1515-1517 Campbell St · Detroit, MI 48209

$240,000

4 bd · 2.0 ba · 2,222 sqft · SingleFamily · 3 Days on market

Built 1908 5,227 sqft lot Est $231k · at est.

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Why this score? — see what drove the F 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).

• Appreciation +10.0/10.0
• ARV discount +5.8/15.0
• Cash flow +5.0/30.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• 1% rule +0.8/10.0
• DSCR +0.0/10.0

Listing remarks

Multi unit located in a quiet neighborhood just minutes from the heart of Mexican Town. This Enjoy a spacious unit income producing, a private basement with dedicated laundry separate utilities, and ample storage space. Conveniently close to local shops, restaurants, and a short drive to downtown Detroit. Don’t miss this opportunity to live in a vibrant and peaceful community! Schedule your showing today.

Key facts

• Ample storage space
• Separate utilities
• Private basement

Tags

• QUIET NEIGHBORHOOD
• PRIVATE BASEMENT
• DEDICATED LAUNDRY
• SEPARATE UTILITIES
• AMPLE STORAGE SPACE
• CLOSE TO LOCAL SHOPS

Property features AI

Finance

• Financial info: Two-unit building; Net operating income: $14,280; Property has an existing lease

Exterior

• Utilities: Public water (at street); Public water supply; Natural gas
• Home design: Multi-family property; 2-story structure; Built in 1908; Frontage 40 feet
• Construction: Basement foundation
• Exterior features: Vinyl siding; Paved street access

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: Fenced yard

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $-564 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (34.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (42.3% below list).
• Recommended offer: $138k (42.3% below list) — sets the bar for 1% rule.
• Cap rate 3.5% vs local median 10.0% 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: 69 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 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 39% of the median local income ($43k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $138,497 (42.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.58% ✗
• Cap rate: 3.47%
• Cash-on-cash: -10.08%
• DSCR: 0.55
• GRM: 14.4

CMA / ARV

• ARV (on-the-fly): $231,088
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5854 Romeyn St	0.36mi	5/2.0 (+1)	2,261 (+2%)	7mo	$180,000	$80	69
1415 Campbell St	0.12mi	4/2.0	1,941 (-13%)	9mo	$240,000	$124	66
1113 Clark St	0.51mi	4/1.0	2,100 (-6%)	1mo	$218,000	$104	62
2018 Morrell St	0.36mi	3/2.0 (-1)	2,259 (+2%)	18mo	$120,000	$53	61
1469 Clark St	0.46mi	4/2.0	2,060 (-7%)	17mo	$335,000	$163	52
1020 Ferdinand St	0.41mi	3/1.5 (-1)	2,042 (-8%)	12mo	$325,000	$159	50
6361 Lafayette Blvd	0.50mi	3/1.5 (-1)	2,124 (-4%)	20mo	$220,000	$104	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.2%
• Equity multiple: 2.41×
• Total profit: $94,781
• Equity at exit: $216,211

10-year hold

• IRR: 16.3%
• Equity multiple: 5.57×
• Total profit: $307,426
• Equity at exit: $466,267

Cash invested: $67,200 (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 48209

• Home prices YoY: 21.8%
• Active inventory: 69
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $1,385 medium
• Mortgage (P&I): −$1,259
• Tax est. 1.5%: −$300 /mo · $3,600/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $-564

Break-even live

Break-even rent $2,099

Max offer price $158,322

Occupancy floor —

Sensitivity live

Price	-10% $-399	-5% $-482	+0% $-564	+5% $-647	+10% $-730
Rent	-10% $-674	-5% $-619	+0% $-564	+5% $-510	+10% $-455
Rate	-1.0pp $-444	-0.5pp $-503	base $-564	+0.5pp $-627	+1.0pp $-690

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5421 Toledo St Detroit, MI	4.0	2.0	1493	$1,500	$1.00	0d	1	0.42mi
1646 Mc Kinstry St Unit 1F McKinstry Detroit, MI	4.0	1.0	1879	$1,200	$0.64	6d	1	0.44mi
1039 N Rademacher St Detroit, MI	3.0	1.0	2400	$1,300	$0.54	25d	1	0.60mi

Listing history 6 events

1. 2026-06-21
   remarks 409-char remark
2. 2026-06-21
   statuslisting id $240,000 Active 3 DOM
3. 2026-06-18
   days on market $240,000 Coming Soon 3 DOM
4. 2026-06-17
   days on market $240,000 Coming Soon 2 DOM
5. 2026-06-16
   remarks 408-char remark
6. 2026-06-16
   listed $240,000 Coming Soon 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,620
• − Mortgage interest: −$13,444
• − Property taxes: −$3,600
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,330
• − Management: −$1,330
• − Depreciation: −$6,982
• Taxable loss: −$11,265
• Est. tax savings @ 24.0%: +$2,704
• After-tax cash flow: $-4,070/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): 27,184
• Household income: $43,161
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 831.0

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 Hispanic (76%)
• Race & ethnicity: Hispanic / Latino 76% White 17% Two or more races 14% Black 6% Native American 2%
• Hispanic origin (detail): Mexican 58% Puerto Rican 7% Cuban 1%
• Common ancestry: Romanian 2% Lithuanian 0%
• Foreign-born: 26% · Canada
• Languages at home: 38% English-only · Spanish 62%

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: ▲ 73.77%
• Current HPI: 412.9753
• Rent YoY: —
• 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

+16451.7% since first listed

3 events — show timeline

• 2026-06-16 Coming Soon $240,000 MiRealSource-MiMLS
• 2024-11-28 Rental Removed $1,450 REALSOURCE
• 2024-11-26 Listed for Rent $1,450 REALSOURCE