15334 Chapel St · Detroit, MI 48223

$60,000

3 bd · 1.0 ba · 915 sqft · SingleFamily public records · 67 Days on market

Built 1950 6,098 sqft lot $66/sqft · 41% above area Est $42k · 41% over ↓ 18% since listing

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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
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come and check out this excellent investment property. PRICED TO SELL! Excellent 3 Bedroom Ranch home, with updated kitchen. Perfect home for a First Time Homebuyer or Investor. Currently tenant occupied with a monthly lease rate of $850. Tenant is open to extending the current lease or moving out should the buyer prefer to occupy. Do not disturb the Tenant, NO Showing is available without accepted offer. AGENT MUST SCHEDULE AND BE PRESENT AT ALL SHOWINGS

Key facts

• 6,098 sq ft lot
• Built 1950
• Listed 67 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $460 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.5% vs local median 10.0% 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: 161 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 32% of the median local income ($45k/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 $415 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 4y ago; this cycle's ask has dropped $190k (76%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $39k; list at $60k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $56,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 2.00% ✓
• Cap rate: 15.50%
• Cash-on-cash: 32.87%
• DSCR: 2.46
• GRM: 4.2

CMA / ARV

• ARV (median comp): $42,411
• List price: $60,000
• Delta: 41.47%
• 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
15835 Burgess St	0.36mi	3/1.0	918 (+0%)	9mo	$93,000	$101	75
15757 Dacosta St	0.49mi	3/1.0	960 (+5%)	2mo	$65,000	$68	67
15044 Dacosta St	0.42mi	3/1.0	890 (-3%)	11mo	$87,000	$98	67
15361 Patton St	0.46mi	3/1.0	950 (+4%)	8mo	$80,000	$84	66
15421 Westbrook St	0.15mi	2/1.0 (-1)	815 (-11%)	5mo	$31,000	$38	65
15411 Lahser Rd	0.23mi	3/2.0	1,025 (+12%)	4mo	$42,000	$41	62
15703 Fielding St	0.55mi	3/1.0	871 (-5%)	9mo	$40,000	$46	58
15717 Fielding St	0.56mi	3/1.5	867 (-5%)	9mo	$95,000	$110	56
16115 Burt Rd	0.54mi	2/1.0 (-1)	859 (-6%)	5mo	$57,000	$66	55
15440 Dacosta St	0.39mi	3/2.0	998 (+9%)	12mo	$35,000	$35	53
15366 Patton St	0.49mi	3/1.0	809 (-12%)	7mo	$85,000	$105	52
15859 Braile St	0.55mi	2/1.0 (-1)	1,005 (+10%)	11mo	$40,000	$40	44

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: 28.1%
• Equity multiple: 2.17×
• Total profit: $19,653
• Equity at exit: $8,946

10-year hold

• IRR: 35.6%
• Equity multiple: 4.28×
• Total profit: $55,114
• Equity at exit: $5,188

Cash invested: $16,800 (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 48223

• Active inventory: 161
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,200 high
• Mortgage (P&I): −$315
• Tax from tax record: −$148 /mo · $1,779/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $460

Break-even live

Break-even rent $618

Max offer price $60,000

Occupancy floor 57%

Sensitivity live

Price	-10% $494	-5% $477	+0% $460	+5% $443	+10% $426
Rent	-10% $365	-5% $413	+0% $460	+5% $508	+10% $555
Rate	-1.0pp $490	-0.5pp $475	base $460	+0.5pp $445	+1.0pp $429

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15340 Braile St Detroit, MI	3.0	1.0	883	$1,000	$1.13	6d	1	0.43mi
15318 Kentfield St Detroit, MI	3.0	1.5	900	$1,400	$1.56	45d	1	0.65mi
15847 Chatham St Detroit, MI	3.0	1.0	909	$1,325	$1.46	6d	1	0.66mi
22241 Lyndon St Detroit, MI	3.0	1.0	960	$1,100	$1.15	18d	1	0.67mi
16700 Lahser Rd Apt 18 Detroit, MI	2.0	1.0	750	$900	$1.20	45d	1	0.75mi
16717 Trinity St Detroit, MI	3.0	1.5	1101	$1,250	$1.14	45d	1	0.77mi
16194 Fielding St Unit 2 Detroit, MI	2.0	1.0	750	$950	$1.27	16d	1	0.77mi
15143 Evergreen Rd Detroit, MI	2.0	1.0	653	$875	$1.34	25d	1	0.78mi
15143 Evergreen Rd Detroit, MI	2.0	1.0	653	$875	$1.34	23d	1	0.78mi
14177 Bentler St Detroit, MI	4.0	1.0	1000	$1,475	$1.48	45d	1	0.79mi
14541 Kentfield St Detroit, MI	3.0	1.0	797	$1,300	$1.63	18d	1	0.80mi
15712 Evergreen Rd Detroit, MI	2.0	1.0	850	$1,050	$1.24	45d	1	0.84mi
15519 Plainview Ave Detroit, MI	3.0	1.0	900	$1,396	$1.55	18d	1	0.86mi
14280 Bramell St Detroit, MI	3.0	1.0	1100	$1,500	$1.36	18d	1	0.97mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$850	$1.21	45d	2	1.11mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$838	$1.20	25d	2	1.11mi
17274 Bentler St #46 Detroit, MI	2.0	1.0	700	$850	$1.21	18d	1	1.13mi
14258 Plainview Ave Detroit, MI	3.0	1.0	918	$1,200	$1.31	45d	1	1.13mi
17270 Bentler St Detroit, MI	2.0	1.0	650	$850	$1.31	45d	1	1.13mi
19431 Lyndon St Detroit, MI	2.0	1.0	1000	$1,275	$1.27	45d	1	1.16mi
14347 Westwood St Detroit, MI	2.0	1.0	706	$1,200	$1.70	25d	1	1.22mi
16131 Dale St Detroit, MI	3.0	1.0	1100	$1,500	$1.36	19d	1	1.26mi
12880 Dolson St Detroit, MI	1.0–2.0	1.0	750	$1,200	$1.60	45d	6	1.29mi
12867 Westbrook St Detroit, MI	2.0	1.0	736	$1,050	$1.43	45d	1	1.30mi
14238 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	1.30mi
14230 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.30mi
14234 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.30mi
14228 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.30mi
14226 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.30mi
21440 Bennett St Detroit, MI	3.0	1.0	1037	$1,394	$1.34	18d	1	1.30mi
12850 Dolphin St Detroit, MI	1.0–2.0	1.0	746	$999	$1.34	6d	4	1.32mi
14222 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.32mi
14224 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.32mi
14240 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	1.32mi
14210 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.33mi
14214 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.33mi
14202 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.33mi
14206 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.33mi
14218 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.33mi
14262 Riverview St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	1.33mi

Listing history 38 events

1. 2026-06-21
   days on market $60,000 Active 67 DOM
2. 2026-06-18
   days on market $60,000 Active 64 DOM
3. 2026-06-17
   days on market $60,000 Active 63 DOM
4. 2026-06-15
   days on market $60,000 Active 61 DOM
5. 2026-06-13
   days on market $60,000 Active 59 DOM
6. 2026-06-13
   days on market $60,000 Active 58 DOM
7. 2026-06-09
   days on market $60,000 Active 55 DOM
8. 2026-06-08
   days on market $60,000 Active 54 DOM
9. 2026-06-07
   days on market $60,000 Active 53 DOM
10. 2026-06-04
    days on market $60,000 Active 50 DOM
11. 2026-06-03
    days on market $60,000 Active 49 DOM
12. 2026-06-02
    days on market $60,000 Active 48 DOM
13. 2026-06-01
    days on market $60,000 Active 47 DOM
14. 2026-05-31
    days on market $60,000 Active 46 DOM
15. 2026-05-13
    price $49,900 459-char remark

    Show marketing remark (459 chars)

    Come and check out this excellent investment property. PRICED TO SELL! Excellent 3 Bedroom Ranch home, with updated kitchen. Perfect home for a First Time Homebuyer or Investor. Currently tenant occupied with a monthly lease rate of $850. Tenant is open to extending the current lease or moving out should the buyer prefer to occupy. Do not disturb the Tenant, NO Showing is available without accepted offer. AGENT MUST SCHEDULE AND BE PRESENT AT ALL SHOWINGS

16. 2026-05-12
    price $49,900 459-char remark

    Show marketing remark (459 chars)

    Come and check out this excellent investment property. PRICED TO SELL! Excellent 3 Bedroom Ranch home, with updated kitchen. Perfect home for a First Time Homebuyer or Investor. Currently tenant occupied with a monthly lease rate of $850. Tenant is open to extending the current lease or moving out should the buyer prefer to occupy. Do not disturb the Tenant, NO Showing is available without accepted offer. AGENT MUST SCHEDULE AND BE PRESENT AT ALL SHOWINGS

17. 2026-04-16
    price $60,000 459-char remark

    Show marketing remark (459 chars)

    Come and check out this excellent investment property. PRICED TO SELL! Excellent 3 Bedroom Ranch home, with updated kitchen. Perfect home for a First Time Homebuyer or Investor. Currently tenant occupied with a monthly lease rate of $850. Tenant is open to extending the current lease or moving out should the buyer prefer to occupy. Do not disturb the Tenant, NO Showing is available without accepted offer. AGENT MUST SCHEDULE AND BE PRESENT AT ALL SHOWINGS

18. 2026-04-16
    price $60,000 459-char remark

    Show marketing remark (459 chars)

    Come and check out this excellent investment property. PRICED TO SELL! Excellent 3 Bedroom Ranch home, with updated kitchen. Perfect home for a First Time Homebuyer or Investor. Currently tenant occupied with a monthly lease rate of $850. Tenant is open to extending the current lease or moving out should the buyer prefer to occupy. Do not disturb the Tenant, NO Showing is available without accepted offer. AGENT MUST SCHEDULE AND BE PRESENT AT ALL SHOWINGS

19. 2026-04-15
    listed $249,999 Active 459-char remark

    Show marketing remark (459 chars)

    Come and check out this excellent investment property. PRICED TO SELL! Excellent 3 Bedroom Ranch home, with updated kitchen. Perfect home for a First Time Homebuyer or Investor. Currently tenant occupied with a monthly lease rate of $850. Tenant is open to extending the current lease or moving out should the buyer prefer to occupy. Do not disturb the Tenant, NO Showing is available without accepted offer. AGENT MUST SCHEDULE AND BE PRESENT AT ALL SHOWINGS

20. 2026-04-15
    listed $249,999 Active 459-char remark

    Show marketing remark (459 chars)

    Come and check out this excellent investment property. PRICED TO SELL! Excellent 3 Bedroom Ranch home, with updated kitchen. Perfect home for a First Time Homebuyer or Investor. Currently tenant occupied with a monthly lease rate of $850. Tenant is open to extending the current lease or moving out should the buyer prefer to occupy. Do not disturb the Tenant, NO Showing is available without accepted offer. AGENT MUST SCHEDULE AND BE PRESENT AT ALL SHOWINGS

21. 2023-05-26
    soldstatus $39,000 Sold
22. 2023-05-26
    soldstatus $39,000 Closed
23. 2023-05-18
    historical Accepting Backup Offers
24. 2023-05-18
    historical Accepting Backup Offers
25. 2023-04-20
    status Active
26. 2023-04-20
    status Active
27. 2023-04-10
    status Pending
28. 2023-04-10
    status Pending
29. 2023-03-27
    historical Accepting Backup Offers
30. 2023-03-27
    historical Accepting Backup Offers
31. 2023-03-04
    listed $49,000 Active
32. 2023-03-04
    listed $49,000 Active
33. 2022-09-26
    historical
34. 2022-09-26
    historical
35. 2022-09-23
    status Active
36. 2022-09-19
    historical
37. 2022-08-17
    listed $61,000 Active
38. 2022-08-17
    listed $61,000 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: $1,779 · $148/mo
• Projected year-2 tax: $1,779 · $148/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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,402
• − Mortgage interest: −$3,361
• − Property taxes: −$1,779
• − Insurance: −$300
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − Depreciation: −$1,745
• Taxable income: $4,912
• Est. tax owed @ 24.0%: −$1,179
• After-tax cash flow: $4,344/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): 22,622
• Household income: $44,512
• Rent vs Own: 43.8% rent · 56.2% own
• Severe rent burden: 1151.0

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 (86%)
• Race & ethnicity: Black 86% White 7% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Romanian 1% Iranian 1%
• Foreign-born: 1% · Canada
• 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: ▼ -303.41%
• Current HPI: 138.2779
• 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

-18.2% since first listed

24 events — show timeline

• 2026-05-13 Price Changed $49,900 MiRealSource-MiMLS
• 2026-05-12 Price Changed $49,900 REALCOMP
• 2026-04-16 Price Changed $60,000 MiRealSource-MiMLS
• 2026-04-16 Price Changed $60,000 REALCOMP
• 2026-04-15 Listed $249,999 REALCOMP
• 2026-04-15 Listed $249,999 MiRealSource-MiMLS
• 2023-05-26 Sold (MLS) $39,000 MiRealSource-MiMLS
• 2023-05-26 Sold (MLS) $39,000 REALCOMP
• 2023-05-18 Contingent — MiRealSource-MiMLS
• 2023-05-18 Contingent — REALCOMP
• 2023-04-20 Relisted — MiRealSource-MiMLS
• 2023-04-20 Relisted — REALCOMP
• 2023-04-10 Pending — MiRealSource-MiMLS
• 2023-04-10 Pending — REALCOMP
• 2023-03-27 Contingent — MiRealSource-MiMLS
• 2023-03-27 Contingent — REALCOMP
• 2023-03-04 Listed $49,000 MiRealSource-MiMLS
• 2023-03-04 Listed $49,000 REALCOMP
• 2022-09-26 Listing Removed — MiRealSource-MiMLS
• 2022-09-26 Listing Removed — REALCOMP
• 2022-09-23 Relisted — REALCOMP
• 2022-09-19 Listing Removed — REALCOMP
• 2022-08-17 Listed $61,000 MiRealSource-MiMLS
• 2022-08-17 Listed $61,000 REALCOMP

Property tax history

+5.9%/yr

Latest (2025): $1,779 · -54.2% YoY. Source: county tax records.