15404 Normandy St · Detroit, MI 48238

$115,000

3 bd · 1.0 ba · 1,486 sqft · SingleFamily public records · 11 Days on market

Built 1922 4,356 sqft lot Est $80k · 43% 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 +24.7/30.0
• DSCR +8.0/10.0
• 1% rule +6.4/10.0
• Rent growth +4.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investment opportunity in Detroit's historic North End corridor, just moments from the prestigious Boston-Edison neighborhood and with convenient access to major freeways for an easy commute to Downtown Detroit, New Center, and beyond. This spacious 3-bedroom, 3 full-bath home offers strong potential as a rental property, house hack, or long-term investment. Inside, you'll find a functional layout with generous living spaces and a new HVAC system for improved comfort and efficiency. The home features three full bathrooms, including a full bath in the basement, providing added flexibility for tenants, guests, or extended living arrangements. One of the bathrooms is highlighted by a large jetted soaking tub, creating a relaxing retreat after a long day. The basement has a kitchen and full bath, lots of potential for additional living space. The bedrooms are spacious. The primary bedroom has a sun room/walk-in closet attached. With solid fundamentals, ongoing neighborhood investment, and a location that places you near some of Detroit's most sought-after historic districts, cultural destinations, and employment centers, 15404 Normandy presents an excellent opportunity to add value and build equity in a growing area.

Key facts

• New hvac system
• 4,356 sq ft lot
• Built 1922

Tags

• HISTORIC NORTH END CORRIDOR
• NEW HVAC SYSTEM
• FULL BATH IN THE BASEMENT
• LARGE JETTED SOAKING TUB
• BASEMENT HAS A KITCHEN
• NEAR CULTURAL DESTINATIONS

Property features AI

Finance

• HOA & community: Sidewalks

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer; Water and sewer available
• Home design: Single-family residence; Two levels; Ground-level entry with steps
• Construction: Aluminum siding and brick exterior; Other exterior materials; Block and brick/mortar foundation; Asphalt roof; Built area above grade and finished and some finished space below grade
• Exterior features: Balcony; Covered porch; Fenced backyard; Paved road access

Interior

• Kitchen: Free-standing electric range; Free-standing refrigerator
• Bedrooms: Total of 9 rooms (bedroom count not specified)
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating; Gas water heater
• Interior features: Unfurnished; Fireplace in the living room; Partially finished basement; Therapeutic whirlpool
• Laundry & utility: Laundry area (other)

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 $239 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).

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 (+6.1%/yr); 346 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); 42% 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).
• At $1,312/mo this rent would consume 47% of the median local household income ($33k/yr) (locally 2172% 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 $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 + 6.1% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 5y 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 $76k; list at $115k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $115,000

Questions for the listing agent

1. Built in 1922 — 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: 1.14% ✓
• Cap rate: 8.79%
• Cash-on-cash: 8.92%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $80,244
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15580 Linwood St	0.15mi	3/1.0	1,546 (+4%)	6mo	$45,000	$29	81
15376 Parkside St	0.27mi	3/1.0	1,488 (+0%)	11mo	$65,000	$44	78
15877 Baylis St	0.32mi	3/1.0	1,400 (-6%)	5mo	$71,000	$51	72
16180 Wildemere St	0.57mi	3/1.5	1,454 (-2%)	2mo	$115,000	$79	66
16177 Inverness St	0.50mi	3/1.0	1,404 (-6%)	4mo	$70,000	$50	64
16141 Wildemere St	0.56mi	3/1.5	1,448 (-3%)	5mo	$165,000	$114	64
16533 Parkside St	0.66mi	3/2.0	1,500 (+1%)	2mo	$205,000	$137	62
1996 W Grand St	0.70mi	3/1.5	1,400 (-6%)	6mo	$40,009	$29	50
16210 Parkside St	0.57mi	3/2.0	1,591 (+7%)	9mo	$235,000	$148	50
361 Pilgrim St	0.65mi	2/1.0 (-1)	1,368 (-8%)	10mo	$8,000	$6	43
16570 Inverness St	0.66mi	4/2.0 (+1)	1,300 (-12%)	3mo	$120,000	$92	37
16651 Lawton St	0.74mi	4/1.5 (+1)	1,656 (+11%)	5mo	$90,000	$54	35

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 · 6.14% rent growth · sell at horizon

5-year hold

• IRR: 0.7%
• Equity multiple: 1.03×
• Total profit: $902
• Equity at exit: $17,147

10-year hold

• IRR: 13.3%
• Equity multiple: 2.22×
• Total profit: $39,206
• 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 48238

• Home prices YoY: -14.4%
• Rents YoY: 6.1%
• Active inventory: 346
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,312 high
• Mortgage (P&I): −$603
• Tax from tax record: −$146 /mo · $1,751/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $239

Break-even live

Break-even rent $1,009

Max offer price $115,000

Occupancy floor 77%

Sensitivity live

Price	-10% $304	-5% $272	+0% $239	+5% $207	+10% $174
Rent	-10% $136	-5% $187	+0% $239	+5% $291	+10% $343
Rate	-1.0pp $297	-0.5pp $269	base $239	+0.5pp $210	+1.0pp $179

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
15345 Parkside St Detroit, MI	3.0	1.0	1152	$1,300	$1.13	44d	1	0.30mi
15906 Alden St Detroit, MI	3.0	1.0	1030	$1,150	$1.12	17d	1	0.38mi
16174 Princeton St Unit 2 Detroit, MI	2.0	1.0	985	$1,100	$1.12	44d	1	0.45mi
16174 Princeton St Detroit, MI	2.0	1.0	985	$1,100	$1.12	20d	1	0.46mi
326 Eason St Highland Park, MI	3.0	1.0	1256	$1,300	$1.04	18d	1	0.74mi
2034 Ewald Cir Detroit, MI	2.0	1.0	1000	$995	$0.99	5d	1	0.75mi
1926 Clements St Detroit, MI	3.0	1.0	1150	$1,150	$1.00	5d	1	0.80mi
1926 Clements St Unit 1926 Detroit, MI	3.0	1.0	1150	$1,250	$1.09	20d	1	0.80mi
16927 Inverness St Detroit, MI	2.0	1.0	897	$1,650	$1.84	17d	1	0.83mi
2521 W McNichols Rd Unit B2 Detroit, MI	2.0	1.0	1300	$1,250	$0.96	44d	1	0.84mi
16834 Fairfield St Detroit, MI	2.0	1.0	1516	$1,363	$0.90	25d	1	0.85mi
3209 W Grand St Detroit, MI	3.0	1.0	1550	$1,103	$0.71	44d	1	0.88mi
7350 Globe St Detroit, MI	3.0	1.0	1000	$1,550	$1.55	4d	1	0.96mi
16582 Santa Rosa Dr Detroit, MI	3.0	1.0	1314	$1,399	$1.06	18d	1	1.04mi
3812 W Grand St Detroit, MI	2.0	1.0	1100	$1,025	$0.93	17d	1	1.06mi
2474 Fullerton St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	15d	1	1.16mi
15771 Turner St Detroit, MI	2.0	1.0	1000	$1,049	$1.05	44d	1	1.18mi
3740 Tyler St Unit 1 Detroit, MI	3.0	1.0	1300	$1,300	$1.00	5d	1	1.18mi
16255 Lilac St Detroit, MI	3.0	1.0	1312	$1,394	$1.06	18d	1	1.19mi
17215 Warrington Dr Detroit, MI	2.0	1.0	1015	$2,000	$1.97	44d	1	1.20mi
885 Covington Dr Unit 201 Highland Park, MI	2.0	2.0	1350	$1,695	$1.26	44d	1	1.22mi
3783 Tyler St Unit Lower Detroit, MI	3.0	1.0	1000	$1,150	$1.15	44d	1	1.23mi
3824 Tyler St Apt 1 Detroit, MI	3.0	1.0	900	$1,523	$1.69	17d	1	1.23mi
17666 Manderson Rd Unit 17666 Detroit, MI	2.0	1.0	1200	$1,595	$1.33	44d	1	1.24mi
17670 Manderson Rd Unit 17670 Detroit, MI	2.0	1.0	1199	$1,595	$1.33	44d	1	1.24mi
1029 Covington Dr Unit 1029 Detroit, MI	2.0	1.0	1200	$1,495	$1.25	44d	1	1.25mi
1031 Covington Dr Unit 1061 Detroit, MI	2.0	1.0	1200	$1,595	$1.33	44d	1	1.25mi
2676 Sturtevant St Unit 1 Detroit, MI	2.0	1.0	1000	$1,000	$1.00	25d	1	1.25mi
17145 Santa Rosa Dr Unit 1 Detroit, MI	3.0	1.0	1050	$1,400	$1.33	18d	1	1.25mi
4287 W Grand St Unit 4289 Detroit, MI	3.0	1.0	1250	$1,000	$0.80	44d	1	1.27mi
17765 Manderson Rd Unit 8 Highland Park, MI	2.0	1.0	1000	$1,215	$1.22	2d	1	1.27mi
17765 Manderson Rd Unit 14 Highland Park, MI	2.0	1.0	1000	$1,175	$1.18	44d	1	1.27mi
17147 Monica St Unit 2 1 Detroit, MI	2.0	1.0	900	$975	$1.08	25d	1	1.30mi
17550 2nd Ave Detroit, MI	2.0	1.0	1350	$1,150	$0.85	18d	1	1.32mi
16722 Tuller St Detroit, MI	3.0	1.5	1100	$1,500	$1.36	17d	1	1.33mi
17163 Prairie St Unit 1B Detroit, MI	3.0	1.5	1317	$1,350	$1.03	44d	1	1.35mi
2285 Cortland St Detroit, MI	2.0	1.0	900	$1,000	$1.11	17d	1	1.35mi
4203 Tyler St Detroit, MI	2.0	1.0	950	$895	$0.94	44d	1	1.35mi
2638 Richton St Unit 2638 Richton Upper Detroit, MI	2.0	1.0	1000	$900	$0.90	44d	1	1.36mi
15457 Cloverlawn St Detroit, MI	3.0	2.0	1500	$1,275	$0.85	25d	1	1.37mi

Listing history 9 events

1. 2026-06-18
   days on market $115,000 Active 11 DOM
2. 2026-06-17
   days on market $115,000 Active 10 DOM
3. 2026-06-16
   days on market $115,000 Active 9 DOM
4. 2026-06-15
   days on market $115,000 Active 8 DOM
5. 2026-06-13
   days on market $115,000 Active 6 DOM
6. 2026-06-13
   days on market $115,000 Active 5 DOM
7. 2026-06-09
   days on market $115,000 Active 2 DOM
8. 2026-06-08
   remarks 699-char remark
9. 2026-06-08
   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.

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $1,751 · $146/mo
• Projected year-2 tax: $1,761 · $147/mo
• Expected delta: +$10/yr (+$1/mo · 0.6%)

ⓘ 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 ≥97°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: $15,740
• − Mortgage interest: −$6,442
• − Property taxes: −$1,751
• − Insurance: −$575
• − Repairs & maintenance: −$1,259
• − Management: −$1,259
• − Depreciation: −$3,345
• Taxable income: $1,108
• Est. tax owed @ 24.0%: −$266
• After-tax cash flow: $2,606/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): 24,731
• Household income: $33,315
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 2172.0

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 (94%)
• Race & ethnicity: Black 94% Two or more races 3% White 1%
• Foreign-born: 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: ▼ -31.96%
• Current HPI: 189.6227
• Rent YoY: ▲ 6.14%
• 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

+155.6% since first listed

22 events — show timeline

• 2026-06-07 Listed $115,000 REALCOMP
• 2026-06-07 Listed $115,000 MiRealSource-MiMLS
• 2025-10-21 Rental Removed $1,650 REALSOURCE
• 2025-10-01 Listed for Rent $1,650 REALSOURCE
• 2025-05-23 Sold (Public Records) $76,000 Public Records
• 2025-05-08 Sold (MLS) $76,000 MiRealSource-MiMLS
• 2025-05-08 Sold (MLS) $76,000 REALCOMP
• 2025-03-27 Pending — MiRealSource-MiMLS
• 2025-03-27 Pending — REALCOMP
• 2025-01-11 Price Changed $76,000 MiRealSource-MiMLS
• 2025-01-10 Price Changed $76,000 REALCOMP
• 2025-01-10 Relisted — MiRealSource-MiMLS
• 2025-01-10 Relisted — REALCOMP
• 2024-12-17 Pending — REALCOMP
• 2024-08-19 Pending — MiRealSource-MiMLS
• 2024-08-19 Pending — REALCOMP
• 2024-08-16 Listed $74,999 MiRealSource-MiMLS
• 2024-08-16 Listed $74,999 REALCOMP
• 2021-04-20 Listing Removed — REALCOMP
• 2021-04-20 Listing Removed — MiRealSource-MiMLS
• 2021-02-15 Listed $45,000 MiRealSource-MiMLS
• 2021-02-15 Listed $45,000 REALCOMP

Property tax history

+5.4%/yr

Latest (2025): $1,751 · -46.6% YoY. Source: county tax records.