15693 Liberal St · Detroit, MI 48205

$38,000

3 bd · 1.0 ba · 889 sqft · SingleFamily public records · 387 Days on market

Built 1944 5,227 sqft lot $43/sqft · 8% below area Est $41k · 8% under

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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
• ARV discount +10.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Investor Special in Regent Park! This 3-bedroom, 1-bathroom bungalow offers 890 square feet of living space with a detached garage. Located in Regent Park Sub, this property is ideal for investors or buyers looking for a project with potential. Great opportunity to renovate or add to your rental portfolio. Don’t miss out on this value-add opportunity! Please note that the DLBA is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests

Key facts

• Detached garage
• 5,227 sq ft lot
• Garage

Tags

• DETACHED GARAGE
• VALUE-ADD OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $38k.

Deal economics

• At list price, monthly cash flow is $718 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• Recommended offer: $33k (12.0% below list) — sets the bar for market timing.
• Cap rate 29.0% 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 (+1.3%/yr); 373 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $263 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 + 1.3% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 387 days — a 12% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 29y 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 3.9% of price; built in 1944 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $33,440 (12.0% below list)

Questions for the listing agent

1. It's been on market 387 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 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 3.52% ✓
• Cap rate: 28.96%
• Cash-on-cash: 80.97%
• DSCR: 4.60
• GRM: 2.4

CMA / ARV

• ARV (median comp): $41,123
• List price: $38,000
• Delta: -7.59%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16107 Manning St	0.27mi	3/1.0	925 (+4%)	2mo	$61,000	$66	79
16301 Coram St	0.40mi	3/1.0	929 (+4%)	1mo	$19,500	$21	73
16277 Liberal St	0.35mi	3/1.0	945 (+6%)	1mo	$25,000	$26	72
16209 Tacoma St	0.32mi	3/1.0	968 (+9%)	1mo	$62,900	$65	70
18746 Woodside St	0.63mi	3/1.0	921 (+4%)	2mo	$110,000	$119	63
12897 Riad St	0.61mi	3/1.0	831 (-6%)	1mo	$63,000	$76	60
16291 Fairmount Dr	0.49mi	3/1.0	977 (+10%)	2mo	$112,000	$115	59
16062 Carlisle St	0.64mi	3/1.0	957 (+8%)	1mo	$42,000	$44	57
16062 CARLISLE St	0.64mi	3/1.0	957 (+8%)	1mo	$42,000	$44	57
18591 Kingsville St	0.56mi	2/1.0 (-1)	824 (-7%)	1mo	$74,000	$90	56
15260 Faircrest St	0.62mi	2/1.0 (-1)	942 (+6%)	1mo	$35,000	$37	56
12893 Payton St	0.58mi	3/1.0	1,020 (+15%)	1mo	$75,000	$74	47

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: 79.2%
• Equity multiple: 4.52×
• Total profit: $37,424
• Equity at exit: $5,666

10-year hold

• IRR: 82.2%
• Equity multiple: 8.80×
• Total profit: $82,969
• Equity at exit: $3,286

Cash invested: $10,640 (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: 373
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,337 high
• Mortgage (P&I): −$199
• Tax from tax record: −$123 /mo · $1,478/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $718

Break-even live

Break-even rent $428

Max offer price $38,000

Occupancy floor 41%

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: $9,500
• Closing costs: $1,140
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15909 Maddelein St Detroit, MI	3.0	1.0	894	$1,266	$1.42	43d	1	0.27mi
16225 Manning St Detroit, MI	4.0	2.0	1036	$1,475	$1.42	43d	1	0.33mi
16212 Maddelein St Detroit, MI	2.0	1.0	800	$1,200	$1.50	12d	1	0.40mi
16291 Eastburn St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	24d	1	0.55mi
15663 Carlisle St Detroit, MI	2.0	1.0	803	$1,050	$1.31	14d	1	0.64mi
16410 Edmore Dr Detroit, MI	3.0	1.0	850	$1,250	$1.47	14d	1	0.65mi
12716 Riad St Detroit, MI	3.0	1.0	974	$1,275	$1.31	17d	1	0.68mi
15494 Mapleridge St Detroit, MI	3.0	1.0	937	$1,275	$1.36	43d	1	0.77mi
14461 Lappin St Detroit, MI	3.0	1.5	989	$1,150	$1.16	17d	1	0.79mi
19144 Moross Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	43d	1	0.88mi
19152 Woodside St Harper Woods, MI	3.0	1.0	916	$1,500	$1.64	17d	1	0.89mi
12201 Morang Ave Unit 8 Detroit, MI	2.0	1.0	610	$875	$1.43	43d	1	0.92mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	14d	1	0.97mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	43d	1	0.97mi
19365 Kingsville St Harper Woods, MI	4.0	1.5	996	$1,650	$1.66	14d	1	1.00mi
19442 Kingsville St Harper Woods, MI	3.0	1.0	1000	$1,500	$1.50	17d	1	1.08mi
11776 Rossiter St Detroit, MI	3.0	1.0	964	$1,150	$1.19	11d	1	1.08mi
15010 Cedargrove St Detroit, MI	3.0	1.5	1018	$1,350	$1.33	43d	1	1.10mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	43d	1	1.15mi
14068 Carlisle St Detroit, MI	3.0	1.0	1020	$1,300	$1.27	24d	1	1.17mi
19639 Moross Rd Unit 1 Detroit, MI	2.0	1.0	900	$1,100	$1.22	43d	1	1.18mi
11529 Roxbury St Detroit, MI	2.0	1.0	720	$1,200	$1.67	12d	1	1.19mi
19661 Kenosha St Harper Woods, MI	3.0	2.0	1000	$1,400	$1.40	24d	1	1.19mi
13669 Pfent St Detroit, MI	3.0	2.0	1031	$1,374	$1.33	17d	1	1.27mi
11235 Roxbury St Detroit, MI	3.0	1.0	1062	$1,325	$1.25	17d	1	1.33mi
19982 McCormick St Detroit, MI	3.0	1.0	866	$1,200	$1.39	3d	1	1.39mi
20215 Schoenherr St Unit 1 Detroit, MI	2.0	1.0	1000	$1,200	$1.20	17d	1	1.44mi
10985 Peerless St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	4d	1	1.49mi
20227 Pelkey St Detroit, MI	3.0	1.0	968	$1,350	$1.39	17d	1	1.50mi

Listing history 28 events

1. 2026-06-18
   days on market $38,000 Active 387 DOM
2. 2026-06-17
   days on market $38,000 Active 386 DOM
3. 2026-06-15
   days on market $38,000 Active 384 DOM
4. 2026-06-13
   days on market $38,000 Active 382 DOM
5. 2026-06-13
   days on market $38,000 Active 381 DOM
6. 2026-06-09
   days on market $38,000 Active 378 DOM
7. 2026-06-08
   days on market $38,000 Active 377 DOM
8. 2026-06-07
   days on market $38,000 Active 376 DOM
9. 2026-06-04
   days on market $38,000 Active 373 DOM
10. 2026-06-03
    days on market $38,000 Active 372 DOM
11. 2026-06-01
    days on market $38,000 Active 370 DOM
12. 2026-05-31
    days on market $38,000 Active 369 DOM
13. 2025-05-27
    listed $38,000 Active 725-char remark

    Show marketing remark (719 chars)

    Investor Special in Regent Park! This 3-bedroom, 1-bathroom bungalow offers 890 square feet of living space with a detached garage. Located in Regent Park Sub, this property is ideal for investors or buyers looking for a project with potential. Great opportunity to renovate or add to your rental portfolio. Don't miss out on this value-add opportunity! Please note that the DLBA is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests

14. 2025-05-27
    listed $38,000 Active 719-char remark

    Show marketing remark (719 chars)

    Investor Special in Regent Park! This 3-bedroom, 1-bathroom bungalow offers 890 square feet of living space with a detached garage. Located in Regent Park Sub, this property is ideal for investors or buyers looking for a project with potential. Great opportunity to renovate or add to your rental portfolio. Don't miss out on this value-add opportunity! Please note that the DLBA is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests

15. 2005-09-29
    soldstatus $69,000
16. 2002-11-23
    soldstatus $69,000
17. 2002-11-22
    historical
18. 2002-06-28
    listed $69,900
19. 2000-10-02
    soldstatus $65,000
20. 2000-08-28
    historical
21. 2000-08-14
    listed $57,500
22. 1999-11-16
    historical
23. 1999-07-16
    listed $69,000
24. 1998-03-10
    soldstatus $37,050
25. 1997-08-05
    historical
26. 1997-05-05
    listed $44,900
27. 1994-12-01
    soldstatus $28,000
28. 1994-10-06
    soldstatus $13,755

ⓘ 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: $1,478 · $123/mo
• Projected year-2 tax: $1,478 · $123/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 ≥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: $16,044
• − Mortgage interest: −$2,129
• − Property taxes: −$1,478
• − Insurance: −$190
• − Repairs & maintenance: −$1,284
• − Management: −$1,284
• − Depreciation: −$1,105
• Taxable income: $8,575
• Est. tax owed @ 24.0%: −$2,058
• After-tax cash flow: $6,557/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

+176.3% since first listed

16 events — show timeline

• 2025-05-27 Listed $38,000 REALCOMP
• 2025-05-27 Listed $38,000 MiRealSource-MiMLS
• 2005-09-29 Sold (Public Records) $69,000 Public Records
• 2002-11-23 Sold (MLS) $69,000 MiRealSource-MiMLS
• 2002-11-22 Listing Removed — MiRealSource-MiMLS
• 2002-06-28 Listed $69,900 MiRealSource-MiMLS
• 2000-10-02 Sold (MLS) $65,000 MiRealSource-MiMLS
• 2000-08-28 Listing Removed — MiRealSource-MiMLS
• 2000-08-14 Listed $57,500 MiRealSource-MiMLS
• 1999-11-16 Listing Removed — REALCOMP
• 1999-07-16 Listed $69,000 REALCOMP
• 1998-03-10 Sold (Public Records) $37,050 Public Records
• 1997-08-05 Listing Removed — REALCOMP
• 1997-05-05 Listed $44,900 REALCOMP
• 1994-12-01 Sold (Public Records) $28,000 Public Records
• 1994-10-06 Sold (Public Records) $13,755 Public Records

Property tax history

+0.5%/yr

Latest (2025): $1,478 · +0.0% YoY. Source: county tax records.