15488 Wildemere St · Detroit, MI 48238

$49,900

3 bd · 1.0 ba · 949 sqft · SingleFamily public records · 20 Days on market

Built 1924 3,049 sqft lot Est $34k · 46% over ↓ 23% since listing

---

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

Listing remarks MLS

CALLING ALL INVESTORS!!! This home is priced to sell. A small turn and you will be rent ready and able to have immediate cash flow! Home features a great open plan layout, hardwood floors throughout, a beautiful fireplace in the living room, and more! Don't miss out, walk this one today! Furnace & HWT are in storage and will be installed prior to closing. Home is being sold AS-IS. Utilities are not active.

Key facts

• 3,049 sq ft lot
• Built 1924
• Listed 20 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $500 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.3% vs local median 10.1% 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); 348 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).
• This rent runs 44% 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 $345 of loan paydown is wiped out by about $1k 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 $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 20y 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 4.3% of price; built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,151 (1.5% below list)

Questions for the listing agent

1. Built in 1924 — 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 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: 2.44% ✓
• Cap rate: 18.31%
• Cash-on-cash: 42.90%
• DSCR: 2.91
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $34,164
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15488 Wildemere St	0.00mi	3/1.0	949 (0%)	1mo	$49,900	$53	99
15798 Muirland St	0.14mi	2/1.0 (-1)	943 (-1%)	1mo	$29,000	$31	86
16200 Lawton St	0.41mi	3/1.0	956 (+1%)	4mo	$56,500	$59	76
15774 Muirland St	0.12mi	2/1.0 (-1)	1,018 (+7%)	10mo	$35,000	$34	69
15560 La Salle Blvd	0.38mi	3/1.0	1,022 (+8%)	1mo	$35,000	$34	68
15893 Alden St	0.24mi	2/1.5 (-1)	836 (-12%)	1mo	$24,000	$29	61
6362 Globe St	0.49mi	2/1.0 (-1)	888 (-6%)	0mo	$15,000	$17	61
15494 Muirland St	0.05mi	2/1.0 (-1)	1,090 (+15%)	9mo	$39,000	$36	61
14752 Petoskey Ave	0.63mi	3/1.5	1,029 (+8%)	0mo	$40,000	$39	54
15834 Baylis St	0.47mi	3/1.0	1,065 (+12%)	10mo	$111,500	$105	49
15853 Santa Rosa Dr	0.57mi	4/1.0 (+1)	1,050 (+11%)	2mo	$140,000	$133	49
7300 Ellsworth St	0.64mi	2/1.0 (-1)	836 (-12%)	10mo	$30,000	$36	36

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: 43.8%
• Equity multiple: 2.99×
• Total profit: $27,784
• Equity at exit: $7,440

10-year hold

• IRR: 51.4%
• Equity multiple: 6.93×
• Total profit: $82,877
• Equity at exit: $4,314

Cash invested: $13,972 (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: 348
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,216 high
• Mortgage (P&I): −$262
• Tax from tax record: −$179 /mo · $2,146/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $500

Break-even live

Break-even rent $584

Max offer price $49,900

Occupancy floor 54%

Sensitivity live

Price	-10% $528	-5% $514	+0% $500	+5% $485	+10% $471
Rent	-10% $403	-5% $452	+0% $500	+5% $548	+10% $596
Rate	-1.0pp $525	-0.5pp $512	base $500	+0.5pp $487	+1.0pp $473

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15906 Alden St Detroit, MI	3.0	1.0	1030	$1,150	$1.12	17d	1	0.25mi
16174 Princeton St Unit 2 Detroit, MI	2.0	1.0	985	$1,100	$1.12	44d	1	0.40mi
16174 Princeton St Detroit, MI	2.0	1.0	985	$1,100	$1.12	20d	1	0.40mi
14950 Stoepel St Detroit, MI	2.0	1.0	600	$900	$1.50	25d	1	0.61mi
7350 Globe St Detroit, MI	3.0	1.0	1000	$1,550	$1.55	4d	1	0.65mi
2034 Ewald Cir Detroit, MI	2.0	1.0	1000	$995	$0.99	6d	1	0.77mi
15771 Turner St Detroit, MI	2.0	1.0	1000	$1,049	$1.05	44d	1	0.86mi
16927 Inverness St Detroit, MI	2.0	1.0	897	$1,650	$1.84	17d	1	0.87mi
2433 Pasadena St Unit 2435 Detroit, MI	2.0	1.0	700	$1,025	$1.46	44d	1	0.88mi
13639 La Salle Blvd Detroit, MI	2.0	1.0	800	$695	$0.87	11d	1	0.94mi
17215 Warrington Dr Detroit, MI	2.0	1.0	1015	$2,000	$1.97	44d	1	0.98mi
17145 Santa Rosa Dr Unit 1 Detroit, MI	3.0	1.0	1050	$1,400	$1.33	18d	1	1.00mi
16722 Tuller St Detroit, MI	3.0	1.5	1100	$1,500	$1.36	17d	1	1.04mi
17147 Monica St Unit 2 1 Detroit, MI	2.0	1.0	900	$975	$1.08	25d	1	1.04mi
3812 W Grand St Detroit, MI	2.0	1.0	1100	$1,025	$0.93	17d	1	1.05mi
14656 Roselawn St Detroit, MI	3.0	1.0	1000	$1,200	$1.20	18d	1	1.13mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	44d	1	1.17mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	25d	1	1.17mi
2690 Ewald Cir Detroit, MI	1.0–2.0	1.0	750	$900	$1.20	25d	4	1.19mi
941 Merton Rd Highland Park, MI	2.0	1.0	850	$1,000	$1.18	44d	1	1.20mi
17449 Manderson Rd Unit 1 Detroit, MI	2.0	1.0	750	$1,150	$1.53	25d	1	1.21mi
17551 Santa Rosa Dr Detroit, MI	2.0	1.0	1036	$1,095	$1.06	44d	1	1.22mi
3824 Tyler St Apt 1 Detroit, MI	3.0	1.0	900	$1,523	$1.69	17d	1	1.26mi
3783 Tyler St Unit Lower Detroit, MI	3.0	1.0	1000	$1,150	$1.15	44d	1	1.27mi
14550 Northlawn St Detroit, MI	3.0	2.0	950	$1,200	$1.26	17d	1	1.27mi
15777 Wisconsin St Unit 77 Detroit, MI	2.0	1.0	900	$950	$1.06	6d	1	1.28mi
14570 Cherrylawn St Detroit, MI	3.0	1.0	840	$1,250	$1.49	13d	1	1.31mi
931 Covington Dr Unit 202 Highland Park, MI	2.0	2.0	550	$1,400	$2.55	44d	1	1.32mi
17765 Manderson Rd Unit 14 Highland Park, MI	2.0	1.0	1000	$1,175	$1.18	44d	1	1.33mi
17765 Manderson Rd Unit 8 Highland Park, MI	2.0	1.0	1000	$1,215	$1.22	2d	1	1.33mi
4203 Tyler St Detroit, MI	2.0	1.0	950	$895	$0.94	44d	1	1.36mi
16230 Indiana St Unit 2 Detroit, MI	2.0	1.0	1050	$1,200	$1.14	18d	1	1.37mi
730 Whitmore Rd Detroit, MI	1.0–2.0	1.0	850	$850	$1.00	44d	3	1.37mi
15878 Kentucky St Detroit, MI	2.0	1.0	800	$900	$1.12	44d	1	1.38mi
17159 Northlawn St Unit 17161 Detroit, MI	2.0	1.0	1122	$975	$0.87	6d	1	1.39mi
15839 Kentucky St Detroit, MI	2.0	1.0	800	$1,200	$1.50	18d	1	1.40mi
2676 Sturtevant St Unit 1 Detroit, MI	2.0	1.0	1000	$1,000	$1.00	25d	1	1.42mi
13620 Tuller St Detroit, MI	4.0	1.0	1064	$1,374	$1.29	13d	1	1.43mi
2926 Ewald Cir Detroit, MI	2.0	1.0	800	$900	$1.12	18d	1	1.44mi
15765 Washburn St Detroit, MI	2.0	1.0	1093	$950	$0.87	44d	1	1.49mi

Listing history 25 events

1. 2026-05-12
   soldstatus $49,900 Closed 415-char remark

   Show marketing remark (415 chars)

   CALLING ALL INVESTORS!!! This home is priced to sell. A small turn and you will be rent ready and able to have immediate cash flow! Home features a great open plan layout, hardwood floors throughout, a beautiful fireplace in the living room, and more! Don't miss out, walk this one today! Furnace & HWT are in storage and will be installed prior to closing. Home is being sold AS-IS. Utilities are not active.

2. 2026-05-12
   soldstatus $49,900 Sold

   Show marketing remark (415 chars)

   CALLING ALL INVESTORS!!! This home is priced to sell. A small turn and you will be rent ready and able to have immediate cash flow! Home features a great open plan layout, hardwood floors throughout, a beautiful fireplace in the living room, and more! Don't miss out, walk this one today! Furnace & HWT are in storage and will be installed prior to closing. Home is being sold AS-IS. Utilities are not active.

3. 2026-05-12
   soldstatus $49,900 Closed 415-char remark

   Show marketing remark (415 chars)

   CALLING ALL INVESTORS!!! This home is priced to sell. A small turn and you will be rent ready and able to have immediate cash flow! Home features a great open plan layout, hardwood floors throughout, a beautiful fireplace in the living room, and more! Don't miss out, walk this one today! Furnace & HWT are in storage and will be installed prior to closing. Home is being sold AS-IS. Utilities are not active.

4. 2026-04-13
   status Pending 415-char remark

   Show marketing remark (415 chars)

   CALLING ALL INVESTORS!!! This home is priced to sell. A small turn and you will be rent ready and able to have immediate cash flow! Home features a great open plan layout, hardwood floors throughout, a beautiful fireplace in the living room, and more! Don't miss out, walk this one today! Furnace & HWT are in storage and will be installed prior to closing. Home is being sold AS-IS. Utilities are not active.

5. 2026-04-13
   status Pending 415-char remark

   Show marketing remark (415 chars)

   CALLING ALL INVESTORS!!! This home is priced to sell. A small turn and you will be rent ready and able to have immediate cash flow! Home features a great open plan layout, hardwood floors throughout, a beautiful fireplace in the living room, and more! Don't miss out, walk this one today! Furnace & HWT are in storage and will be installed prior to closing. Home is being sold AS-IS. Utilities are not active.

6. 2026-04-13
   status Pending

   Show marketing remark (415 chars)

   CALLING ALL INVESTORS!!! This home is priced to sell. A small turn and you will be rent ready and able to have immediate cash flow! Home features a great open plan layout, hardwood floors throughout, a beautiful fireplace in the living room, and more! Don't miss out, walk this one today! Furnace & HWT are in storage and will be installed prior to closing. Home is being sold AS-IS. Utilities are not active.

7. 2026-03-24
   listed $49,900 Active 415-char remark

   Show marketing remark (415 chars)

   CALLING ALL INVESTORS!!! This home is priced to sell. A small turn and you will be rent ready and able to have immediate cash flow! Home features a great open plan layout, hardwood floors throughout, a beautiful fireplace in the living room, and more! Don't miss out, walk this one today! Furnace & HWT are in storage and will be installed prior to closing. Home is being sold AS-IS. Utilities are not active.

8. 2026-03-24
   listed $49,900 Active 415-char remark

   Show marketing remark (415 chars)

   CALLING ALL INVESTORS!!! This home is priced to sell. A small turn and you will be rent ready and able to have immediate cash flow! Home features a great open plan layout, hardwood floors throughout, a beautiful fireplace in the living room, and more! Don't miss out, walk this one today! Furnace & HWT are in storage and will be installed prior to closing. Home is being sold AS-IS. Utilities are not active.

9. 2026-03-24
   listed $49,900 Active

   Show marketing remark (415 chars)

   CALLING ALL INVESTORS!!! This home is priced to sell. A small turn and you will be rent ready and able to have immediate cash flow! Home features a great open plan layout, hardwood floors throughout, a beautiful fireplace in the living room, and more! Don't miss out, walk this one today! Furnace & HWT are in storage and will be installed prior to closing. Home is being sold AS-IS. Utilities are not active.

10. 2026-02-02
    historical
11. 2026-02-02
    historical
12. 2025-11-17
    listed $59,900 Active
13. 2025-11-17
    listed $59,900 Active
14. 2023-10-30
    historical
15. 2023-10-30
    historical
16. 2023-09-27
    price $65,000
17. 2023-09-26
    price $65,000
18. 2023-08-20
    price $67,000
19. 2023-08-20
    price $67,000
20. 2023-06-30
    listed $75,000 Active
21. 2023-06-29
    listed $75,000 Active
22. 2011-02-23
    soldstatus $3,500
23. 2010-12-03
    listed $4,999
24. 2006-12-18
    historical
25. 2006-06-18
    listed $65,000

ⓘ 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: $2,146 · $179/mo
• Projected year-2 tax: $2,146 · $179/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 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 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,595
• − Mortgage interest: −$2,795
• − Property taxes: −$2,146
• − Insurance: −$250
• − Repairs & maintenance: −$1,168
• − Management: −$1,168
• − Depreciation: −$1,452
• Taxable income: $5,618
• Est. tax owed @ 24.0%: −$1,348
• After-tax cash flow: $4,646/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

-23.2% since first listed

25 events — show timeline

• 2026-05-12 Sold (MLS) $49,900 REALCOMP
• 2026-05-12 Sold (MLS) $49,900 SW Michigan MLS
• 2026-05-12 Sold (MLS) $49,900 MiRealSource-MiMLS
• 2026-04-13 Pending — REALCOMP
• 2026-04-13 Pending — MiRealSource-MiMLS
• 2026-04-13 Pending — SW Michigan MLS
• 2026-03-24 Listed $49,900 REALCOMP
• 2026-03-24 Listed $49,900 SW Michigan MLS
• 2026-03-24 Listed $49,900 MiRealSource-MiMLS
• 2026-02-02 Listing Removed — REALCOMP
• 2026-02-02 Listing Removed — MiRealSource-MiMLS
• 2025-11-17 Listed $59,900 REALCOMP
• 2025-11-17 Listed $59,900 MiRealSource-MiMLS
• 2023-10-30 Listing Removed — MiRealSource-MiMLS
• 2023-10-30 Listing Removed — REALCOMP
• 2023-09-27 Price Changed $65,000 MiRealSource-MiMLS
• 2023-09-26 Price Changed $65,000 REALCOMP
• 2023-08-20 Price Changed $67,000 MiRealSource-MiMLS
• 2023-08-20 Price Changed $67,000 REALCOMP
• 2023-06-30 Listed $75,000 REALCOMP
• 2023-06-29 Listed $75,000 MiRealSource-MiMLS
• 2011-02-23 Sold (MLS) $3,500 REALCOMP
• 2010-12-03 Listed $4,999 REALCOMP
• 2006-12-18 Listing Removed — REALCOMP
• 2006-06-18 Listed $65,000 REALCOMP

Property tax history

+20.6%/yr

Latest (2025): $2,146 · +156.0% YoY. Source: county tax records.