15485 Grayfield St · Detroit, MI 48223

$12,000

3 bd · 1.0 ba · 724 sqft · SingleFamily public records · 57 Days on market

Built 1923 3,920 sqft lot $17/sqft · 55% below area

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• 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

Opportunity for investors, rehabbers, or buyers looking for a renovation project in the Brightmoor area. This property requires a full rehab Located in an area experiencing ongoing investment and redevelopment, this property has strong potential for value-add improvements. Property Highlights: Full rehab required Investment opportunity Located in an area with active renovation activity Potential for rental or resale after improvements Opportunity For: Fix & flip investors Buy-and-hold investors Rental property portfolio expansion Buyer to verify all information.

Key facts

• Potential for rental
• 3,920 sq ft lot
• Built 1923

Tags

• INVESTMENT OPPORTUNITY
• POTENTIAL FOR RENTAL

Property features AI

Finance

• Other: Pets not allowed
• Financial info: Annual tax amount listed

Exterior

• Parking: Covered parking (no garage)
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property; One story; Ground-level entry; Lot dimensions approximately 34 x 120 (0.09 acres); Subdivision: B E TAYLORS BRIGHTMOOR WOLFRAM; Facing information not provided
• Construction: Asphalt construction material
• Exterior features: Exterior lighting; Cleared lot

Interior

• Kitchen: No appliances included
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Natural gas heating; Wall furnace
• Interior features: Other interior features; Crawl space basement; 5 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $12k.

Deal economics

• At list price, monthly cash flow is $776 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $12k).
• Recommended offer: $12k (3.0% below list) — sets the bar for market timing.
• Cap rate 83.9% 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: 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: 161 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 83% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $83 of loan paydown is wiped out by about $360 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 $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($12k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $3k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $11,640 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 9.06% ✓
• Cap rate: 83.90%
• Cash-on-cash: 277.18%
• DSCR: 13.33
• GRM: 0.9

CMA / ARV

• ARV (median comp): $26,697
• List price: $12,000
• Delta: -55.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15853 Beaverland St	0.28mi	3/1.0	727 (+0%)	12mo	$60,000	$83	76
16105 Chatham St	0.43mi	3/1.0	704 (-3%)	21mo	$35,000	$50	58
15341 Bramell St	0.28mi	2/1.0 (-1)	644 (-11%)	8mo	$12,000	$19	57
15361 Grayfield St	0.12mi	2/2.0 (-1)	815 (+13%)	11mo	$30,000	$37	56
24354 Puritan	0.64mi	2/1.0 (-1)	736 (+2%)	9mo	$72,150	$98	55
15777 Chatham	0.34mi	2/1.0 (-1)	696 (-4%)	21mo	$10,000	$14	55
24478 Pilgrim	0.68mi	2/1.0 (-1)	704 (-3%)	7mo	$95,000	$135	53
16548 Woodbine St	0.65mi	2/1.0 (-1)	720 (-1%)	14mo	$88,000	$122	52
16746 Bramell St	0.67mi	2/1.0 (-1)	755 (+4%)	7mo	$30,000	$40	51
15847 W Parkway St	0.25mi	2/1.0 (-1)	800 (+10%)	21mo	$28,000	$35	48
14889 Dacosta St	0.63mi	2/1.0 (-1)	665 (-8%)	8mo	$24,999	$38	45
16205 Lenore	0.70mi	2/1.0 (-1)	690 (-5%)	20mo	$91,000	$132	38

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: —
• Equity multiple: 15.14×
• Total profit: $47,503
• Equity at exit: $1,789

10-year hold

• IRR: —
• Equity multiple: 32.27×
• Total profit: $105,082
• Equity at exit: $1,038

Cash invested: $3,360 (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 48223

• Active inventory: 161
• Price-to-rent: 0.9×

Monthly cashflow live

• Estimated rent: $1,087 high
• Mortgage (P&I): −$63
• Tax est. 1.5%: −$15 /mo · $180/yr
• Insurance: −$5
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $776

Break-even live

Break-even rent $105

Max offer price $12,000

Occupancy floor 24%

Sensitivity live

Price	-10% $784	-5% $780	+0% $776	+5% $772	+10% $768
Rent	-10% $690	-5% $733	+0% $776	+5% $819	+10% $862
Rate	-1.0pp $782	-0.5pp $779	base $776	+0.5pp $773	+1.0pp $770

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

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16581 Wormer St Detroit, MI	2.0	1.0	720	$1,100	$1.53	45d	1	0.76mi
16700 Lahser Rd Apt 18 Detroit, MI	2.0	1.0	750	$900	$1.20	45d	1	0.85mi
14245 Riverview St Detroit, MI	2.0	1.0	750	$985	$1.31	45d	1	0.99mi
14180 Riverview St Unit 101 Detroit, MI	2.0	1.0	750	$975	$1.30	45d	1	1.03mi
14075 Riverview St Detroit, MI	1.0–2.0	1.0	925	$1,250	$1.35	45d	1	1.03mi
14176 Riverview St Unit 120 Detroit, MI	2.0	1.0	750	$975	$1.30	45d	1	1.05mi
14088 Riverview St Unit 108 Detroit, MI	2.0	1.0	750	$900	$1.20	45d	1	1.14mi
14088 Riverview St Unit 208 Detroit, MI	2.0	1.0	750	$985	$1.31	45d	1	1.14mi
14088 Riverview St Unit 207 Detroit, MI	2.0	1.0	750	$975	$1.30	45d	1	1.14mi
23636 Schoolcraft Rd Apt 212 Detroit, MI	2.0	1.0	750	$985	$1.31	45d	1	1.17mi
23636 Schoolcraft Rd Unit 109 Detroit, MI	2.0	1.0	750	$975	$1.30	45d	1	1.17mi
23648 Schoolcraft Rd Detroit, MI	2.0	1.0	750	$1,050	$1.40	45d	1	1.18mi
23838 Schoolcraft Rd Unit 209 Detroit, MI	2.0	1.0	750	$985	$1.31	45d	1	1.19mi
23838 Schoolcraft Rd Unit 109 Detroit, MI	2.0	1.0	750	$845	$1.13	45d	1	1.19mi
23838 Schoolcraft Rd Unit 212 Detroit, MI	2.0	1.0	750	$900	$1.20	45d	1	1.19mi
23842 Schoolcraft Rd Detroit, MI	2.0	1.0	750	$975	$1.30	45d	1	1.21mi
23850 Schoolcraft Rd Detroit, MI	2.0	1.0	750	$975	$1.30	45d	1	1.21mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$850	$1.21	45d	2	1.29mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$838	$1.20	25d	2	1.29mi
17274 Bentler St #46 Detroit, MI	2.0	1.0	700	$850	$1.21	18d	1	1.29mi
17270 Bentler St Detroit, MI	2.0	1.0	650	$850	$1.31	45d	1	1.30mi
16194 Fielding St Unit 2 Detroit, MI	2.0	1.0	750	$950	$1.27	16d	1	1.41mi
18025 Bentler St Detroit, MI	3.0	1.0	728	$1,250	$1.72	25d	1	1.47mi

Listing history 17 events

1. 2026-06-21
   days on market $12,000 Active 57 DOM
2. 2026-06-18
   days on market $12,000 Active 54 DOM
3. 2026-06-17
   days on market $12,000 Active 53 DOM
4. 2026-06-15
   days on market $12,000 Active 51 DOM
5. 2026-06-13
   days on market $12,000 Active 49 DOM
6. 2026-06-13
   days on market $12,000 Active 48 DOM
7. 2026-06-09
   days on market $12,000 Active 45 DOM
8. 2026-06-08
   days on market $12,000 Active 44 DOM
9. 2026-06-07
   days on market $12,000 Active 43 DOM
10. 2026-06-04
    days on market $12,000 Active 40 DOM
11. 2026-06-03
    days on market $12,000 Active 39 DOM
12. 2026-06-02
    days on market $12,000 Active 38 DOM
13. 2026-06-01
    days on market $12,000 Active 37 DOM
14. 2026-05-31
    days on market $12,000 Active 36 DOM
15. 2026-04-26
    listed $15,000 Active 577-char remark
16. 2026-04-25
    listed $15,000 Active 574-char remark

    Show marketing remark (574 chars)

    Opportunity for investors, rehabbers, or buyers looking for a renovation project in the Brightmoor area. This property requires a full rehab Located in an area experiencing ongoing investment and redevelopment, this property has strong potential for value-add improvements. Property Highlights: Full rehab required Investment opportunity Located in an area with active renovation activity Potential for rental or resale after improvements Opportunity For: Fix & flip investors Buy-and-hold investors Rental property portfolio expansion Buyer to verify all information.

17. 1995-05-22
    soldstatus $40,000

ⓘ 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 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 · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,049
• − Mortgage interest: −$672
• − Property taxes: −$180
• − Insurance: −$60
• − Repairs & maintenance: −$1,044
• − Management: −$1,044
• − Depreciation: −$349
• Taxable income: $9,700
• Est. tax owed @ 24.0%: −$2,328
• After-tax cash flow: $6,985/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

-70.0% since first listed

5 events — show timeline

• 2026-05-26 Price Changed $12,000 MiRealSource-MiMLS
• 2026-05-26 Price Changed $12,000 REALCOMP
• 2026-04-26 Listed $15,000 REALCOMP
• 2026-04-25 Listed $15,000 MiRealSource-MiMLS
• 1995-05-22 Sold (Public Records) $40,000 Public Records

Property tax history

+6.6%/yr

Latest (2025): $1,392 · +1.6% YoY. Source: county tax records.