15887 Snowden St · Detroit, MI 48227

$115,000

3 bd · 1.0 ba · 1,140 sqft · SingleFamily public records · 15 Days on market

Built 1929 9,583 sqft lot

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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 +23.9/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Rent growth +3.9/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tenant occupied, no showings without an accepted offer. Turnkey investment opportunity! This renovated 3-bedroom, 1-bath bungalow offers updated finishes throughout and is currently tenant occupied, providing immediate rental income. Features include a refreshed kitchen and bath, updated flooring, and a well-maintained interior. Whether you're looking to expand your investment portfolio or secure a cash-flowing property, this home is a great opportunity.

Key facts

• Updated flooring
• Refreshed kitchen
• 9,583 sq ft lot

Tags

• TURNKEY INVESTMENT OPPORTUNITY
• REFRESHED KITCHEN
• UPDATED FLOORING
• WELL MAINTAINED INTERIOR

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories; Ground-level entry with steps
• Construction: Brick and cedar exterior; Block foundation
• Exterior features: Paved road access; Lot dimensions approximately 80.07 x 116 (0.22 acres)

Interior

• Bedrooms: 6 total rooms
• 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 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $224 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.

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 (+5.6%/yr); 385 active listings in the ZIP; 40 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 42% of the median local income ($37k/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 $795 of loan paydown is wiped out by about $3k 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 + 5.6% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 16 sale attempts since 17y 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 $57k; list at $115k implies a 102% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,275 (1.5% below list)

Questions for the listing agent

1. Built in 1929 — 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: 1.12% ✓
• Cap rate: 8.63%
• Cash-on-cash: 8.35%
• DSCR: 1.37
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $62,700
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15824 Snowden St	0.06mi	3/1.0	1,127 (-1%)	0mo	$61,000	$54	95
15824 Snowden St	0.06mi	3/1.0	1,127 (-1%)	0mo	$61,000	$54	95
16180 Snowden St	0.13mi	3/1.0	1,137 (-0%)	0mo	$61,000	$54	94
15770 Stansbury St	0.27mi	3/1.0	1,100 (-4%)	1mo	$50,000	$45	81
16562 Tracey St	0.31mi	3/1.0	1,244 (+9%)	2mo	$60,000	$48	68
16176 Tracey St	0.19mi	3/2.0	1,270 (+11%)	0mo	$70,000	$55	68
16863 Tracey St	0.50mi	3/2.0	1,200 (+5%)	2mo	$165,000	$138	62
17147 Appoline St	0.67mi	3/2.0	1,100 (-4%)	1mo	$170,000	$155	58
15430 Mark Twain St	0.55mi	3/1.0	1,026 (-10%)	1mo	$95,000	$93	57
15041 Lesure St	0.61mi	3/1.0	1,021 (-10%)	2mo	$50,000	$49	52
15053 Littlefield St	0.56mi	3/2.0	1,286 (+13%)	2mo	$75,000	$58	47
15771 Birwood St	0.68mi	3/1.5	1,290 (+13%)	0mo	$128,995	$100	44

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 · 5.59% rent growth · sell at horizon

5-year hold

• IRR: -0.7%
• Equity multiple: 0.97×
• Total profit: $-901
• Equity at exit: $17,147

10-year hold

• IRR: 11.5%
• Equity multiple: 2.01×
• Total profit: $32,585
• Equity at exit: $9,943

Cash invested: $32,200 (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 48227

• Rents YoY: 5.6%
• Active inventory: 385
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,290 high
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $224

Break-even live

Break-even rent $1,006

Max offer price $115,000

Occupancy floor 78%

Sensitivity live

Price	-10% $303	-5% $264	+0% $224	+5% $184	+10% $145
Rent	-10% $122	-5% $173	+0% $224	+5% $275	+10% $326
Rate	-1.0pp $282	-0.5pp $253	base $224	+0.5pp $194	+1.0pp $164

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16503 Ward Ave Unit 2 Detroit, MI	2.0	1.0	700	$850	$1.21	44d	1	0.28mi
15517 Lesure St Unit BDRM1A Detroit, MI	2.0	1.0	1000	$850	$0.85	24d	1	0.30mi
16505 Stansbury St Detroit, MI	3.0	1.0	1100	$1,250	$1.14	11d	1	0.32mi
15738 Sorrento Ave Detroit, MI	3.0	1.0	762	$1,175	$1.54	44d	1	0.33mi
16204 Steel St Detroit, MI	3.0	1.0	969	$1,150	$1.19	44d	1	0.35mi
15387 Lesure St Detroit, MI	3.0	1.0	1064	$1,350	$1.27	13d	1	0.42mi
15340 Hartwell St Detroit, MI	2.0	1.0	900	$1,300	$1.44	17d	1	0.43mi
15762 Mark Twain St Detroit, MI	3.0	2.0	1430	$1,250	$0.87	17d	1	0.46mi
15388 Appoline St #203 Detroit, MI	2.0	1.0	900	$850	$0.94	44d	1	0.53mi
15088 Littlefield St Detroit, MI	2.0	1.0	1294	$1,275	$0.99	22d	1	0.55mi
15760 Monte Vista St Detroit, MI	2.0	1.0	1080	$1,250	$1.16	44d	1	0.57mi
15512 Mendota St Apt 2 Detroit, MI	2.0	1.0	1000	$1,200	$1.20	44d	1	0.70mi
15512 Mendota St Detroit, MI	2.0	1.0	931	$1,200	$1.29	5d	1	0.70mi
14891 Hartwell St Detroit, MI	3.0	1.0	1000	$1,150	$1.15	44d	1	0.72mi
14903 Tracey St Detroit, MI	3.0	1.0	1004	$1,100	$1.10	17d	1	0.72mi
15708 Birwood St Detroit, MI	3.0	1.0	1255	$1,100	$0.88	5d	1	0.75mi
15810 Robson St Detroit, MI	3.0	1.0	1142	$1,500	$1.31	24d	1	0.76mi
15073 Strathmoor St Detroit, MI	2.0	1.0	860	$1,350	$1.57	17d	1	0.77mi
14847 Cheyenne St Detroit, MI	3.0	2.0	849	$1,150	$1.35	18d	1	0.77mi
16151 Robson St Detroit, MI	3.0	1.0	1300	$1,525	$1.17	15d	1	0.78mi
17150 Meyers Rd Detroit, MI	1.0–2.0	1.0	775	$975	$1.26	44d	2	0.79mi
15341 Lauder St Detroit, MI	4.0	1.5	1080	$1,475	$1.37	17d	1	0.83mi
15765 Washburn St Detroit, MI	2.0	1.0	1093	$950	$0.87	44d	1	0.87mi
15468 Sussex St #2 Detroit, MI	2.0	1.0	900	$1,250	$1.39	44d	1	0.92mi
15328 Coyle St Detroit, MI	3.0	1.0	1000	$1,450	$1.45	18d	1	0.92mi
15330 Coyle St Unit 2 Detroit, MI	3.0	1.0	1000	$1,450	$1.45	24d	1	0.92mi
15330 Coyle St Unit 1 Detroit, MI	3.0	1.0	1000	$1,375	$1.38	24d	1	0.92mi
15330 Coyle St Unit 1 Detroit, MI	3.0	1.0	1000	$1,425	$1.43	13d	1	0.92mi
18010 Lesure St Detroit, MI	3.0	1.0	1010	$1,550	$1.53	24d	1	0.94mi
14590 Ardmore St Detroit, MI	3.0	1.0	1200	$1,195	$1.00	3d	1	0.95mi
14881 Mendota St Detroit, MI	3.0	1.0	1026	$1,100	$1.07	24d	1	0.95mi
16889 Washburn St Detroit, MI	3.0	1.5	1300	$1,100	$0.85	18d	1	0.96mi
15839 Kentucky St Detroit, MI	2.0	1.0	800	$1,200	$1.50	18d	1	0.97mi
15878 Kentucky St Detroit, MI	2.0	1.0	800	$900	$1.12	44d	1	0.99mi
17540 Pinehurst St Detroit, MI	3.0	1.0	1200	$1,395	$1.16	44d	1	1.01mi
14600 Strathmoor St Detroit, MI	4.0	1.0	1300	$1,450	$1.12	44d	1	1.01mi
14559 Strathmoor St Detroit, MI	2.0	1.0	1033	$1,150	$1.11	21d	1	1.05mi
16230 Indiana St Unit 2 Detroit, MI	2.0	1.0	1050	$1,200	$1.14	18d	1	1.06mi
15100 Whitcomb St Detroit, MI	2.0	1.0	750	$925	$1.23	44d	1	1.07mi
16183 Wisconsin St Detroit, MI	3.0	1.5	1370	$1,400	$1.02	44d	1	1.08mi

Listing history 11 events

1. 2026-06-18
   days on market $115,000 Active 15 DOM
2. 2026-06-17
   days on market $115,000 Active 14 DOM
3. 2026-06-16
   days on market $115,000 Active 13 DOM
4. 2026-06-15
   days on market $115,000 Active 12 DOM
5. 2026-06-13
   days on market $115,000 Active 10 DOM
6. 2026-06-13
   days on market $115,000 Active 9 DOM
7. 2026-06-09
   days on market $115,000 Active 6 DOM
8. 2026-06-08
   days on market $115,000 Active 5 DOM
9. 2026-06-07
   days on market $115,000 Active 4 DOM
10. 2026-06-04
    remarks 458-char remark
11. 2026-06-04
    listed $115,000 Active 1 DOM

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 48% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°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: $15,475
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$1,238
• − Management: −$1,238
• − Depreciation: −$3,345
• Taxable income: $912
• Est. tax owed @ 24.0%: −$219
• After-tax cash flow: $2,469/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): 40,302
• Household income: $36,527
• Rent vs Own: 40.9% rent · 59.1% own
• Severe rent burden: 2371.0

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 (95%)
• Race & ethnicity: Black 95% Two or more races 3% White 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1% French/Haitian/Cajun 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: ▼ -125.00%
• Current HPI: 186.4158
• Rent YoY: ▲ 5.59%
• 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

+248.5% since first listed

45 events — show timeline

• 2026-06-03 Listed $115,000 REALCOMP
• 2026-06-03 Listed $115,000 MiRealSource-MiMLS
• 2024-07-26 Sold (MLS) $57,000 MiRealSource-MiMLS
• 2024-07-26 Sold (MLS) $57,000 REALCOMP
• 2024-07-09 Pending — MiRealSource-MiMLS
• 2024-07-09 Pending — REALCOMP
• 2024-05-14 Listed $69,900 MiRealSource-MiMLS
• 2024-05-14 Listed $69,900 REALCOMP
• 2024-04-25 Listing Removed — MiRealSource-MiMLS
• 2024-04-25 Listing Removed — REALCOMP
• 2024-04-05 Relisted — MiRealSource-MiMLS
• 2024-04-05 Relisted — REALCOMP
• 2024-04-03 Contingent — MiRealSource-MiMLS
• 2024-04-03 Contingent — REALCOMP
• 2024-03-22 Price Changed $71,000 MiRealSource-MiMLS
• 2024-03-22 Price Changed $71,000 REALCOMP
• 2024-01-17 Listed $73,000 MiRealSource-MiMLS
• 2024-01-17 Listed $73,000 REALCOMP
• 2023-12-21 Listing Removed — MiRealSource-MiMLS
• 2023-12-20 Listing Removed — REALCOMP
• 2023-12-13 Price Changed $76,500 MiRealSource-MiMLS
• 2023-12-13 Price Changed $76,500 REALCOMP
• 2023-10-13 Price Changed $79,000 MiRealSource-MiMLS
• 2023-10-13 Price Changed $79,000 REALCOMP
• 2023-09-18 Listed $82,000 MiRealSource-MiMLS
• 2023-09-18 Listed $82,000 REALCOMP
• 2021-01-01 Listing Removed — MiRealSource-MiMLS
• 2021-01-01 Listing Removed — REALCOMP
• 2020-02-13 Listed $64,900 MiRealSource-MiMLS
• 2020-02-13 Listed $64,900 REALCOMP
• 2017-09-08 Sold (MLS) $24,000 MiRealSource-MiMLS
• 2017-09-08 Sold (MLS) $24,000 REALCOMP
• 2017-08-16 Pending — MiRealSource-MiMLS
• 2017-08-16 Pending — REALCOMP
• 2017-05-18 Price Changed $25,000 MiRealSource-MiMLS
• 2017-05-17 Price Changed $25,000 REALCOMP
• 2016-04-29 Relisted — MiRealSource-MiMLS
• 2016-04-25 Listing Removed — MiRealSource-MiMLS
• 2016-04-07 Listed $29,900 MiRealSource-MiMLS
• 2016-03-11 Price Changed $29,900 REALCOMP
• 2015-11-04 Listed $34,900 REALCOMP
• 2009-12-17 Sold (MLS) $9,900 REALCOMP
• 2009-07-13 Listed $9,900 REALCOMP
• 2001-12-20 Sold (Public Records) $88,100 Public Records
• 2000-11-01 Sold (Public Records) $33,000 Public Records

Property tax history

+18.8%/yr

Latest (2025): $6,387 · +366.0% YoY. Source: county tax records.