15078 Griggs St · Detroit, MI 48238

$60,000

3 bd · 1.0 ba · 768 sqft · SingleFamily public records · 172 Days on market

Built 1952 6,970 sqft lot $78/sqft · 61% above area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Key facts

• 6,970 sq ft lot
• Built 1952
• Listed 172 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $563 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.5% 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: Rents rising fast (+6.1%/yr); 346 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 43% of the median local income ($33k/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 $415 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 172 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $52,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 172 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 1952 — 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: 1.98% ✓
• Cap rate: 17.55%
• Cash-on-cash: 40.20%
• DSCR: 2.79
• GRM: 4.2

CMA / ARV

• ARV (median comp): $37,180
• List price: $60,000
• Delta: 61.38%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14611 Washburn St	0.33mi	2/1.0 (-1)	790 (+3%)	10mo	$34,900	$44	66
14887 Mendota St	0.21mi	3/1.0	803 (+5%)	20mo	$25,000	$31	66
15856 Monte Vista St	0.55mi	3/1.0	848 (+10%)	3mo	$59,900	$71	54
14619 Greenlawn St	0.69mi	2/1.0 (-1)	804 (+5%)	5mo	$52,000	$65	51
16135 Cherrylawn St	0.74mi	3/1.0	816 (+6%)	7mo	$70,000	$86	49
14284 Kentucky St	0.63mi	2/1.0 (-1)	825 (+7%)	8mo	$27,000	$33	46
14801 Cheyenne St NW	0.68mi	2/1.0 (-1)	757 (-1%)	18mo	$65,000	$86	46
14811 Northlawn St	0.51mi	3/1.0	851 (+11%)	16mo	$79,000	$93	45
15834 Monte Vista St	0.53mi	2/1.0 (-1)	844 (+10%)	18mo	$55,000	$65	38
15735 Cheyenne St	0.74mi	3/1.0	873 (+14%)	10mo	$66,000	$76	34
14871 NE Cheyenne St NW	0.66mi	3/1.0	878 (+14%)	13mo	$69,000	$79	34
14830 Greenlawn St	0.67mi	2/1.0 (-1)	672 (-12%)	13mo	$15,000	$22	32

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: 40.0%
• Equity multiple: 2.79×
• Total profit: $29,995
• Equity at exit: $8,946

10-year hold

• IRR: 47.8%
• Equity multiple: 6.31×
• Total profit: $89,237
• Equity at exit: $5,188

Cash invested: $16,800 (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: 4.2×

Monthly cashflow live

• Estimated rent: $1,191 high
• Mortgage (P&I): −$315
• Tax from tax record: −$38 /mo · $459/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $563

Break-even live

Break-even rent $478

Max offer price $60,000

Occupancy floor 48%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14881 Mendota St Detroit, MI	3.0	1.0	1026	$1,100	$1.07	24d	1	0.18mi
15512 Mendota St Detroit, MI	2.0	1.0	931	$1,200	$1.29	5d	1	0.35mi
15512 Mendota St Apt 2 Detroit, MI	2.0	1.0	1000	$1,200	$1.20	43d	1	0.35mi
15388 Appoline St #203 Detroit, MI	2.0	1.0	900	$850	$0.94	43d	1	0.42mi
15765 Washburn St Detroit, MI	2.0	1.0	1093	$950	$0.87	43d	1	0.43mi
15760 Monte Vista St Detroit, MI	2.0	1.0	1080	$1,250	$1.16	43d	1	0.46mi
15777 Wisconsin St Unit 77 Detroit, MI	2.0	1.0	900	$950	$1.06	5d	1	0.54mi
15839 Kentucky St Detroit, MI	2.0	1.0	800	$1,200	$1.50	17d	1	0.56mi
14570 Cherrylawn St Detroit, MI	3.0	1.0	840	$1,250	$1.49	12d	1	0.56mi
15878 Kentucky St Detroit, MI	2.0	1.0	800	$900	$1.12	43d	1	0.60mi
14550 Northlawn St Detroit, MI	3.0	2.0	950	$1,200	$1.26	16d	1	0.61mi
15738 Sorrento Ave Detroit, MI	3.0	1.0	762	$1,175	$1.54	43d	1	0.62mi
14847 Cheyenne St Detroit, MI	3.0	2.0	849	$1,150	$1.35	17d	1	0.64mi
14656 Roselawn St Detroit, MI	3.0	1.0	1000	$1,200	$1.20	17d	1	0.66mi
15340 Hartwell St Detroit, MI	2.0	1.0	900	$1,300	$1.44	16d	1	0.77mi
16230 Indiana St Unit 2 Detroit, MI	2.0	1.0	1050	$1,200	$1.14	17d	1	0.79mi
14891 Hartwell St Detroit, MI	3.0	1.0	1000	$1,150	$1.15	43d	1	0.79mi
16204 Steel St Detroit, MI	3.0	1.0	969	$1,150	$1.19	43d	1	0.83mi
15771 Turner St Detroit, MI	2.0	1.0	1000	$1,049	$1.05	43d	1	0.85mi
14903 Tracey St Detroit, MI	3.0	1.0	1004	$1,100	$1.10	16d	1	0.90mi
16503 Ward Ave Unit 2 Detroit, MI	2.0	1.0	700	$850	$1.21	43d	1	0.96mi
15387 Lesure St Detroit, MI	3.0	1.0	1064	$1,350	$1.27	12d	1	0.96mi
15517 Lesure St Unit BDRM1A Detroit, MI	2.0	1.0	1000	$850	$0.85	24d	1	1.00mi
7350 Globe St Detroit, MI	3.0	1.0	1000	$1,550	$1.55	3d	1	1.02mi
14950 Stoepel St Detroit, MI	2.0	1.0	600	$900	$1.50	24d	1	1.13mi
14284 Cruse St Detroit, MI	3.0	1.0	1121	$1,150	$1.03	16d	1	1.17mi
17150 Meyers Rd Detroit, MI	1.0–2.0	1.0	775	$975	$1.26	43d	2	1.20mi
13620 Tuller St Detroit, MI	4.0	1.0	1064	$1,374	$1.29	12d	1	1.24mi
17159 Northlawn St Unit 17161 Detroit, MI	2.0	1.0	1122	$975	$0.87	5d	1	1.26mi
16722 Tuller St Detroit, MI	3.0	1.5	1100	$1,500	$1.36	16d	1	1.26mi
16505 Stansbury St Detroit, MI	3.0	1.0	1100	$1,250	$1.14	11d	1	1.27mi
2690 Ewald Cir Detroit, MI	1.0–2.0	1.0	750	$900	$1.20	24d	4	1.27mi
2926 Ewald Cir Detroit, MI	2.0	1.0	800	$900	$1.12	17d	1	1.27mi
15073 Strathmoor St Detroit, MI	2.0	1.0	860	$1,350	$1.57	16d	1	1.28mi
14559 Strathmoor St Detroit, MI	2.0	1.0	1033	$1,150	$1.11	20d	1	1.32mi
12468 Mendota St Detroit, MI	2.0	1.0	1100	$1,100	$1.00	43d	1	1.45mi
12468 Mendota St Detroit, MI	2.0	1.0	1100	$1,000	$0.91	24d	1	1.45mi
15341 Lauder St Detroit, MI	4.0	1.5	1080	$1,475	$1.37	16d	1	1.47mi

Listing history 16 events

1. 2026-06-18
   days on market $60,000 Active 172 DOM
2. 2026-06-17
   days on market $60,000 Active 171 DOM
3. 2026-06-15
   days on market $60,000 Active 169 DOM
4. 2026-06-13
   days on market $60,000 Active 167 DOM
5. 2026-06-13
   days on market $60,000 Active 166 DOM
6. 2026-06-09
   days on market $60,000 Active 163 DOM
7. 2026-06-08
   days on market $60,000 Active 162 DOM
8. 2026-06-07
   days on market $60,000 Active 161 DOM
9. 2026-06-04
   days on market $60,000 Active 158 DOM
10. 2026-06-03
    days on market $60,000 Active 157 DOM
11. 2026-06-01
    days on market $60,000 Active 155 DOM
12. 2026-05-31
    days on market $60,000 Active 154 DOM
13. 2025-12-22
    listed $60,000 Active
14. 2025-12-22
    listed $60,000 Active
15. 2006-09-06
    soldstatus $60,000
16. 1993-10-05
    soldstatus $10,000

ⓘ 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: $459 · $38/mo
• Projected year-2 tax: $692 · $58/mo
• Expected delta: +$232/yr (+$19/mo · 50.6%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,289
• − Mortgage interest: −$3,361
• − Property taxes: −$459
• − Insurance: −$300
• − Repairs & maintenance: −$1,143
• − Management: −$1,143
• − Depreciation: −$1,745
• Taxable income: $6,137
• Est. tax owed @ 24.0%: −$1,473
• After-tax cash flow: $5,280/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

+500.0% since first listed

4 events — show timeline

• 2025-12-22 Listed $60,000 MiRealSource-MiMLS
• 2025-12-22 Listed $60,000 REALCOMP
• 2006-09-06 Sold (Public Records) $60,000 Public Records
• 1993-10-05 Sold (Public Records) $10,000 Public Records

Property tax history

-1.6%/yr

Latest (2025): $459 · -52.3% YoY. Source: county tax records.