15772 Chatham St · Detroit, MI 48223

$10,500

2 bd · 1.0 ba · 704 sqft · SingleFamily public records · 37 Days on market

Built 1949 5,663 sqft lot $15/sqft · 71% below area ↓ 27% since listing

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Why this score? — see what drove the D 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 +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the latest offering from the Detroit Land Bank Authority. Discover a unique opportunity with this 2-bedroom ranch home located in Detroit. This aluminum-sided gem is awaiting your personal touch and creativity. Nestled on a spacious lot, it also includes an additional lot at 15776 Chatham, offering plenty of room for outdoor activities, landscaping, or gardening. Imagine the potential to create your own urban oasis or a perfect space for family gatherings. Conveniently located near local amenities and transportation, this home is ideal for those seeking a project with great possibilities. Please note that the Detroit Land bank Authority is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatements and/or lot combinations that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing. Please refer to DLBA proposal guidelines

Key facts

• Plant a garden
• Additional lot
• Fenced in yard

Tags

• ADDITIONAL LOT
• FENCED IN YARD
• PLANT A GARDEN

Property features AI

Finance

• Financial info: Annual tax amount listed

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story; Ground-level entry with steps
• Construction: Aluminum siding
• Exterior features: Paved road access; Lot approximately 0.13 acres (40 x 137.1)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $10k.

Deal economics

• At list price, monthly cash flow is $664 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($932 rent vs $10k).
• Recommended offer: $10k (3.0% below list) — sets the bar for market timing.
• Cap rate 82.2% 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: 158 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 70% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $73 of loan paydown is wiped out by about $315 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 $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($10k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y 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.
• Current owner paid $1k; list at $10k implies a 950% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $10,185 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 8.88% ✓
• Cap rate: 82.16%
• Cash-on-cash: 270.94%
• DSCR: 13.06
• GRM: 0.9

CMA / ARV

• ARV (median comp): $36,535
• List price: $10,500
• Delta: -71.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15777 Chatham	0.03mi	2/1.0	696 (-1%)	21mo	$10,000	$14	79
15853 Beaverland St	0.17mi	3/1.0 (+1)	727 (+3%)	12mo	$60,000	$83	71
16105 Chatham St	0.17mi	3/1.0 (+1)	704 (0%)	21mo	$35,000	$50	69
16816 Lamphere St	0.53mi	2/1.0	732 (+4%)	3mo	$54,000	$74	66
15341 Bramell St	0.31mi	2/1.0	644 (-8%)	7mo	$12,000	$19	65
16746 Bramell St	0.47mi	2/1.0	755 (+7%)	7mo	$30,000	$40	60
15119 Grayfield St	0.52mi	2/1.0	700 (-1%)	23mo	$79,000	$113	56
14889 Dacosta St	0.62mi	2/1.0	665 (-6%)	8mo	$24,999	$38	55
15847 W Parkway St	0.23mi	2/1.0	800 (+14%)	21mo	$28,000	$35	49
22503 Argus	0.69mi	2/1.0	744 (+6%)	21mo	$62,500	$84	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 14.81×
• Total profit: $40,591
• Equity at exit: $1,566

10-year hold

• IRR: —
• Equity multiple: 31.56×
• Total profit: $89,842
• Equity at exit: $908

Cash invested: $2,940 (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: 158
• Price-to-rent: 0.9×

Monthly cashflow live

• Estimated rent: $932 high
• Mortgage (P&I): −$55
• Tax est. 1.5%: −$13 /mo · $158/yr
• Insurance: −$4
• HOA: −$0
• Vacancy / Maint / Mgmt: −$196
• Net cashflow: $664

Break-even live

Break-even rent $92

Max offer price $10,500

Occupancy floor 24%

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: $2,625
• Closing costs: $315
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16700 Lahser Rd Apt 18 Detroit, MI	2.0	1.0	750	$900	$1.20	43d	1	0.54mi
16854 Lahser Rd Detroit, MI	1.0	1.0	680	$885	$1.30	12d	1	0.67mi
16885 Lahser Rd Apt 3A Detroit, MI	1.0	1.0	700	$750	$1.07	43d	1	0.68mi
16885 Lahser Rd Unit 1A Detroit, MI	1.0	1.0	650	$750	$1.15	5d	1	0.68mi
24244 Dale St Unit 211 Detroit, MI	1.0	1.0	550	$800	$1.45	24d	1	0.72mi
16581 Wormer St Detroit, MI	2.0	1.0	720	$1,100	$1.53	43d	1	0.94mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$838	$1.20	24d	2	1.00mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$850	$1.21	43d	2	1.00mi
17274 Bentler St #46 Detroit, MI	2.0	1.0	700	$850	$1.21	16d	1	1.00mi
17270 Bentler St Detroit, MI	2.0	1.0	650	$850	$1.31	43d	1	1.01mi
24235 W McNichols Rd Detroit, MI	1.0	1.0	700	$800	$1.14	43d	4	1.04mi
16194 Fielding St Unit 2 Detroit, MI	2.0	1.0	750	$950	$1.27	15d	1	1.08mi
17644 Lahser Rd Unit 7 Detroit, MI	1.0	1.0	600	$995	$1.66	24d	1	1.09mi
18045 Lahser Rd Detroit, MI	1.0	1.0	670	$960	$1.43	5d	2	1.14mi
14272 Riverview St Apt 213 Detroit, MI	1.0	1.0	550	$845	$1.54	43d	1	1.20mi
14272 Riverview St Unit 216 Detroit, MI	1.0	1.0	550	$795	$1.45	43d	1	1.20mi
14272 Riverview St Unit 214 Detroit, MI	1.0	1.0	550	$695	$1.26	43d	1	1.20mi
14242 Riverview St Unit 118 Detroit, MI	1.0	1.0	550	$800	$1.45	43d	1	1.20mi
18025 Bentler St Detroit, MI	3.0	1.0	728	$1,250	$1.72	24d	1	1.21mi
14242 Riverview St Unit 215 Detroit, MI	1.0	1.0	550	$795	$1.45	43d	1	1.21mi
14242 Riverview St Apt 218 Detroit, MI	1.0	1.0	550	$845	$1.54	43d	1	1.21mi
14220 Riverview St Unit 202 Detroit, MI	1.0	1.0	550	$795	$1.45	24d	1	1.22mi
14220 Riverview St Unit 201 Detroit, MI	1.0	1.0	500	$800	$1.60	43d	1	1.22mi
14220 Riverview St Apt 102 Detroit, MI	1.0	1.0	500	$845	$1.69	43d	1	1.22mi
14220 Riverview St Apt 101 Detroit, MI	1.0	1.0	550	$845	$1.54	24d	1	1.22mi
14220 Riverview St Unit 206 Detroit, MI	1.0	1.0	550	$695	$1.26	43d	1	1.22mi
14290 Riverview St Unit 208 Detroit, MI	1.0	1.0	550	$845	$1.54	43d	1	1.22mi
14290 Riverview St Unit 106 Detroit, MI	1.0	1.0	550	$695	$1.26	43d	1	1.22mi
14204 Riverview St Detroit, MI	1.0	1.0	750	$895	$1.19	43d	1	1.23mi
14216 Riverview St Detroit, MI	1.0	1.0	750	$950	$1.27	43d	1	1.23mi
14212 Riverview St Detroit, MI	1.0	1.0	750	$900	$1.20	43d	1	1.23mi
14208 Riverview St Detroit, MI	1.0	1.0	750	$985	$1.31	43d	1	1.23mi
14200 Riverview St Detroit, MI	1.0	1.0	750	$895	$1.19	43d	1	1.23mi
14245 Riverview St Detroit, MI	2.0	1.0	750	$985	$1.31	43d	1	1.24mi
14281 Riverview St Unit 116 Detroit, MI	1.0	1.0	550	$800	$1.45	43d	1	1.24mi
14281 Riverview St Unit 115 Detroit, MI	1.0	1.0	550	$695	$1.26	43d	1	1.24mi
14281 Riverview St Unit 216 Detroit, MI	1.0	1.0	550	$795	$1.45	15d	1	1.24mi
14281 Riverview St Unit 113 Detroit, MI	1.0	1.0	550	$845	$1.54	43d	1	1.24mi
14281 Riverview St Unit 213 Detroit, MI	1.0	1.0	550	$795	$1.45	43d	1	1.24mi
14186 Riverview St Detroit, MI	1.0	1.0	750	$985	$1.31	43d	1	1.25mi

Listing history 26 events

1. 2026-06-18
   days on market $10,500 Active 37 DOM
2. 2026-06-17
   days on market $10,500 Active 36 DOM
3. 2026-06-15
   days on market $10,500 Active 34 DOM
4. 2026-06-13
   days on market $10,500 Active 32 DOM
5. 2026-06-13
   days on market $10,500 Active 31 DOM
6. 2026-06-09
   days on market $10,500 Active 28 DOM
7. 2026-06-08
   days on market $10,500 Active 27 DOM
8. 2026-06-07
   days on market $10,500 Active 26 DOM
9. 2026-06-04
   days on market $10,500 Active 23 DOM
10. 2026-06-03
    days on market $10,500 Active 22 DOM
11. 2026-06-02
    days on market $10,500 Active 21 DOM
12. 2026-06-01
    days on market $10,500 Active 20 DOM
13. 2026-05-31
    days on market $10,500 Active 19 DOM
14. 2026-05-12
    listed $10,500 Active 1209-char remark

    Show marketing remark (1209 chars)

    Welcome to the latest offering from the Detroit Land Bank Authority. Discover a unique opportunity with this 2-bedroom ranch home located in Detroit. This aluminum-sided gem is awaiting your personal touch and creativity. Nestled on a spacious lot, it also includes an additional lot at 15776 Chatham, offering plenty of room for outdoor activities, landscaping, or gardening. Imagine the potential to create your own urban oasis or a perfect space for family gatherings. Conveniently located near local amenities and transportation, this home is ideal for those seeking a project with great possibilities. Please note that the Detroit Land bank Authority is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatements and/or lot combinations that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing. Please refer to DLBA proposal guidelines

15. 2026-05-12
    listed $10,500 Active 1209-char remark

    Show marketing remark (1209 chars)

    Welcome to the latest offering from the Detroit Land Bank Authority. Discover a unique opportunity with this 2-bedroom ranch home located in Detroit. This aluminum-sided gem is awaiting your personal touch and creativity. Nestled on a spacious lot, it also includes an additional lot at 15776 Chatham, offering plenty of room for outdoor activities, landscaping, or gardening. Imagine the potential to create your own urban oasis or a perfect space for family gatherings. Conveniently located near local amenities and transportation, this home is ideal for those seeking a project with great possibilities. Please note that the Detroit Land bank Authority is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatements and/or lot combinations that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing. Please refer to DLBA proposal guidelines

16. 2008-11-17
    soldstatus $1,000

    Show marketing remark (391 chars)

    FHA CASE#261-765726.REDUCED. UI. SOLD AS IS BY ELECTRONIC BID WWW. MCBREO. COM. AVAIL 8/1/08 BIDS DUE ON OR B4 8/5/08 @ 11:59 PM OR DAILY UNTIL SOLD. REPR PLMB, ELECT, WTR HTER, FURN, FRT DOOR, ROOF. MCB MAKES NO WRRNTY AS TO THE CURRENT OR FUTURE EXISTENCE OF MOLD IN THIS PROP AND IS NOT LIABLE FOR THE POTENTIALLY HARMFUL EFFECTS THEREOF. KEYS $2 @ LIST OFF. BA TO VERIFY INFO. LBP RQRED.

17. 2008-06-27
    listed $2,700

    Show marketing remark (391 chars)

    FHA CASE#261-765726.REDUCED. UI. SOLD AS IS BY ELECTRONIC BID WWW. MCBREO. COM. AVAIL 8/1/08 BIDS DUE ON OR B4 8/5/08 @ 11:59 PM OR DAILY UNTIL SOLD. REPR PLMB, ELECT, WTR HTER, FURN, FRT DOOR, ROOF. MCB MAKES NO WRRNTY AS TO THE CURRENT OR FUTURE EXISTENCE OF MOLD IN THIS PROP AND IS NOT LIABLE FOR THE POTENTIALLY HARMFUL EFFECTS THEREOF. KEYS $2 @ LIST OFF. BA TO VERIFY INFO. LBP RQRED.

18. 2008-06-27
    historical

    Show marketing remark (391 chars)

    FHA CASE#261-765726.REDUCED. UI. SOLD AS IS BY ELECTRONIC BID WWW. MCBREO. COM. AVAIL 8/1/08 BIDS DUE ON OR B4 8/5/08 @ 11:59 PM OR DAILY UNTIL SOLD. REPR PLMB, ELECT, WTR HTER, FURN, FRT DOOR, ROOF. MCB MAKES NO WRRNTY AS TO THE CURRENT OR FUTURE EXISTENCE OF MOLD IN THIS PROP AND IS NOT LIABLE FOR THE POTENTIALLY HARMFUL EFFECTS THEREOF. KEYS $2 @ LIST OFF. BA TO VERIFY INFO. LBP RQRED.

19. 2008-06-26
    listed $3,000
20. 2008-03-12
    historical
21. 2008-03-06
    historical
22. 2007-08-03
    listed $36,364
23. 2007-08-03
    listed $30,909
24. 2001-12-14
    soldstatus $51,900
25. 2001-06-05
    soldstatus $14,400
26. 2001-06-05
    soldstatus $24,000

ⓘ 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 ≥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: $11,185
• − Mortgage interest: −$588
• − Property taxes: −$158
• − Insurance: −$52
• − Repairs & maintenance: −$895
• − Management: −$895
• − Depreciation: −$305
• Taxable income: $8,292
• Est. tax owed @ 24.0%: −$1,990
• After-tax cash flow: $5,976/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

-27.1% since first listed

13 events — show timeline

• 2026-05-12 Listed $10,500 MiRealSource-MiMLS
• 2026-05-12 Listed $10,500 REALCOMP
• 2008-11-17 Sold (MLS) $1,000 REALCOMP
• 2008-06-27 Listing Removed — REALCOMP
• 2008-06-27 Listed $2,700 REALCOMP
• 2008-06-26 Listed $3,000 REALCOMP
• 2008-03-12 Listing Removed — MiRealSource-MiMLS
• 2008-03-06 Listing Removed — REALCOMP
• 2007-08-03 Listed $30,909 REALCOMP
• 2007-08-03 Listed $36,364 MiRealSource-MiMLS
• 2001-12-14 Sold (Public Records) $51,900 Public Records
• 2001-06-05 Sold (Public Records) $24,000 Public Records
• 2001-06-05 Sold (Public Records) $14,400 Public Records

Property tax history

-4.9%/yr

Latest (2025): $705 · +0.0% YoY. Source: county tax records.