15860 Pierson St · Detroit, MI 48223

$50,000

2 bd · 1.0 ba · 1,045 sqft · SingleFamily public records · 81 Days on market

Built 1931 5,663 sqft lot $48/sqft · 16% above area Est $45k · 10% 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
• Livability +3.7/5.0
• ARV discount +2.8/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 2-bedroom home with great potential! This property features a solid roof and a dry attic, providing a strong foundation for future updates. The home is in need of a quick, basic interior rehab, ideal for investors or buyers looking to add their personal touch. With its solid structure and good bones, this home offers an excellent opportunity for rental income or long-term investment growth. Renovations are underway! Property includes a side lot with a separate deed.

Key facts

• 5,663 sq ft lot
• Garage
• Built 1931

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $574 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Cap rate 20.1% 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: 158 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 33% of the median local income ($45k/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 $346 of loan paydown is wiped out by about $2k 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 + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $450k (90%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $50k implies a 175% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $47,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 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 1931 — 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: 2.43% ✓
• Cap rate: 20.07%
• Cash-on-cash: 49.21%
• DSCR: 3.19
• GRM: 3.4

CMA / ARV

• ARV (median comp): $45,308
• List price: $50,000
• Delta: 10.36%
• 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
16616 Blackstone St	0.35mi	2/1.0	1,102 (+6%)	0mo	$45,000	$41	74
15836 Patton St	0.12mi	3/1.0 (+1)	1,122 (+7%)	6mo	$42,500	$38	72
15518 Kentfield St	0.34mi	3/1.5 (+1)	1,092 (+4%)	4mo	$165,500	$152	66
16122 Trinity St	0.15mi	3/2.5 (+1)	1,152 (+10%)	4mo	$169,900	$147	62
15452 Stout St	0.34mi	3/1.0 (+1)	1,110 (+6%)	8mo	$152,000	$137	62
15754 Evergreen Rd	0.45mi	3/1.0 (+1)	1,091 (+4%)	9mo	$67,000	$61	59
15776 Evergreen Rd	0.44mi	3/1.0 (+1)	1,122 (+7%)	4mo	$60,000	$53	58
15361 Patton St	0.35mi	3/1.0 (+1)	950 (-9%)	8mo	$80,000	$84	57
15411 Lahser Rd	0.65mi	3/2.0 (+1)	1,025 (-2%)	4mo	$42,000	$41	54
15340 Heyden St	0.50mi	3/1.0 (+1)	1,125 (+8%)	9mo	$87,000	$77	51
15835 Burgess St	0.46mi	3/1.0 (+1)	918 (-12%)	9mo	$93,000	$101	46
17126 Patton St	0.60mi	3/1.0 (+1)	960 (-8%)	10mo	$75,900	$79	45

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 46.9%
• Equity multiple: 3.04×
• Total profit: $28,504
• Equity at exit: $7,455

10-year hold

• IRR: 52.6%
• Equity multiple: 6.15×
• Total profit: $72,076
• Equity at exit: $4,323

Cash invested: $14,000 (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 48223

• Active inventory: 158
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,215 high
• Mortgage (P&I): −$262
• Tax from tax record: −$103 /mo · $1,231/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $574

Break-even live

Break-even rent $488

Max offer price $50,000

Occupancy floor 48%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16194 Fielding St Unit 2 Detroit, MI	2.0	1.0	750	$950	$1.27	15d	1	0.23mi
16717 Trinity St Detroit, MI	3.0	1.5	1101	$1,250	$1.14	44d	1	0.36mi
15340 Braile St Detroit, MI	3.0	1.0	883	$1,000	$1.13	5d	1	0.39mi
15815 Evergreen Rd Detroit, MI	3.0	1.0	1350	$1,300	$0.96	44d	1	0.41mi
15712 Vaughan St Detroit, MI	3.0	1.0	1280	$1,400	$1.09	15d	1	0.42mi
15712 Evergreen Rd Detroit, MI	2.0	1.0	850	$1,050	$1.24	44d	1	0.47mi
15318 Kentfield St Detroit, MI	3.0	1.5	900	$1,400	$1.56	44d	1	0.50mi
15519 Plainview Ave Detroit, MI	3.0	1.0	900	$1,396	$1.55	17d	1	0.53mi
15829 Minock St Detroit, MI	3.0	1.5	1200	$1,550	$1.29	24d	1	0.60mi
16700 Lahser Rd Apt 18 Detroit, MI	2.0	1.0	750	$900	$1.20	44d	1	0.64mi
17255 Westbrook St Detroit, MI	3.0	2.0	1500	$1,450	$0.97	11d	1	0.74mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$838	$1.20	24d	2	0.77mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$850	$1.21	44d	2	0.77mi
16885 Lahser Rd Apt 3A Detroit, MI	1.0	1.0	700	$750	$1.07	44d	1	0.77mi
17274 Bentler St #46 Detroit, MI	2.0	1.0	700	$850	$1.21	17d	1	0.79mi
15847 Chatham St Detroit, MI	3.0	1.0	909	$1,325	$1.46	5d	1	0.90mi
14541 Kentfield St Detroit, MI	3.0	1.0	797	$1,300	$1.63	17d	1	0.94mi
17624 Patton St Detroit, MI	3.0	1.0	1260	$1,695	$1.35	44d	1	0.96mi
21440 Bennett St Detroit, MI	3.0	1.0	1037	$1,394	$1.34	17d	1	0.98mi
18025 Bentler St Detroit, MI	3.0	1.0	728	$1,250	$1.72	24d	1	1.04mi
21451 Glenco St Detroit, MI	3.0	1.0	1026	$1,400	$1.36	17d	1	1.07mi
17238 Shaftsbury Ave Detroit, MI	3.0	1.0	1200	$1,550	$1.29	44d	1	1.08mi
16823 Stahelin Ave Detroit, MI	3.0	2.5	1500	$1,600	$1.07	18d	1	1.09mi
18134 Vaughan St Detroit, MI	3.0	1.0	1060	$1,150	$1.08	17d	1	1.11mi
18205 Stout St Detroit, MI	3.0	1.0	901	$1,078	$1.20	24d	1	1.12mi
18191 Heyden St Detroit, MI	2.0	1.0	917	$1,100	$1.20	24d	1	1.13mi
19431 Lyndon St Detroit, MI	2.0	1.0	1000	$1,275	$1.27	44d	1	1.16mi
18045 Lahser Rd Detroit, MI	1.0	1.0	670	$960	$1.43	5d	2	1.17mi
18274 Fielding St Detroit, MI	2.0	1.0	700	$1,200	$1.71	17d	1	1.17mi
17328 McIntyre St Unit 2 Detroit, MI	3.0	1.0	1200	$1,250	$1.04	44d	1	1.19mi
22241 Lyndon St Detroit, MI	3.0	1.0	960	$1,100	$1.15	17d	1	1.21mi
21434 Karl St Detroit, MI	2.0	1.0	1000	$1,350	$1.35	44d	1	1.21mi
17355 McIntyre St Detroit, MI	3.0	1.0	1500	$1,250	$0.83	44d	1	1.22mi
14258 Plainview Ave Detroit, MI	3.0	1.0	918	$1,200	$1.31	44d	1	1.23mi
18437 Trinity St Detroit, MI	3.0	1.0	875	$1,364	$1.56	15d	1	1.25mi
14347 Westwood St Detroit, MI	2.0	1.0	706	$1,200	$1.70	24d	1	1.25mi
21455 Pickford St Detroit, MI	2.0	1.0	1000	$1,275	$1.27	44d	1	1.25mi
18461 Heyden St Detroit, MI	2.0	1.0	1000	$1,050	$1.05	5d	1	1.29mi
17654 Sunderland Rd Detroit, MI	3.0	1.0	1100	$1,500	$1.36	44d	1	1.35mi
18556 Kentfield St Detroit, MI	3.0	1.0	952	$1,250	$1.31	3d	1	1.37mi

Listing history 26 events

1. 2026-06-18
   days on market $50,000 Active 81 DOM
2. 2026-06-17
   days on market $50,000 Active 80 DOM
3. 2026-06-15
   days on market $50,000 Active 78 DOM
4. 2026-06-13
   days on market $50,000 Active 76 DOM
5. 2026-06-13
   days on market $50,000 Active 75 DOM
6. 2026-06-09
   days on market $50,000 Active 72 DOM
7. 2026-06-08
   days on market $50,000 Active 71 DOM
8. 2026-06-07
   days on market $50,000 Active 70 DOM
9. 2026-06-04
   days on market $50,000 Active 67 DOM
10. 2026-06-03
    days on market $50,000 Active 66 DOM
11. 2026-06-02
    days on marketlisting id $50,000 Active 65 DOM
12. 2026-06-02
    listing id $50,000 Active 64 DOM
13. 2026-06-01
    days on market $50,000 Active 64 DOM
14. 2026-05-31
    days on market $50,000 Active 63 DOM
15. 2026-03-31
    price $50,000 479-char remark

    Show marketing remark (480 chars)

    Charming 2-bedroom home with great potential! This property features a solid roof and a dry attic, providing a strong foundation for future updates. The home is in need of a quick, basic interior rehab, ideal for investors or buyers looking to add their personal touch. With its solid structure and good bones, this home offers an excellent opportunity for rental income or long-term investment growth. Renovations are underway! Property includes a side lot with a separate deed.

16. 2026-03-31
    price $50,000 480-char remark

    Show marketing remark (480 chars)

    Charming 2-bedroom home with great potential! This property features a solid roof and a dry attic, providing a strong foundation for future updates. The home is in need of a quick, basic interior rehab, ideal for investors or buyers looking to add their personal touch. With its solid structure and good bones, this home offers an excellent opportunity for rental income or long-term investment growth. Renovations are underway! Property includes a side lot with a separate deed.

17. 2026-03-30
    listed $500,000 Active 479-char remark

    Show marketing remark (480 chars)

    Charming 2-bedroom home with great potential! This property features a solid roof and a dry attic, providing a strong foundation for future updates. The home is in need of a quick, basic interior rehab, ideal for investors or buyers looking to add their personal touch. With its solid structure and good bones, this home offers an excellent opportunity for rental income or long-term investment growth. Renovations are underway! Property includes a side lot with a separate deed.

18. 2026-03-30
    listed $500,000 Active 480-char remark

    Show marketing remark (480 chars)

    Charming 2-bedroom home with great potential! This property features a solid roof and a dry attic, providing a strong foundation for future updates. The home is in need of a quick, basic interior rehab, ideal for investors or buyers looking to add their personal touch. With its solid structure and good bones, this home offers an excellent opportunity for rental income or long-term investment growth. Renovations are underway! Property includes a side lot with a separate deed.

19. 2026-03-25
    historical $500,000 479-char remark

    Show marketing remark (479 chars)

    Charming 2-bedroom home with great potential! This property features a solid roof and a dry attic, providing a strong foundation for future updates. The home is in need of a quick, basic interior rehab, ideal for investors or buyers looking to add their personal touch. With its solid structure and good bones, this home offers an excellent opportunity for rental income or long-term investment growth. Renovations are underway! Property includes a side lot with a separate deed.

20. 2026-03-02
    historical
21. 2026-03-02
    historical
22. 2025-10-22
    listed $35,000 Active
23. 2025-10-22
    listed $35,000 Active
24. 2025-10-16
    historical
25. 1995-05-18
    soldstatus $18,157
26. 1991-04-24
    soldstatus $19,900

ⓘ 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: $1,231 · $103/mo
• Projected year-2 tax: $1,231 · $103/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 ≥98°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: $14,577
• − Mortgage interest: −$2,801
• − Property taxes: −$1,231
• − Insurance: −$250
• − Repairs & maintenance: −$1,166
• − Management: −$1,166
• − Depreciation: −$1,455
• Taxable income: $6,509
• Est. tax owed @ 24.0%: −$1,562
• After-tax cash flow: $5,327/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): 22,622
• Household income: $44,512
• Rent vs Own: 43.8% rent · 56.2% own
• Severe rent burden: 1151.0

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 (86%)
• Race & ethnicity: Black 86% White 7% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Romanian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -303.41%
• Current HPI: 138.2779
• Rent YoY: —
• 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

+151.3% since first listed

12 events — show timeline

• 2026-03-31 Price Changed $50,000 MiRealSource-MiMLS
• 2026-03-31 Price Changed $50,000 REALCOMP
• 2026-03-30 Listed $500,000 MiRealSource-MiMLS
• 2026-03-30 Listed $500,000 REALCOMP
• 2026-03-25 Coming Soon $500,000 MiRealSource-MiMLS
• 2026-03-02 Listing Removed — REALCOMP
• 2026-03-02 Listing Removed — MiRealSource-MiMLS
• 2025-10-22 Listed $35,000 MiRealSource-MiMLS
• 2025-10-22 Listed $35,000 REALCOMP
• 2025-10-16 Coming Soon — MiRealSource-MiMLS
• 1995-05-18 Sold (Public Records) $18,157 Public Records
• 1991-04-24 Sold (Public Records) $19,900 Public Records

Property tax history

+1.4%/yr

Latest (2025): $1,231 · -55.4% YoY. Source: county tax records.