15045 Quincy St · Detroit, MI 48238

$39,000

2 bd · 1.0 ba · 920 sqft · SingleFamily public records · 2 Days on market

Built 1922 4,792 sqft lot Est $36k · 9% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.0/5.0
• Livability +3.7/5.0
• ARV discount +3.6/15.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This tidy little 2bed ranch meets the coveted 2% rule - available for purchase for under $50k and rentable for $1000/mo. The math is impossible to ignore and could be your best investment of the year. Don't sleep on this one and schedule your private tour today!

Key facts

• 4,792 sq ft lot
• Built 1922
• Listed 2 days

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water available; Public sewer available
• Home design: Single-family residence; One level; Ground-level entry with steps; Vinyl siding
• Construction: Block foundation
• Exterior features: Paved road access; Lot approximately 0.11 acres (40 x 119); No pool

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Unfinished basement; Total of 4 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $39k.

Deal economics

• At list price, monthly cash flow is $471 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $39k).
• Cap rate 20.8% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 39% of the median local income ($33k/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 $270 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 + 6.1% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 9y 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 $28k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 4.8% of price; built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,000

Questions for the listing agent

1. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.75% ✓
• Cap rate: 20.79%
• Cash-on-cash: 51.78%
• DSCR: 3.30
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $35,880
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6362 Globe St	0.43mi	2/1.0	888 (-4%)	0mo	$15,000	$17	74
15798 Muirland St	0.52mi	2/1.0	943 (+2%)	1mo	$29,000	$31	71
15488 Wildemere St	0.44mi	3/1.0 (+1)	949 (+3%)	1mo	$49,900	$53	68
14752 Petoskey Ave	0.21mi	3/1.5 (+1)	1,029 (+12%)	0mo	$40,000	$39	63
7300 Ellsworth St	0.29mi	2/1.0	836 (-9%)	10mo	$30,000	$36	63
15821 Holmur St	0.47mi	2/1.0	948 (+3%)	17mo	$60,000	$63	59
2075 Ewald Cir	0.59mi	2/1.0	949 (+3%)	19mo	$70,000	$74	52
15893 Alden St	0.66mi	2/1.5	836 (-9%)	1mo	$24,000	$29	51
15774 Muirland St	0.50mi	2/1.0	1,018 (+11%)	10mo	$35,000	$34	50
14601 San Juan Dr	0.50mi	3/1.5 (+1)	816 (-11%)	4mo	$37,000	$45	47
14619 Greenlawn St	0.69mi	2/1.0	804 (-13%)	5mo	$52,000	$65	43
6445 SW Globe St S	0.44mi	2/1.0	795 (-14%)	18mo	$30,000	$38	41

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 · 6.14% rent growth · sell at horizon

5-year hold

• IRR: 53.8%
• Equity multiple: 3.50×
• Total profit: $27,268
• Equity at exit: $5,815

10-year hold

• IRR: 60.3%
• Equity multiple: 8.14×
• Total profit: $78,014
• Equity at exit: $3,372

Cash invested: $10,920 (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: 3.0×

Monthly cashflow live

• Estimated rent: $1,072 high
• Mortgage (P&I): −$205
• Tax from tax record: −$155 /mo · $1,861/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $471

Break-even live

Break-even rent $476

Max offer price $39,000

Occupancy floor 51%

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: $9,750
• Closing costs: $1,170
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14950 Stoepel St Detroit, MI	2.0	1.0	600	$900	$1.50	24d	1	0.16mi
3808 Kendall St Unit 3 Detroit, MI	1.0	1.0	550	$700	$1.27	43d	1	0.49mi
7350 Globe St Detroit, MI	3.0	1.0	1000	$1,550	$1.55	3d	1	0.53mi
2034 Ewald Cir Detroit, MI	2.0	1.0	1000	$995	$0.99	5d	1	0.54mi
2341 Ewald Cir Unit 3 Detroit, MI	1.0	1.0	600	$900	$1.50	43d	1	0.58mi
1875 Ewald Cir Unit 2E Detroit, MI	1.0	1.0	725	$875	$1.21	5d	1	0.59mi
3266 Pasadena St Unit 3 Detroit, MI	1.0	1.0	696	$700	$1.01	43d	1	0.67mi
1705 Oakman Blvd Unit 10 Detroit, MI	1.0	1.0	650	$895	$1.38	24d	1	0.67mi
1705 Oakman Blvd Unit 5 Detroit, MI	1.0	1.0	650	$895	$1.38	43d	1	0.67mi
15906 Alden St Detroit, MI	3.0	1.0	1030	$1,150	$1.12	16d	1	0.69mi
15771 Turner St Detroit, MI	2.0	1.0	1000	$1,049	$1.05	43d	1	0.70mi
14656 Roselawn St Detroit, MI	3.0	1.0	1000	$1,200	$1.20	17d	1	0.70mi
3812 W Grand St Detroit, MI	2.0	1.0	1100	$1,025	$0.93	16d	1	0.73mi
2690 Ewald Cir Detroit, MI	1.0–2.0	1.0	750	$900	$1.20	24d	4	0.76mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	43d	1	0.84mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	24d	1	0.84mi
14550 Northlawn St Detroit, MI	3.0	2.0	950	$1,200	$1.26	16d	1	0.84mi
16174 Princeton St Unit 2 Detroit, MI	2.0	1.0	985	$1,100	$1.12	43d	1	0.85mi
16174 Princeton St Detroit, MI	2.0	1.0	985	$1,100	$1.12	19d	1	0.86mi
14570 Cherrylawn St Detroit, MI	3.0	1.0	840	$1,250	$1.49	12d	1	0.88mi
2433 Pasadena St Unit 2435 Detroit, MI	2.0	1.0	700	$1,025	$1.46	43d	1	0.92mi
3824 Tyler St Apt 1 Detroit, MI	3.0	1.0	900	$1,523	$1.69	16d	1	0.96mi
3783 Tyler St Unit Lower Detroit, MI	3.0	1.0	1000	$1,150	$1.15	43d	1	0.98mi
13639 La Salle Blvd Detroit, MI	1.0	1.0	800	$775	$0.97	43d	1	0.98mi
13639 La Salle Blvd Detroit, MI	2.0	1.0	800	$695	$0.87	11d	1	0.98mi
13641 La Salle Blvd Detroit, MI	1.0	1.0	800	$775	$0.97	24d	1	0.98mi
2926 Ewald Cir Detroit, MI	2.0	1.0	800	$900	$1.12	17d	1	1.00mi
4203 Tyler St Detroit, MI	2.0	1.0	950	$895	$0.94	43d	1	1.02mi
15777 Wisconsin St Unit 77 Detroit, MI	2.0	1.0	900	$950	$1.06	5d	1	1.06mi
16722 Tuller St Detroit, MI	3.0	1.5	1100	$1,500	$1.36	16d	1	1.11mi
15878 Kentucky St Detroit, MI	2.0	1.0	800	$900	$1.12	43d	1	1.19mi
17145 Santa Rosa Dr Unit 1 Detroit, MI	3.0	1.0	1050	$1,400	$1.33	18d	1	1.20mi
17150 Santa Rosa Dr Detroit, MI	1.0	1.0	950	$1,250	$1.32	17d	1	1.20mi
15839 Kentucky St Detroit, MI	2.0	1.0	800	$1,200	$1.50	17d	1	1.20mi
2623 W McNichols Rd Unit 23106 Detroit, MI	1.0	1.0	750	$1,075	$1.43	43d	1	1.20mi
17147 Monica St Unit 2 1 Detroit, MI	2.0	1.0	900	$975	$1.08	24d	1	1.21mi
17215 Warrington Dr Detroit, MI	2.0	1.0	1015	$2,000	$1.97	43d	1	1.24mi
16230 Indiana St Unit 2 Detroit, MI	2.0	1.0	1050	$1,200	$1.14	18d	1	1.25mi
15765 Washburn St Detroit, MI	2.0	1.0	1093	$950	$0.87	43d	1	1.25mi
12728 Monica St Unit 2 Detroit, MI	1.0	1.0	620	$750	$1.21	43d	1	1.26mi

Listing history 4 events

1. 2026-06-19
   status $39,000 Pending 2 DOM
2. 2026-06-18
   days on market $39,000 Active 2 DOM
3. 2026-06-17
   remarks 262-char remark
4. 2026-06-17
   listed $39,000 Active 1 DOM

ⓘ 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: $1,861 · $155/mo
• Projected year-2 tax: $1,861 · $155/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: $12,867
• − Mortgage interest: −$2,185
• − Property taxes: −$1,861
• − Insurance: −$195
• − Repairs & maintenance: −$1,029
• − Management: −$1,029
• − Depreciation: −$1,135
• Taxable income: $5,433
• Est. tax owed @ 24.0%: −$1,304
• After-tax cash flow: $4,351/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

+11.7% since first listed

10 events — show timeline

• 2026-06-16 Listed $39,000 REALCOMP
• 2026-06-16 Listed $39,000 MiRealSource-MiMLS
• 2025-11-20 Listing Removed — MiRealSource-MiMLS
• 2025-11-20 Listing Removed — REALCOMP
• 2025-08-27 Listed $39,000 REALCOMP
• 2025-08-27 Listed $39,000 MiRealSource-MiMLS
• 2017-11-21 Sold (MLS) $27,500 MiRealSource-MiMLS
• 2017-11-21 Sold (MLS) $27,500 REALCOMP
• 2017-09-05 Listed $34,900 MiRealSource-MiMLS
• 2017-09-05 Listed $34,900 REALCOMP

Property tax history

+18.0%/yr

Latest (2025): $1,861 · +1.2% YoY. Source: county tax records.