI	2.0	1.0	750	$1,150	$1.53	26d	1	0.89mi
17449 Manderson Rd Unit 3 Detroit, MI	1.0	1.0	700	$1,015	$1.45	26d	1	0.89mi
17449 Manderson Rd Unit 8 Detroit, MI	1.0	1.0	700	$950	$1.36	22d	1	0.89mi
17449 Manderson Rd Unit 13 Detroit, MI	1.0	1.0	700	$1,010	$1.44	0d	1	0.89mi
17461 Manderson Rd Unit 5 Detroit, MI	1.0	1.0	700	$1,015	$1.45	24d	1	0.89mi
17497 Manderson Rd Unit 17 Detroit, MI	1.0	1.0	700	$1,015	$1.45	24d	1	0.92mi
17497 Manderson Rd Unit 18A Detroit, MI	1.0	1.0	700	$91,015	$130.02	24d	1	0.92mi
17497 Manderson Rd Unit 17A Detroit, MI	1.0	1.0	700	$1,015	$1.45	26d	1	0.92mi
2034 Ewald Cir Detroit, MI	2.0	1.0	1000	$995	$0.99	7d	1	0.96mi
730 Whitmore Rd Detroit, MI	1.0–2.0	1.0	850	$850	$1.00	46d	3	1.00mi
885 Covington Dr Unit 312 Highland Park, MI	1.0	1.0	650	$1,045	$1.61	46d	1	1.01mi
885 Covington Dr Unit 412 Highland Park, MI	1.0	1.0	600	$1,045	$1.74	17d	1	1.01mi
885 Covington Dr Unit 102 Highland Park, MI	1.0	1.0	550	$1,050	$1.91	46d	1	1.01mi
885 Covington Dr Unit 304 Highland Park, MI	1.0	1.0	600	$1,010	$1.68	46d	1	1.01mi
931 Covington Dr Unit 205 Highland Park, MI	1.0	1.0	550	$1,070	$1.95	46d	1	1.02mi
931 Covington Dr Unit 204 Highland Park, MI	1.0	1.0	550	$1,100	$2.00	46d	1	1.02mi
931 Covington Dr Unit 202 Highland Park, MI	2.0	2.0	550	$1,400	$2.55	46d	1	1.02mi
931 Covington Dr Unit 201 Highland Park, MI	1.0	1.0	550	$1,110	$2.02	46d	1	1.02mi
931 Covington Dr Unit 210 Highland Park, MI	1.0	1.0	550	$1,090	$1.98	46d	1	1.02mi
931 Covington Dr Unit 106 Highland Park, MI	1.0	2.0	1000	$1,275	$1.27	46d	1	1.02mi
931 Covington Dr Unit 206 Highland Park, MI	1.0	1.0	550	$1,095	$1.99	46d	1	1.02mi
931 Covington Dr Unit 216 Highland Park, MI	1.0	1.0	550	$1,125	$2.05	46d	1	1.02mi
931 Covington Dr Unit 214 Highland Park, MI	1.0	1.0	550	$930	$1.69	46d	1	1.02mi
17701 Manderson Rd Unit 202 Highland Park, MI	1.0	1.0	750	$900	$1.20	46d	1	1.05mi

Listing history 3 events

1. 2026-06-21
   days on market $40,000 Active 4 DOM
2. 2026-06-17
   remarks 693-char remark
3. 2026-06-17
   listed $40,000 Active 1 DOM

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 14 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: $12,716
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,017
• − Management: −$1,017
• − Depreciation: −$1,164
• Taxable income: $6,477
• Est. tax owed @ 24.0%: −$1,554
• After-tax cash flow: $5,174/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

+166.7% since first listed

21 events — show timeline

• 2026-06-17 Listed $40,000 REALCOMP
• 2026-06-16 Listed $40,000 MiRealSource-MiMLS
• 2025-08-15 Contingent — MiRealSource-MiMLS
• 2025-08-15 Contingent — REALCOMP
• 2025-08-15 Listing Removed — MiRealSource-MiMLS
• 2025-08-04 Price Changed $29,900 MiRealSource-MiMLS
• 2025-08-03 Price Changed $29,900 REALCOMP
• 2025-06-20 Listed $40,000 REALCOMP
• 2025-06-20 Listed $40,000 MiRealSource-MiMLS
• 2019-06-07 Listing Removed — REALCOMP
• 2019-06-07 Listing Removed — MiRealSource-MiMLS
• 2019-05-29 Price Changed $6,000 MiRealSource-MiMLS
• 2019-05-29 Price Changed $6,000 REALCOMP
• 2019-05-09 Price Changed $7,000 MiRealSource-MiMLS
• 2019-05-09 Price Changed $7,000 REALCOMP
• 2019-04-24 Price Changed $9,500 MiRealSource-MiMLS
• 2019-04-24 Price Changed $9,500 REALCOMP
• 2019-04-09 Price Changed $12,000 MiRealSource-MiMLS
• 2019-04-08 Price Changed $12,000 REALCOMP
• 2019-03-26 Listed $15,000 MiRealSource-MiMLS
• 2019-03-26 Listed $15,000 REALCOMP

Property tax history

+14.7%/yr

Latest (2025): $3,181 · +11.8% YoY. Source: county tax records.