2943 Leslie St · Detroit, MI 48238

$119,900

6 bd · 3.0 ba · 3,004 sqft · Townhouse public records · 17 Days on market

Built 1938 4,356 sqft lot

---

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

Turnkey Duplex in Detroit!Great opportunity for an owner occupant to eliminate your living expense or for an investor to add a solid income-producing property to their portfolio. This well-maintained (upstairs and downstairs) duplex is currently bringing in $1,050 per month in the downstairs unit. Tenant is cash paying and has been there for 5 years. The upstairs unit is vacant and rent ready, recently painted with new carpet. The property is dated but in good condition, no major CapEx repairs needed. Start earning from day one!

Key facts

• Turnkey duplex
• New carpet
• Recently painted

Tags

• TURNKEY DUPLEX
• WELL MAINTAINED DUPLEX
• VACANT AND RENT READY
• RECENTLY PAINTED
• NEW CARPET

Property features AI

Finance

• Financial info: Multi-family income property with at least two 3-bedroom units (Unit 1 listed with $1,050 monthly rent)

Exterior

• Parking: No on-site parking listed
• Utilities: Public water; Public sewer (sewer connected/available); Electricity connected
• Home design: Residential income property (multi-family)
• Construction: Brick construction; Composition roof; Other foundation
• Exterior features: Level lot; Gravel and paved road access

Interior

• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms
• Bathrooms: Unit 1: 1 bathroom; Unit 2: 1 bathroom
• Heating & cooling: Central air conditioning; Electric forced-air heating
• Interior features: Main-level laundry
• Laundry & utility: Washer/dryer area on the main level

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath townhouse listed at $120k.

Deal economics

• At list price, monthly cash flow is $761 ($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 13.9% 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; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $2,102/mo this rent would consume 76% 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 ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 7y 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 $45k; list at $120k implies a 166% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

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

Questions for the listing agent

1. Built in 1938 — 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: 1.75% ✓
• Cap rate: 13.91%
• Cash-on-cash: 27.21%
• DSCR: 2.21
• GRM: 4.8

CMA / ARV

• ARV (median comp): $63,320
• List price: $119,900
• Delta: 89.36%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.14% rent growth · sell at horizon

5-year hold

• IRR: 24.9%
• Equity multiple: 2.07×
• Total profit: $35,978
• Equity at exit: $17,877

10-year hold

• IRR: 34.7%
• Equity multiple: 4.69×
• Total profit: $124,048
• 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: 4.8×

Monthly cashflow live

• Estimated rent: $2,102 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$221 /mo · $2,650/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $761

Break-even live

Break-even rent $1,139

Max offer price $119,900

Occupancy floor 59%

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 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13225 Santa Rosa Dr Detroit, MI	5.0	2.0	2100	$1,700	$0.81	5d	1	0.98mi
1699 Glynn Ct Detroit, MI	5.0	3.5	2542	$2,500	$0.98	22d	1	1.14mi
8951 La Salle Blvd Detroit, MI	5.0	2.5	2440	$2,500	$1.02	15d	1	1.37mi
2509 Gladstone St Unit NA Detroit, MI	6.0	3.0	3008	$2,000	$0.66	10d	1	1.48mi

Listing history 21 events

1. 2026-05-11
   listed $119,900 Active 534-char remark

   Show marketing remark (534 chars)

   Turnkey Duplex in Detroit!Great opportunity for an owner occupant to eliminate your living expense or for an investor to add a solid income-producing property to their portfolio. This well-maintained (upstairs and downstairs) duplex is currently bringing in $1,050 per month in the downstairs unit. Tenant is cash paying and has been there for 5 years. The upstairs unit is vacant and rent ready, recently painted with new carpet. The property is dated but in good condition, no major CapEx repairs needed. Start earning from day one!

2. 2026-05-11
   listed $119,900 Active 534-char remark

   Show marketing remark (534 chars)

   Turnkey Duplex in Detroit!Great opportunity for an owner occupant to eliminate your living expense or for an investor to add a solid income-producing property to their portfolio. This well-maintained (upstairs and downstairs) duplex is currently bringing in $1,050 per month in the downstairs unit. Tenant is cash paying and has been there for 5 years. The upstairs unit is vacant and rent ready, recently painted with new carpet. The property is dated but in good condition, no major CapEx repairs needed. Start earning from day one!

3. 2020-07-23
   soldstatus $45,000
4. 2020-06-30
   soldstatus $45,000 Sold

   Show marketing remark (812 chars)

   Come and see this Gem in the city. The upper unit has a long term tenant that wants to remain. The lower unit is clean, spacious and move-in-ready. This two family home has a strong key alarm system on all inside security doors, with outer steel rod doors and windows. It has a remote controlled garage, security fencing around home, with well lit porch, side and back area. There is a large carpeted recreation room in the basement with an additional functioning half bath in the hallway. There is also a separate wash room area for both upper and lower units, with each having their own separate washer/dryer area and strong central heating/cooling systems. The home to the left of the property was recently purchased and under renovations, with the home to the right of the property having long term tenants.

5. 2020-06-30
   soldstatus $45,000 Closed

   Show marketing remark (812 chars)

   Come and see this Gem in the city. The upper unit has a long term tenant that wants to remain. The lower unit is clean, spacious and move-in-ready. This two family home has a strong key alarm system on all inside security doors, with outer steel rod doors and windows. It has a remote controlled garage, security fencing around home, with well lit porch, side and back area. There is a large carpeted recreation room in the basement with an additional functioning half bath in the hallway. There is also a separate wash room area for both upper and lower units, with each having their own separate washer/dryer area and strong central heating/cooling systems. The home to the left of the property was recently purchased and under renovations, with the home to the right of the property having long term tenants.

6. 2020-05-19
   status Pending

   Show marketing remark (812 chars)

   Come and see this Gem in the city. The upper unit has a long term tenant that wants to remain. The lower unit is clean, spacious and move-in-ready. This two family home has a strong key alarm system on all inside security doors, with outer steel rod doors and windows. It has a remote controlled garage, security fencing around home, with well lit porch, side and back area. There is a large carpeted recreation room in the basement with an additional functioning half bath in the hallway. There is also a separate wash room area for both upper and lower units, with each having their own separate washer/dryer area and strong central heating/cooling systems. The home to the left of the property was recently purchased and under renovations, with the home to the right of the property having long term tenants.

7. 2020-05-19
   status Pending

   Show marketing remark (812 chars)

   Come and see this Gem in the city. The upper unit has a long term tenant that wants to remain. The lower unit is clean, spacious and move-in-ready. This two family home has a strong key alarm system on all inside security doors, with outer steel rod doors and windows. It has a remote controlled garage, security fencing around home, with well lit porch, side and back area. There is a large carpeted recreation room in the basement with an additional functioning half bath in the hallway. There is also a separate wash room area for both upper and lower units, with each having their own separate washer/dryer area and strong central heating/cooling systems. The home to the left of the property was recently purchased and under renovations, with the home to the right of the property having long term tenants.

8. 2020-05-14
   price $50,000

   Show marketing remark (812 chars)

   Come and see this Gem in the city. The upper unit has a long term tenant that wants to remain. The lower unit is clean, spacious and move-in-ready. This two family home has a strong key alarm system on all inside security doors, with outer steel rod doors and windows. It has a remote controlled garage, security fencing around home, with well lit porch, side and back area. There is a large carpeted recreation room in the basement with an additional functioning half bath in the hallway. There is also a separate wash room area for both upper and lower units, with each having their own separate washer/dryer area and strong central heating/cooling systems. The home to the left of the property was recently purchased and under renovations, with the home to the right of the property having long term tenants.

9. 2020-05-14
   price $50,000

   Show marketing remark (812 chars)

   Come and see this Gem in the city. The upper unit has a long term tenant that wants to remain. The lower unit is clean, spacious and move-in-ready. This two family home has a strong key alarm system on all inside security doors, with outer steel rod doors and windows. It has a remote controlled garage, security fencing around home, with well lit porch, side and back area. There is a large carpeted recreation room in the basement with an additional functioning half bath in the hallway. There is also a separate wash room area for both upper and lower units, with each having their own separate washer/dryer area and strong central heating/cooling systems. The home to the left of the property was recently purchased and under renovations, with the home to the right of the property having long term tenants.

10. 2020-05-06
    listed $55,000 Active

    Show marketing remark (812 chars)

    Come and see this Gem in the city. The upper unit has a long term tenant that wants to remain. The lower unit is clean, spacious and move-in-ready. This two family home has a strong key alarm system on all inside security doors, with outer steel rod doors and windows. It has a remote controlled garage, security fencing around home, with well lit porch, side and back area. There is a large carpeted recreation room in the basement with an additional functioning half bath in the hallway. There is also a separate wash room area for both upper and lower units, with each having their own separate washer/dryer area and strong central heating/cooling systems. The home to the left of the property was recently purchased and under renovations, with the home to the right of the property having long term tenants.

11. 2020-05-06
    listed $55,000 Active

    Show marketing remark (812 chars)

    Come and see this Gem in the city. The upper unit has a long term tenant that wants to remain. The lower unit is clean, spacious and move-in-ready. This two family home has a strong key alarm system on all inside security doors, with outer steel rod doors and windows. It has a remote controlled garage, security fencing around home, with well lit porch, side and back area. There is a large carpeted recreation room in the basement with an additional functioning half bath in the hallway. There is also a separate wash room area for both upper and lower units, with each having their own separate washer/dryer area and strong central heating/cooling systems. The home to the left of the property was recently purchased and under renovations, with the home to the right of the property having long term tenants.

12. 2020-05-05
    historical
13. 2020-05-05
    historical
14. 2020-04-13
    listed $58,500 Active
15. 2020-04-13
    listed $58,500 Active
16. 2020-04-10
    historical
17. 2019-11-25
    status Pending
18. 2019-11-25
    listed $49,500 Active
19. 2019-11-25
    listed $49,500
20. 2019-11-25
    historical
21. 2019-11-25
    historical

ⓘ 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: $2,650 · $221/mo
• Projected year-2 tax: $2,650 · $221/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 · 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: $25,227
• − Mortgage interest: −$6,716
• − Property taxes: −$2,650
• − Insurance: −$600
• − Repairs & maintenance: −$2,018
• − Management: −$2,018
• − Depreciation: −$3,488
• Taxable income: $7,737
• Est. tax owed @ 24.0%: −$1,857
• After-tax cash flow: $7,278/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

+142.2% since first listed

23 events — show timeline

• 2026-05-28 Pending — REALCOMP
• 2026-05-28 Pending — MiRealSource-MiMLS
• 2026-05-11 Listed $119,900 MiRealSource-MiMLS
• 2026-05-11 Listed $119,900 REALCOMP
• 2020-07-23 Sold (Public Records) $45,000 Public Records
• 2020-06-30 Sold (MLS) $45,000 MiRealSource-MiMLS
• 2020-06-30 Sold (MLS) $45,000 REALCOMP
• 2020-05-19 Pending — MiRealSource-MiMLS
• 2020-05-19 Pending — REALCOMP
• 2020-05-14 Price Changed $50,000 MiRealSource-MiMLS
• 2020-05-14 Price Changed $50,000 REALCOMP
• 2020-05-06 Listed $55,000 MiRealSource-MiMLS
• 2020-05-06 Listed $55,000 REALCOMP
• 2020-05-05 Listing Removed — REALCOMP
• 2020-05-05 Listing Removed — MiRealSource-MiMLS
• 2020-04-13 Listed $58,500 REALCOMP
• 2020-04-13 Listed $58,500 MiRealSource-MiMLS
• 2020-04-10 Listing Removed — REALCOMP
• 2019-11-25 Pending — REALCOMP
• 2019-11-25 Listing Removed — MiRealSource-MiMLS
• 2019-11-25 Listed $49,500 MiRealSource-MiMLS
• 2019-11-25 Listing Removed — MiRealSource-MiMLS
• 2019-11-25 Listed $49,500 REALCOMP

Property tax history

+4.2%/yr

Latest (2025): $2,650 · -28.6% YoY. Source: county tax records.