15840 Dexter Ave · Detroit, MI 48238

$89,000

3 bd · 1.0 ba · 768 sqft · SingleFamily public records · 76 Days on market

Built 1925 3,049 sqft lot $116/sqft · 121% above area

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Why this score? — see what drove the B- 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
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• 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

Whether you're looking for your first home or an addition to your investment portfolio, this property is ready for you to move in! Conveniently situated near freeways, shopping centers and so much more!! Freshly painted throughout and new carpeting. Don't wait and schedule your appointment today!

Key facts

• 3,049 sq ft lot
• Built 1925
• Listed 76 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $383 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $84k (6.0% 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); 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 44% 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 $615 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 $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 10 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 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.37% ✓
• Cap rate: 11.45%
• Cash-on-cash: 18.42%
• DSCR: 1.82
• GRM: 6.1

CMA / ARV

• ARV (median comp): $40,204
• List price: $89,000
• Delta: 121.37%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15893 Alden St	0.29mi	2/1.5 (-1)	836 (+9%)	1mo	$24,000	$29	64
14890 Holmur St	0.56mi	2/1.0 (-1)	779 (+1%)	10mo	$40,598	$52	58
6445 SW Globe St S	0.37mi	2/1.0 (-1)	795 (+4%)	18mo	$30,000	$38	56
7326 Ellsworth St	0.59mi	2/1.0 (-1)	756 (-2%)	13mo	$35,000	$46	54
15865 Princeton St	0.38mi	2/1.0 (-1)	714 (-7%)	16mo	$59,000	$83	52
7300 Ellsworth St	0.58mi	2/1.0 (-1)	836 (+9%)	10mo	$30,000	$36	45
15841 Tuller St	0.58mi	3/1.0	816 (+6%)	23mo	$27,200	$33	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 · 6.14% rent growth · sell at horizon

5-year hold

• IRR: 13.5%
• Equity multiple: 1.56×
• Total profit: $13,922
• Equity at exit: $13,270

10-year hold

• IRR: 24.6%
• Equity multiple: 3.44×
• Total profit: $60,902
• Equity at exit: $7,695

Cash invested: $24,920 (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: 6.1×

Monthly cashflow live

• Estimated rent: $1,221 high
• Mortgage (P&I): −$467
• Tax from tax record: −$78 /mo · $934/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $383

Break-even live

Break-even rent $736

Max offer price $89,000

Occupancy floor 64%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15906 Alden St Detroit, MI	3.0	1.0	1030	$1,150	$1.12	16d	1	0.30mi
16174 Princeton St Unit 2 Detroit, MI	2.0	1.0	985	$1,100	$1.12	43d	1	0.44mi
16174 Princeton St Detroit, MI	2.0	1.0	985	$1,100	$1.12	19d	1	0.44mi
7350 Globe St Detroit, MI	3.0	1.0	1000	$1,550	$1.55	3d	1	0.45mi
14950 Stoepel St Detroit, MI	2.0	1.0	600	$900	$1.50	24d	1	0.60mi
15771 Turner St Detroit, MI	2.0	1.0	1000	$1,049	$1.05	43d	1	0.66mi
17215 Warrington Dr Detroit, MI	2.0	1.0	1015	$2,000	$1.97	43d	1	0.78mi
17145 Santa Rosa Dr Unit 1 Detroit, MI	3.0	1.0	1050	$1,400	$1.33	17d	1	0.78mi
16722 Tuller St Detroit, MI	3.0	1.5	1100	$1,500	$1.36	16d	1	0.79mi
17147 Monica St Unit 2 1 Detroit, MI	2.0	1.0	900	$975	$1.08	24d	1	0.81mi
16927 Inverness St Detroit, MI	2.0	1.0	897	$1,650	$1.84	16d	1	0.89mi
2034 Ewald Cir Detroit, MI	2.0	1.0	1000	$995	$0.99	4d	1	0.94mi
17551 Santa Rosa Dr Detroit, MI	2.0	1.0	1036	$1,095	$1.06	43d	1	1.01mi
14656 Roselawn St Detroit, MI	3.0	1.0	1000	$1,200	$1.20	17d	1	1.05mi
15777 Wisconsin St Unit 77 Detroit, MI	2.0	1.0	900	$950	$1.06	4d	1	1.07mi
2433 Pasadena St Unit 2435 Detroit, MI	2.0	1.0	700	$1,025	$1.46	43d	1	1.12mi
16230 Indiana St Unit 2 Detroit, MI	2.0	1.0	1050	$1,200	$1.14	17d	1	1.14mi
17159 Northlawn St Unit 17161 Detroit, MI	2.0	1.0	1122	$975	$0.87	4d	1	1.15mi
15878 Kentucky St Detroit, MI	2.0	1.0	800	$900	$1.12	43d	1	1.16mi
13639 La Salle Blvd Detroit, MI	2.0	1.0	800	$695	$0.87	10d	1	1.18mi
15839 Kentucky St Detroit, MI	2.0	1.0	800	$1,200	$1.50	17d	1	1.18mi
3812 W Grand St Detroit, MI	2.0	1.0	1100	$1,025	$0.93	16d	1	1.19mi
14550 Northlawn St Detroit, MI	3.0	2.0	950	$1,200	$1.26	16d	1	1.20mi
14570 Cherrylawn St Detroit, MI	3.0	1.0	840	$1,250	$1.49	12d	1	1.22mi
2690 Ewald Cir Detroit, MI	1.0–2.0	1.0	750	$900	$1.20	24d	4	1.25mi
941 Merton Rd Highland Park, MI	2.0	1.0	850	$1,000	$1.18	43d	1	1.27mi
17449 Manderson Rd Unit 1 Detroit, MI	2.0	1.0	750	$1,150	$1.53	24d	1	1.27mi
15765 Washburn St Detroit, MI	2.0	1.0	1093	$950	$0.87	43d	1	1.29mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	43d	1	1.30mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	24d	1	1.30mi
17765 Manderson Rd Unit 8 Highland Park, MI	2.0	1.0	1000	$1,215	$1.22	1d	1	1.34mi
17765 Manderson Rd Unit 14 Highland Park, MI	2.0	1.0	1000	$1,175	$1.18	43d	1	1.34mi
931 Covington Dr Unit 202 Highland Park, MI	2.0	2.0	550	$1,400	$2.55	43d	1	1.36mi
3824 Tyler St Apt 1 Detroit, MI	3.0	1.0	900	$1,523	$1.69	16d	1	1.41mi
3783 Tyler St Unit Lower Detroit, MI	3.0	1.0	1000	$1,150	$1.15	43d	1	1.42mi
730 Whitmore Rd Detroit, MI	1.0–2.0	1.0	850	$850	$1.00	43d	3	1.44mi
13620 Tuller St Detroit, MI	4.0	1.0	1064	$1,374	$1.29	12d	1	1.47mi
2926 Ewald Cir Detroit, MI	2.0	1.0	800	$900	$1.12	17d	1	1.48mi
4203 Tyler St Detroit, MI	2.0	1.0	950	$895	$0.94	43d	1	1.49mi
15512 Mendota St Apt 2 Detroit, MI	2.0	1.0	1000	$1,200	$1.20	43d	1	1.49mi

Listing history 39 events

1. 2026-06-18
   days on market $89,000 Active 76 DOM
2. 2026-06-17
   days on market $89,000 Active 75 DOM
3. 2026-06-15
   days on market $89,000 Active 73 DOM
4. 2026-06-13
   days on market $89,000 Active 71 DOM
5. 2026-06-13
   days on market $89,000 Active 70 DOM
6. 2026-06-09
   days on market $89,000 Active 67 DOM
7. 2026-06-08
   days on market $89,000 Active 66 DOM
8. 2026-06-07
   days on market $89,000 Active 65 DOM
9. 2026-06-04
   days on market $89,000 Active 62 DOM
10. 2026-06-03
    days on market $89,000 Active 61 DOM
11. 2026-06-02
    days on market $89,000 Active 60 DOM
12. 2026-06-01
    days on market $89,000 Active 59 DOM
13. 2026-05-31
    days on market $89,000 Active 58 DOM
14. 2026-04-03
    historical

    Show marketing remark (297 chars)

    Whether you're looking for your first home or an addition to your investment portfolio, this property is ready for you to move in! Conveniently situated near freeways, shopping centers and so much more!! Freshly painted throughout and new carpeting. Don't wait and schedule your appointment today!

15. 2026-04-03
    listed $89,000 Active 297-char remark

    Show marketing remark (297 chars)

    Whether you're looking for your first home or an addition to your investment portfolio, this property is ready for you to move in! Conveniently situated near freeways, shopping centers and so much more!! Freshly painted throughout and new carpeting. Don't wait and schedule your appointment today!

16. 2026-04-03
    historical

    Show marketing remark (297 chars)

    Whether you're looking for your first home or an addition to your investment portfolio, this property is ready for you to move in! Conveniently situated near freeways, shopping centers and so much more!! Freshly painted throughout and new carpeting. Don't wait and schedule your appointment today!

17. 2026-04-03
    listed $89,000 Active

    Show marketing remark (297 chars)

    Whether you're looking for your first home or an addition to your investment portfolio, this property is ready for you to move in! Conveniently situated near freeways, shopping centers and so much more!! Freshly painted throughout and new carpeting. Don't wait and schedule your appointment today!

18. 2026-02-25
    listed $89,000 Active
19. 2026-02-25
    listed $89,000 Active
20. 2026-02-25
    historical
21. 2026-02-25
    historical
22. 2026-01-14
    listed $89,000 Active
23. 2026-01-14
    listed $89,000 Active
24. 2026-01-01
    historical
25. 2026-01-01
    historical
26. 2025-10-22
    price $89,000
27. 2025-10-22
    price $89,000
28. 2025-10-09
    listed $105,000 Active
29. 2025-10-09
    listed $105,000 Active
30. 2025-10-05
    historical
31. 2025-10-05
    historical
32. 2025-09-15
    price $105,000
33. 2025-09-15
    price $105,000
34. 2025-06-03
    price $115,500
35. 2025-06-02
    price $115,500
36. 2025-04-16
    listed $124,900 Active
37. 2025-04-16
    listed $124,900 Active
38. 2022-04-11
    soldstatus $92,000
39. 2022-04-05
    soldstatus $75,000

ⓘ 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: $934 · $78/mo
• Projected year-2 tax: $1,152 · $96/mo
• Expected delta: +$218/yr (+$18/mo · 23.4%)

ⓘ 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 2/10 Low 6 d/yr ≥97°F today · 13 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: $14,647
• − Mortgage interest: −$4,985
• − Property taxes: −$934
• − Insurance: −$445
• − Repairs & maintenance: −$1,172
• − Management: −$1,172
• − Depreciation: −$2,589
• Taxable income: $3,350
• Est. tax owed @ 24.0%: −$804
• After-tax cash flow: $3,787/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

+18.7% since first listed

26 events — show timeline

• 2026-04-03 Listed $89,000 REALCOMP
• 2026-04-03 Listing Removed — MiRealSource-MiMLS
• 2026-04-03 Listed $89,000 MiRealSource-MiMLS
• 2026-04-03 Listing Removed — REALCOMP
• 2026-02-25 Listed $89,000 REALCOMP
• 2026-02-25 Listing Removed — REALCOMP
• 2026-02-25 Listing Removed — MiRealSource-MiMLS
• 2026-02-25 Listed $89,000 MiRealSource-MiMLS
• 2026-01-14 Listed $89,000 REALCOMP
• 2026-01-14 Listed $89,000 MiRealSource-MiMLS
• 2026-01-01 Listing Removed — MiRealSource-MiMLS
• 2026-01-01 Listing Removed — REALCOMP
• 2025-10-22 Price Changed $89,000 MiRealSource-MiMLS
• 2025-10-22 Price Changed $89,000 REALCOMP
• 2025-10-09 Listed $105,000 REALCOMP
• 2025-10-09 Listed $105,000 MiRealSource-MiMLS
• 2025-10-05 Listing Removed — MiRealSource-MiMLS
• 2025-10-05 Listing Removed — REALCOMP
• 2025-09-15 Price Changed $105,000 MiRealSource-MiMLS
• 2025-09-15 Price Changed $105,000 REALCOMP
• 2025-06-03 Price Changed $115,500 MiRealSource-MiMLS
• 2025-06-02 Price Changed $115,500 REALCOMP
• 2025-04-16 Listed $124,900 MiRealSource-MiMLS
• 2025-04-16 Listed $124,900 REALCOMP
• 2022-04-11 Sold (Public Records) $92,000 Public Records
• 2022-04-05 Sold (Public Records) $75,000 Public Records

Property tax history

+1.7%/yr

Latest (2025): $934 · -7.9% YoY. Source: county tax records.