15928 Normandy St · Detroit, MI 48238

$105,000

4 bd · 2.0 ba · 2,324 sqft · MultiFamily public records · 3 Days on market

Built 1923 3,485 sqft lot Est $81k · 29% 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
• Rent growth +4.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Turnkey, fully occupied 2-family duplex in Detroit's high-demand Martin Park neighborhood. An exceptional plug-and-play addition to any investment portfolio, generating immediate cash flow from day one with zero upfront rehab required. The property features an updated exterior with a durable solid brick veneer lower accent and secure steel storm doors. Inside, both units boast extensive updates, including fresh neutral paint, updated kitchen cabinetry, and brand-new, highly durable wood-look laminate flooring engineered to withstand tenant transitions. Unit Mix: Unit 1 (Lower): 3 Bed / 1 Bath Unit 2 (Upper): 2 Bed / 1 Bath DO NOT DISTURB TENANTS Both tenants are currently on month-to-month agreements, offering the buyer maximum strategic flexibility for portfolio. Sold as-is.

Key facts

• Updated exterior
• Solid brick veneer
• Fresh neutral paint

Tags

• UPDATED EXTERIOR
• SOLID BRICK VENEER
• SECURE STEEL STORM DOORS
• FRESH NEUTRAL PAINT
• UPDATED KITCHEN CABINETRY
• WOOD-LOOK LAMINATE FLOORING

Property features AI

Finance

• Financial info: Two rental units: 3-bedroom unit rented for $850, 2-bedroom unit rented for $800

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential income property (multi-family); Two-story building; Lot approximately 30 x 118 (0.08 acres); Zoned for multi-family residential
• Construction: Aluminum siding and brick exterior; Block foundation
• Exterior features: Paved road access; Pets allowed with size limits

Interior

• Bedrooms: One 3-bedroom unit; One 2-bedroom unit
• Bathrooms: Two full bathrooms (building total); Each unit has one bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $105k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $586/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Cap rate 19.7% 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: Rents rising fast (+6.1%/yr); 346 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 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 $2,402/mo this rent would consume 87% 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 $726 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 $29k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 12y 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 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,000

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. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 2.29% ✓
• Cap rate: 19.69%
• Cash-on-cash: 47.83%
• DSCR: 3.13
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $81,340
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16531 Baylis St	0.25mi	4/2.0	2,300 (-1%)	8mo	$165,000	$72	80
16127 Princeton St	0.17mi	4/2.0	2,154 (-7%)	10mo	$118,000	$55	71
15664 LA Salle Blvd	0.15mi	4/2.0	2,189 (-6%)	18mo	$77,000	$35	69
253 Grove St	0.58mi	4/2.0	2,300 (-1%)	3mo	$25,000	$11	68
16936 Fairfield St	0.67mi	5/2.0 (+1)	2,321 (-0%)	4mo	$140,000	$60	60
15905 Linwood St	0.10mi	5/2.0 (+1)	2,550 (+10%)	21mo	$300,000	$118	57
15827 Lawton St	0.22mi	5/2.0 (+1)	2,062 (-11%)	19mo	$29,000	$14	50
307 Grove St	0.51mi	4/2.0	2,600 (+12%)	10mo	$45,000	$17	48
16835 Log Cabin St	0.46mi	4/2.0	2,016 (-13%)	16mo	$45,000	$22	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: 48.8%
• Equity multiple: 3.23×
• Total profit: $65,489
• Equity at exit: $15,656

10-year hold

• IRR: 55.7%
• Equity multiple: 7.38×
• Total profit: $187,546
• Equity at exit: $9,078

Cash invested: $29,400 (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: 7.3×

Monthly cashflow live

• Estimated rent: $2,402 high
• Mortgage (P&I): −$551
• Tax from tax record: −$131 /mo · $1,575/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $1,172

Break-even live

Break-even rent $919

Max offer price $105,000

Occupancy floor 46%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,402
Total (2 units)			$2,402

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16503 Linwood St Detroit, MI	4.0	2.0	2415	$1,800	$0.75	3d	1	0.22mi
15537 Normandy St Detroit, MI	3.0	1.0	2626	$1,400	$0.53	43d	1	0.28mi
106 Geneva St Highland Park, MI	5.0	1.0	1920	$1,450	$0.76	10d	1	0.98mi

Listing history 3 events

1. 2026-06-13
   statusdays on market $105,000 Pending 3 DOM
2. 2026-06-08
   remarks 699-char remark

   Show marketing remark (786 chars)

   Turnkey, fully occupied 2-family duplex in Detroit's high-demand Martin Park neighborhood. An exceptional plug-and-play addition to any investment portfolio, generating immediate cash flow from day one with zero upfront rehab required. The property features an updated exterior with a durable solid brick veneer lower accent and secure steel storm doors. Inside, both units boast extensive updates, including fresh neutral paint, updated kitchen cabinetry, and brand-new, highly durable wood-look laminate flooring engineered to withstand tenant transitions. Unit Mix: Unit 1 (Lower): 3 Bed / 1 Bath Unit 2 (Upper): 2 Bed / 1 Bath DO NOT DISTURB TENANTS Both tenants are currently on month-to-month agreements, offering the buyer maximum strategic flexibility for portfolio. Sold as-is.

3. 2026-06-08
   listed $105,000 Active 1 DOM

   Show marketing remark (786 chars)

   Turnkey, fully occupied 2-family duplex in Detroit's high-demand Martin Park neighborhood. An exceptional plug-and-play addition to any investment portfolio, generating immediate cash flow from day one with zero upfront rehab required. The property features an updated exterior with a durable solid brick veneer lower accent and secure steel storm doors. Inside, both units boast extensive updates, including fresh neutral paint, updated kitchen cabinetry, and brand-new, highly durable wood-look laminate flooring engineered to withstand tenant transitions. Unit Mix: Unit 1 (Lower): 3 Bed / 1 Bath Unit 2 (Upper): 2 Bed / 1 Bath DO NOT DISTURB TENANTS Both tenants are currently on month-to-month agreements, offering the buyer maximum strategic flexibility for portfolio. Sold as-is.

ⓘ 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: $1,575 · $131/mo
• Projected year-2 tax: $1,596 · $133/mo
• Expected delta: +$21/yr (+$2/mo · 1.3%)

ⓘ 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: $28,824
• − Mortgage interest: −$5,882
• − Property taxes: −$1,575
• − Insurance: −$525
• − Repairs & maintenance: −$2,306
• − Management: −$2,306
• − Depreciation: −$3,055
• Taxable income: $13,176
• Est. tax owed @ 24.0%: −$3,162
• After-tax cash flow: $10,901/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

+600.0% since first listed

7 events — show timeline

• 2026-06-08 Listed $105,000 REALCOMP
• 2026-06-08 Listed $105,000 MiRealSource-MiMLS
• 2015-04-20 Listing Removed — REALCOMP
• 2015-04-20 Listing Removed — MiRealSource-MiMLS
• 2015-03-07 Price Changed $15,000 MiRealSource-MiMLS
• 2014-12-13 Listed $26,000 MiRealSource-MiMLS
• 2014-10-29 Listed $15,000 REALCOMP

Property tax history

+4.8%/yr

Latest (2025): $1,575 · +0.1% YoY. Source: county tax records.