15300 W Chicago St · Detroit, MI 48228

$43,000

2 bd · 1.0 ba · 744 sqft · SingleFamily public records · 26 Days on market

Built 1950 4,356 sqft lot Est $45k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +9.2/15.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Brick ranch! Really nice property with newer furnace and hot water heater. Roof is less than 10 years old. Foundation is solid, the basement is partially finished, AND there's a detached 2-car garage. Just needs some minor updates. Paint, flooring and a kitchen update will go a long way. Has great potential.

Key facts

• Newer furnace
• Hot water heater
• Solid foundation

Tags

• NEWER FURNACE
• HOT WATER HEATER
• DETACHED 2-CAR GARAGE
• PARTIALLY FINISHED BASEMENT
• SOLID FOUNDATION

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One level with ground-level entry
• Construction: Brick construction; Block foundation
• Exterior features: Paved road frontage; Lot approximately 0.1 acre (47 x 95)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Full, partially finished basement; Total of 2 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $43k.

Deal economics

• At list price, monthly cash flow is $348 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($891 rent vs $43k).
• Recommended offer: $42k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.0% 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 soft (-2.3%/yr); 363 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 79% 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 35% of the median local income ($31k/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 $297 of loan paydown is wiped out by about $1k 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 + 0.0% rent growth), your $12k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 4y ago; this cycle's ask has dropped $3k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $29k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $42,355 (1.5% below list)

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
7. 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.
8. 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: 2.07% ✓
• Cap rate: 16.00%
• Cash-on-cash: 34.66%
• DSCR: 2.54
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $44,640
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10000 Montrose St	0.33mi	2/1.0	732 (-2%)	4mo	$25,000	$34	78
9176 Winthrop St	0.27mi	3/1.0 (+1)	730 (-2%)	2mo	$30,000	$41	77
9590 Sussex St	0.11mi	2/1.0	800 (+8%)	7mo	$30,000	$38	77
9425 Marlowe St	0.33mi	2/1.0	712 (-4%)	10mo	$47,500	$67	69
8896 Coyle St	0.43mi	3/1.0 (+1)	768 (+3%)	9mo	$45,000	$59	62
11694 Forrer St	0.64mi	3/1.0 (+1)	768 (+3%)	6mo	$58,000	$76	55
11360 Prest St	0.38mi	3/1.0 (+1)	842 (+13%)	3mo	$55,000	$65	52
8324 Coyle St	0.73mi	2/1.0	800 (+8%)	8mo	$48,000	$60	47
8883 Rutherford St	0.57mi	2/1.0	840 (+13%)	9mo	$20,000	$24	44
8881 Rutherford St	0.57mi	2/1.0	840 (+13%)	9mo	$20,000	$24	44
9965 Asbury Park	0.65mi	3/1.0 (+1)	824 (+11%)	6mo	$60,000	$73	42
8538 Prest St	0.63mi	3/2.0 (+1)	828 (+11%)	12mo	$85,000	$103	33

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 26.4%
• Equity multiple: 2.05×
• Total profit: $12,618
• Equity at exit: $6,411

10-year hold

• IRR: 32.0%
• Equity multiple: 3.46×
• Total profit: $29,616
• Equity at exit: $3,718

Cash invested: $12,040 (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 48228

• Rents YoY: -2.3%
• Active inventory: 363
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $891 high
• Mortgage (P&I): −$225
• Tax from tax record: −$113 /mo · $1,353/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $348

Break-even live

Break-even rent $451

Max offer price $43,000

Occupancy floor 56%

Sensitivity live

Price	-10% $372	-5% $360	+0% $348	+5% $336	+10% $323
Rent	-10% $277	-5% $313	+0% $348	+5% $383	+10% $418
Rate	-1.0pp $369	-0.5pp $359	base $348	+0.5pp $337	+1.0pp $325

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: $10,750
• Closing costs: $1,290
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9601 Greenfield Rd Detroit, MI	1.0	1.0	500	$725	$1.45	44d	1	0.15mi
11345 Greenfield Rd Detroit, MI	2.0	1.0	700	$1,050	$1.50	13d	1	0.37mi
14825 Joy Rd Detroit, MI	1.0	1.0	410	$900	$2.20	44d	1	0.60mi
8864 Schaefer Hwy Detroit, MI	1.0	1.0	450	$838	$1.86	44d	1	1.01mi
13310 Plymouth Rd Unit 05 Detroit, MI	1.0	1.0	650	$595	$0.92	44d	1	1.10mi
13310 Plymouth Rd Unit 1 Detroit, MI	1.0	1.0	650	$645	$0.99	44d	1	1.10mi
12611 Memorial St Unit 629203 Detroit, MI	1.0	1.0	635	$995	$1.57	25d	1	1.34mi
12611 Memorial St Unit 629104 Detroit, MI	1.0	1.0	700	$995	$1.42	44d	1	1.34mi
18450 W Chicago Detroit, MI	1.0–2.0	1.0	687	$1,117	$1.62	2d	15	1.34mi
9419 Meyers Rd Detroit, MI	1.0	1.0	720	$894	$1.24	44d	1	1.37mi
9415 Meyers Rd Detroit, MI	1.0	1.0	720	$897	$1.25	44d	1	1.37mi
12775 Plymouth Rd Apt 11 Detroit, MI	1.0	1.0	725	$635	$0.88	44d	1	1.42mi
12775 Plymouth Rd Apt 23 Detroit, MI	1.0	1.0	650	$605	$0.93	44d	1	1.42mi
18401 Joy Rd Unit 8 Detroit, MI	1.0	1.0	600	$875	$1.46	44d	1	1.43mi

Listing history 28 events

1. 2026-06-18
   days on market $43,000 Active 26 DOM
2. 2026-06-17
   days on market $43,000 Active 25 DOM
3. 2026-06-15
   days on market $43,000 Active 23 DOM
4. 2026-06-13
   days on market $43,000 Active 21 DOM
5. 2026-06-13
   pricedays on market $43,000 Active 20 DOM
6. 2026-06-09
   days on market $45,900 Active 17 DOM
7. 2026-06-08
   days on market $45,900 Active 16 DOM
8. 2026-06-07
   days on market $45,900 Active 15 DOM
9. 2026-06-04
   days on market $45,900 Active 12 DOM
10. 2026-06-03
    days on market $45,900 Active 11 DOM
11. 2026-06-02
    days on market $45,900 Active 10 DOM
12. 2026-06-01
    days on market $45,900 Active 9 DOM
13. 2026-05-31
    days on market $45,900 Active 8 DOM
14. 2026-05-23
    listed $45,900 Active 309-char remark

    Show marketing remark (309 chars)

    Brick ranch! Really nice property with newer furnace and hot water heater. Roof is less than 10 years old. Foundation is solid, the basement is partially finished, AND there's a detached 2-car garage. Just needs some minor updates. Paint, flooring and a kitchen update will go a long way. Has great potential.

15. 2026-05-23
    listed $45,900 Active

    Show marketing remark (309 chars)

    Brick ranch! Really nice property with newer furnace and hot water heater. Roof is less than 10 years old. Foundation is solid, the basement is partially finished, AND there's a detached 2-car garage. Just needs some minor updates. Paint, flooring and a kitchen update will go a long way. Has great potential.

16. 2022-07-26
    historical 47-char remark

    Show marketing remark (47 chars)

    Buy this home and turn it into your dream home.

17. 2022-07-08
    soldstatus $29,000 Sold

    Show marketing remark (47 chars)

    Buy this home and turn it into your dream home.

18. 2022-07-08
    soldstatus $29,000 Closed 47-char remark

    Show marketing remark (47 chars)

    Buy this home and turn it into your dream home.

19. 2022-05-09
    status Pending 47-char remark

    Show marketing remark (47 chars)

    Buy this home and turn it into your dream home.

20. 2022-05-09
    status Pending

    Show marketing remark (47 chars)

    Buy this home and turn it into your dream home.

21. 2022-04-12
    status Active 47-char remark

    Show marketing remark (47 chars)

    Buy this home and turn it into your dream home.

22. 2022-04-12
    status Active

    Show marketing remark (47 chars)

    Buy this home and turn it into your dream home.

23. 2022-03-19
    status Pending 47-char remark

    Show marketing remark (47 chars)

    Buy this home and turn it into your dream home.

24. 2022-03-19
    status Pending

    Show marketing remark (47 chars)

    Buy this home and turn it into your dream home.

25. 2022-03-11
    listed $38,000 Active 47-char remark

    Show marketing remark (47 chars)

    Buy this home and turn it into your dream home.

26. 2022-03-11
    listed $38,000 Active

    Show marketing remark (47 chars)

    Buy this home and turn it into your dream home.

27. 2022-03-09
    historical $38,000 47-char remark

    Show marketing remark (47 chars)

    Buy this home and turn it into your dream home.

28. 2022-03-09
    historical $38,000

    Show marketing remark (47 chars)

    Buy this home and turn it into your dream home.

ⓘ 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: $1,353 · $113/mo
• Projected year-2 tax: $1,353 · $113/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 · 14 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: $10,691
• − Mortgage interest: −$2,409
• − Property taxes: −$1,353
• − Insurance: −$215
• − Repairs & maintenance: −$855
• − Management: −$855
• − Depreciation: −$1,251
• Taxable income: $3,754
• Est. tax owed @ 24.0%: −$901
• After-tax cash flow: $3,272/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): 50,117
• Household income: $30,680
• Rent vs Own: 50.7% rent · 49.3% own
• Severe rent burden: 4144.0

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 (71%)
• Race & ethnicity: Black 71% White 16% Two or more races 7% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Arab 2% Romanian 2% Lithuanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 82% English-only · Arabic 11% Spanish 5%

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: ▼ -160.81%
• Current HPI: 168.6843
• Rent YoY: ▼ -2.30%
• 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

+20.8% since first listed

15 events — show timeline

• 2026-05-23 Listed $45,900 REALCOMP
• 2026-05-23 Listed $45,900 MiRealSource-MiMLS
• 2022-07-26 Listing Removed — MiRealSource-MiMLS
• 2022-07-08 Sold (MLS) $29,000 MiRealSource-MiMLS
• 2022-07-08 Sold (MLS) $29,000 REALCOMP
• 2022-05-09 Pending — MiRealSource-MiMLS
• 2022-05-09 Pending — REALCOMP
• 2022-04-12 Relisted — MiRealSource-MiMLS
• 2022-04-12 Relisted — REALCOMP
• 2022-03-19 Pending — MiRealSource-MiMLS
• 2022-03-19 Pending — REALCOMP
• 2022-03-11 Listed $38,000 MiRealSource-MiMLS
• 2022-03-11 Listed $38,000 REALCOMP
• 2022-03-09 Coming Soon $38,000 MiRealSource-MiMLS
• 2022-03-09 Coming Soon $38,000 REALCOMP

Property tax history

+3.5%/yr

Latest (2025): $1,353 · -54.0% YoY. Source: county tax records.