15481 Patton St · Detroit, MI 48223

$40,000

3 bd · 1.0 ba · 866 sqft · SingleFamily public records · 147 Days on market

Built 1941 5,663 sqft lot $46/sqft · 33% below area Est $44k · 9% under

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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
• ARV discount +11.4/15.0
• 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
• Appreciation +0.0/10.0

Listing remarks MLS

NICE 2 BEDROOM RANCH HOME. GREAT FOR THE FIRST TIME BUYER OR INVESTOR. HOME IS CLOSE TO DINING, ENTERTAIMENT. HOME JUST NEEDS A LITTLE TLC. SELLER WILL LOOK AT ALL REASONABLE OFFERS. ALL MEASUREMENTS ARE ESTIMATED. BATVAI

Key facts

• 5,663 sq ft lot
• Built 1941
• Listed 147 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $689 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 27.0% 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: 158 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 33% 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 $277 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 + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 22y ago; this cycle's ask has dropped $10k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 3.06% ✓
• Cap rate: 26.96%
• Cash-on-cash: 73.80%
• DSCR: 4.28
• GRM: 2.7

CMA / ARV

• ARV (median comp): $43,840
• List price: $40,000
• Delta: -8.76%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15703 Fielding St	0.07mi	3/1.0	871 (+1%)	9mo	$40,000	$46	88
15717 Fielding St	0.09mi	3/1.5	867 (+0%)	9mo	$95,000	$110	86
15366 Patton St	0.11mi	3/1.0	809 (-7%)	7mo	$85,000	$105	78
16115 Burt Rd	0.36mi	2/1.0 (-1)	859 (-1%)	5mo	$57,000	$66	73
15361 Patton St	0.11mi	3/1.0	950 (+10%)	8mo	$80,000	$84	72
15421 Westbrook St	0.34mi	2/1.0 (-1)	815 (-6%)	5mo	$31,000	$38	65
15339 Patton St	0.14mi	3/1.0	957 (+10%)	14mo	$90,000	$94	64
15363 Plainview Ave	0.41mi	2/1.0 (-1)	800 (-8%)	5mo	$27,000	$34	59
15835 Burgess St	0.58mi	3/1.0	918 (+6%)	9mo	$93,000	$101	56
20511 Lyndon St	0.72mi	3/1.0	896 (+4%)	8mo	$40,000	$45	54
15112 Kentfield St	0.33mi	3/1.0	990 (+14%)	12mo	$62,500	$63	50
15401 Lahser Rd	0.68mi	3/1.0	906 (+5%)	13mo	$53,000	$58	50

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: 73.6%
• Equity multiple: 4.34×
• Total profit: $37,405
• Equity at exit: $5,964

10-year hold

• IRR: 77.4%
• Equity multiple: 8.96×
• Total profit: $89,134
• Equity at exit: $3,458

Cash invested: $11,200 (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: 2.7×

Monthly cashflow live

• Estimated rent: $1,222 high
• Mortgage (P&I): −$210
• Tax from tax record: −$50 /mo · $606/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $689

Break-even live

Break-even rent $351

Max offer price $40,000

Occupancy floor 39%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15340 Braile St Detroit, MI	3.0	1.0	883	$1,000	$1.13	5d	1	0.18mi
15318 Kentfield St Detroit, MI	3.0	1.5	900	$1,400	$1.56	44d	1	0.27mi
15712 Evergreen Rd Detroit, MI	2.0	1.0	850	$1,050	$1.24	44d	1	0.35mi
16194 Fielding St Unit 2 Detroit, MI	2.0	1.0	750	$950	$1.27	15d	1	0.37mi
15519 Plainview Ave Detroit, MI	3.0	1.0	900	$1,396	$1.55	17d	1	0.38mi
15143 Evergreen Rd Detroit, MI	2.0	1.0	653	$875	$1.34	22d	1	0.42mi
15143 Evergreen Rd Detroit, MI	2.0	1.0	653	$875	$1.34	24d	1	0.42mi
16717 Trinity St Detroit, MI	3.0	1.5	1101	$1,250	$1.14	44d	1	0.59mi
14541 Kentfield St Detroit, MI	3.0	1.0	797	$1,300	$1.63	17d	1	0.71mi
16700 Lahser Rd Apt 18 Detroit, MI	2.0	1.0	750	$900	$1.20	44d	1	0.84mi
19431 Lyndon St Detroit, MI	2.0	1.0	1000	$1,275	$1.27	44d	1	0.93mi
14258 Plainview Ave Detroit, MI	3.0	1.0	918	$1,200	$1.31	44d	1	1.00mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$850	$1.21	44d	2	1.00mi
17274 Bentler St Detroit, MI	2.0	1.0	700	$838	$1.20	24d	2	1.00mi
15847 Chatham St Detroit, MI	3.0	1.0	909	$1,325	$1.46	5d	1	1.01mi
17274 Bentler St #46 Detroit, MI	2.0	1.0	700	$850	$1.21	17d	1	1.02mi
14347 Westwood St Detroit, MI	2.0	1.0	706	$1,200	$1.70	24d	1	1.02mi
17270 Bentler St Detroit, MI	2.0	1.0	650	$850	$1.31	44d	1	1.03mi
14177 Bentler St Detroit, MI	4.0	1.0	1000	$1,475	$1.48	44d	1	1.08mi
22241 Lyndon St Detroit, MI	3.0	1.0	960	$1,100	$1.15	17d	1	1.12mi
21440 Bennett St Detroit, MI	3.0	1.0	1037	$1,394	$1.34	17d	1	1.21mi
18025 Bentler St Detroit, MI	3.0	1.0	728	$1,250	$1.72	24d	1	1.27mi
18134 Vaughan St Detroit, MI	3.0	1.0	1060	$1,150	$1.08	17d	1	1.28mi
21451 Glenco St Detroit, MI	3.0	1.0	1026	$1,400	$1.36	17d	1	1.30mi
17721 Westbrook St Detroit, MI	4.0	1.0	1040	$1,125	$1.08	24d	1	1.30mi
18205 Stout St Detroit, MI	3.0	1.0	901	$1,078	$1.20	24d	1	1.32mi
18191 Heyden St Detroit, MI	2.0	1.0	917	$1,100	$1.20	24d	1	1.32mi
18274 Fielding St Detroit, MI	2.0	1.0	700	$1,200	$1.71	17d	1	1.38mi
13500 Heyden St Detroit, MI	2.0	1.0	850	$1,200	$1.41	44d	1	1.41mi
21434 Karl St Detroit, MI	2.0	1.0	1000	$1,350	$1.35	44d	1	1.44mi
14280 Bramell St Detroit, MI	3.0	1.0	1100	$1,500	$1.36	17d	1	1.45mi
17654 Sunderland Rd Detroit, MI	3.0	1.0	1100	$1,500	$1.36	44d	1	1.45mi
18437 Trinity St Detroit, MI	3.0	1.0	875	$1,364	$1.56	15d	1	1.47mi
18461 Heyden St Detroit, MI	2.0	1.0	1000	$1,050	$1.05	5d	1	1.48mi
21455 Pickford St Detroit, MI	2.0	1.0	1000	$1,275	$1.27	44d	1	1.48mi
14716 Archdale St Detroit, MI	2.0	1.0	900	$1,100	$1.22	44d	1	1.49mi

Listing history 41 events

1. 2026-06-18
   days on market $40,000 Active 147 DOM
2. 2026-06-17
   days on market $40,000 Active 146 DOM
3. 2026-06-15
   days on market $40,000 Active 144 DOM
4. 2026-06-13
   days on market $40,000 Active 142 DOM
5. 2026-06-13
   days on market $40,000 Active 141 DOM
6. 2026-06-09
   days on market $40,000 Active 138 DOM
7. 2026-06-08
   days on market $40,000 Active 137 DOM
8. 2026-06-07
   days on market $40,000 Active 136 DOM
9. 2026-06-04
   days on market $40,000 Active 133 DOM
10. 2026-06-03
    days on market $40,000 Active 132 DOM
11. 2026-06-01
    days on market $40,000 Active 130 DOM
12. 2026-05-31
    days on market $40,000 Active 129 DOM
13. 2026-04-17
    price $40,000 221-char remark

    Show marketing remark (221 chars)

    NICE 2 BEDROOM RANCH HOME. GREAT FOR THE FIRST TIME BUYER OR INVESTOR. HOME IS CLOSE TO DINING, ENTERTAIMENT. HOME JUST NEEDS A LITTLE TLC. SELLER WILL LOOK AT ALL REASONABLE OFFERS. ALL MEASUREMENTS ARE ESTIMATED. BATVAI

14. 2026-04-17
    price $40,000 221-char remark

    Show marketing remark (221 chars)

    NICE 2 BEDROOM RANCH HOME. GREAT FOR THE FIRST TIME BUYER OR INVESTOR. HOME IS CLOSE TO DINING, ENTERTAIMENT. HOME JUST NEEDS A LITTLE TLC. SELLER WILL LOOK AT ALL REASONABLE OFFERS. ALL MEASUREMENTS ARE ESTIMATED. BATVAI

15. 2026-01-22
    listed $50,000 Active 221-char remark

    Show marketing remark (221 chars)

    NICE 2 BEDROOM RANCH HOME. GREAT FOR THE FIRST TIME BUYER OR INVESTOR. HOME IS CLOSE TO DINING, ENTERTAIMENT. HOME JUST NEEDS A LITTLE TLC. SELLER WILL LOOK AT ALL REASONABLE OFFERS. ALL MEASUREMENTS ARE ESTIMATED. BATVAI

16. 2026-01-22
    listed $50,000 Active 221-char remark

    Show marketing remark (221 chars)

    NICE 2 BEDROOM RANCH HOME. GREAT FOR THE FIRST TIME BUYER OR INVESTOR. HOME IS CLOSE TO DINING, ENTERTAIMENT. HOME JUST NEEDS A LITTLE TLC. SELLER WILL LOOK AT ALL REASONABLE OFFERS. ALL MEASUREMENTS ARE ESTIMATED. BATVAI

17. 2022-03-11
    price $850
18. 2021-12-14
    soldstatus $65,000
19. 2021-09-29
    soldstatus $39,999 Sold
20. 2021-09-29
    soldstatus $39,999 Closed
21. 2021-09-07
    status Pending
22. 2021-09-07
    status Pending
23. 2021-08-27
    price $39,999
24. 2021-08-27
    price $39,999
25. 2021-08-05
    listed $49,999 Active
26. 2021-08-05
    listed $49,999 Active
27. 2008-05-30
    historical
28. 2008-05-30
    historical
29. 2008-04-01
    listed $8,500
30. 2008-03-18
    listed $8,500
31. 2008-03-16
    historical
32. 2008-03-16
    historical
33. 2007-07-27
    historical
34. 2007-07-27
    historical
35. 2007-07-26
    listed $14,500
36. 2007-07-26
    listed $14,500
37. 2007-02-13
    listed $39,000
38. 2007-02-13
    listed $39,000
39. 2005-02-23
    soldstatus $81,600
40. 2004-05-04
    soldstatus $14,997
41. 2004-01-09
    listed $16,000

ⓘ 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: $606 · $50/mo
• Projected year-2 tax: $611 · $51/mo
• Expected delta: +$5/yr ($0/mo · 0.8%)

ⓘ 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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,669
• − Mortgage interest: −$2,241
• − Property taxes: −$606
• − Insurance: −$200
• − Repairs & maintenance: −$1,173
• − Management: −$1,173
• − Depreciation: −$1,164
• Taxable income: $8,111
• Est. tax owed @ 24.0%: −$1,947
• After-tax cash flow: $6,318/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

+150.0% since first listed

29 events — show timeline

• 2026-04-17 Price Changed $40,000 MiRealSource-MiMLS
• 2026-04-17 Price Changed $40,000 REALCOMP
• 2026-01-22 Listed $50,000 REALCOMP
• 2026-01-22 Listed $50,000 MiRealSource-MiMLS
• 2022-03-11 Price Changed $850 RENT.
• 2021-12-14 Sold (Public Records) $65,000 Public Records
• 2021-09-29 Sold (MLS) $39,999 MiRealSource-MiMLS
• 2021-09-29 Sold (MLS) $39,999 REALCOMP
• 2021-09-07 Pending — MiRealSource-MiMLS
• 2021-09-07 Pending — REALCOMP
• 2021-08-27 Price Changed $39,999 MiRealSource-MiMLS
• 2021-08-27 Price Changed $39,999 REALCOMP
• 2021-08-05 Listed $49,999 MiRealSource-MiMLS
• 2021-08-05 Listed $49,999 REALCOMP
• 2008-05-30 Listing Removed — REALCOMP
• 2008-05-30 Listing Removed — MiRealSource-MiMLS
• 2008-04-01 Listed $8,500 MiRealSource-MiMLS
• 2008-03-18 Listed $8,500 REALCOMP
• 2008-03-16 Listing Removed — MiRealSource-MiMLS
• 2008-03-16 Listing Removed — REALCOMP
• 2007-07-27 Listing Removed — REALCOMP
• 2007-07-27 Listing Removed — MiRealSource-MiMLS
• 2007-07-26 Listed $14,500 MiRealSource-MiMLS
• 2007-07-26 Listed $14,500 REALCOMP
• 2007-02-13 Listed $39,000 REALCOMP
• 2007-02-13 Listed $39,000 MiRealSource-MiMLS
• 2005-02-23 Sold (Public Records) $81,600 Public Records
• 2004-05-04 Sold (MLS) $14,997 REALCOMP
• 2004-01-09 Listed $16,000 REALCOMP

Property tax history

+8.8%/yr

Latest (2025): $606 · -53.0% YoY. Source: county tax records.