2515 Ash St · Detroit, MI 48208

$18,000

3 bd · 1.0 ba · 1,296 sqft · Townhouse public records · 162 Days on market

Built 1910 1,307 sqft lot $14/sqft · 88% 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

Great opportunity for experienced investor. This townhouse style home is zoned R2 and located in Detroit's North Corktown. Sale includes three townhouse units 2511 Ash, 2515 Ash and 3095 17th St. Totaling $50K for the bundle. This property needs full rehab. Buyer must submit a proposal to purchase. This property needs full rehab. Buyer must submit a proposal to purchase. This should include detailed plans for rehab & financing plan with Proof Of Funds or Pre- Approval letter, or a new construction loan. The Tax Capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights & may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development financing. BATVAI Please see attached documents for DLBA requirements. Proposal should be submitted through google doc application. Use the link in the attachments. Proposal should be submitted through google doc application. Use the link in the attachments.

Key facts

• 1,307 sq ft lot
• Built 1910
• Listed 162 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $18k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $18k).
• Recommended offer: $16k (12.0% below list) — sets the bar for market timing.
• Cap rate 116.4% 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: 184 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).
• At $2,256/mo this rent would consume 75% of the median local household income ($36k/yr) (locally 601% 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 $124 of loan paydown is wiped out by about $540 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 $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 162 days — a 12% lower offer ($16k) is reasonable based on typical stale-listing flexibility.
• 7 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 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $15,840 (12.0% below list)

Questions for the listing agent

1. It's been on market 162 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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. 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?
8. 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.
9. 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.
10. 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: 12.53% ✓
• Cap rate: 116.42%
• Cash-on-cash: 393.30%
• DSCR: 18.50
• GRM: 0.7

CMA / ARV

• ARV (median comp): $260,686
• List price: $18,000
• Delta: -93.10%
• 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
3640 Trumbull St #21	0.69mi	2/2.5 (-1)	1,331 (+3%)	3mo	$357,970	$269	50
3642 Trumbull St #22	0.69mi	2/2.5 (-1)	1,331 (+3%)	7mo	$362,360	$272	47
3620 Trumbull St #8	0.71mi	2/2.5 (-1)	1,331 (+3%)	6mo	$360,335	$271	46
3646 Trumbull St #24	0.70mi	2/2.5 (-1)	1,331 (+3%)	7mo	$376,970	$283	46
3414 Cochrane St #5	0.56mi	2/2.5 (-1)	1,261 (-3%)	16mo	$400,450	$318	45
3628 Trumbull St #11	0.69mi	2/2.5 (-1)	1,331 (+3%)	8mo	$339,235	$255	45
3410 Cochrane St #6	0.57mi	2/2.5 (-1)	1,261 (-3%)	15mo	$409,350	$325	45
3410 Cochrane St #6	0.57mi	2/2.5 (-1)	1,261 (-3%)	15mo	$409,350	$325	45
3413 Cochrane St	0.53mi	2/2.5 (-1)	1,280 (-1%)	21mo	$395,750	$309	45
3415 Cochrane St #9	0.56mi	2/2.5 (-1)	1,250 (-4%)	15mo	$398,750	$319	44
3408 Cochrane St #3	0.56mi	2/2.5 (-1)	1,261 (-3%)	17mo	$412,200	$327	44
3622 Trumbull St #9	0.71mi	2/2.5 (-1)	1,331 (+3%)	14mo	$361,800	$272	40

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: 21.30×
• Total profit: $102,329
• Equity at exit: $2,684

10-year hold

• IRR: —
• Equity multiple: 45.59×
• Total profit: $224,732
• Equity at exit: $1,556

Cash invested: $5,040 (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 48208

• Home prices YoY: -5.9%
• Active inventory: 184
• Price-to-rent: 0.7×

Monthly cashflow live

• Estimated rent: $2,256 high
• Mortgage (P&I): −$94
• Tax from tax record: −$28 /mo · $340/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $1,652

Break-even live

Break-even rent $165

Max offer price $18,000

Occupancy floor 22%

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: $4,500
• Closing costs: $540
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3309 14th St Detroit, MI	1.0–3.0	1.0–2.5	942	$2,230	$2.37	1d	11	0.21mi
2835 23rd St Unit 2 Detroit, MI	3.0	2.0	1100	$1,450	$1.32	16d	1	0.46mi
3998 15th St Unit 1 Detroit, MI	2.0	1.0	1200	$1,300	$1.08	43d	1	0.50mi
2732 Harrison St Detroit, MI	2.0	2.5	1320	$2,750	$2.08	43d	1	0.57mi
2223 Wabash St Detroit, MI	2.0	2.0	1300	$2,800	$2.15	12d	1	0.62mi
3143 Trumbull Unit 301 Detroit, MI	2.0	1.0	1000	$1,650	$1.65	21d	1	0.67mi
4619 16th St Detroit, MI	3.0	1.0	1100	$1,250	$1.14	2d	1	0.73mi
3984 Commonwealth St Unit B Detroit, MI	3.0	2.0	1100	$2,400	$2.18	24d	1	0.76mi
1611 Michigan Ave Detroit, MI	1.0–2.0	1.0–2.5	1487	$4,750	$3.19	1d	8	0.85mi
1620 Michigan Ave Detroit, MI	2.0	1.0–2.0	1052	$3,500	$3.33	1d	1	0.88mi
1640 Bagley St #13 Detroit, MI	2.0	2.5	1400	$4,250	$3.04	43d	1	0.97mi
1729 Vinewood St Unit 2 Detroit, MI	2.0	1.0	893	$775	$0.87	12d	1	1.03mi
944 W Alexandrine St Unit 1 Detroit, MI	3.0	1.0	1100	$1,950	$1.77	43d	1	1.11mi
701 W Canfield St Unit 4 Detroit, MI	2.0	1.5	1094	$3,000	$2.74	43d	1	1.27mi
701 W Canfield St Unit 1 Detroit, MI	2.0	1.5	1144	$3,250	$2.84	43d	1	1.27mi
677 W Canfield St Detroit, MI	2.0	1.5	1200	$2,750	$2.29	17d	1	1.29mi
669 W Canfield St Unit 2 Detroit, MI	2.0	2.0	1500	$2,400	$1.60	43d	1	1.30mi
640 W Willis St Detroit, MI	1.0–2.0	1.0	1037	$1,750	$1.69	4d	10	1.30mi
1493 W Grand Blvd Detroit, MI	2.0	1.0	1250	$1,145	$0.92	43d	1	1.32mi
1565 W Grand Blvd Unit 1 Detroit, MI	2.0	1.0	910	$700	$0.77	21d	1	1.43mi
1565 W Grand Blvd Unit 1 Detroit, MI	2.0	1.0	910	$700	$0.77	24d	1	1.43mi
4709 2nd Ave Detroit, MI	1.0–2.0	1.0	672	$1,350	$2.01	1d	2	1.44mi

Listing history 24 events

1. 2026-06-18
   days on market $18,000 Active 162 DOM
2. 2026-06-17
   days on market $18,000 Active 161 DOM
3. 2026-06-15
   days on market $18,000 Active 159 DOM
4. 2026-06-13
   days on market $18,000 Active 157 DOM
5. 2026-06-13
   days on market $18,000 Active 156 DOM
6. 2026-06-09
   days on market $18,000 Active 153 DOM
7. 2026-06-08
   days on market $18,000 Active 152 DOM
8. 2026-06-07
   days on market $18,000 Active 151 DOM
9. 2026-06-04
   days on market $18,000 Active 148 DOM
10. 2026-06-03
    days on market $18,000 Active 147 DOM
11. 2026-06-01
    days on market $18,000 Active 145 DOM
12. 2026-05-31
    days on market $18,000 Active 144 DOM
13. 2026-01-07
    listed $18,000 Active 1077-char remark

    Show marketing remark (1077 chars)

    Great opportunity for experienced investor. This townhouse style home is zoned R2 and located in Detroit's North Corktown. Sale includes three townhouse units 2511 Ash, 2515 Ash and 3095 17th St. Totaling $50K for the bundle. This property needs full rehab. Buyer must submit a proposal to purchase. This property needs full rehab. Buyer must submit a proposal to purchase. This should include detailed plans for rehab & financing plan with Proof Of Funds or Pre- Approval letter, or a new construction loan. The Tax Capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights & may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development financing. BATVAI Please see attached documents for DLBA requirements. Proposal should be submitted through google doc application. Use the link in the attachments. Proposal should be submitted through google doc application. Use the link in the attachments.

14. 2026-01-07
    listed $18,000 Active 1077-char remark

    Show marketing remark (1077 chars)

    Great opportunity for experienced investor. This townhouse style home is zoned R2 and located in Detroit's North Corktown. Sale includes three townhouse units 2511 Ash, 2515 Ash and 3095 17th St. Totaling $50K for the bundle. This property needs full rehab. Buyer must submit a proposal to purchase. This property needs full rehab. Buyer must submit a proposal to purchase. This should include detailed plans for rehab & financing plan with Proof Of Funds or Pre- Approval letter, or a new construction loan. The Tax Capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights & may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development financing. BATVAI Please see attached documents for DLBA requirements. Proposal should be submitted through google doc application. Use the link in the attachments. Proposal should be submitted through google doc application. Use the link in the attachments.

15. 2023-09-15
    historical
16. 2021-10-15
    status Active
17. 2021-10-12
    historical
18. 2021-09-15
    listed $17,000 Active
19. 2020-07-04
    historical
20. 2020-05-08
    status Active
21. 2020-05-05
    historical
22. 2020-02-14
    status Active
23. 2020-02-13
    historical
24. 2019-07-03
    listed $17,000 Active

ⓘ 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: $340 · $28/mo
• Projected year-2 tax: $340 · $28/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 · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,070
• − Mortgage interest: −$1,008
• − Property taxes: −$340
• − Insurance: −$90
• − Repairs & maintenance: −$2,166
• − Management: −$2,166
• − Depreciation: −$524
• Taxable income: $20,777
• Est. tax owed @ 24.0%: −$4,986
• After-tax cash flow: $14,836/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): 8,037
• Household income: $36,194
• Rent vs Own: 65.7% rent · 34.3% own
• Severe rent burden: 601.0

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 (66%)
• Race & ethnicity: Black 66% White 23% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 3% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 5% Arabic 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: ▼ -10.56%
• Current HPI: 168.8907
• 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

+5.9% since first listed

12 events — show timeline

• 2026-01-07 Listed $18,000 REALCOMP
• 2026-01-07 Listed $18,000 MiRealSource-MiMLS
• 2023-09-15 Listing Removed — REALCOMP
• 2021-10-15 Relisted — REALCOMP
• 2021-10-12 Listing Removed — REALCOMP
• 2021-09-15 Listed $17,000 REALCOMP
• 2020-07-04 Listing Removed — REALCOMP
• 2020-05-08 Relisted — REALCOMP
• 2020-05-05 Listing Removed — REALCOMP
• 2020-02-14 Relisted — REALCOMP
• 2020-02-13 Listing Removed — REALCOMP
• 2019-07-03 Listed $17,000 REALCOMP

Property tax history

+0.0%/yr

Latest (2016): $340 · +0.0% YoY. Source: county tax records.