6015 Pennsylvania St · Detroit, MI 48213

$54,900

4 bd · 2.0 ba · 2,032 sqft · Townhouse public records · 317 Days on market

Built 1916 4,356 sqft lot $27/sqft · 44% above area Est $38k · 44% 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 +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

INVESTOR SPECIAL IN DETROIT! PRIME OPPORTUNITY FOR FIX & FLIP OR FIX & HOLD INVESTORS. WHETHER YOU'RE LOOKING TO CASH IN ON A QUICK FLIP OR BUILD LONG-TERM EQUITY, THIS ONE CHECKS ALL THE BOXES. TONS OF POTENTIAL – DON'T MISS OUT! MORE PHOTOS AVAILABLE UPON REQUEST.

Key facts

• 4,356 sq ft lot
• Built 1916
• Listed 317 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $55k.

Deal economics

• At list price, monthly cash flow is $840 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.7% 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: 190 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $1,583/mo this rent would consume 56% of the median local household income ($34k/yr) (locally 1202% 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 $380 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 + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 317 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 18y ago; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $4k; list at $55k implies a 1384% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $48,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 317 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 1916 — 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: 2.88% ✓
• Cap rate: 24.65%
• Cash-on-cash: 65.57%
• DSCR: 3.92
• GRM: 2.9

CMA / ARV

• ARV (median comp): $38,116
• List price: $54,900
• Delta: 44.03%
• Verdict: OVERPRICED
• Comps: 16 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 64.8%
• Equity multiple: 3.90×
• Total profit: $44,645
• Equity at exit: $8,186

10-year hold

• IRR: 69.2%
• Equity multiple: 8.02×
• Total profit: $107,940
• Equity at exit: $4,747

Cash invested: $15,372 (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 48213

• Active inventory: 190
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,583 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$100 /mo · $1,202/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $840

Break-even live

Break-even rent $520

Max offer price $54,900

Occupancy floor 42%

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4510 Harding St Detroit, MI	3.0	1.0	2394	$1,500	$0.63	17d	1	0.98mi
11806 Wilshire Dr Detroit, MI	4.0	3.0	2000	$1,600	$0.80	24d	1	1.24mi
11171 Charlemagne Ave Unit A Detroit, MI	3.0	1.0	1598	$1,200	$0.75	43d	1	1.25mi
8205 E Outer Dr Detroit, MI	3.0	1.5	1874	$1,400	$0.75	17d	1	1.29mi

Listing history 50 events

1. 2026-06-18
   days on market $54,900 Active 317 DOM
2. 2026-06-17
   days on market $54,900 Active 316 DOM
3. 2026-06-15
   days on market $54,900 Active 314 DOM
4. 2026-06-13
   days on market $54,900 Active 312 DOM
5. 2026-06-13
   days on market $54,900 Active 311 DOM
6. 2026-06-09
   days on market $54,900 Active 308 DOM
7. 2026-06-08
   days on market $54,900 Active 307 DOM
8. 2026-06-07
   days on market $54,900 Active 306 DOM
9. 2026-06-04
   days on market $54,900 Active 303 DOM
10. 2026-06-03
    days on market $54,900 Active 302 DOM
11. 2026-06-01
    days on market $54,900 Active 300 DOM
12. 2026-05-31
    days on market $54,900 Active 299 DOM
13. 2026-01-23
    price $54,900 297-char remark

    Show marketing remark (297 chars)

    INVESTOR SPECIAL IN DETROIT! PRIME OPPORTUNITY FOR FIX & FLIP OR FIX & HOLD INVESTORS. WHETHER YOU'RE LOOKING TO CASH IN ON A QUICK FLIP OR BUILD LONG-TERM EQUITY, THIS ONE CHECKS ALL THE BOXES. TONS OF POTENTIAL – DON'T MISS OUT! MORE PHOTOS AVAILABLE UPON REQUEST.

14. 2026-01-22
    price $54,900 290-char remark

    Show marketing remark (290 chars)

    INVESTOR SPECIAL IN DETROIT! PRIME OPPORTUNITY FOR FIX & FLIP OR FIX & HOLD INVESTORS. WHETHER YOU'RE LOOKING TO CASH IN ON A QUICK FLIP OR BUILD LONG-TERM EQUITY, THIS ONE CHECKS ALL THE BOXES. TONS OF POTENTIAL – DON’T MISS OUT! MORE PHOTOS AVAILABLE UPON REQUEST.

15. 2025-09-16
    price $58,900 297-char remark

    Show marketing remark (290 chars)

    INVESTOR SPECIAL IN DETROIT! PRIME OPPORTUNITY FOR FIX & FLIP OR FIX & HOLD INVESTORS. WHETHER YOU'RE LOOKING TO CASH IN ON A QUICK FLIP OR BUILD LONG-TERM EQUITY, THIS ONE CHECKS ALL THE BOXES. TONS OF POTENTIAL – DON’T MISS OUT! MORE PHOTOS AVAILABLE UPON REQUEST.

16. 2025-09-16
    price $58,900 290-char remark

    Show marketing remark (290 chars)

    INVESTOR SPECIAL IN DETROIT! PRIME OPPORTUNITY FOR FIX & FLIP OR FIX & HOLD INVESTORS. WHETHER YOU'RE LOOKING TO CASH IN ON A QUICK FLIP OR BUILD LONG-TERM EQUITY, THIS ONE CHECKS ALL THE BOXES. TONS OF POTENTIAL – DON’T MISS OUT! MORE PHOTOS AVAILABLE UPON REQUEST.

17. 2025-07-30
    listed $60,000 Active 297-char remark

    Show marketing remark (290 chars)

    INVESTOR SPECIAL IN DETROIT! PRIME OPPORTUNITY FOR FIX & FLIP OR FIX & HOLD INVESTORS. WHETHER YOU'RE LOOKING TO CASH IN ON A QUICK FLIP OR BUILD LONG-TERM EQUITY, THIS ONE CHECKS ALL THE BOXES. TONS OF POTENTIAL – DON’T MISS OUT! MORE PHOTOS AVAILABLE UPON REQUEST.

18. 2025-07-30
    listed $60,000 Active 290-char remark

    Show marketing remark (290 chars)

    INVESTOR SPECIAL IN DETROIT! PRIME OPPORTUNITY FOR FIX & FLIP OR FIX & HOLD INVESTORS. WHETHER YOU'RE LOOKING TO CASH IN ON A QUICK FLIP OR BUILD LONG-TERM EQUITY, THIS ONE CHECKS ALL THE BOXES. TONS OF POTENTIAL – DON’T MISS OUT! MORE PHOTOS AVAILABLE UPON REQUEST.

19. 2024-07-08
    historical
20. 2024-07-08
    historical
21. 2024-06-13
    price $54,900
22. 2024-06-13
    price $54,900
23. 2024-06-10
    price $59,900
24. 2024-06-10
    price $59,900
25. 2024-04-27
    listed $65,000 Active
26. 2024-04-27
    listed $65,000 Active
27. 2024-03-04
    historical
28. 2023-11-07
    historical
29. 2023-07-27
    price $33,000
30. 2023-07-26
    price $33,000
31. 2023-06-07
    price $35,000
32. 2023-06-07
    price $35,000
33. 2023-03-07
    price $55,000
34. 2023-03-07
    price $55,000
35. 2023-03-06
    status Active
36. 2023-03-06
    status Active
37. 2023-03-06
    historical
38. 2023-03-06
    historical
39. 2023-03-03
    listed $69,999 Active
40. 2023-03-03
    listed $69,999 Active
41. 2021-10-15
    historical
42. 2021-10-15
    historical
43. 2021-09-13
    status Active
44. 2021-09-13
    status Active
45. 2021-09-10
    historical Accepting Backup Offers
46. 2021-09-10
    historical Accepting Backup Offers
47. 2021-07-10
    price $38,000
48. 2021-07-10
    price $38,000
49. 2021-06-29
    price $40,000
50. 2021-06-28
    price $40,000

ⓘ 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: $1,202 · $100/mo
• Projected year-2 tax: $1,202 · $100/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 ≥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: $19,001
• − Mortgage interest: −$3,075
• − Property taxes: −$1,202
• − Insurance: −$274
• − Repairs & maintenance: −$1,520
• − Management: −$1,520
• − Depreciation: −$1,597
• Taxable income: $9,812
• Est. tax owed @ 24.0%: −$2,355
• After-tax cash flow: $7,725/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): 20,075
• Household income: $34,003
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 1202.0

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 (92%)
• Race & ethnicity: Black 92% White 4% Hispanic / Latino 2% Two or more races 1%
• Common ancestry: Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Arabic 1% 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: ▼ -122.86%
• Current HPI: 217.2037
• Rent YoY: —
• 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

+1120.0% since first listed

49 events — show timeline

• 2026-01-23 Price Changed $54,900 MiRealSource-MiMLS
• 2026-01-22 Price Changed $54,900 REALCOMP
• 2025-09-16 Price Changed $58,900 MiRealSource-MiMLS
• 2025-09-16 Price Changed $58,900 REALCOMP
• 2025-07-30 Listed $60,000 REALCOMP
• 2025-07-30 Listed $60,000 MiRealSource-MiMLS
• 2024-07-08 Listing Removed — MiRealSource-MiMLS
• 2024-07-08 Listing Removed — REALCOMP
• 2024-06-13 Price Changed $54,900 MiRealSource-MiMLS
• 2024-06-13 Price Changed $54,900 REALCOMP
• 2024-06-10 Price Changed $59,900 MiRealSource-MiMLS
• 2024-06-10 Price Changed $59,900 REALCOMP
• 2024-04-27 Listed $65,000 MiRealSource-MiMLS
• 2024-04-27 Listed $65,000 REALCOMP
• 2024-03-04 Listing Removed — MiRealSource-MiMLS
• 2023-11-07 Listing Removed — REALCOMP
• 2023-07-27 Price Changed $33,000 MiRealSource-MiMLS
• 2023-07-26 Price Changed $33,000 REALCOMP
• 2023-06-07 Price Changed $35,000 MiRealSource-MiMLS
• 2023-06-07 Price Changed $35,000 REALCOMP
• 2023-03-07 Price Changed $55,000 MiRealSource-MiMLS
• 2023-03-07 Price Changed $55,000 REALCOMP
• 2023-03-06 Relisted — MiRealSource-MiMLS
• 2023-03-06 Relisted — REALCOMP
• 2023-03-06 Listing Removed — MiRealSource-MiMLS
• 2023-03-06 Listing Removed — REALCOMP
• 2023-03-03 Listed $69,999 MiRealSource-MiMLS
• 2023-03-03 Listed $69,999 REALCOMP
• 2021-10-15 Listing Removed — REALCOMP
• 2021-10-15 Listing Removed — MiRealSource-MiMLS
• 2021-09-13 Relisted — MiRealSource-MiMLS
• 2021-09-13 Relisted — REALCOMP
• 2021-09-10 Contingent — MiRealSource-MiMLS
• 2021-09-10 Contingent — REALCOMP
• 2021-07-10 Price Changed $38,000 MiRealSource-MiMLS
• 2021-07-10 Price Changed $38,000 REALCOMP
• 2021-06-29 Price Changed $40,000 MiRealSource-MiMLS
• 2021-06-28 Price Changed $40,000 REALCOMP
• 2021-05-11 Price Changed $46,900 MiRealSource-MiMLS
• 2021-05-11 Price Changed $46,900 REALCOMP
• 2021-05-07 Relisted — MiRealSource-MiMLS
• 2021-05-07 Relisted — REALCOMP
• 2021-05-02 Contingent — MiRealSource-MiMLS
• 2021-05-02 Contingent — REALCOMP
• 2021-04-27 Listed $49,900 MiRealSource-MiMLS
• 2021-04-27 Listed $49,900 REALCOMP
• 2008-08-22 Sold (MLS) $3,700 MiRealSource-MiMLS
• 2008-08-13 Listing Removed — MiRealSource-MiMLS
• 2008-07-02 Listed $4,500 MiRealSource-MiMLS

Property tax history

+3.5%/yr

Latest (2025): $1,202 · -20.0% YoY. Source: county tax records.