15801 E State Fair St · Detroit, MI 48205

$32,000

3 bd · 1.0 ba · 950 sqft · SingleFamily public records · 13 Days on market

Built 1947 5,227 sqft lot $34/sqft · 33% below area Est $48k · 33% under

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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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Priced to Sell – Investor Special! 3-bedroom all-brick corner bungalow located in Regent Park near the suburban border, just minutes from shopping, dining, schools, and major amenities. Property needs significant work and is being sold AS-IS, making it an excellent opportunity for investors or buyers looking to renovate and build equity. Home features a spacious layout, large living room, upper-level primary bedroom, and a full basement with ample storage. Kitchen is currently missing and bathroom requires renovation. Exterior includes a fenced yard and parking pad. Conveniently located within walking distance to Heilmann Recreation Center and a short drive to Eastpointe and surrounding suburbs. Buyer to pay a $495 processing fee to the listing broker at closing. Purchaser will receive a clean title, warranty deed, and title insurance. Call or text for showings or additional information.

Key facts

• Fenced yard
• Full basement
• Parking pad

Tags

• ALL-BRICK CORNER BUNGALOW
• FENCED YARD
• PARKING PAD
• FULL BASEMENT

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and a half stories; Ground-level entry with steps; Brick construction
• Construction: Asphalt roof; Block foundation; Built with brick exterior
• Exterior features: Back yard with fencing; Paved road access

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Unfinished basement; Five total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $32k.

Deal economics

• At list price, monthly cash flow is $838 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $32k).
• Cap rate 37.7% 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 (+1.3%/yr); 373 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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).
• This rent runs 41% of the median local income ($39k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $221 of loan paydown is wiped out by about $960 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 + 1.3% rent growth), your $9k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 18 sale attempts since 22y ago; this cycle's ask has dropped $6k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $32,000

Questions for the listing agent

1. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 4.19% ✓
• Cap rate: 37.74%
• Cash-on-cash: 112.30%
• DSCR: 6.00
• GRM: 2.0

CMA / ARV

• ARV (median comp): $47,839
• List price: $32,000
• Delta: -20.57%
• 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
16209 Tacoma St	0.27mi	3/1.0	968 (+2%)	1mo	$62,900	$65	84
16107 Manning St	0.26mi	3/1.0	925 (-3%)	2mo	$61,000	$66	82
16277 Liberal St	0.37mi	3/1.0	945 (-0%)	1mo	$25,000	$26	81
16062 Carlisle St	0.45mi	3/1.0	957 (+1%)	1mo	$42,000	$44	77
16062 CARLISLE St	0.45mi	3/1.0	957 (+1%)	1mo	$42,000	$44	77
16291 Fairmount Dr	0.36mi	3/1.0	977 (+3%)	2mo	$112,000	$115	77
16301 Coram St	0.47mi	3/1.0	929 (-2%)	1mo	$19,500	$21	74
16260 Bringard Dr	0.37mi	3/1.0	1,036 (+9%)	0mo	$80,000	$77	67
18746 Woodside St	0.67mi	3/1.0	921 (-3%)	2mo	$110,000	$119	62
15644 Carlisle St	0.41mi	3/1.0	1,055 (+11%)	0mo	$129,900	$123	62
12893 Payton St	0.75mi	3/1.0	1,020 (+7%)	2mo	$75,000	$74	52
18591 Kingsville St	0.67mi	2/1.0 (-1)	824 (-13%)	1mo	$74,000	$90	41

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 · 1.33% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.14×
• Total profit: $46,021
• Equity at exit: $4,771

10-year hold

• IRR: —
• Equity multiple: 12.17×
• Total profit: $100,124
• Equity at exit: $2,767

Cash invested: $8,960 (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 48205

• Home prices YoY: -28.1%
• Rents YoY: 1.3%
• Active inventory: 373
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $1,341 high
• Mortgage (P&I): −$168
• Tax est. 1.5%: −$40 /mo · $480/yr
• Insurance: −$13
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $838

Break-even live

Break-even rent $280

Max offer price $32,000

Occupancy floor 32%

Sensitivity live

Price	-10% $861	-5% $850	+0% $838	+5% $827	+10% $816
Rent	-10% $733	-5% $785	+0% $838	+5% $891	+10% $944
Rate	-1.0pp $855	-0.5pp $847	base $838	+0.5pp $830	+1.0pp $822

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: $8,000
• Closing costs: $960
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16225 Manning St Detroit, MI	4.0	2.0	1036	$1,475	$1.42	44d	1	0.29mi
16291 Eastburn St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	24d	1	0.37mi
15663 Carlisle St Detroit, MI	2.0	1.0	803	$1,050	$1.31	15d	1	0.44mi
15909 Maddelein St Detroit, MI	3.0	1.0	894	$1,266	$1.42	44d	1	0.45mi
16410 Edmore Dr Detroit, MI	3.0	1.0	850	$1,250	$1.47	15d	1	0.47mi
16212 Maddelein St Detroit, MI	2.0	1.0	800	$1,200	$1.50	13d	1	0.52mi
12716 Riad St Detroit, MI	3.0	1.0	974	$1,275	$1.31	18d	1	0.85mi
14461 Lappin St Detroit, MI	3.0	1.5	989	$1,150	$1.16	18d	1	0.91mi
19152 Woodside St Harper Woods, MI	3.0	1.0	916	$1,500	$1.64	18d	1	0.92mi
15494 Mapleridge St Detroit, MI	3.0	1.0	937	$1,275	$1.36	44d	1	0.98mi
19144 Moross Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	44d	1	1.00mi
19365 Kingsville St Harper Woods, MI	4.0	1.5	996	$1,650	$1.66	15d	1	1.09mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	15d	1	1.10mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	44d	1	1.10mi
12201 Morang Ave Unit 8 Detroit, MI	2.0	1.0	610	$875	$1.43	44d	1	1.11mi
14068 Carlisle St Detroit, MI	3.0	1.0	1020	$1,300	$1.27	24d	1	1.13mi
19442 Kingsville St Harper Woods, MI	3.0	1.0	1000	$1,500	$1.50	18d	1	1.17mi
11776 Rossiter St Detroit, MI	3.0	1.0	964	$1,150	$1.19	12d	1	1.24mi
19661 Kenosha St Harper Woods, MI	3.0	2.0	1000	$1,400	$1.40	24d	1	1.25mi
19639 Moross Rd Unit 1 Detroit, MI	2.0	1.0	900	$1,100	$1.22	44d	1	1.27mi
15010 Cedargrove St Detroit, MI	3.0	1.5	1018	$1,350	$1.33	44d	1	1.31mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	44d	1	1.32mi
11529 Roxbury St Detroit, MI	2.0	1.0	720	$1,200	$1.67	13d	1	1.35mi
13669 Pfent St Detroit, MI	3.0	2.0	1031	$1,374	$1.33	18d	1	1.36mi
20215 Schoenherr St Unit 1 Detroit, MI	2.0	1.0	1000	$1,200	$1.20	18d	1	1.44mi
19982 McCormick St Detroit, MI	3.0	1.0	866	$1,200	$1.39	4d	1	1.48mi

Listing history 50 events

1. 2026-06-17
   status $32,000 Pending 13 DOM

   Show marketing remark (919 chars)

   Priced to Sell – Investor Special! 3-bedroom all-brick corner bungalow located in Regent Park near the suburban border, just minutes from shopping, dining, schools, and major amenities. Property needs significant work and is being sold AS-IS, making it an excellent opportunity for investors or buyers looking to renovate and build equity. Home features a spacious layout, large living room, upper-level primary bedroom, and a full basement with ample storage. Kitchen is currently missing and bathroom requires renovation. Exterior includes a fenced yard and parking pad. Conveniently located within walking distance to Heilmann Recreation Center and a short drive to Eastpointe and surrounding suburbs. Buyer to pay a $495 processing fee to the listing broker at closing. Purchaser will receive a clean title, warranty deed, and title insurance. Call or text for showings or additional information.

2. 2026-06-17
   days on market $32,000 Active 13 DOM

   Show marketing remark (919 chars)

   Priced to Sell – Investor Special! 3-bedroom all-brick corner bungalow located in Regent Park near the suburban border, just minutes from shopping, dining, schools, and major amenities. Property needs significant work and is being sold AS-IS, making it an excellent opportunity for investors or buyers looking to renovate and build equity. Home features a spacious layout, large living room, upper-level primary bedroom, and a full basement with ample storage. Kitchen is currently missing and bathroom requires renovation. Exterior includes a fenced yard and parking pad. Conveniently located within walking distance to Heilmann Recreation Center and a short drive to Eastpointe and surrounding suburbs. Buyer to pay a $495 processing fee to the listing broker at closing. Purchaser will receive a clean title, warranty deed, and title insurance. Call or text for showings or additional information.

3. 2026-06-16
   days on market $32,000 Active 12 DOM
4. 2026-06-15
   days on market $32,000 Active 11 DOM
5. 2026-06-13
   days on market $32,000 Active 9 DOM
6. 2026-06-13
   days on market $32,000 Active 8 DOM
7. 2026-06-09
   days on market $32,000 Active 5 DOM
8. 2026-06-08
   days on market $32,000 Active 4 DOM
9. 2026-06-07
   pricedays on marketlisting id $32,000 Active 3 DOM
10. 2026-05-12
    price $38,000 919-char remark
11. 2026-05-12
    price $38,000 906-char remark
12. 2026-04-23
    listed $45,000 Active 919-char remark
13. 2026-04-23
    listed $45,000 Active 906-char remark
14. 2025-03-01
    historical
15. 2025-03-01
    historical
16. 2024-12-12
    historical $1,020
17. 2024-12-10
    price $1,020
18. 2024-11-15
    price $69,000
19. 2024-11-14
    price $69,000
20. 2024-09-15
    price $72,000
21. 2024-09-15
    price $72,000
22. 2024-09-11
    listed $1,070
23. 2024-09-03
    listed $75,000 Active
24. 2024-09-03
    listed $75,000 Active
25. 2024-09-02
    historical
26. 2024-09-02
    historical
27. 2024-08-31
    historical
28. 2024-08-31
    historical
29. 2024-07-29
    price $79,900
30. 2024-07-29
    price $79,900
31. 2024-07-04
    historical $1,100
32. 2024-06-01
    listed $85,000 Active
33. 2024-06-01
    listed $85,000 Active
34. 2024-05-30
    historical
35. 2024-05-30
    historical
36. 2024-04-12
    listed $1,100
37. 2024-01-20
    historical $900
38. 2023-10-20
    listed $900
39. 2022-08-05
    soldstatus $72,900
40. 2020-08-26
    historical
41. 2020-08-26
    historical
42. 2020-08-13
    price $33,000
43. 2020-08-13
    price $33,000
44. 2020-08-07
    listed $30,000 Active
45. 2020-08-07
    listed $30,000 Active
46. 2018-02-02
    soldstatus $15,000 Sold
47. 2018-02-02
    soldstatus $15,000 Closed
48. 2018-01-16
    status Pending
49. 2018-01-16
    status Pending
50. 2017-12-01
    price $19,000

ⓘ 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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,095
• − Mortgage interest: −$1,792
• − Property taxes: −$480
• − Insurance: −$160
• − Repairs & maintenance: −$1,288
• − Management: −$1,288
• − Depreciation: −$931
• Taxable income: $10,157
• Est. tax owed @ 24.0%: −$2,438
• After-tax cash flow: $7,624/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): 34,187
• Household income: $38,966
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 2121.0

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 (93%)
• Race & ethnicity: Black 93% White 3% Two or more races 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▼ -91.80%
• Current HPI: 235.0926
• Rent YoY: ▲ 1.33%
• 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

+1.5% since first listed

60 events — show timeline

• 2026-06-17 Pending — MiRealSource-MiMLS
• 2026-06-17 Pending — REALCOMP
• 2026-06-04 Price Changed $32,000 REALCOMP
• 2026-06-04 Listed $38,000 REALCOMP
• 2026-06-04 Listed $32,000 MiRealSource-MiMLS
• 2026-05-27 Listing Removed — MiRealSource-MiMLS
• 2026-05-27 Listing Removed — REALCOMP
• 2026-05-12 Price Changed $38,000 MiRealSource-MiMLS
• 2026-05-12 Price Changed $38,000 REALCOMP
• 2026-04-23 Listed $45,000 MiRealSource-MiMLS
• 2026-04-23 Listed $45,000 REALCOMP
• 2025-03-01 Listing Removed — MiRealSource-MiMLS
• 2025-03-01 Listing Removed — REALCOMP
• 2024-12-12 Rental Removed $1,020 APPFOLIO
• 2024-12-10 Price Changed $1,020 APPFOLIO
• 2024-11-15 Price Changed $69,000 MiRealSource-MiMLS
• 2024-11-14 Price Changed $69,000 REALCOMP
• 2024-09-15 Price Changed $72,000 MiRealSource-MiMLS
• 2024-09-15 Price Changed $72,000 REALCOMP
• 2024-09-11 Listed for Rent $1,070 APPFOLIO
• 2024-09-03 Listed $75,000 MiRealSource-MiMLS
• 2024-09-03 Listed $75,000 REALCOMP
• 2024-09-02 Coming Soon — MiRealSource-MiMLS
• 2024-09-02 Coming Soon — REALCOMP
• 2024-08-31 Listing Removed — MiRealSource-MiMLS
• 2024-08-31 Listing Removed — REALCOMP
• 2024-07-29 Price Changed $79,900 MiRealSource-MiMLS
• 2024-07-29 Price Changed $79,900 REALCOMP
• 2024-07-04 Rental Removed $1,100 APPFOLIO
• 2024-06-01 Listed $85,000 MiRealSource-MiMLS
• 2024-06-01 Listed $85,000 REALCOMP
• 2024-05-30 Coming Soon — MiRealSource-MiMLS
• 2024-05-30 Coming Soon — REALCOMP
• 2024-04-12 Listed for Rent $1,100 APPFOLIO
• 2024-01-20 Rental Removed $900 APPFOLIO
• 2023-10-20 Listed for Rent $900 APPFOLIO
• 2022-08-05 Sold (Public Records) $72,900 Public Records
• 2020-08-26 Listing Removed — REALCOMP
• 2020-08-26 Listing Removed — MiRealSource-MiMLS
• 2020-08-13 Price Changed $33,000 MiRealSource-MiMLS
• 2020-08-13 Price Changed $33,000 REALCOMP
• 2020-08-07 Listed $30,000 MiRealSource-MiMLS
• 2020-08-07 Listed $30,000 REALCOMP
• 2018-02-02 Sold (MLS) $15,000 MiRealSource-MiMLS
• 2018-02-02 Sold (MLS) $15,000 REALCOMP
• 2018-01-16 Pending — MiRealSource-MiMLS
• 2018-01-16 Pending — REALCOMP
• 2017-12-01 Price Changed $19,000 MiRealSource-MiMLS
• 2017-11-30 Price Changed $19,000 REALCOMP
• 2017-11-20 Listed $13,000 MiRealSource-MiMLS
• 2017-11-20 Listed $13,000 REALCOMP
• 2008-03-25 Listing Removed — REALCOMP
• 2008-03-25 Listing Removed — MiRealSource-MiMLS
• 2007-10-30 Listed $14,900 REALCOMP
• 2007-10-30 Listed $14,900 MiRealSource-MiMLS
• 2004-12-29 Sold (Public Records) $60,000 Public Records
• 2004-12-22 Sold (MLS) $60,000 REALCOMP
• 2004-09-24 Listed $63,000 REALCOMP
• 1995-09-25 Sold (Public Records) $61,500 Public Records
• 1994-07-28 Sold (Public Records) $31,540 Public Records

Property tax history

+3.2%/yr

Latest (2025): $2,614 · -0.2% YoY. Source: county tax records.