15389 Dexter St · Detroit, MI 48238

$99,999

3 bd · 2.0 ba · 1,344 sqft · SingleFamily public records · 98 Days on market

Built 1923 6,970 sqft lot $74/sqft · 114% 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 +8.0/10.0
• 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

Turn-Key House Hack Opportunity on a Corner Lot! Welcome to this fully updated, move-in ready property located just minutes from several major freeways - perfect for commuters and convenience-focused buyers. Situated on a spacious corner lot with a fully fenced front and backyard, this home offers privacy, functionality, and flexibility. Everything has been updated - including new vinyl siding, new windows, new HVAC, new plumbing, new lighting, and a beautiful new front porch perfect for relaxing evenings. The main level features: 2 bedrooms Spacious living room Formal dining room Laminate flooring throughout Updated mechanicals But here's where it gets exciting… ? Private rear entrance Mother-In-Law Suite / House Hack Setup The separate living space includes: Private entrance Kitchen Bathroom Living room Bedroom Bonus room Balcony Ideal for: ? House hackers ? Multigenerational living ? Rental income potential ? Traveling nurses / Airbnb (buyer to verify local regs) This is a rare opportunity to live in one unit and offset your mortgage with the second living space. Move-in ready. Income potential. Prime location. This one will not last long.

Key facts

• 6,970 sq ft lot
• Built 1923
• Listed 98 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $403 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $91k (9.0% 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 19d 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 $1,298/mo this rent would consume 47% of the median local household income ($33k/yr) (locally 2172% 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 $691 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 $28k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($91k) 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 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $90,999 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% 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. 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: 1.30% ✓
• Cap rate: 11.13%
• Cash-on-cash: 17.29%
• DSCR: 1.77
• GRM: 6.4

CMA / ARV

• ARV (median comp): $38,170
• List price: $99,999
• Delta: 161.98%
• 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
6433 Globe St	0.39mi	3/1.0	1,344 (0%)	7mo	$100,000	$74	72
15021 Petoskey Ave	0.29mi	3/1.0	1,177 (-12%)	1mo	$28,000	$24	60
15904 Parkside St	0.42mi	3/1.5	1,204 (-10%)	2mo	$140,000	$116	60
16141 Wildemere St	0.47mi	3/1.5	1,448 (+8%)	5mo	$165,000	$114	59
16180 Wildemere St	0.51mi	3/1.5	1,454 (+8%)	2mo	$115,000	$79	58
15863 Belden St	0.30mi	3/1.0	1,156 (-14%)	1mo	$18,600	$16	58
15877 Baylis St	0.68mi	3/1.0	1,400 (+4%)	5mo	$71,000	$51	53
16533 Parkside St	0.64mi	3/2.0	1,500 (+12%)	2mo	$205,000	$137	49
15379 Woodingham Dr	0.71mi	4/1.0 (+1)	1,300 (-3%)	4mo	$7,000	$5	49
15840 Lawton St	0.44mi	3/1.0	1,176 (-12%)	6mo	$38,000	$32	49
16143 Monica St	0.60mi	4/2.0 (+1)	1,500 (+12%)	2mo	$175,000	$117	46
7447 Ellsworth St	0.56mi	3/1.0	1,160 (-14%)	5mo	$35,500	$31	43

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: 11.9%
• Equity multiple: 1.49×
• Total profit: $13,699
• Equity at exit: $14,910

10-year hold

• IRR: 23.1%
• Equity multiple: 3.27×
• Total profit: $63,440
• Equity at exit: $8,646

Cash invested: $28,000 (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 48238

• Home prices YoY: -14.4%
• Rents YoY: 6.1%
• Active inventory: 346
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,298 high
• Mortgage (P&I): −$524
• Tax from tax record: −$56 /mo · $673/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $403

Break-even live

Break-even rent $787

Max offer price $99,999

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15345 Parkside St Detroit, MI	3.0	1.0	1152	$1,300	$1.13	43d	1	0.23mi
15906 Alden St Detroit, MI	3.0	1.0	1030	$1,150	$1.12	16d	1	0.47mi
7350 Globe St Detroit, MI	3.0	1.0	1000	$1,550	$1.55	3d	1	0.49mi
16174 Princeton St Unit 2 Detroit, MI	2.0	1.0	985	$1,100	$1.12	43d	1	0.63mi
16174 Princeton St Detroit, MI	2.0	1.0	985	$1,100	$1.12	19d	1	0.63mi
2034 Ewald Cir Detroit, MI	2.0	1.0	1000	$995	$0.99	4d	1	0.67mi
15771 Turner St Detroit, MI	2.0	1.0	1000	$1,049	$1.05	43d	1	0.69mi
16582 Santa Rosa Dr Detroit, MI	3.0	1.0	1314	$1,399	$1.06	17d	1	0.74mi
16834 Fairfield St Detroit, MI	2.0	1.0	1516	$1,363	$0.90	24d	1	0.79mi
16255 Lilac St Detroit, MI	3.0	1.0	1312	$1,394	$1.06	17d	1	0.80mi
15457 Cloverlawn St Detroit, MI	3.0	2.0	1500	$1,275	$0.85	24d	1	0.86mi
14656 Roselawn St Detroit, MI	3.0	1.0	1000	$1,200	$1.20	17d	1	0.89mi
3209 W Grand St Detroit, MI	3.0	1.0	1550	$1,103	$0.71	43d	1	0.89mi
3812 W Grand St Detroit, MI	2.0	1.0	1100	$1,025	$0.93	16d	1	0.92mi
16722 Tuller St Detroit, MI	3.0	1.5	1100	$1,500	$1.36	16d	1	0.99mi
15791 Cherrylawn St Detroit, MI	2.0	1.0	1792	$1,100	$0.61	43d	1	0.99mi
14550 Northlawn St Detroit, MI	3.0	2.0	950	$1,200	$1.26	16d	1	1.03mi
17145 Santa Rosa Dr Unit 1 Detroit, MI	3.0	1.0	1050	$1,400	$1.33	17d	1	1.03mi
2521 W McNichols Rd Unit B2 Detroit, MI	2.0	1.0	1300	$1,250	$0.96	43d	1	1.03mi
17215 Warrington Dr Detroit, MI	2.0	1.0	1015	$2,000	$1.97	43d	1	1.05mi
4287 W Grand St Unit 4289 Detroit, MI	3.0	1.0	1250	$1,000	$0.80	43d	1	1.05mi
17147 Monica St Unit 2 1 Detroit, MI	2.0	1.0	900	$975	$1.08	24d	1	1.05mi
17163 Prairie St Unit 1B Detroit, MI	3.0	1.5	1317	$1,350	$1.03	43d	1	1.09mi
15777 Wisconsin St Unit 77 Detroit, MI	2.0	1.0	900	$950	$1.06	4d	1	1.09mi
16927 Inverness St Detroit, MI	2.0	1.0	897	$1,650	$1.84	16d	1	1.10mi
3740 Tyler St Unit 1 Detroit, MI	3.0	1.0	1300	$1,300	$1.00	4d	1	1.12mi
3824 Tyler St Apt 1 Detroit, MI	3.0	1.0	900	$1,523	$1.69	16d	1	1.14mi
3783 Tyler St Unit Lower Detroit, MI	3.0	1.0	1000	$1,150	$1.15	43d	1	1.15mi
Ohio St Unit 4 Detroit, MI	4.0	1.5	1400	$750	$0.54	43d	1	1.15mi
16183 Wisconsin St Detroit, MI	3.0	1.5	1370	$1,400	$1.02	43d	1	1.18mi
1926 Clements St Detroit, MI	3.0	1.0	1150	$1,150	$1.00	4d	1	1.20mi
1926 Clements St Unit 1926 Detroit, MI	3.0	1.0	1150	$1,250	$1.09	19d	1	1.20mi
326 Eason St Highland Park, MI	3.0	1.0	1256	$1,300	$1.04	17d	1	1.21mi
4203 Tyler St Detroit, MI	2.0	1.0	950	$895	$0.94	43d	1	1.22mi
13620 Tuller St Detroit, MI	4.0	1.0	1064	$1,374	$1.29	12d	1	1.22mi
16546 Wisconsin St Detroit, MI	3.0	1.0	1577	$1,500	$0.95	43d	1	1.22mi
14011 Roselawn St Detroit, MI	4.0	1.5	1300	$1,450	$1.12	1d	1	1.22mi
14011 Roselawn St Detroit, MI	4.0	1.5	1300	$1,450	$1.12	17d	1	1.22mi
16230 Indiana St Unit 2 Detroit, MI	2.0	1.0	1050	$1,200	$1.14	17d	1	1.23mi
14242 Ohio St Detroit, MI	4.0	1.0	1400	$1,000	$0.71	43d	1	1.26mi

Listing history 3 events

1. 2026-02-15
   listed $99,999 Active 1184-char remark

   Show marketing remark (1187 chars)

   Turn-Key House Hack Opportunity on a Corner Lot! Welcome to this fully updated, move-in ready property located just minutes from several major freeways — perfect for commuters and convenience-focused buyers. Situated on a spacious corner lot with a fully fenced front and backyard, this home offers privacy, functionality, and flexibility. Everything has been updated — including new vinyl siding, new windows, new HVAC, new plumbing, new lighting, and a beautiful new front porch perfect for relaxing evenings. The main level features: 2 bedrooms Spacious living room Formal dining room Laminate flooring throughout Updated mechanicals But here’s where it gets exciting… ? Private rear entrance Mother-In-Law Suite / House Hack Setup The separate living space includes: Private entrance Kitchen Bathroom Living room Bedroom Bonus room Balcony Ideal for: ? House hackers ? Multigenerational living ? Rental income potential ? Traveling nurses / Airbnb (buyer to verify local regs) This is a rare opportunity to live in one unit and offset your mortgage with the second living space. Move-in ready. Income potential. Prime location. This one will not last long.

2. 2026-02-15
   listed $99,999 Active 1187-char remark

   Show marketing remark (1187 chars)

   Turn-Key House Hack Opportunity on a Corner Lot! Welcome to this fully updated, move-in ready property located just minutes from several major freeways — perfect for commuters and convenience-focused buyers. Situated on a spacious corner lot with a fully fenced front and backyard, this home offers privacy, functionality, and flexibility. Everything has been updated — including new vinyl siding, new windows, new HVAC, new plumbing, new lighting, and a beautiful new front porch perfect for relaxing evenings. The main level features: 2 bedrooms Spacious living room Formal dining room Laminate flooring throughout Updated mechanicals But here’s where it gets exciting… ? Private rear entrance Mother-In-Law Suite / House Hack Setup The separate living space includes: Private entrance Kitchen Bathroom Living room Bedroom Bonus room Balcony Ideal for: ? House hackers ? Multigenerational living ? Rental income potential ? Traveling nurses / Airbnb (buyer to verify local regs) This is a rare opportunity to live in one unit and offset your mortgage with the second living space. Move-in ready. Income potential. Prime location. This one will not last long.

3. 2026-02-12
   historical $99,999 1184-char remark

   Show marketing remark (1184 chars)

   Turn-Key House Hack Opportunity on a Corner Lot! Welcome to this fully updated, move-in ready property located just minutes from several major freeways - perfect for commuters and convenience-focused buyers. Situated on a spacious corner lot with a fully fenced front and backyard, this home offers privacy, functionality, and flexibility. Everything has been updated - including new vinyl siding, new windows, new HVAC, new plumbing, new lighting, and a beautiful new front porch perfect for relaxing evenings. The main level features: 2 bedrooms Spacious living room Formal dining room Laminate flooring throughout Updated mechanicals But here's where it gets exciting… ? Private rear entrance Mother-In-Law Suite / House Hack Setup The separate living space includes: Private entrance Kitchen Bathroom Living room Bedroom Bonus room Balcony Ideal for: ? House hackers ? Multigenerational living ? Rental income potential ? Traveling nurses / Airbnb (buyer to verify local regs) This is a rare opportunity to live in one unit and offset your mortgage with the second living space. Move-in ready. Income potential. Prime location. This one will not last long.

ⓘ 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: $673 · $56/mo
• Projected year-2 tax: $1,106 · $92/mo
• Expected delta: +$434/yr (+$36/mo · 64.5%)

ⓘ 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 · 15 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: $15,578
• − Mortgage interest: −$5,601
• − Property taxes: −$673
• − Insurance: −$500
• − Repairs & maintenance: −$1,246
• − Management: −$1,246
• − Depreciation: −$2,909
• Taxable income: $3,403
• Est. tax owed @ 24.0%: −$817
• After-tax cash flow: $4,025/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

+0.0% since first listed

3 events — show timeline

• 2026-02-15 Listed $99,999 MiRealSource-MiMLS
• 2026-02-15 Listed $99,999 REALCOMP
• 2026-02-12 Coming Soon $99,999 MiRealSource-MiMLS

Property tax history

+5.6%/yr

Latest (2025): $673 · +1646.4% YoY. Source: county tax records.