15410 Fairmount Dr · Detroit, MI 48205

$75,000

2 bd · 1.0 ba · 880 sqft · SingleFamily public records · 98 Days on market

Built 1949 4,356 sqft lot $85/sqft · 12% above area Est $67k · 12% over

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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 +30.0/30.0
• 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
• ARV discount +2.2/15.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Turnkey investment opportunity! This refreshed 2-bedroom ranch in Detroit is tenant occupied and ready to generate income from day one. The home features recent updates and solid rental appeal, making it a great addition to any portfolio. This low-maintenance property offers immediate cash flow potential.

Key facts

• Recent updates
• 4,356 sq ft lot
• Built 1949

Tags

• TURNKEY INVESTMENT OPPORTUNITY
• RECENT UPDATES
• LOW MAINTENANCE PROPERTY
• IMMEDIATE CASH FLOW POTENTIAL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $447 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $68k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 36% 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 $519 of loan paydown is wiped out by about $2k 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 $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 23y ago; this cycle's ask has dropped $7k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — 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: 1.56% ✓
• Cap rate: 13.45%
• Cash-on-cash: 25.56%
• DSCR: 2.14
• GRM: 5.3

CMA / ARV

• ARV (median comp): $67,076
• List price: $75,000
• Delta: 11.81%
• 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
15825 Eastburn St	0.28mi	3/1.0 (+1)	928 (+6%)	3mo	$77,000	$83	70
15037 E State Fair St	0.19mi	3/1.0 (+1)	992 (+13%)	4mo	$27,500	$28	62
16107 Manning St	0.53mi	3/1.0 (+1)	925 (+5%)	2mo	$61,000	$66	60
15834 Novara St	0.47mi	3/1.0 (+1)	929 (+6%)	4mo	$90,000	$97	60
16039 Fairmount Dr	0.41mi	3/1.0 (+1)	957 (+9%)	4mo	$19,000	$20	58
16062 CARLISLE St	0.53mi	3/1.0 (+1)	957 (+9%)	1mo	$42,000	$44	55
16062 Carlisle St	0.53mi	3/1.0 (+1)	957 (+9%)	1mo	$42,000	$44	55
16209 Tacoma St	0.53mi	3/1.0 (+1)	968 (+10%)	1mo	$62,900	$65	53
16277 Liberal St	0.63mi	3/1.0 (+1)	945 (+7%)	1mo	$25,000	$26	52
16301 Coram St	0.72mi	3/1.0 (+1)	929 (+6%)	1mo	$19,500	$21	51
16291 Fairmount Dr	0.58mi	3/1.0 (+1)	977 (+11%)	2mo	$112,000	$115	48
15017 Lappin St	0.51mi	3/1.0 (+1)	1,008 (+14%)	2mo	$60,000	$60	45

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: 17.3%
• Equity multiple: 1.69×
• Total profit: $14,398
• Equity at exit: $11,183

10-year hold

• IRR: 24.6%
• Equity multiple: 2.98×
• Total profit: $41,522
• Equity at exit: $6,485

Cash invested: $21,000 (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: 5.3×

Monthly cashflow live

• Estimated rent: $1,170 high
• Mortgage (P&I): −$393
• Tax from tax record: −$52 /mo · $624/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $447

Break-even live

Break-even rent $603

Max offer price $75,000

Occupancy floor 57%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15030 Rossini Dr Unit 2 Detroit, MI	1.0	1.0	720	$800	$1.11	43d	1	0.18mi
15663 Carlisle St Detroit, MI	2.0	1.0	803	$1,050	$1.31	14d	1	0.40mi
16291 Eastburn St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	24d	1	0.59mi
15909 Maddelein St Detroit, MI	3.0	1.0	894	$1,266	$1.42	43d	1	0.62mi
16410 Edmore Dr Detroit, MI	3.0	1.0	850	$1,250	$1.47	14d	1	0.66mi
14461 Lappin St Detroit, MI	3.0	1.5	989	$1,150	$1.16	17d	1	0.73mi
16212 Maddelein St Detroit, MI	2.0	1.0	800	$1,200	$1.50	12d	1	0.73mi
16241 Seven Mile E Unit 4 Detroit, MI	1.0	1.0	650	$650	$1.00	43d	1	0.77mi
14068 Carlisle St Detroit, MI	3.0	1.0	1020	$1,300	$1.27	24d	1	0.86mi
12716 Riad St Detroit, MI	3.0	1.0	974	$1,275	$1.31	17d	1	1.02mi
15494 Mapleridge St Detroit, MI	3.0	1.0	937	$1,275	$1.36	43d	1	1.04mi
13669 Pfent St Detroit, MI	3.0	2.0	1031	$1,374	$1.33	17d	1	1.14mi
19152 Woodside St Harper Woods, MI	3.0	1.0	916	$1,500	$1.64	17d	1	1.18mi
20215 Schoenherr St Unit 1 Detroit, MI	2.0	1.0	1000	$1,200	$1.20	17d	1	1.18mi
19144 Moross Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	43d	1	1.22mi
20227 Pelkey St Detroit, MI	3.0	1.0	968	$1,350	$1.39	17d	1	1.24mi
12201 Morang Ave Unit 8 Detroit, MI	2.0	1.0	610	$875	$1.43	43d	1	1.25mi
20242 Hickory St Detroit, MI	3.0	1.0	747	$1,300	$1.74	11d	1	1.28mi
15010 Cedargrove St Detroit, MI	3.0	1.5	1018	$1,350	$1.33	43d	1	1.30mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	14d	1	1.31mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	43d	1	1.31mi
13501 Vernon Ave Warren, MI	2.0	1.0	850	$1,300	$1.53	24d	1	1.33mi
20027 Alcoy St Detroit, MI	3.0	1.0	1000	$1,349	$1.35	17d	1	1.35mi
19220 Alcoy St Detroit, MI	3.0	1.0	1023	$1,350	$1.32	17d	1	1.41mi
19442 Kingsville St Harper Woods, MI	3.0	1.0	1000	$1,500	$1.50	17d	1	1.41mi
11776 Rossiter St Detroit, MI	3.0	1.0	964	$1,150	$1.19	11d	1	1.43mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	43d	1	1.49mi

Listing history 37 events

1. 2026-06-18
   days on market $75,000 Active 98 DOM
2. 2026-06-17
   days on market $75,000 Active 97 DOM
3. 2026-06-15
   days on market $75,000 Active 95 DOM
4. 2026-06-13
   days on market $75,000 Active 93 DOM
5. 2026-06-13
   days on market $75,000 Active 92 DOM
6. 2026-06-09
   days on market $75,000 Active 89 DOM
7. 2026-06-08
   days on market $75,000 Active 88 DOM
8. 2026-06-07
   days on market $75,000 Active 87 DOM
9. 2026-06-04
   days on market $75,000 Active 84 DOM
10. 2026-06-03
    days on market $75,000 Active 83 DOM
11. 2026-06-01
    days on market $75,000 Active 81 DOM
12. 2026-05-31
    days on market $75,000 Active 80 DOM
13. 2026-04-25
    price $75,000 306-char remark

    Show marketing remark (306 chars)

    Turnkey investment opportunity! This refreshed 2-bedroom ranch in Detroit is tenant occupied and ready to generate income from day one. The home features recent updates and solid rental appeal, making it a great addition to any portfolio. This low-maintenance property offers immediate cash flow potential.

14. 2026-04-25
    price $75,000 306-char remark

    Show marketing remark (306 chars)

    Turnkey investment opportunity! This refreshed 2-bedroom ranch in Detroit is tenant occupied and ready to generate income from day one. The home features recent updates and solid rental appeal, making it a great addition to any portfolio. This low-maintenance property offers immediate cash flow potential.

15. 2026-03-12
    listed $82,000 Active 306-char remark

    Show marketing remark (306 chars)

    Turnkey investment opportunity! This refreshed 2-bedroom ranch in Detroit is tenant occupied and ready to generate income from day one. The home features recent updates and solid rental appeal, making it a great addition to any portfolio. This low-maintenance property offers immediate cash flow potential.

16. 2026-03-12
    listed $82,000 Active 306-char remark

    Show marketing remark (306 chars)

    Turnkey investment opportunity! This refreshed 2-bedroom ranch in Detroit is tenant occupied and ready to generate income from day one. The home features recent updates and solid rental appeal, making it a great addition to any portfolio. This low-maintenance property offers immediate cash flow potential.

17. 2024-12-17
    status Pending
18. 2024-06-02
    historical $1,050
19. 2024-05-15
    price $1,050
20. 2024-05-07
    listed $1,150
21. 2023-06-08
    status Pending
22. 2023-06-08
    status Pending
23. 2023-06-07
    historical
24. 2023-06-07
    historical
25. 2023-05-18
    listed $45,000 Active
26. 2023-05-17
    listed $45,000 Active
27. 2020-01-13
    soldstatus $54,900
28. 2010-09-14
    historical
29. 2010-08-04
    listed $3,000
30. 2010-07-22
    historical
31. 2010-04-16
    listed $3,000
32. 2004-10-08
    soldstatus $85,000
33. 2004-08-09
    soldstatus $85,000
34. 2004-06-22
    historical
35. 2003-10-06
    listed $85,000
36. 1999-07-23
    soldstatus $78,000
37. 1999-06-29
    soldstatus $50,000

ⓘ 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: $624 · $52/mo
• Projected year-2 tax: $890 · $74/mo
• Expected delta: +$265/yr (+$22/mo · 42.5%)

ⓘ 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 3/10 Moderate 7 d/yr ≥96°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: $14,035
• − Mortgage interest: −$4,201
• − Property taxes: −$624
• − Insurance: −$375
• − Repairs & maintenance: −$1,123
• − Management: −$1,123
• − Depreciation: −$2,182
• Taxable income: $4,407
• Est. tax owed @ 24.0%: −$1,058
• After-tax cash flow: $4,311/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

+50.0% since first listed

25 events — show timeline

• 2026-04-25 Price Changed $75,000 MiRealSource-MiMLS
• 2026-04-25 Price Changed $75,000 REALCOMP
• 2026-03-12 Listed $82,000 REALCOMP
• 2026-03-12 Listed $82,000 MiRealSource-MiMLS
• 2024-12-17 Pending — REALCOMP
• 2024-06-02 Rental Removed $1,050 BUILDIUM
• 2024-05-15 Price Changed $1,050 BUILDIUM
• 2024-05-07 Listed for Rent $1,150 BUILDIUM
• 2023-06-08 Pending — MiRealSource-MiMLS
• 2023-06-08 Pending — REALCOMP
• 2023-06-07 Listing Removed — MiRealSource-MiMLS
• 2023-06-07 Listing Removed — REALCOMP
• 2023-05-18 Listed $45,000 MiRealSource-MiMLS
• 2023-05-17 Listed $45,000 REALCOMP
• 2020-01-13 Sold (Public Records) $54,900 Public Records
• 2010-09-14 Listing Removed — REALCOMP
• 2010-08-04 Listed $3,000 REALCOMP
• 2010-07-22 Listing Removed — REALCOMP
• 2010-04-16 Listed $3,000 REALCOMP
• 2004-10-08 Sold (Public Records) $85,000 Public Records
• 2004-08-09 Sold (MLS) $85,000 MiRealSource-MiMLS
• 2004-06-22 Listing Removed — MiRealSource-MiMLS
• 2003-10-06 Listed $85,000 MiRealSource-MiMLS
• 1999-07-23 Sold (Public Records) $78,000 Public Records
• 1999-06-29 Sold (Public Records) $50,000 Public Records

Property tax history

-9.5%/yr

Latest (2025): $624 · -53.0% YoY. Source: county tax records.