15551 Fordham St · Detroit, MI 48205

$104,000

4 bd · 1.5 ba · 1,710 sqft · SingleFamily public records · 14 Days on market

Built 1937 8,276 sqft lot $61/sqft · 74% above area

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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 +28.6/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover this charming home at 15551 Fordham St, offering a great blend of comfort and convenience. This property features spacious living areas, a well-appointed kitchen, and ample natural light throughout. Enjoy the privacy of the well-maintained backyard, appropriate for outdoor activities. Located in a vibrant neighborhood with easy access to local amenities and major transportation routes, this home is a fantastic opportunity for those seeking a welcoming community environment in Detroit.

Key facts

• Outdoor activities
• 8,276 sq ft lot
• Built 1937

Tags

• WELL MAINTAINED BACKYARD
• EASY ACCESS TO LOCAL AMENITIES
• MAJOR TRANSPORTATION ROUTES
• OUTDOOR ACTIVITIES

Property features AI

Finance

• HOA & community: Community grounds maintenance

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Lower-level entry with steps; Brick construction
• Construction: Block foundation
• Exterior features: Level lot; Paved road access; Pets allowed

Interior

• Kitchen: No appliances listed
• Bedrooms: Total of 6 rooms (bedrooms included in room count)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Wall air-conditioning units
• Interior features: Fireplace in the living room; Unfinished basement
• Laundry & utility: No washer/dryer or utility appliances listed

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $104k.

Deal economics

• At list price, monthly cash flow is $344 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $104k).

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 (+1.3%/yr); 376 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 41% of the median local income ($39k/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 $719 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 + 1.3% rent growth), your $29k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 23 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.
• Current owner paid $43k; list at $104k implies a 142% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $104,000

Questions for the listing agent

1. Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.29% ✓
• Cap rate: 10.26%
• Cash-on-cash: 14.16%
• DSCR: 1.63
• GRM: 6.4

CMA / ARV

• ARV (median comp): $59,718
• List price: $104,000
• Delta: 74.15%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15826 Coram St	0.27mi	5/2.0 (+1)	1,546 (-10%)	5mo	$127,500	$82	60
15611 Spring Garden St	0.44mi	3/2.0 (-1)	1,844 (+8%)	2mo	$63,000	$34	57
16039 Fordham St	0.29mi	3/2.0 (-1)	1,856 (+8%)	10mo	$105,000	$57	56
18932 Washtenaw St	0.71mi	3/2.0 (-1)	1,713 (+0%)	6mo	$87,000	$51	54
15047 Rossini Dr	0.67mi	3/1.5 (-1)	1,700 (-1%)	12mo	$54,500	$32	52
16200 Novara St	0.48mi	3/1.0 (-1)	1,880 (+10%)	3mo	$35,000	$19	52
14841 Maddelein St	0.43mi	3/1.0 (-1)	1,516 (-11%)	3mo	$20,000	$13	52
15200 Rossini Dr	0.64mi	3/1.0 (-1)	1,680 (-2%)	11mo	$65,000	$39	52
18722 Woodside St	0.74mi	4/2.0	1,619 (-5%)	10mo	$178,500	$110	46
15429 Fairmount Dr	0.69mi	3/2.0 (-1)	1,865 (+9%)	2mo	$70,000	$38	44
12146 Duchess St	0.67mi	3/1.5 (-1)	1,843 (+8%)	8mo	$70,000	$38	44
15211 Fairmount Dr	0.72mi	3/2.0 (-1)	1,500 (-12%)	1mo	$70,000	$47	38

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 · 1.33% rent growth · sell at horizon

5-year hold

• IRR: 2.6%
• Equity multiple: 1.10×
• Total profit: $2,838
• Equity at exit: $15,507

10-year hold

• IRR: 10.5%
• Equity multiple: 1.75×
• Total profit: $21,923
• Equity at exit: $8,992

Cash invested: $29,120 (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 48205

• Home prices YoY: -28.1%
• Rents YoY: 1.3%
• Active inventory: 376
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,345 high
• Mortgage (P&I): −$545
• Tax est. 1.5%: −$130 /mo · $1,560/yr
• Insurance: −$43
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $344

Break-even live

Break-even rent $910

Max offer price $104,000

Occupancy floor 69%

Sensitivity live

Price	-10% $416	-5% $380	+0% $344	+5% $308	+10% $272
Rent	-10% $237	-5% $291	+0% $344	+5% $397	+10% $450
Rate	-1.0pp $396	-0.5pp $370	base $344	+0.5pp $317	+1.0pp $289

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: $26,000
• Closing costs: $3,120
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15616 E 7 Mile Rd Detroit, MI	3.0	1.5	1150	$1,150	$1.00	19d	1	0.08mi
15604 Coram St Detroit, MI	3.0	1.0	1210	$1,000	$0.83	45d	1	0.21mi
18530 Kingsville St Harper Woods, MI	3.0	1.5	1396	$1,375	$0.98	19d	1	0.50mi
15238 Seymour St Detroit, MI	3.0	1.0	1064	$1,300	$1.22	0d	1	0.58mi
14481 Maddelein St Detroit, MI	3.0	1.0	1200	$1,100	$0.92	45d	1	0.65mi
14504 Coram St Detroit, MI	3.0	1.0	1203	$1,175	$0.98	26d	1	0.66mi
11911 Lansdowne St Detroit, MI	4.0	1.0	1350	$1,400	$1.04	45d	1	0.79mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	16d	1	0.84mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	45d	1	0.85mi
11689 Wayburn St Detroit, MI	3.0	1.0	1142	$1,350	$1.18	45d	1	0.85mi
15503 Edmore Dr Detroit, MI	3.0	1.0	1285	$1,100	$0.86	45d	1	0.86mi
16242 Bringard Dr Detroit, MI	3.0	1.0	1350	$1,300	$0.96	6d	1	0.89mi
11620 Rossiter St Detroit, MI	3.0	1.0	1140	$1,200	$1.05	19d	1	0.92mi
15000 Mayfield St Detroit, MI	3.0	1.0	1146	$970	$0.85	19d	1	0.94mi
19435 McCormick St Detroit, MI	3.0	2.0	1148	$1,300	$1.13	19d	1	1.02mi
11235 Roxbury St Detroit, MI	3.0	1.0	1062	$1,325	$1.25	19d	1	1.07mi
14201 Mayfield St Detroit, MI	4.0	1.5	1296	$1,250	$0.96	45d	1	1.19mi
14134 Collingham Dr Detroit, MI	3.0	1.5	1300	$1,350	$1.04	45d	1	1.21mi
11018 Whitehill St Detroit, MI	3.0	1.0	1146	$1,450	$1.27	12d	1	1.22mi
10803 Roxbury St Detroit, MI	3.0	1.0	1150	$900	$0.78	22d	1	1.24mi
10813 Whitehill St Detroit, MI	3.0	1.0	1392	$1,350	$0.97	19d	1	1.31mi
10724 Whitehill St Detroit, MI	3.0	3.0	1425	$1,550	$1.09	19d	1	1.36mi
10404 Somerset Ave Detroit, MI	3.0	1.0	1108	$1,475	$1.33	5d	1	1.40mi
13693 Edmore Dr Detroit, MI	3.0	1.5	1269	$1,550	$1.22	13d	1	1.42mi
10370 Britain St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	45d	1	1.42mi
10030 Bishop St Detroit, MI	5.0	2.0	1721	$1,200	$0.70	19d	1	1.45mi
10870 Marne St Detroit, MI	3.0	1.0	1156	$1,100	$0.95	19d	1	1.47mi

Listing history 50 events

1. 2026-05-13
   listed $104,000 Active 498-char remark

   Show marketing remark (498 chars)

   Discover this charming home at 15551 Fordham St, offering a great blend of comfort and convenience. This property features spacious living areas, a well-appointed kitchen, and ample natural light throughout. Enjoy the privacy of the well-maintained backyard, appropriate for outdoor activities. Located in a vibrant neighborhood with easy access to local amenities and major transportation routes, this home is a fantastic opportunity for those seeking a welcoming community environment in Detroit.

2. 2026-05-13
   listed $104,000 Active 498-char remark

   Show marketing remark (498 chars)

   Discover this charming home at 15551 Fordham St, offering a great blend of comfort and convenience. This property features spacious living areas, a well-appointed kitchen, and ample natural light throughout. Enjoy the privacy of the well-maintained backyard, appropriate for outdoor activities. Located in a vibrant neighborhood with easy access to local amenities and major transportation routes, this home is a fantastic opportunity for those seeking a welcoming community environment in Detroit.

3. 2026-02-11
   historical
4. 2026-02-10
   status Active
5. 2026-02-10
   status Active
6. 2026-01-21
   status Pending
7. 2026-01-21
   status Pending
8. 2026-01-21
   historical
9. 2025-11-19
   listed $109,000 Active
10. 2025-11-19
    listed $109,000 Active
11. 2024-04-12
    soldstatus $42,900 Sold
12. 2024-04-12
    soldstatus $42,900 Closed
13. 2024-03-27
    status Pending
14. 2024-03-27
    status Pending
15. 2024-03-22
    listed $42,900 Active
16. 2024-03-22
    listed $42,900 Active
17. 2024-02-15
    historical
18. 2024-02-15
    historical
19. 2023-11-29
    price $42,900
20. 2023-11-28
    price $42,900
21. 2023-08-28
    price $44,900
22. 2023-08-28
    price $44,900
23. 2023-07-18
    price $46,900
24. 2023-07-17
    price $46,900
25. 2023-05-16
    price $47,900
26. 2023-05-15
    price $47,900
27. 2023-04-05
    price $49,900
28. 2023-04-05
    price $49,900
29. 2023-01-14
    price $52,900
30. 2023-01-13
    price $52,900
31. 2022-10-13
    price $54,900
32. 2022-10-12
    price $54,900
33. 2022-09-10
    price $57,500
34. 2022-09-09
    price $57,500
35. 2022-07-29
    listed $59,900 Active
36. 2022-07-29
    listed $59,900 Active
37. 2022-07-28
    historical
38. 2022-07-27
    historical
39. 2021-05-11
    listed $64,500 Active
40. 2021-05-11
    listed $64,500 Active
41. 2017-01-06
    soldstatus $14,500
42. 2017-01-06
    soldstatus $14,500
43. 2016-12-05
    historical
44. 2016-08-08
    listed $19,900
45. 2016-08-08
    listed $19,900
46. 2015-04-30
    soldstatus $46,000
47. 2013-12-07
    historical
48. 2013-12-07
    historical
49. 2013-07-08
    listed $5,900
50. 2013-07-08
    listed $5,900

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 15 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: $16,139
• − Mortgage interest: −$5,826
• − Property taxes: −$1,560
• − Insurance: −$520
• − Repairs & maintenance: −$1,291
• − Management: −$1,291
• − Depreciation: −$3,025
• Taxable income: $2,625
• Est. tax owed @ 24.0%: −$630
• After-tax cash flow: $3,495/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): 34,187
• Household income: $38,966
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 2121.0

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 (93%)
• Race & ethnicity: Black 93% White 3% Two or more races 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▼ -91.80%
• Current HPI: 235.0926
• Rent YoY: ▲ 1.33%
• 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

+147.6% since first listed

69 events — show timeline

• 2026-05-27 Pending — MiRealSource-MiMLS
• 2026-05-27 Pending — REALCOMP
• 2026-05-13 Listed $104,000 REALCOMP
• 2026-05-13 Listed $104,000 MiRealSource-MiMLS
• 2026-02-11 Listing Removed — MiRealSource-MiMLS
• 2026-02-10 Relisted — MiRealSource-MiMLS
• 2026-02-10 Relisted — REALCOMP
• 2026-01-21 Pending — REALCOMP
• 2026-01-21 Pending — MiRealSource-MiMLS
• 2026-01-21 Listing Removed — REALCOMP
• 2025-11-19 Listed $109,000 REALCOMP
• 2025-11-19 Listed $109,000 MiRealSource-MiMLS
• 2024-04-12 Sold (MLS) $42,900 MiRealSource-MiMLS
• 2024-04-12 Sold (MLS) $42,900 REALCOMP
• 2024-03-27 Pending — MiRealSource-MiMLS
• 2024-03-27 Pending — REALCOMP
• 2024-03-22 Listed $42,900 MiRealSource-MiMLS
• 2024-03-22 Listed $42,900 REALCOMP
• 2024-02-15 Listing Removed — MiRealSource-MiMLS
• 2024-02-15 Listing Removed — REALCOMP
• 2023-11-29 Price Changed $42,900 MiRealSource-MiMLS
• 2023-11-28 Price Changed $42,900 REALCOMP
• 2023-08-28 Price Changed $44,900 MiRealSource-MiMLS
• 2023-08-28 Price Changed $44,900 REALCOMP
• 2023-07-18 Price Changed $46,900 MiRealSource-MiMLS
• 2023-07-17 Price Changed $46,900 REALCOMP
• 2023-05-16 Price Changed $47,900 MiRealSource-MiMLS
• 2023-05-15 Price Changed $47,900 REALCOMP
• 2023-04-05 Price Changed $49,900 MiRealSource-MiMLS
• 2023-04-05 Price Changed $49,900 REALCOMP
• 2023-01-14 Price Changed $52,900 MiRealSource-MiMLS
• 2023-01-13 Price Changed $52,900 REALCOMP
• 2022-10-13 Price Changed $54,900 MiRealSource-MiMLS
• 2022-10-12 Price Changed $54,900 REALCOMP
• 2022-09-10 Price Changed $57,500 MiRealSource-MiMLS
• 2022-09-09 Price Changed $57,500 REALCOMP
• 2022-07-29 Listed $59,900 MiRealSource-MiMLS
• 2022-07-29 Listed $59,900 REALCOMP
• 2022-07-28 Listing Removed — REALCOMP
• 2022-07-27 Listing Removed — MiRealSource-MiMLS
• 2021-05-11 Listed $64,500 MiRealSource-MiMLS
• 2021-05-11 Listed $64,500 REALCOMP
• 2017-01-06 Sold (MLS) $14,500 MiRealSource-MiMLS
• 2017-01-06 Sold (MLS) $14,500 REALCOMP
• 2016-12-05 Listing Removed — REALCOMP
• 2016-08-08 Listed $19,900 MiRealSource-MiMLS
• 2016-08-08 Listed $19,900 REALCOMP
• 2015-04-30 Sold (Public Records) $46,000 Public Records
• 2013-12-07 Listing Removed — MiRealSource-MiMLS
• 2013-12-07 Listing Removed — REALCOMP
• 2013-07-08 Listed $5,900 MiRealSource-MiMLS
• 2013-07-08 Listed $5,900 REALCOMP
• 2009-11-09 Listing Removed — REALCOMP
• 2009-05-18 Listing Removed — REALCOMP
• 2009-05-18 Listed $27,500 REALCOMP
• 2009-01-16 Listing Removed — REALCOMP
• 2009-01-16 Listed $39,900 REALCOMP
• 2008-12-01 Listed $39,900 REALCOMP
• 2007-05-07 Sold (MLS) $35,000 MiRealSource-MiMLS
• 2007-05-07 Sold (MLS) $35,000 REALCOMP
• 2007-02-26 Listing Removed — MiRealSource-MiMLS
• 2007-01-18 Listing Removed — MiRealSource-MiMLS
• 2007-01-18 Listing Removed — REALCOMP
• 2007-01-12 Listed $41,000 MiRealSource-MiMLS
• 2007-01-05 Listed $41,000 REALCOMP
• 2006-10-10 Listed $59,500 REALCOMP
• 2006-09-21 Listed $59,500 MiRealSource-MiMLS
• 2005-06-01 Sold (Public Records) $130,000 Public Records
• 1991-08-30 Sold (Public Records) $42,000 Public Records

Property tax history

+26.7%/yr

Latest (2025): $6,006 · +86.9% YoY. Source: county tax records.