15358 Princeton St · Detroit, MI 48238

$119,900

4 bd · 2.0 ba · 2,156 sqft · MultiFamily public records · 23 Days on market

Built 1923 3,485 sqft lot Est $88k · 36% over

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

* * * INVESTOR SPECIAL * * * Both apartments are vacant. Lower unit is a 2 bedroom and 1 bathUpper unit is a 2 bedroom and 1 bath. Prime Opportunity for fix & flip, home requires very little to get it cash flowing.

Key facts

• 3,485 sq ft lot
• 2 parking spots
• Built 1923

Property features AI

Finance

• Financial info: Annual taxes listed

Exterior

• Parking: 2 parking spaces on concrete
• Utilities: Public water; Public sewer / sewer available; Electricity connected; Natural gas connected
• Home design: Residential income property (multi-family)
• Construction: Brick construction; Other roof
• Exterior features: Paved road access; Publicly maintained road; Sidewalks

Interior

• Bedrooms: Upper unit: 2 bedrooms; Lower unit: 2 bedrooms
• Bathrooms: Upper unit: 1 bathroom; Lower unit: 1 bathroom
• Heating & cooling: Forced air heating (natural gas)
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $726 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.6% 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; 11 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).
• At $2,307/mo this rent would consume 83% 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 $829 of loan paydown is wiped out by about $4k 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 $34k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: property tax is 4.2% of price; built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,101 (1.5% below list)

Questions for the listing agent

1. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.92% ✓
• Cap rate: 13.56%
• Cash-on-cash: 25.96%
• DSCR: 2.16
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $88,396
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16127 Princeton St	0.46mi	4/2.0	2,154 (-0%)	10mo	$118,000	$55	70
15664 LA Salle Blvd	0.31mi	4/2.0	2,189 (+2%)	18mo	$77,000	$35	68
2468 Ford St	0.58mi	4/2.5	2,140 (-1%)	4mo	$88,000	$41	66
15820 Muirland St	0.39mi	4/2.0	1,946 (-10%)	2mo	$77,500	$40	64
15827 Lawton St	0.31mi	5/2.0 (+1)	2,062 (-4%)	19mo	$29,000	$14	58
16174 Princeton St	0.50mi	4/2.0	1,935 (-10%)	5mo	$169,500	$88	55
16531 Baylis St	0.66mi	4/2.0	2,300 (+7%)	8mo	$165,000	$72	51
2259 Ford St	0.64mi	4/2.0	2,180 (+1%)	21mo	$141,900	$65	51
2293 Kendall St	0.53mi	4/2.0	1,890 (-12%)	6mo	$150,000	$79	50
2691 Pasadena St	0.67mi	4/2.0	2,402 (+11%)	0mo	$85,000	$35	49
2300 Pasadena St	0.65mi	5/2.0 (+1)	2,130 (-1%)	19mo	$77,000	$36	46
14819 Wildemere St	0.38mi	4/2.0	1,839 (-15%)	15mo	$55,000	$30	45

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: 23.8%
• Equity multiple: 2.03×
• Total profit: $34,553
• Equity at exit: $17,877

10-year hold

• IRR: 34.0%
• Equity multiple: 4.68×
• Total profit: $123,377
• Equity at exit: $10,367

Cash invested: $33,572 (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: 8.7×

Monthly cashflow live

• Estimated rent: $2,307 high
• Mortgage (P&I): −$629
• Tax from tax record: −$417 /mo · $5,009/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $726

Break-even live

Break-even rent $1,387

Max offer price $119,900

Occupancy floor 64%

Sensitivity live

Price	-10% $794	-5% $760	+0% $726	+5% $692	+10% $659
Rent	-10% $544	-5% $635	+0% $726	+5% $818	+10% $909
Rate	-1.0pp $787	-0.5pp $757	base $726	+0.5pp $695	+1.0pp $664

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,306
Total (2 units)			$2,307

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15537 Normandy St Detroit, MI	3.0	1.0	2626	$1,400	$0.53	44d	1	0.15mi
16503 Linwood St Detroit, MI	4.0	2.0	2415	$1,800	$0.75	4d	1	0.60mi
3209 W Grand St Detroit, MI	3.0	1.0	1550	$1,103	$0.71	44d	1	0.80mi
3747 Tyler St Detroit, MI	3.0	1.0	2600	$1,700	$0.65	24d	1	1.12mi
2474 Fullerton St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	15d	1	1.14mi
15457 Cloverlawn St Detroit, MI	3.0	2.0	1500	$1,275	$0.85	25d	1	1.27mi
106 Geneva St Highland Park, MI	5.0	1.0	1920	$1,450	$0.76	11d	1	1.30mi
2986 Richton St Detroit, MI	3.0	1.0	2600	$1,200	$0.46	17d	1	1.37mi
15756 Ohio St Detroit, MI	5.0	2.0	1934	$1,700	$0.88	25d	1	1.41mi
4341 Glendale St Detroit, MI	4.0	2.5	1832	$1,680	$0.92	5d	1	1.43mi
13225 Santa Rosa Dr Detroit, MI	5.0	2.0	2100	$1,700	$0.81	5d	1	1.44mi

Listing history 21 events

1. 2026-06-19
   status $119,900 Pending 23 DOM
2. 2026-06-18
   days on market $119,900 Active 23 DOM
3. 2026-06-17
   days on market $119,900 Active 22 DOM
4. 2026-06-15
   days on market $119,900 Active 20 DOM
5. 2026-06-13
   days on market $119,900 Active 18 DOM
6. 2026-06-13
   days on market $119,900 Active 17 DOM
7. 2026-06-09
   days on market $119,900 Active 14 DOM
8. 2026-06-08
   days on market $119,900 Active 13 DOM
9. 2026-06-07
   days on market $119,900 Active 12 DOM
10. 2026-06-04
    days on market $119,900 Active 9 DOM
11. 2026-06-03
    days on market $119,900 Active 8 DOM
12. 2026-06-02
    days on market $119,900 Active 7 DOM
13. 2026-06-01
    days on market $119,900 Active 6 DOM
14. 2026-05-31
    days on market $119,900 Active 5 DOM
15. 2026-05-26
    listed $119,900 Active

    Show marketing remark (226 chars)

    * * * INVESTOR SPECIAL * * * Both apartments are vacant. Lower unit is a 2 bedroom and 1 bathUpper unit is a 2 bedroom and 1 bath. Prime Opportunity for fix & flip, home requires very little to get it cash flowing.

16. 2026-05-26
    listed $119,900 Active 226-char remark

    Show marketing remark (226 chars)

    * * * INVESTOR SPECIAL * * * Both apartments are vacant. Lower unit is a 2 bedroom and 1 bathUpper unit is a 2 bedroom and 1 bath. Prime Opportunity for fix & flip, home requires very little to get it cash flowing.

17. 2025-03-09
    historical $850
18. 2024-12-17
    price $850
19. 2024-12-02
    listed $995
20. 2024-08-03
    historical $995
21. 2024-07-14
    listed $995

ⓘ 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: $5,009 · $417/mo
• Projected year-2 tax: $5,009 · $417/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% 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: $27,684
• − Mortgage interest: −$6,716
• − Property taxes: −$5,009
• − Insurance: −$600
• − Repairs & maintenance: −$2,215
• − Management: −$2,215
• − Depreciation: −$3,488
• Taxable income: $7,442
• Est. tax owed @ 24.0%: −$1,786
• After-tax cash flow: $6,931/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

+0.0% since first listed

7 events — show timeline

• 2026-05-26 Listed $119,900 REALCOMP
• 2026-05-26 Listed $119,900 MiRealSource-MiMLS
• 2025-03-09 Rental Removed $850 APPFOLIO
• 2024-12-17 Price Changed $850 APPFOLIO
• 2024-12-02 Listed for Rent $995 APPFOLIO
• 2024-08-03 Rental Removed $995 APPFOLIO
• 2024-07-14 Listed for Rent $995 APPFOLIO

Property tax history

+15.6%/yr

Latest (2025): $5,009 · +434.3% YoY. Source: county tax records.