15860 Fordham St · Detroit, MI 48205

$85,000

3 bd · 1.0 ba · 1,088 sqft · SingleFamily public records · 41 Days on market

Built 1940 4,356 sqft lot $78/sqft · 51% above area

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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 +25.9/30.0
• 1% rule +10.0/10.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 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

Here is a tenant occupied bungalow on Detroit's East Side. 3BR brick with full basement and 1 car detached garage. Current rent rate is 1500 per month. Lease and ledger available upon request. No showings prior to accepted offer.

Key facts

• 4,356 sq ft lot
• Garage
• Built 1940

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer; Water and sewer available
• Home design: Single-family residence; Two levels; Brick exterior; Entry at ground level with steps
• Construction: Brick construction; Block foundation
• Exterior features: Paved road access; Lot approximately 0.1 acre (35 x 122)

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); No central air conditioning
• Interior features: Unfinished basement; Five total rooms; Ground-level entry with steps

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $209 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.

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; 40 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 40% 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 $588 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 12y 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 $50k; list at $85k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.9% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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. 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: 1.54% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.54%
• DSCR: 1.47
• GRM: 5.4

CMA / ARV

• ARV (median comp): $56,378
• List price: $85,000
• Delta: 50.77%
• 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
12893 Payton St	0.21mi	3/1.0	1,020 (-6%)	1mo	$75,000	$74	78
12519 Riad St	0.35mi	3/1.0	1,135 (+4%)	0mo	$100,000	$88	76
12660 Duchess St	0.37mi	3/1.0	974 (-10%)	2mo	$55,000	$56	64
16092 Manning St	0.46mi	3/1.5	1,200 (+10%)	0mo	$20,000	$17	60
16301 Coram St	0.39mi	3/1.0	929 (-15%)	1mo	$19,500	$21	56
16209 Tacoma St	0.56mi	3/1.0	968 (-11%)	1mo	$62,900	$65	55
19745 Kelly Rd Rd	0.66mi	3/1.0	1,176 (+8%)	1mo	$105,000	$89	55
16277 Liberal St	0.47mi	3/1.0	945 (-13%)	1mo	$25,000	$26	55
19100 Kingsville St	0.58mi	3/1.0	972 (-11%)	2mo	$110,000	$113	53
15260 Faircrest St	0.40mi	2/1.0 (-1)	942 (-13%)	1mo	$35,000	$37	53
16107 Manning St	0.48mi	3/1.0	925 (-15%)	2mo	$61,000	$66	51
16446 E State Fair St	0.65mi	2/1.0 (-1)	1,200 (+10%)	2mo	$70,000	$58	46

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: -2.8%
• Equity multiple: 0.90×
• Total profit: $-2,454
• Equity at exit: $12,674

10-year hold

• IRR: 4.5%
• Equity multiple: 1.30×
• Total profit: $7,101
• Equity at exit: $7,349

Cash invested: $23,800 (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: 5.4×

Monthly cashflow live

• Estimated rent: $1,309 high
• Mortgage (P&I): −$446
• Tax from tax record: −$344 /mo · $4,124/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $209

Break-even live

Break-even rent $1,044

Max offer price $85,000

Occupancy floor 79%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16031 E 7 Mile Rd #5 Detroit, MI	2.0	1.0	1204	$1,200	$1.00	2d	1	0.11mi
15909 Maddelein St Detroit, MI	3.0	1.0	894	$1,266	$1.42	43d	1	0.13mi
15616 E 7 Mile Rd Detroit, MI	3.0	1.5	1150	$1,150	$1.00	17d	1	0.13mi
16212 Maddelein St Detroit, MI	2.0	1.0	800	$1,200	$1.50	12d	1	0.22mi
15604 Coram St Detroit, MI	3.0	1.0	1210	$1,000	$0.83	43d	1	0.28mi
18530 Kingsville St Harper Woods, MI	3.0	1.5	1396	$1,375	$0.98	17d	1	0.30mi
12716 Riad St Detroit, MI	3.0	1.0	974	$1,275	$1.31	17d	1	0.34mi
15494 Mapleridge St Detroit, MI	3.0	1.0	937	$1,275	$1.36	43d	1	0.46mi
16225 Manning St Detroit, MI	4.0	2.0	1036	$1,475	$1.42	43d	1	0.48mi
19144 Moross Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	43d	1	0.60mi
16446 E State Fair St Detroit, MI	2.0	1.0	1200	$1,350	$1.12	24d	1	0.63mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	15d	1	0.66mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	43d	1	0.67mi
11911 Lansdowne St Detroit, MI	4.0	1.0	1350	$1,400	$1.04	43d	1	0.68mi
11776 Rossiter St Detroit, MI	3.0	1.0	964	$1,150	$1.19	11d	1	0.74mi
11689 Wayburn St Detroit, MI	3.0	1.0	1142	$1,350	$1.18	43d	1	0.75mi
19152 Woodside St Harper Woods, MI	3.0	1.0	916	$1,500	$1.64	17d	1	0.76mi
19365 Kingsville St Harper Woods, MI	4.0	1.5	996	$1,650	$1.66	14d	1	0.77mi
16291 Eastburn St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	24d	1	0.80mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	43d	1	0.80mi
11620 Rossiter St Detroit, MI	3.0	1.0	1140	$1,200	$1.05	17d	1	0.80mi
16242 Bringard Dr Detroit, MI	3.0	1.0	1350	$1,300	$0.96	5d	1	0.81mi
19435 McCormick St Detroit, MI	3.0	2.0	1148	$1,300	$1.13	17d	1	0.82mi
19442 Kingsville St Harper Woods, MI	3.0	1.0	1000	$1,500	$1.50	17d	1	0.84mi
11529 Roxbury St Detroit, MI	2.0	1.0	720	$1,200	$1.67	12d	1	0.85mi
15010 Cedargrove St Detroit, MI	3.0	1.5	1018	$1,350	$1.33	43d	1	0.85mi
14504 Coram St Detroit, MI	3.0	1.0	1203	$1,175	$0.98	24d	1	0.85mi
14481 Maddelein St Detroit, MI	3.0	1.0	1200	$1,100	$0.92	43d	1	0.85mi
14461 Lappin St Detroit, MI	3.0	1.5	989	$1,150	$1.16	17d	1	0.88mi
15503 Edmore Dr Detroit, MI	3.0	1.0	1285	$1,100	$0.86	43d	1	0.89mi
16410 Edmore Dr Detroit, MI	3.0	1.0	850	$1,250	$1.47	15d	1	0.90mi
19639 Moross Rd Unit 1 Detroit, MI	2.0	1.0	900	$1,100	$1.22	43d	1	0.92mi
11235 Roxbury St Detroit, MI	3.0	1.0	1062	$1,325	$1.25	17d	1	0.97mi
19661 Kenosha St Harper Woods, MI	3.0	2.0	1000	$1,400	$1.40	24d	1	0.98mi
15663 Carlisle St Detroit, MI	2.0	1.0	803	$1,050	$1.31	15d	1	1.00mi
15000 Mayfield St Detroit, MI	3.0	1.0	1146	$970	$0.85	17d	1	1.03mi
19982 McCormick St Detroit, MI	3.0	1.0	866	$1,200	$1.39	3d	1	1.13mi
10803 Roxbury St Detroit, MI	3.0	1.0	1150	$900	$0.78	20d	1	1.18mi
10985 Peerless St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	5d	1	1.20mi
11018 Whitehill St Detroit, MI	3.0	1.0	1146	$1,450	$1.27	10d	1	1.22mi

Listing history 30 events

1. 2026-06-16
   status $85,000 Pending 41 DOM
2. 2026-06-15
   days on market $85,000 Active 41 DOM

   Show marketing remark (229 chars)

   Here is a tenant occupied bungalow on Detroit's East Side. 3BR brick with full basement and 1 car detached garage. Current rent rate is 1500 per month. Lease and ledger available upon request. No showings prior to accepted offer.

3. 2026-06-13
   days on market $85,000 Active 39 DOM
4. 2026-06-13
   days on market $85,000 Active 38 DOM
5. 2026-06-09
   days on market $85,000 Active 35 DOM
6. 2026-06-08
   days on market $85,000 Active 34 DOM
7. 2026-06-07
   days on market $85,000 Active 33 DOM
8. 2026-06-04
   days on market $85,000 Active 30 DOM
9. 2026-06-03
   days on market $85,000 Active 29 DOM
10. 2026-06-02
    days on market $85,000 Active 28 DOM
11. 2026-06-01
    days on market $85,000 Active 27 DOM
12. 2026-05-31
    days on market $85,000 Active 26 DOM
13. 2026-05-05
    listed $89,000 Active 229-char remark

    Show marketing remark (229 chars)

    Here is a tenant occupied bungalow on Detroit's East Side. 3BR brick with full basement and 1 car detached garage. Current rent rate is 1500 per month. Lease and ledger available upon request. No showings prior to accepted offer.

14. 2026-05-05
    listed $89,000 Active 229-char remark

    Show marketing remark (229 chars)

    Here is a tenant occupied bungalow on Detroit's East Side. 3BR brick with full basement and 1 car detached garage. Current rent rate is 1500 per month. Lease and ledger available upon request. No showings prior to accepted offer.

15. 2025-05-18
    historical $1,500
16. 2025-05-16
    historical $1,500
17. 2025-04-25
    listed $1,500
18. 2025-04-17
    listed $1,500
19. 2024-11-15
    soldstatus $50,000
20. 2024-03-15
    historical
21. 2024-03-15
    historical
22. 2024-02-16
    price $59,900
23. 2024-02-15
    price $59,900
24. 2023-12-09
    listed $60,000 Active
25. 2023-12-09
    listed $60,000 Active
26. 2021-04-13
    soldstatus $59,500
27. 2015-12-23
    historical
28. 2015-11-27
    listed $625
29. 2014-12-01
    historical
30. 2014-11-18
    listed $650

ⓘ 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: $4,124 · $344/mo
• Projected year-2 tax: $4,124 · $344/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: $15,705
• − Mortgage interest: −$4,761
• − Property taxes: −$4,124
• − Insurance: −$425
• − Repairs & maintenance: −$1,256
• − Management: −$1,256
• − Depreciation: −$2,473
• Taxable income: $1,409
• Est. tax owed @ 24.0%: −$338
• After-tax cash flow: $2,171/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

+42.9% since first listed

22 events — show timeline

• 2026-06-15 Pending — MiRealSource-MiMLS
• 2026-06-15 Pending — REALCOMP
• 2026-05-27 Price Changed $85,000 REALCOMP
• 2026-05-27 Price Changed $85,000 MiRealSource-MiMLS
• 2026-05-05 Listed $89,000 REALCOMP
• 2026-05-05 Listed $89,000 MiRealSource-MiMLS
• 2025-05-18 Rental Removed $1,500 BUILDIUM
• 2025-05-16 Rental Removed $1,500 REALSOURCE
• 2025-04-25 Listed for Rent $1,500 REALSOURCE
• 2025-04-17 Listed for Rent $1,500 BUILDIUM
• 2024-11-15 Sold (Public Records) $50,000 Public Records
• 2024-03-15 Listing Removed — MiRealSource-MiMLS
• 2024-03-15 Listing Removed — REALCOMP
• 2024-02-16 Price Changed $59,900 MiRealSource-MiMLS
• 2024-02-15 Price Changed $59,900 REALCOMP
• 2023-12-09 Listed $60,000 MiRealSource-MiMLS
• 2023-12-09 Listed $60,000 REALCOMP
• 2021-04-13 Sold (Public Records) $59,500 Public Records
• 2015-12-23 Listing Removed — MiRealSource-MiMLS
• 2015-11-27 Listed $625 MiRealSource-MiMLS
• 2014-12-01 Listing Removed — MiRealSource-MiMLS
• 2014-11-18 Listed $650 MiRealSource-MiMLS

Property tax history

+13.7%/yr

Latest (2025): $4,124 · +210.3% YoY. Source: county tax records.