15500 Indiana St · Detroit, MI 48238

$100,000

3 bd · 1.0 ba · 1,368 sqft · SingleFamily public records · 132 Days on market

Built 1926 3,920 sqft lot $73/sqft · 5% below area Est $105k · 5% under ↓ 26% since listing

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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 +29.2/30.0
• DSCR +10.0/10.0
• ARV discount +9.8/15.0
• 1% rule +7.5/10.0
• 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

Listing remarks MLS

This is a home that looks small but has well defined spaces that would make a first time home buyer satisfied with the space provided and also any person looking to down size or investors who are looking to upgrade this property.

Key facts

• 3,920 sq ft lot
• 216 garage spots
• Built 1926

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $349 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $88k (12.0% 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 (+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); lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $1,252/mo this rent would consume 45% 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 $691 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 $28k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 132 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $35k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 132 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 1926 — 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: 1.25% ✓
• Cap rate: 10.48%
• Cash-on-cash: 14.94%
• DSCR: 1.66
• GRM: 6.7

CMA / ARV

• ARV (median comp): $105,498
• List price: $100,000
• Delta: -5.21%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15703 Northlawn St	0.19mi	4/1.0 (+1)	1,365 (-0%)	5mo	$70,000	$51	82
15771 Birwood St	0.37mi	3/1.5	1,290 (-6%)	0mo	$128,995	$100	71
15374 Birwood St	0.36mi	4/2.0 (+1)	1,378 (+1%)	4mo	$132,000	$96	69
15379 Woodingham Dr	0.41mi	4/1.0 (+1)	1,300 (-5%)	4mo	$7,000	$5	64
16500 Griggs St	0.53mi	3/1.5	1,427 (+4%)	4mo	$130,000	$91	63
14931 Monte Vista St	0.67mi	3/1.5	1,307 (-4%)	0mo	$35,000	$27	59
16204 Wisconsin St	0.38mi	3/1.5	1,536 (+12%)	1mo	$163,000	$106	59
15087 Pinehurst St	0.56mi	3/1.0	1,497 (+9%)	4mo	$55,000	$37	55
15088 Appoline St	0.72mi	3/1.0	1,300 (-5%)	5mo	$70,000	$54	54
16800 Ilene St	0.65mi	3/2.5	1,298 (-5%)	1mo	$210,000	$162	54
14889 Manor St	0.74mi	4/2.5 (+1)	1,375 (+0%)	0mo	$159,000	$116	54
15710 Steel St	0.72mi	3/1.0	1,445 (+6%)	5mo	$149,000	$103	53

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: 8.8%
• Equity multiple: 1.36×
• Total profit: $10,071
• Equity at exit: $14,910

10-year hold

• IRR: 20.4%
• Equity multiple: 2.97×
• Total profit: $55,172
• Equity at exit: $8,646

Cash invested: $28,000 (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: 6.7×

Monthly cashflow live

• Estimated rent: $1,252 high
• Mortgage (P&I): −$524
• Tax from tax record: −$74 /mo · $890/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $349

Break-even live

Break-even rent $810

Max offer price $100,000

Occupancy floor 67%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15777 Wisconsin St Unit 77 Detroit, MI	2.0	1.0	900	$950	$1.06	5d	1	0.10mi
15791 Cherrylawn St Detroit, MI	2.0	1.0	1792	$1,100	$0.61	44d	1	0.16mi
15765 Washburn St Detroit, MI	2.0	1.0	1093	$950	$0.87	44d	1	0.22mi
15457 Cloverlawn St Detroit, MI	3.0	2.0	1500	$1,275	$0.85	24d	1	0.23mi
16183 Wisconsin St Detroit, MI	3.0	1.5	1370	$1,400	$1.02	44d	1	0.34mi
15708 Birwood St Detroit, MI	3.0	1.0	1255	$1,100	$0.88	5d	1	0.35mi
16230 Indiana St Unit 2 Detroit, MI	2.0	1.0	1050	$1,200	$1.14	18d	1	0.39mi
15512 Mendota St Detroit, MI	2.0	1.0	931	$1,200	$1.29	5d	1	0.41mi
15512 Mendota St Apt 2 Detroit, MI	2.0	1.0	1000	$1,200	$1.20	44d	1	0.41mi
15771 Turner St Detroit, MI	2.0	1.0	1000	$1,049	$1.05	44d	1	0.43mi
16546 Wisconsin St Detroit, MI	3.0	1.0	1577	$1,500	$0.95	44d	1	0.48mi
15760 Monte Vista St Detroit, MI	2.0	1.0	1080	$1,250	$1.16	44d	1	0.53mi
7350 Globe St Detroit, MI	3.0	1.0	1000	$1,550	$1.55	3d	1	0.63mi
14881 Mendota St Detroit, MI	3.0	1.0	1026	$1,100	$1.07	24d	1	0.64mi
16255 Lilac St Detroit, MI	3.0	1.0	1312	$1,394	$1.06	17d	1	0.65mi
14656 Roselawn St Detroit, MI	3.0	1.0	1000	$1,200	$1.20	17d	1	0.66mi
15388 Appoline St #203 Detroit, MI	2.0	1.0	900	$850	$0.94	44d	1	0.69mi
14550 Northlawn St Detroit, MI	3.0	2.0	950	$1,200	$1.26	17d	1	0.71mi
16889 Washburn St Detroit, MI	3.0	1.5	1300	$1,100	$0.85	17d	1	0.72mi
Ohio St Unit 4 Detroit, MI	4.0	1.5	1400	$750	$0.54	44d	1	0.75mi
16934 Ilene St Detroit, MI	3.0	1.5	1516	$1,400	$0.92	20d	1	0.77mi
16722 Tuller St Detroit, MI	3.0	1.5	1100	$1,500	$1.36	17d	1	0.80mi
16204 Steel St Detroit, MI	3.0	1.0	969	$1,150	$1.19	44d	1	0.83mi
17159 Northlawn St Unit 17161 Detroit, MI	2.0	1.0	1122	$975	$0.87	5d	1	0.84mi
17195 Northlawn St #2 Detroit, MI	2.0	1.0	1200	$1,050	$0.88	24d	1	0.87mi
17195 Northlawn St #1 Detroit, MI	2.0	1.0	1200	$1,100	$0.92	20d	1	0.87mi
16582 Santa Rosa Dr Detroit, MI	3.0	1.0	1314	$1,399	$1.06	17d	1	0.90mi
14242 Ohio St Detroit, MI	4.0	1.0	1400	$1,000	$0.71	44d	1	0.94mi
16230 Cheyenne St Detroit, MI	3.0	1.0	1653	$1,450	$0.88	44d	1	0.99mi
15088 Littlefield St Detroit, MI	2.0	1.0	1294	$1,275	$0.99	22d	1	1.01mi
17163 Prairie St Unit 1B Detroit, MI	3.0	1.5	1317	$1,350	$1.03	44d	1	1.02mi
17368 Woodingham Dr Detroit, MI	3.0	1.5	1200	$1,800	$1.50	44d	1	1.03mi
17147 Monica St Unit 2 1 Detroit, MI	2.0	1.0	900	$975	$1.08	24d	1	1.05mi
17145 Santa Rosa Dr Unit 1 Detroit, MI	3.0	1.0	1050	$1,400	$1.33	18d	1	1.08mi
17530 Roselawn St Unit 1 Detroit, MI	3.0	2.0	1600	$2,000	$1.25	24d	1	1.08mi
15340 Hartwell St Detroit, MI	2.0	1.0	900	$1,300	$1.44	17d	1	1.09mi
14011 Roselawn St Detroit, MI	4.0	1.5	1300	$1,450	$1.12	2d	1	1.13mi
14011 Roselawn St Detroit, MI	4.0	1.5	1300	$1,450	$1.12	17d	1	1.13mi
13979 Cherrylawn St Detroit, MI	3.0	1.0	1296	$1,334	$1.03	20d	1	1.13mi
17540 Pinehurst St Detroit, MI	3.0	1.0	1200	$1,395	$1.16	44d	1	1.15mi

Listing history 18 events

1. 2026-06-18
   days on market $100,000 Active 132 DOM
2. 2026-06-17
   days on market $100,000 Active 131 DOM
3. 2026-06-15
   days on market $100,000 Active 129 DOM
4. 2026-06-13
   days on market $100,000 Active 127 DOM
5. 2026-06-13
   days on market $100,000 Active 126 DOM
6. 2026-06-09
   days on market $100,000 Active 123 DOM
7. 2026-06-08
   days on market $100,000 Active 122 DOM
8. 2026-06-07
   days on market $100,000 Active 121 DOM
9. 2026-06-04
   days on market $100,000 Active 118 DOM
10. 2026-06-03
    days on market $100,000 Active 117 DOM
11. 2026-06-01
    days on market $100,000 Active 115 DOM
12. 2026-05-31
    days on market $100,000 Active 114 DOM
13. 2026-03-20
    price $100,000 229-char remark

    Show marketing remark (505 chars)

    This is a home that looks small but has well defined spaces that would make a first time home buyer satisfied with the space provided and also any person looking to down size or investors who are looking to upgrade this property. This home is a great for a first time home buyers or a smaller and cozy home with more rooms than it appears to have. It has great storage area in the basement and is located within a desirable distance from the freeway. This home can also provide a great fix and flip value.

14. 2026-03-20
    price $100,000 505-char remark

    Show marketing remark (505 chars)

    This is a home that looks small but has well defined spaces that would make a first time home buyer satisfied with the space provided and also any person looking to down size or investors who are looking to upgrade this property. This home is a great for a first time home buyers or a smaller and cozy home with more rooms than it appears to have. It has great storage area in the basement and is located within a desirable distance from the freeway. This home can also provide a great fix and flip value.

15. 2026-03-20
    price $100,000

    Show marketing remark (505 chars)

    This is a home that looks small but has well defined spaces that would make a first time home buyer satisfied with the space provided and also any person looking to down size or investors who are looking to upgrade this property. This home is a great for a first time home buyers or a smaller and cozy home with more rooms than it appears to have. It has great storage area in the basement and is located within a desirable distance from the freeway. This home can also provide a great fix and flip value.

16. 2026-02-02
    listed $135,000 Active 229-char remark

    Show marketing remark (505 chars)

    This is a home that looks small but has well defined spaces that would make a first time home buyer satisfied with the space provided and also any person looking to down size or investors who are looking to upgrade this property. This home is a great for a first time home buyers or a smaller and cozy home with more rooms than it appears to have. It has great storage area in the basement and is located within a desirable distance from the freeway. This home can also provide a great fix and flip value.

17. 2026-02-02
    listed $135,000 Active 505-char remark

    Show marketing remark (505 chars)

    This is a home that looks small but has well defined spaces that would make a first time home buyer satisfied with the space provided and also any person looking to down size or investors who are looking to upgrade this property. This home is a great for a first time home buyers or a smaller and cozy home with more rooms than it appears to have. It has great storage area in the basement and is located within a desirable distance from the freeway. This home can also provide a great fix and flip value.

18. 2026-02-02
    listed $135,000 Active

    Show marketing remark (505 chars)

    This is a home that looks small but has well defined spaces that would make a first time home buyer satisfied with the space provided and also any person looking to down size or investors who are looking to upgrade this property. This home is a great for a first time home buyers or a smaller and cozy home with more rooms than it appears to have. It has great storage area in the basement and is located within a desirable distance from the freeway. This home can also provide a great fix and flip value.

ⓘ 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: $890 · $74/mo
• Projected year-2 tax: $1,215 · $101/mo
• Expected delta: +$325/yr (+$27/mo · 36.6%)

ⓘ 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 · 14 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: $15,021
• − Mortgage interest: −$5,602
• − Property taxes: −$890
• − Insurance: −$500
• − Repairs & maintenance: −$1,202
• − Management: −$1,202
• − Depreciation: −$2,909
• Taxable income: $2,718
• Est. tax owed @ 24.0%: −$652
• After-tax cash flow: $3,532/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

-25.9% since first listed

6 events — show timeline

• 2026-03-20 Price Changed $100,000 MiRealSource-MiMLS
• 2026-03-20 Price Changed $100,000 REALCOMP
• 2026-03-20 Price Changed $100,000 SW Michigan MLS
• 2026-02-02 Listed $135,000 SW Michigan MLS
• 2026-02-02 Listed $135,000 REALCOMP
• 2026-02-02 Listed $135,000 MiRealSource-MiMLS

Property tax history

+0.6%/yr

Latest (2025): $890 · -54.9% YoY. Source: county tax records.