2698 15th St · Detroit, MI 48216

$360,000

4 bd · 2.0 ba · 2,400 sqft · MultiFamily public records · 77 Days on market

Built 1900 9,148 sqft lot $150/sqft · 33% above area Est $270k · 33% 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 +28.7/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Rent growth +4.3/5.0
• Livability +3.7/5.0
• Appreciation +2.7/10.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0

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

A historic duplex built in 1915 in Detroit's North Corktown neighborhood, including over 9,000 square feet of land. Perfect for an owner-occupant who wants to live in one unit and lease out the other for rental income or convert the entire building into a single family home. Both units offer spacious two-bedroom, one-bathroom layouts, separately metered utilities and individual furnaces. The property is situated two blocks from Michigan Avenue and the new Michigan Central Station in Corktown.

Key facts

• Individual furnaces
• Historic duplex
• 9,148 sq ft lot

Tags

• HISTORIC DUPLEX
• NORTH CORKTOWN NEIGHBORHOOD
• SPACIOUS TWO-BEDROOM LAYOUTS
• SEPARATELY METERED UTILITIES
• INDIVIDUAL FURNACES
• NEW MICHIGAN CENTRAL STATION

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $360k).
• Recommended offer: $338k (6.0% 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 (+7.3%/yr); 105 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 40% 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 $4,666/mo this rent would consume 126% of the median local household income ($44k/yr) (locally 431% 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 $2k of loan paydown is wiped out by about $11k 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 + 7.3% rent growth), your $101k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($338k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y ago; this cycle's ask has dropped $39k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $215k; list at $360k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $338,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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 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: 1.30% ✓
• Cap rate: 10.29%
• Cash-on-cash: 14.27%
• DSCR: 1.63
• GRM: 6.4

CMA / ARV

• ARV (median comp): $270,235
• List price: $360,000
• Delta: 33.22%
• Verdict: OVERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.3% rent growth · sell at horizon

5-year hold

• IRR: 9.4%
• Equity multiple: 1.39×
• Total profit: $39,114
• Equity at exit: $53,677

10-year hold

• IRR: 21.9%
• Equity multiple: 3.25×
• Total profit: $227,069
• Equity at exit: $31,126

Cash invested: $100,800 (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 48216

• Home prices YoY: -2.3%
• Rents YoY: 7.3%
• Active inventory: 105
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $4,666 high
• Mortgage (P&I): −$1,888
• Tax est. 1.5%: −$450 /mo · $5,400/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$980
• Net cashflow: $1,198

Break-even live

Break-even rent $3,149

Max offer price $360,000

Occupancy floor 69%

Sensitivity live

Price	-10% $1,447	-5% $1,323	+0% $1,198	+5% $1,074	+10% $949
Rent	-10% $830	-5% $1,014	+0% $1,198	+5% $1,383	+10% $1,567
Rate	-1.0pp $1,380	-0.5pp $1,290	base $1,198	+0.5pp $1,105	+1.0pp $1,010

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,666
Total (2 units)			$4,666

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1714 Bagley St Detroit, MI	3.0	2.5	2500	$3,500	$1.40	6d	1	0.64mi
3934 Avery St Detroit, MI	5.0	2.0	2500	$3,000	$1.20	45d	1	0.74mi
1646 Mc Kinstry St Unit 1F McKinstry Detroit, MI	4.0	1.0	1879	$1,200	$0.64	6d	1	1.36mi
525 W Lafayette Blvd Detroit, MI	1.0–3.0	1.0–2.0	1546	$4,250	$2.75	4d	4	1.38mi
525 W Lafayette Blvd Detroit, MI	2.0–3.0	2.0	1546	$4,250	$2.75	45d	3	1.38mi

Listing history 15 events

1. 2026-06-01
   days on market $360,000 Active 77 DOM
2. 2026-05-31
   days on market $360,000 Active 76 DOM
3. 2026-04-15
   price $360,000 497-char remark

   Show marketing remark (497 chars)

   A historic duplex built in 1915 in Detroit's North Corktown neighborhood, including over 9,000 square feet of land. Perfect for an owner-occupant who wants to live in one unit and lease out the other for rental income or convert the entire building into a single family home. Both units offer spacious two-bedroom, one-bathroom layouts, separately metered utilities and individual furnaces. The property is situated two blocks from Michigan Avenue and the new Michigan Central Station in Corktown.

4. 2026-04-15
   price $360,000 497-char remark

   Show marketing remark (497 chars)

   A historic duplex built in 1915 in Detroit's North Corktown neighborhood, including over 9,000 square feet of land. Perfect for an owner-occupant who wants to live in one unit and lease out the other for rental income or convert the entire building into a single family home. Both units offer spacious two-bedroom, one-bathroom layouts, separately metered utilities and individual furnaces. The property is situated two blocks from Michigan Avenue and the new Michigan Central Station in Corktown.

5. 2026-03-16
   listed $399,000 Active 497-char remark

   Show marketing remark (497 chars)

   A historic duplex built in 1915 in Detroit's North Corktown neighborhood, including over 9,000 square feet of land. Perfect for an owner-occupant who wants to live in one unit and lease out the other for rental income or convert the entire building into a single family home. Both units offer spacious two-bedroom, one-bathroom layouts, separately metered utilities and individual furnaces. The property is situated two blocks from Michigan Avenue and the new Michigan Central Station in Corktown.

6. 2026-03-16
   listed $399,000 Active 497-char remark

   Show marketing remark (497 chars)

   A historic duplex built in 1915 in Detroit's North Corktown neighborhood, including over 9,000 square feet of land. Perfect for an owner-occupant who wants to live in one unit and lease out the other for rental income or convert the entire building into a single family home. Both units offer spacious two-bedroom, one-bathroom layouts, separately metered utilities and individual furnaces. The property is situated two blocks from Michigan Avenue and the new Michigan Central Station in Corktown.

7. 2024-11-23
   historical $1,395
8. 2024-10-12
   price $1,395
9. 2024-10-05
   listed $1,600
10. 2019-11-27
    soldstatus $215,000 Sold
11. 2019-11-27
    soldstatus $215,000 Closed
12. 2019-08-23
    status Pending
13. 2019-08-23
    status Pending
14. 2019-08-13
    listed $199,000 Active
15. 2019-08-13
    listed $199,000 Active

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 22% 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 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,992
• − Mortgage interest: −$20,166
• − Property taxes: −$5,400
• − Insurance: −$1,800
• − Repairs & maintenance: −$4,479
• − Management: −$4,479
• − Depreciation: −$10,473
• Taxable income: $9,195
• Est. tax owed @ 24.0%: −$2,207
• After-tax cash flow: $12,172/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): 5,865
• Household income: $44,335
• Rent vs Own: 64.6% rent · 35.4% own
• Severe rent burden: 431.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Black 37% White 32% Hispanic / Latino 24% Two or more races 10%
• Hispanic origin (detail): Mexican 18% Puerto Rican 2%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 15% Arabic 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: ▼ -4.60%
• Current HPI: 194.458
• Rent YoY: ▲ 7.30%
• 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

+80.9% since first listed

13 events — show timeline

• 2026-04-15 Price Changed $360,000 MiRealSource-MiMLS
• 2026-04-15 Price Changed $360,000 REALCOMP
• 2026-03-16 Listed $399,000 REALCOMP
• 2026-03-16 Listed $399,000 MiRealSource-MiMLS
• 2024-11-23 Rental Removed $1,395 APPFOLIO
• 2024-10-12 Price Changed $1,395 APPFOLIO
• 2024-10-05 Listed for Rent $1,600 APPFOLIO
• 2019-11-27 Sold (MLS) $215,000 MiRealSource-MiMLS
• 2019-11-27 Sold (MLS) $215,000 REALCOMP
• 2019-08-23 Pending — MiRealSource-MiMLS
• 2019-08-23 Pending — REALCOMP
• 2019-08-13 Listed $199,000 MiRealSource-MiMLS
• 2019-08-13 Listed $199,000 REALCOMP

Property tax history

+1.1%/yr

Latest (2019): $546 · +7.6% YoY. Source: county tax records.