2015 Gladstone St · Detroit, MI 48206

$269,000

6 bd · 3.0 ba · 3,240 sqft · SingleFamily public records · 8 Days on market

Built 1921 4,792 sqft lot $83/sqft · 29% below area Est $377k · 29% under

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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 +16.6/30.0
• ARV discount +15.0/15.0
• DSCR +5.1/10.0
• 1% rule +4.1/10.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks

* * * Fully Occupied 2 Family Flat: Located in the Historic Virginia Park neighborhood, this fully renovated 2-story, 2 Family flat offers a prime opportunity for investors because it provides actual income of $2900 a month. Perfectly positioned near the North End, Boston Edison, and New Center neighborhoods, the property is just minutes from major Detroit landmarks, including the Fisher Theatre, Henry Ford Hospital, and the Motown Museum. Each unit features three spacious bedrooms and one full bathroom, along with a bright living room accented by a fireplace. The upper unit offers a private second-floor balcony. A privacy-fenced yard adds additional outdoor appeal. LOI required before sh

Key facts

• Fully renovated
• Privacy-fenced yard
• 4,792 sq ft lot

Tags

• HISTORIC VIRGINIA PARK
• FULLY RENOVATED
• PRIVATE SECOND-FLOOR BALCONY
• PRIVACY-FENCED YARD

Property features AI

Finance

• Other: Property type: Residential single-family
• Financial info: Financial details not provided
• HOA & community: Sidewalks in the neighborhood

Exterior

• Parking: Detached 2-car garage
• Security: Carbon monoxide detector(s); Smoke detector(s); Pets allowed
• Utilities: Public water; Public sewer; Underground utilities; Electric service with circuit breakers and 220 volts
• Home design: Single family residence; Two levels; Ground-level entry with steps; Brick construction
• Construction: Brick construction materials; Brick/mortar foundation; Asphalt roof; Built area above grade: 3,240
• Exterior features: Balcony; Enclosed porch; Porch; Back yard with fencing; Fenced yard; Paved road access

Interior

• Kitchen: Free-standing gas oven; Free-standing refrigerator; Gas water heater
• Bedrooms: Bedrooms not specified
• Flooring: Flooring details not specified
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Ceiling fan(s); No central air
• Interior features: Unfurnished; Fireplace in the family room; 12 total rooms; Unfinished basement
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath single-family listed at $269k.

Deal economics

• At list price, monthly cash flow is $160 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $246k (8.6% below list).
• Recommended offer: $246k (8.6% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 10.2% in Detroit — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 rising fast (+5.2%/yr); 271 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $2,459/mo this rent would consume 65% of the median local household income ($45k/yr) (locally 646% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 9y ago; this cycle's ask is 15271% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $77k; list at $269k implies a 249% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $245,854 (8.6% below list)

Questions for the listing agent

1. Built in 1921 — 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 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: 0.91% ✗
• Cap rate: 7.01%
• Cash-on-cash: 2.55%
• DSCR: 1.11
• GRM: 9.1

CMA / ARV

• ARV (median comp): $377,068
• List price: $269,000
• Delta: -28.66%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2009 Edison St	0.32mi	5/2.5 (-1)	3,300 (+2%)	11mo	$385,000	$117	66
1925 Chicago Blvd	0.46mi	6/3.5	3,395 (+5%)	5mo	$452,800	$133	64
2017 Virginia Park St	0.32mi	5/5.0 (-1)	3,197 (-1%)	9mo	$382,000	$119	63
2007 Virginia Park St	0.32mi	6/4.0	2,960 (-9%)	9mo	$362,500	$122	60
1459 Edison St	0.50mi	6/2.5	3,018 (-7%)	11mo	$399,900	$133	54
1257 Longfellow St	0.60mi	5/2.5 (-1)	3,169 (-2%)	10mo	$205,000	$65	53
1199 Atkinson St	0.58mi	5/2.5 (-1)	3,060 (-6%)	5mo	$265,000	$87	52
1675 Chicago Blvd	0.49mi	6/3.5	3,720 (+15%)	1mo	$623,000	$167	49
2285 Chicago Blvd	0.48mi	5/3.5 (-1)	3,517 (+8%)	10mo	$475,000	$135	48
1978 Glynn Ct	0.66mi	5/2.5 (-1)	3,500 (+8%)	4mo	$80,000	$23	46
2272 Glynn Ct	0.68mi	6/3.5	2,915 (-10%)	7mo	$353,000	$121	44
1411 Atkinson St	0.50mi	5/5.5 (-1)	2,993 (-8%)	7mo	$148,000	$49	43

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 · 5.2% rent growth · sell at horizon

5-year hold

• IRR: -9.9%
• Equity multiple: 0.63×
• Total profit: $-27,843
• Equity at exit: $40,109

10-year hold

• IRR: 2.2%
• Equity multiple: 1.17×
• Total profit: $12,715
• Equity at exit: $23,258

Cash invested: $75,320 (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 48206

• Rents YoY: 5.2%
• Active inventory: 271
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,459 high
• Mortgage (P&I): −$1,411
• Tax from tax record: −$259 /mo · $3,113/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$516
• Net cashflow: $160

Break-even live

Break-even rent $2,256

Max offer price $269,000

Occupancy floor 88%

Sensitivity live

Price	-10% $312	-5% $236	+0% $160	+5% $84	+10% $8
Rent	-10% $-34	-5% $63	+0% $160	+5% $257	+10% $354
Rate	-1.0pp $296	-0.5pp $228	base $160	+0.5pp $90	+1.0pp $19

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: $67,250
• Closing costs: $8,070
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2028 Gladstone St Unit 1 Detroit, MI	5.0	2.0	2500	$2,850	$1.14	3d	1	0.03mi
8951 La Salle Blvd Detroit, MI	5.0	2.5	2440	$2,500	$1.02	15d	1	0.27mi
2509 Gladstone St Unit NA Detroit, MI	6.0	3.0	3008	$2,000	$0.66	11d	1	0.33mi
1699 Glynn Ct Detroit, MI	5.0	3.5	2542	$2,500	$0.98	22d	1	0.65mi
3799 W Philadelphia St Detroit, MI	5.0	2.0	2200	$1,650	$0.75	17d	1	1.02mi

Listing history 50 events

1. 2026-06-18
   days on market $269,000 Active 8 DOM
2. 2026-06-17
   days on market $269,000 Active 7 DOM
3. 2026-06-16
   days on market $269,000 Active 6 DOM
4. 2026-06-15
   days on market $269,000 Active 5 DOM
5. 2026-06-13
   days on market $269,000 Active 3 DOM
6. 2026-06-13
   days on marketlisting id $269,000 Active 2 DOM
7. 2026-06-09
   days on market $269,000 Active 172 DOM
8. 2026-06-08
   days on market $269,000 Active 171 DOM
9. 2026-06-07
   days on market $269,000 Active 170 DOM
10. 2026-06-04
    days on market $269,000 Active 167 DOM
11. 2026-06-03
    days on market $269,000 Active 166 DOM
12. 2026-06-01
    days on market $269,000 Active 164 DOM
13. 2026-05-31
    days on market $269,000 Active 163 DOM
14. 2026-05-12
    historical $1,450
15. 2026-03-14
    price $1,450
16. 2026-03-05
    price $269,000 746-char remark
17. 2026-03-05
    price $269,000 746-char remark
18. 2026-03-04
    price $269,000
19. 2026-03-04
    price $269,000
20. 2026-02-24
    price $274,900 746-char remark
21. 2026-02-24
    price $274,900 746-char remark
22. 2026-02-23
    price $274,900
23. 2026-02-23
    price $274,900
24. 2026-02-21
    price $1,500
25. 2026-02-20
    price $1,580
26. 2026-02-17
    price $285,000 746-char remark
27. 2026-02-17
    price $285,000 746-char remark
28. 2026-02-16
    price $285,000
29. 2026-02-16
    price $285,000
30. 2026-02-02
    price $1,600
31. 2026-01-24
    listed $1,750
32. 2026-01-22
    price $289,000 746-char remark
33. 2026-01-22
    price $289,000 746-char remark
34. 2026-01-21
    price $289,000
35. 2026-01-21
    price $289,000
36. 2025-12-20
    listed $299,000 Active 746-char remark
37. 2025-12-20
    listed $299,000 Active 746-char remark
38. 2025-12-20
    listed $299,000 Active
39. 2025-12-20
    listed $299,000 Active
40. 2025-12-19
    historical $299,000 746-char remark
41. 2025-12-19
    historical $299,000 746-char remark
42. 2025-07-02
    historical
43. 2025-07-02
    historical
44. 2025-05-08
    price $275,000
45. 2025-05-07
    price $275,000
46. 2025-04-22
    listed $299,000 Active
47. 2025-04-22
    listed $299,000 Active
48. 2018-04-04
    soldstatus $77,000 Sold
49. 2018-04-04
    soldstatus $77,000 Closed
50. 2018-04-03
    soldstatus $77,000

ⓘ 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: $3,113 · $259/mo
• Projected year-2 tax: $3,628 · $302/mo
• Expected delta: +$515/yr (+$43/mo · 16.5%)

ⓘ 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 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,502
• − Mortgage interest: −$15,068
• − Property taxes: −$3,113
• − Insurance: −$1,345
• − Repairs & maintenance: −$2,360
• − Management: −$2,360
• − Depreciation: −$7,825
• Taxable loss: −$2,570
• Est. tax savings @ 24.0%: +$617
• After-tax cash flow: $2,538/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): 15,227
• Household income: $45,046
• Rent vs Own: 46.4% rent · 53.6% own
• Severe rent burden: 646.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 3% Romanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 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: ▼ -139.60%
• Current HPI: 130.9545
• Rent YoY: ▲ 5.20%
• 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

+100.0% since first listed

51 events — show timeline

• 2026-06-20 Listing Removed — MiRealSource-MiMLS
• 2026-06-20 Listing Removed — REALCOMP
• 2026-06-19 Price Changed $249,000 MiRealSource-MiMLS
• 2026-06-19 Price Changed $249,000 REALCOMP
• 2026-06-10 Listing Removed — MiRealSource-MiMLS
• 2026-06-10 Listing Removed — REALCOMP
• 2026-05-12 Rental Removed $1,450 REALSOURCE
• 2026-03-14 Price Changed $1,450 REALSOURCE
• 2026-03-05 Price Changed $269,000 MiRealSource-MiMLS
• 2026-03-05 Price Changed $269,000 MiRealSource-MiMLS
• 2026-03-04 Price Changed $269,000 REALCOMP
• 2026-03-04 Price Changed $269,000 REALCOMP
• 2026-02-24 Price Changed $274,900 MiRealSource-MiMLS
• 2026-02-24 Price Changed $274,900 MiRealSource-MiMLS
• 2026-02-23 Price Changed $274,900 REALCOMP
• 2026-02-23 Price Changed $274,900 REALCOMP
• 2026-02-21 Price Changed $1,500 REALSOURCE
• 2026-02-20 Price Changed $1,580 REALSOURCE
• 2026-02-17 Price Changed $285,000 MiRealSource-MiMLS
• 2026-02-17 Price Changed $285,000 MiRealSource-MiMLS
• 2026-02-16 Price Changed $285,000 REALCOMP
• 2026-02-16 Price Changed $285,000 REALCOMP
• 2026-02-02 Price Changed $1,600 REALSOURCE
• 2026-01-24 Listed for Rent $1,750 REALSOURCE
• 2026-01-22 Price Changed $289,000 MiRealSource-MiMLS
• 2026-01-22 Price Changed $289,000 MiRealSource-MiMLS
• 2026-01-21 Price Changed $289,000 REALCOMP
• 2026-01-21 Price Changed $289,000 REALCOMP
• 2025-12-20 Listed $299,000 MiRealSource-MiMLS
• 2025-12-20 Listed $299,000 MiRealSource-MiMLS
• 2025-12-20 Listed $299,000 REALCOMP
• 2025-12-20 Listed $299,000 REALCOMP
• 2025-12-19 Coming Soon — MiRealSource-MiMLS
• 2025-12-19 Coming Soon — MiRealSource-MiMLS
• 2025-12-19 Listed $269,000 REALCOMP
• 2025-12-19 Listed $269,000 MiRealSource-MiMLS
• 2025-07-02 Listing Removed — MiRealSource-MiMLS
• 2025-07-02 Listing Removed — REALCOMP
• 2025-05-08 Price Changed $275,000 MiRealSource-MiMLS
• 2025-05-07 Price Changed $275,000 REALCOMP
• 2025-04-22 Listed $299,000 REALCOMP
• 2025-04-22 Listed $299,000 MiRealSource-MiMLS
• 2018-04-04 Sold (MLS) $77,000 MiRealSource-MiMLS
• 2018-04-04 Sold (MLS) $77,000 REALCOMP
• 2018-04-03 Sold (Public Records) $77,000 Public Records
• 2018-02-28 Pending — MiRealSource-MiMLS
• 2018-02-28 Pending — REALCOMP
• 2017-12-09 Price Changed $90,000 MiRealSource-MiMLS
• 2017-12-09 Price Changed $90,000 REALCOMP
• 2017-11-10 Listed $124,500 MiRealSource-MiMLS
• 2017-11-09 Listed $124,500 REALCOMP

Property tax history

+7.9%/yr

Latest (2025): $3,113 · +4.5% YoY. Source: county tax records.