15828 Belden St · Detroit, MI 48238

$49,900

2 bd · 1.0 ba · 687 sqft · SingleFamily public records · 281 Days on market

Built 1920 2,614 sqft lot $73/sqft · 61% above area

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

INVESTMENT OPPORTUNITY: home in attractive neighborhood.

Key facts

• 2,614 sq ft lot
• Built 1920
• Listed 281 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $476 ($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: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.7% 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; 38 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).
• This rent runs 36% 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 281 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 15y ago; this cycle's ask has dropped $15k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $2k; list at $50k implies a 2168% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 281 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 1920 — 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: 2.01% ✓
• Cap rate: 17.73%
• Cash-on-cash: 40.86%
• DSCR: 2.82
• GRM: 4.1

CMA / ARV

• ARV (median comp): $30,999
• List price: $49,900
• Delta: 60.97%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15865 Princeton St	0.33mi	2/1.0	714 (+4%)	16mo	$59,000	$83	65
7326 Ellsworth St	0.62mi	2/1.0	756 (+10%)	13mo	$35,000	$46	44
14890 Holmur St	0.56mi	2/1.0	779 (+13%)	10mo	$40,598	$52	43

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: 40.8%
• Equity multiple: 2.82×
• Total profit: $25,485
• Equity at exit: $7,440

10-year hold

• IRR: 48.5%
• Equity multiple: 6.41×
• Total profit: $75,535
• 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: 346
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,005 high
• Mortgage (P&I): −$262
• Tax from tax record: −$36 /mo · $429/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $476

Break-even live

Break-even rent $403

Max offer price $49,900

Occupancy floor 48%

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 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14950 Stoepel St Detroit, MI	2.0	1.0	600	$900	$1.50	24d	1	0.62mi
2623 W McNichols Rd Unit 23106 Detroit, MI	1.0	1.0	750	$1,075	$1.43	43d	1	0.70mi
1705 Oakman Blvd Unit 5 Detroit, MI	1.0	1.0	650	$895	$1.38	43d	1	0.89mi
1705 Oakman Blvd Unit 10 Detroit, MI	1.0	1.0	650	$895	$1.38	23d	1	0.89mi
1875 Ewald Cir Unit 2E Detroit, MI	1.0	1.0	725	$875	$1.21	4d	1	0.89mi
3808 Kendall St Unit 3 Detroit, MI	1.0	1.0	550	$700	$1.27	43d	1	0.96mi
3266 Pasadena St Unit 3 Detroit, MI	1.0	1.0	696	$700	$1.01	43d	1	1.06mi
2341 Ewald Cir Unit 3 Detroit, MI	1.0	1.0	600	$900	$1.50	43d	1	1.06mi
2433 Pasadena St Unit 2435 Detroit, MI	2.0	1.0	700	$1,025	$1.46	43d	1	1.09mi
3700 Pasadena St Unit 8 Detroit, MI	1.0	1.0	500	$775	$1.55	24d	1	1.10mi
3235 W Grand St Detroit, MI	2.0	1.0	500	$850	$1.70	14d	1	1.13mi
17449 Manderson Rd Unit 3 Detroit, MI	1.0	1.0	700	$950	$1.36	2d	1	1.23mi
17449 Manderson Rd Unit 8 Detroit, MI	1.0	1.0	700	$950	$1.36	20d	1	1.23mi
17449 Manderson Rd Unit 1 Detroit, MI	2.0	1.0	750	$1,150	$1.53	24d	1	1.23mi
17449 Manderson Rd Unit 16 Detroit, MI	1.0	1.0	700	$950	$1.36	24d	1	1.23mi
17449 Manderson Rd Unit 13 Detroit, MI	1.0	1.0	700	$1,015	$1.45	2d	1	1.23mi
17449 Manderson Rd Unit 3 Detroit, MI	1.0	1.0	700	$1,015	$1.45	24d	1	1.23mi
17461 Manderson Rd Unit 5 Detroit, MI	1.0	1.0	700	$1,015	$1.45	21d	1	1.23mi
17497 Manderson Rd Unit 18A Detroit, MI	1.0	1.0	700	$91,015	$130.02	21d	1	1.24mi
17497 Manderson Rd Unit 17 Detroit, MI	1.0	1.0	700	$1,015	$1.45	21d	1	1.24mi
17497 Manderson Rd Unit 17A Detroit, MI	1.0	1.0	700	$1,015	$1.45	24d	1	1.24mi
2690 Ewald Cir Detroit, MI	1.0–2.0	1.0	750	$900	$1.20	24d	4	1.26mi
2952 Waverly St Unit 2W Detroit, MI	1.0	1.0	439	$750	$1.71	10d	1	1.26mi
17701 Manderson Rd Unit 202 Highland Park, MI	1.0	1.0	750	$900	$1.20	43d	1	1.29mi
17701 Manderson Rd Unit 104 Highland Park, MI	1.0	1.0	750	$950	$1.27	43d	1	1.29mi
17701 MANDERSON Detroit, MI	1.0	1.0	750	$925	$1.23	16d	9	1.29mi
931 Covington Dr Unit 214 Highland Park, MI	1.0	1.0	550	$930	$1.69	43d	1	1.32mi
931 Covington Dr Unit 202 Highland Park, MI	2.0	2.0	550	$1,400	$2.55	43d	1	1.32mi
931 Covington Dr Unit 206 Highland Park, MI	1.0	1.0	550	$1,095	$1.99	43d	1	1.32mi
931 Covington Dr Unit 210 Highland Park, MI	1.0	1.0	550	$1,090	$1.98	43d	1	1.32mi
931 Covington Dr Unit 201 Highland Park, MI	1.0	1.0	550	$1,110	$2.02	43d	1	1.32mi
931 Covington Dr Unit 216 Highland Park, MI	1.0	1.0	550	$1,125	$2.05	43d	1	1.32mi
931 Covington Dr Unit 205 Highland Park, MI	1.0	1.0	550	$1,070	$1.95	43d	1	1.32mi
931 Covington Dr Unit 204 Highland Park, MI	1.0	1.0	550	$1,100	$2.00	43d	1	1.32mi
885 Covington Dr Unit 102 Highland Park, MI	1.0	1.0	550	$1,050	$1.91	43d	1	1.34mi
885 Covington Dr Unit 312 Highland Park, MI	1.0	1.0	650	$1,045	$1.61	43d	1	1.34mi
885 Covington Dr Unit 304 Highland Park, MI	1.0	1.0	600	$1,010	$1.68	43d	1	1.34mi
885 Covington Dr Unit 412 Highland Park, MI	1.0	1.0	600	$1,045	$1.74	14d	1	1.34mi

Listing history 34 events

1. 2026-06-18
   days on market $49,900 Active 281 DOM
2. 2026-06-17
   days on market $49,900 Active 280 DOM
3. 2026-06-15
   days on market $49,900 Active 278 DOM
4. 2026-06-13
   days on market $49,900 Active 276 DOM
5. 2026-06-13
   days on market $49,900 Active 275 DOM
6. 2026-06-09
   days on market $49,900 Active 272 DOM
7. 2026-06-08
   days on market $49,900 Active 271 DOM
8. 2026-06-07
   pricedays on market $49,900 Active 270 DOM
9. 2026-06-04
   days on market $52,000 Active 267 DOM
10. 2026-06-03
    days on market $52,000 Active 266 DOM
11. 2026-06-01
    days on market $52,000 Active 264 DOM
12. 2026-05-31
    days on market $52,000 Active 263 DOM
13. 2026-05-05
    price $52,000 56-char remark

    Show marketing remark (59 chars)

    INVESTMENT OPPORTUNITY: home in attractive neighborhood.

14. 2026-05-05
    price $52,000 59-char remark

    Show marketing remark (59 chars)

    INVESTMENT OPPORTUNITY: home in attractive neighborhood.

15. 2026-05-05
    price $52,000

    Show marketing remark (59 chars)

    INVESTMENT OPPORTUNITY: home in attractive neighborhood.

16. 2026-03-02
    price $54,900 56-char remark

    Show marketing remark (59 chars)

    INVESTMENT OPPORTUNITY: home in attractive neighborhood.

17. 2026-03-02
    price $54,900 59-char remark

    Show marketing remark (59 chars)

    INVESTMENT OPPORTUNITY: home in attractive neighborhood.

18. 2026-03-02
    price $54,900

    Show marketing remark (59 chars)

    INVESTMENT OPPORTUNITY: home in attractive neighborhood.

19. 2026-02-06
    price $59,900 56-char remark

    Show marketing remark (59 chars)

    INVESTMENT OPPORTUNITY: home in attractive neighborhood.

20. 2026-02-06
    price $59,900 59-char remark

    Show marketing remark (59 chars)

    INVESTMENT OPPORTUNITY: home in attractive neighborhood.

21. 2026-02-06
    price $59,900

    Show marketing remark (59 chars)

    INVESTMENT OPPORTUNITY: home in attractive neighborhood.

22. 2025-09-10
    listed $65,000 Active 56-char remark

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    INVESTMENT OPPORTUNITY: home in attractive neighborhood.

23. 2025-09-10
    listed $65,000 Active 59-char remark

    Show marketing remark (59 chars)

    INVESTMENT OPPORTUNITY: home in attractive neighborhood.

24. 2025-09-10
    listed $65,000 Active

    Show marketing remark (59 chars)

    INVESTMENT OPPORTUNITY: home in attractive neighborhood.

25. 2022-11-25
    historical
26. 2012-06-12
    soldstatus $2,200
27. 2012-06-06
    soldstatus $2,200
28. 2012-05-25
    historical
29. 2012-03-30
    listed $2,900
30. 2012-03-30
    listed $2,900
31. 2012-03-28
    historical
32. 2012-03-28
    historical
33. 2011-03-28
    listed $4,000
34. 2011-03-28
    listed $4,000

ⓘ 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: $429 · $36/mo
• Projected year-2 tax: $599 · $50/mo
• Expected delta: +$169/yr (+$14/mo · 39.5%)

ⓘ 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 2/10 Low 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: $12,060
• − Mortgage interest: −$2,795
• − Property taxes: −$429
• − Insurance: −$250
• − Repairs & maintenance: −$965
• − Management: −$965
• − Depreciation: −$1,452
• Taxable income: $5,205
• Est. tax owed @ 24.0%: −$1,249
• After-tax cash flow: $4,459/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

+1200.0% since first listed

22 events — show timeline

• 2026-05-05 Price Changed $52,000 MiRealSource-MiMLS
• 2026-05-05 Price Changed $52,000 REALCOMP
• 2026-05-05 Price Changed $52,000 SW Michigan MLS
• 2026-03-02 Price Changed $54,900 MiRealSource-MiMLS
• 2026-03-02 Price Changed $54,900 REALCOMP
• 2026-03-02 Price Changed $54,900 SW Michigan MLS
• 2026-02-06 Price Changed $59,900 MiRealSource-MiMLS
• 2026-02-06 Price Changed $59,900 REALCOMP
• 2026-02-06 Price Changed $59,900 SW Michigan MLS
• 2025-09-10 Listed $65,000 SW Michigan MLS
• 2025-09-10 Listed $65,000 REALCOMP
• 2025-09-10 Listed $65,000 MiRealSource-MiMLS
• 2022-11-25 Rental Removed — RENT.
• 2012-06-12 Sold (MLS) $2,200 REALCOMP
• 2012-06-06 Sold (MLS) $2,200 MiRealSource-MiMLS
• 2012-05-25 Listing Removed — MiRealSource-MiMLS
• 2012-03-30 Listed $2,900 MiRealSource-MiMLS
• 2012-03-30 Listed $2,900 REALCOMP
• 2012-03-28 Listing Removed — REALCOMP
• 2012-03-28 Listing Removed — MiRealSource-MiMLS
• 2011-03-28 Listed $4,000 REALCOMP
• 2011-03-28 Listed $4,000 MiRealSource-MiMLS

Property tax history

+3.1%/yr

Latest (2025): $429 · -2.9% YoY. Source: county tax records.