4215 Dickerson St · Detroit, MI 48215

$120,000

6 bd · 2.5 ba · 2,628 sqft · MultiFamily public records · 26 Days on market

Built 1927 4,356 sqft lot Est $95k · 27% over

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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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

LOCTION LOCATION LOCATION !!! MONEY MAKER !!!!Great investment property!!!! LOCATED IN SOUTHWEST DETROIT Enjoy the convenience of being close to fantastic restaurants, shops, major highways, and more. Don't miss the opportunity !

Key facts

• 4,356 sq ft lot
• Parking
• Built 1927

Property features AI

Finance

• Other: Above-grade finished area approximately 2,628; Lot roughly 0.1 acre (35 x 122)

Exterior

• Parking: 1 parking space
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; One-story building; Brick exterior; Zoned for multi-family
• Construction: Block foundation
• Exterior features: Paved road access; Pets not allowed

Interior

• Bedrooms: Two 3-bedroom units
• Bathrooms: Each unit has 1 full bathroom; the property has 2 full bathrooms total
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 6-bed/2.5-bath multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.7% 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: 137 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $830 of loan paydown is wiped out by about $4k 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 $34k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 12y 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.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,200 (1.5% below list)

Questions for the listing agent

1. Built in 1927 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.11% ✓
• Cap rate: 17.69%
• Cash-on-cash: 40.70%
• DSCR: 2.81
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $94,608
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3073 Lakewood St	0.54mi	6/2.0	2,700 (+3%)	5mo	$50,000	$19	64
4657 Lakewood St	0.45mi	6/2.0	2,500 (-5%)	8mo	$90,000	$36	62
3034 Gray St	0.41mi	6/2.0	2,304 (-12%)	5mo	$143,000	$62	54
3028 Gray St	0.41mi	5/2.0 (-1)	2,366 (-10%)	15mo	$30,000	$13	44
2657 Springle St	0.59mi	6/2.5	2,250 (-14%)	13mo	$40,000	$18	37
2523 Gray St	0.70mi	6/2.5	2,278 (-13%)	13mo	$95,000	$42	34

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: 37.2%
• Equity multiple: 2.58×
• Total profit: $53,198
• Equity at exit: $17,892

10-year hold

• IRR: 43.8%
• Equity multiple: 5.17×
• Total profit: $140,024
• Equity at exit: $10,375

Cash invested: $33,600 (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 48215

• Home prices YoY: -24.1%
• Active inventory: 137
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,533 high
• Mortgage (P&I): −$629
• Tax from tax record: −$182 /mo · $2,185/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$532
• Net cashflow: $1,140

Break-even live

Break-even rent $1,090

Max offer price $120,000

Occupancy floor 50%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,532
Total (2 units)			$2,533

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13395 Maiden St Detroit, MI	5.0	2.0	1750	$1,600	$0.91	24d	1	1.46mi

Listing history 30 events

1. 2026-06-18
   days on market $120,000 Active 26 DOM
2. 2026-06-17
   days on market $120,000 Active 25 DOM
3. 2026-06-15
   days on market $120,000 Active 23 DOM
4. 2026-06-13
   days on market $120,000 Active 21 DOM
5. 2026-06-13
   days on market $120,000 Active 20 DOM
6. 2026-06-09
   days on market $120,000 Active 17 DOM
7. 2026-06-08
   days on market $120,000 Active 16 DOM
8. 2026-06-07
   days on market $120,000 Active 15 DOM
9. 2026-06-04
   days on market $120,000 Active 12 DOM
10. 2026-06-03
    days on market $120,000 Active 11 DOM
11. 2026-06-02
    days on market $120,000 Active 10 DOM
12. 2026-06-01
    days on market $120,000 Active 9 DOM
13. 2026-05-31
    days on market $120,000 Active 8 DOM
14. 2026-05-23
    listed $120,000 Active 229-char remark

    Show marketing remark (229 chars)

    LOCTION LOCATION LOCATION !!! MONEY MAKER !!!!Great investment property!!!! LOCATED IN SOUTHWEST DETROIT Enjoy the convenience of being close to fantastic restaurants, shops, major highways, and more. Don't miss the opportunity !

15. 2026-05-23
    listed $120,000 Active

    Show marketing remark (229 chars)

    LOCTION LOCATION LOCATION !!! MONEY MAKER !!!!Great investment property!!!! LOCATED IN SOUTHWEST DETROIT Enjoy the convenience of being close to fantastic restaurants, shops, major highways, and more. Don't miss the opportunity !

16. 2026-04-07
    historical
17. 2026-04-06
    historical
18. 2026-01-06
    price $121,000
19. 2026-01-06
    price $121,000
20. 2025-09-04
    price $126,000
21. 2025-09-04
    price $126,000
22. 2025-08-06
    listed $140,000 Active
23. 2025-08-06
    listed $140,000 Active
24. 2021-03-29
    soldstatus $120,000
25. 2015-03-12
    soldstatus $1,500
26. 2015-03-12
    soldstatus $1,500 Closed
27. 2015-02-05
    status Pending
28. 2015-01-14
    price $1,500
29. 2014-12-13
    listed $2,500 Active
30. 2014-08-18
    listed $1,500

ⓘ 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: $2,185 · $182/mo
• Projected year-2 tax: $2,185 · $182/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 ≥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: $30,396
• − Mortgage interest: −$6,722
• − Property taxes: −$2,185
• − Insurance: −$600
• − Repairs & maintenance: −$2,432
• − Management: −$2,432
• − Depreciation: −$3,491
• Taxable income: $12,534
• Est. tax owed @ 24.0%: −$3,008
• After-tax cash flow: $10,668/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
• City population: 572,865
• Population (ZIP): 10,238

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 (87%)
• Race & ethnicity: Black 87% White 9% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Romanian 1% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% 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: ▼ -60.84%
• Current HPI: 191.0405
• Rent YoY: —
• Metro: —
• 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

+7900.0% since first listed

17 events — show timeline

• 2026-05-23 Listed $120,000 REALCOMP
• 2026-05-23 Listed $120,000 MiRealSource-MiMLS
• 2026-04-07 Listing Removed — REALCOMP
• 2026-04-06 Listing Removed — MiRealSource-MiMLS
• 2026-01-06 Price Changed $121,000 MiRealSource-MiMLS
• 2026-01-06 Price Changed $121,000 REALCOMP
• 2025-09-04 Price Changed $126,000 MiRealSource-MiMLS
• 2025-09-04 Price Changed $126,000 REALCOMP
• 2025-08-06 Listed $140,000 MiRealSource-MiMLS
• 2025-08-06 Listed $140,000 REALCOMP
• 2021-03-29 Sold (Public Records) $120,000 Public Records
• 2015-03-12 Sold (MLS) $1,500 MiRealSource-MiMLS
• 2015-03-12 Sold (MLS) $1,500 REALCOMP
• 2015-02-05 Pending — MiRealSource-MiMLS
• 2015-01-14 Price Changed $1,500 MiRealSource-MiMLS
• 2014-12-13 Listed $2,500 MiRealSource-MiMLS
• 2014-08-18 Listed $1,500 REALCOMP

Property tax history

+5.3%/yr

Latest (2025): $2,185 · -9.7% YoY. Source: county tax records.