15523 Mack Ave · Detroit, MI 48224

$1,000,000

320 bd · 400.0 ba · 14,592 sqft · MultiFamily · 17 Days on market

Built 1929 Fair condition 7,405 sqft lot $69/sqft · 102% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.2/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 20 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Directly across from Grosse Pointe, 15523 Mack Avenue presents a rare opportunity to acquire a 20-unit mixed-use asset in one of Detroit's most sought-after border markets. The property consists of 18 residential units and 2 commercial spaces positioned along the highly visible Mack Avenue corridor, offering investors immediate scale and significant value-add potential. Located just minutes from Downtown Grosse Pointe, Corewell Health Beaumont Grosse Pointe Hospital, and Downtown Detroit, the property sits in a proven corridor supported by strong residential demand, established commercial activity, and continued public and private investment. Investors have the opportunity to increase value

Key facts

• 18 residential units
• 2 commercial spaces
• Renovation potential

Tags

• 20 UNIT MIXED USE ASSET
• 18 RESIDENTIAL UNITS
• 2 COMMERCIAL SPACES
• STRONG RESIDENTIAL DEMAND
• PUBLIC AND PRIVATE INVESTMENT
• RENOVATION POTENTIAL

Property features AI

Finance

• Other: Zoned for commercial, multi-family, multiple, and residential uses; Lot dimensions approximately 100.14 x 72.64 on a 0.17-acre lot; Property located on Mack Ave between Wayburn St and Nottingham Rd

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential income property (multi-family); Two levels
• Construction: Brick construction; Brick/mortar foundation; Built-up above grade finished area of 9,866 square feet
• Exterior features: Paved road access; Pets allowed

Interior

• Bedrooms: Multiple 1-bedroom and 2-bedroom units
• Bathrooms: Multiple full bathrooms (total full bathrooms listed as 20)
• Heating & cooling: Natural gas heating; Radiant heating; Steam heating; No central cooling
• Interior features: Full unfinished walk-up basement

What this means for you Summary

Snapshot

• This is a 20 × 16-bed/20.0-bath units multifamily listed at $1.00M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $19k ($231k/yr) — positive. Per door: $965/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($33k rent vs $1.00M).
• Recommended offer: $985k (1.5% below list) — sets the bar for market timing.
• Cap rate 29.4% vs local median 10.1% 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: Rents flat; 492 active listings in the ZIP; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $33,167/mo this rent would consume 887% of the median local household income ($45k/yr) (locally 2515% 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 $7k of loan paydown is wiped out by about $30k 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 + 0.7% rent growth), your $280k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($985k) is reasonable based on typical stale-listing flexibility.
• 2 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 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $985,000 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.32% ✓
• Cap rate: 29.44%
• Cash-on-cash: 82.68%
• DSCR: 4.68
• GRM: 2.5

CMA / ARV

• ARV (median comp): $335,294
• List price: $1,000,000
• Delta: 198.25%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.73% rent growth · sell at horizon

5-year hold

• IRR: 80.4%
• Equity multiple: 4.55×
• Total profit: $993,043
• Equity at exit: $149,103

10-year hold

• IRR: 83.3%
• Equity multiple: 8.71×
• Total profit: $2,158,412
• Equity at exit: $86,462

Cash invested: $280,000 (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 48224

• Rents YoY: 0.7%
• Active inventory: 492
• Price-to-rent: 50.3×

Monthly cashflow live

• Estimated rent: $33,167 medium
• Mortgage (P&I): −$5,244
• Tax est. 1.5%: −$1,250 /mo · $15,000/yr
• Insurance: −$417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,965
• Net cashflow: $19,291

Break-even live

Break-even rent $8,748

Max offer price $1,000,000

Occupancy floor 37%

Sensitivity live

Price	-10% $19,982	-5% $19,637	+0% $19,291	+5% $18,946	+10% $18,600
Rent	-10% $16,671	-5% $17,981	+0% $19,291	+5% $20,601	+10% $21,911
Rate	-1.0pp $19,795	-0.5pp $19,545	base $19,291	+0.5pp $19,032	+1.0pp $18,768

20-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 20× units	16	20	$33,160
Total (20 units)			$33,167

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: $250,000
• Closing costs: $30,000
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   days on market $1,000,000 Active 17 DOM
2. 2026-06-18
   days on market $1,000,000 Active 14 DOM
3. 2026-06-17
   days on market $1,000,000 Active 13 DOM
4. 2026-06-16
   days on market $1,000,000 Active 12 DOM
5. 2026-06-15
   days on market $1,000,000 Active 11 DOM
6. 2026-06-13
   days on market $1,000,000 Active 9 DOM
7. 2026-06-13
   days on market $1,000,000 Active 8 DOM
8. 2026-06-09
   days on market $1,000,000 Active 5 DOM
9. 2026-06-08
   days on market $1,000,000 Active 4 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    statusdays on marketlisting id $1,000,000 Active 3 DOM
12. 2026-05-13
    historical
13. 2026-05-13
    historical
14. 2026-04-07
    listed $1,000,000 Active
15. 2026-04-07
    listed $1,000,000 Active

ⓘ 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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $398,004
• − Mortgage interest: −$56,016
• − Property taxes: −$15,000
• − Insurance: −$5,000
• − Repairs & maintenance: −$31,840
• − Management: −$31,840
• − Depreciation: −$29,091
• Taxable income: $229,217
• Est. tax owed @ 24.0%: −$55,012
• After-tax cash flow: $176,482/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.

Condition & rehab AI · 14 photos

Fair 45/100 Extensive rehab

This multi-family property requires extensive repairs and renovations to improve its condition and increase its value. The property is in a state of disrepair and would benefit from exterior and interior renovations, HVAC and mechanical system upgrades, and landscaping and fencing repair.

Repairs flagged

• Major Exterior brick facade — The brick facade is visibly worn and in need of repair.
• Major Interior finishes — The interior appears to be in a state of disrepair, with exposed structural elements and incomplete finishes.
• Major Roof — The roof appears to be in a state of disrepair, with visible wear and tear.
• Major Flooring — The flooring appears to be in a state of disrepair, with visible wear and tear.
• Major HVAC and mechanical systems — The HVAC and mechanical systems appear to be in a state of disrepair, with visible wear and tear.
• Major Landscaping — The landscaping appears to be in a state of disrepair, with overgrown vegetation and a lack of maintenance.
• Major Fencing — The fencing appears to be in a state of disrepair, with visible wear and tear and some areas missing or damaged.

Value-add opportunities

• Resale Exterior renovation — A fresh exterior renovation would significantly improve the curb appeal and marketability of the property.
• Resale Interior renovation — A fresh interior renovation would improve the living conditions and marketability of the property.
• Resale HVAC and mechanical systems upgrade — Upgrading the HVAC and mechanical systems would improve the comfort and energy efficiency of the property.
• Resale Landscaping and fencing repair — A well-maintained and aesthetically pleasing landscaping and fencing would significantly improve the curb appeal and marketability of the property.
• Rental Residential unit upgrades — Upgrading the residential units with modern finishes and amenities would increase rental value and attract tenants.
• Both Commercial space upgrades — Upgrading the commercial space with modern finishes and amenities would increase both the resale and rental value of the property.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior brick facade · The brick facade is visibly worn and in need of repair.	Major	$15,000–50,000
Interior finishes · The interior appears to be in a state of disrepair, with exposed structural elements and incomplete finishes.	Major	$15,000–50,000
Roof · The roof appears to be in a state of disrepair, with visible wear and tear.	Major	$15,000–50,000
Flooring · The flooring appears to be in a state of disrepair, with visible wear and tear.	Major	$15,000–50,000
HVAC and mechanical systems · The HVAC and mechanical systems appear to be in a state of disrepair, with visible wear and tear.	Major	$15,000–50,000
Landscaping · The landscaping appears to be in a state of disrepair, with overgrown vegetation and a lack of maintenance.	Major	$15,000–50,000
Fencing · The fencing appears to be in a state of disrepair, with visible wear and tear and some areas missing or damaged.	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Resale Exterior renovation — A fresh exterior renovation would significantly improve the curb appeal and marketability of the property. ↑
• Resale Interior renovation — A fresh interior renovation would improve the living conditions and marketability of the property. ↑
• Resale HVAC and mechanical systems upgrade — Upgrading the HVAC and mechanical systems would improve the comfort and energy efficiency of the property. ↑
• Resale Landscaping and fencing repair — A well-maintained and aesthetically pleasing landscaping and fencing would significantly improve the curb appeal and marketability of the property. ↑
• Rental Residential unit upgrades — Upgrading the residential units with modern finishes and amenities would increase rental value and attract tenants. ↑
• Both Commercial space upgrades — Upgrading the commercial space with modern finishes and amenities would increase both the resale and rental value of the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 39,668
• Household income: $44,856
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 2515.0

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 (88%)
• Race & ethnicity: Black 88% White 8% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Iranian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 1%
• 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: ▼ -226.38%
• Current HPI: 161.886
• Rent YoY: ▲ 0.73%
• 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

+0.0% since first listed

4 events — show timeline

• 2026-05-13 Listing Removed — MiRealSource-MiMLS
• 2026-05-13 Listing Removed — REALCOMP
• 2026-04-07 Listed $1,000,000 REALCOMP
• 2026-04-07 Listed $1,000,000 MiRealSource-MiMLS