15587 Oakbrook St · Romulus, MI 48174

$140,000

3 bd · 1.5 ba · 960 sqft · SingleFamily public records · 26 Days on market

Built 1968 7,405 sqft lot Est $164k · 15% under

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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 +22.9/30.0
• ARV discount +14.1/15.0
• DSCR +7.3/10.0
• 1% rule +5.9/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 15587 Oakbrook Street in Romulus - a solid brick ranch in a prime location with convenient access to everything Metro Detroit has to offer. Built in 1968, this classic mid-century ranch features 3 bedrooms, 1.5 bathrooms, a functional single-level layout, a full basement, and a spacious backyard ideal for entertaining, pets, gardening, or future outdoor improvements. Major mechanical updates have already been addressed with a newer roof, furnace, and hot water tank, giving buyers confidence and reducing immediate capital expenses. Whether you're a first-time homebuyer looking to build equity, an owner-occupant seeking an affordable home that is well positioned for thoughtful updates and improvements, or an investor searching for your next rental, fix-and-flip, or buy-and-hold property, this home checks all the boxes. The property has strong long-term rental potential in a neighborhood with strong rental demand thanks to its desirable and strategic location near major employment and transportation corridors. Minutes from Detroit Metro Airport (DTW), I-275, I-94, Telegraph Road (US-24), shopping, dining, parks, and everyday conveniences. This home has solid bones, key mechanical updates, and strong investment potential. Whether you're looking for your next home or your next addition to your real estate portfolio, this property is worth seeing. Schedule your private showing today.

Key facts

• Spacious backyard
• Newer furnace
• Newer roof

Tags

• SOLID BRICK RANCH
• FUNCTIONAL SINGLE-LEVEL LAYOUT
• FULL BASEMENT
• SPACIOUS BACKYARD
• NEWER ROOF
• NEWER FURNACE

Property features AI

Finance

• Other: Located in the Oakbrook subdivision; Directions: From Eureka, go south on Brandt St. to Dorset St., then west on Dorset St. to Oakbrook St. Go south on Oakbrook St.; home is on the left about 1 block down.

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One level; Ground-level entry with steps
• Construction: Brick and wood siding construction
• Exterior features: Paved road access; Lot approximately 0.17 acres (60 x 125); No pool

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Unfurnished; Unfinished basement
• Laundry & utility: Washer hookup; Gas dryer hookup; Washer and dryer included; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $245 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 4.2% in Romulus — 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 60/100 on livability (#593 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: commute D+, schools F, crime F.
• Romulus Community Schools (suburban): math 9% / reading 21% proficiency, ranked #498 of 540 in MI (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 215 active listings in the ZIP; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k 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 26 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 21 sale attempts since 30y 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 $975; list at $140k implies a 14259% gain — meaningful room to come down on a strong offer.

Recommended offer $137,900 (1.5% below list)

Questions for the listing agent

1. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 8.40%
• Cash-on-cash: 7.51%
• DSCR: 1.33
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $164,160
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
30771 Halecreek St	0.20mi	3/1.0	960 (0%)	3mo	$135,000	$141	86
30570 Leroy St	0.18mi	3/1.0	960 (0%)	8mo	$199,500	$208	83
15700 Oakbrook St	0.03mi	3/1.5	1,050 (+9%)	4mo	$180,000	$171	80
15447 Anthony St	0.15mi	3/1.0	1,032 (+8%)	4mo	$195,000	$189	76
16223 Oakbrook St	0.29mi	3/1.5	960 (0%)	15mo	$192,000	$200	74
30431 Cherry Ave	0.19mi	3/1.0	1,006 (+5%)	8mo	$175,000	$174	74
15521 Brandt St	0.08mi	3/1.5	1,100 (+15%)	2mo	$187,900	$171	70
29934 Spain St	0.33mi	3/2.0	1,032 (+8%)	2mo	$150,000	$145	69
15447 Taft St	0.10mi	3/1.0	1,056 (+10%)	10mo	$152,500	$144	68
16010 Hollywood St	0.48mi	3/1.5	984 (+2%)	13mo	$152,500	$155	62
16404 Brandt St	0.36mi	3/1.0	1,026 (+7%)	10mo	$215,000	$210	62
16365 Farnum St	0.67mi	2/1.0 (-1)	852 (-11%)	19mo	$137,000	$161	27

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -4.8%
• Equity multiple: 0.82×
• Total profit: $-7,042
• Equity at exit: $20,874

10-year hold

• IRR: 4.9%
• Equity multiple: 1.36×
• Total profit: $14,057
• Equity at exit: $12,105

Cash invested: $39,200 (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 48174

• Active inventory: 215
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,521 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$163 /mo · $1,961/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $245

Break-even live

Break-even rent $1,210

Max offer price $140,000

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $140,000 Active 26 DOM
2. 2026-06-17
   days on market $140,000 Active 25 DOM
3. 2026-06-16
   days on market $140,000 Active 24 DOM
4. 2026-06-15
   days on market $140,000 Active 23 DOM
5. 2026-06-13
   days on market $140,000 Active 21 DOM
6. 2026-06-13
   days on market $140,000 Active 20 DOM
7. 2026-06-09
   days on market $140,000 Active 17 DOM
8. 2026-06-08
   days on market $140,000 Active 16 DOM
9. 2026-06-07
   days on market $140,000 Active 15 DOM
10. 2026-06-04
    days on market $140,000 Active 12 DOM
11. 2026-06-03
    days on market $140,000 Active 11 DOM
12. 2026-06-02
    days on market $140,000 Active 10 DOM
13. 2026-06-01
    days on market $140,000 Active 9 DOM
14. 2026-05-31
    days on market $140,000 Active 8 DOM
15. 2026-05-23
    listed $140,000 Active 1411-char remark

    Show marketing remark (1411 chars)

    Welcome to 15587 Oakbrook Street in Romulus - a solid brick ranch in a prime location with convenient access to everything Metro Detroit has to offer. Built in 1968, this classic mid-century ranch features 3 bedrooms, 1.5 bathrooms, a functional single-level layout, a full basement, and a spacious backyard ideal for entertaining, pets, gardening, or future outdoor improvements. Major mechanical updates have already been addressed with a newer roof, furnace, and hot water tank, giving buyers confidence and reducing immediate capital expenses. Whether you're a first-time homebuyer looking to build equity, an owner-occupant seeking an affordable home that is well positioned for thoughtful updates and improvements, or an investor searching for your next rental, fix-and-flip, or buy-and-hold property, this home checks all the boxes. The property has strong long-term rental potential in a neighborhood with strong rental demand thanks to its desirable and strategic location near major employment and transportation corridors. Minutes from Detroit Metro Airport (DTW), I-275, I-94, Telegraph Road (US-24), shopping, dining, parks, and everyday conveniences. This home has solid bones, key mechanical updates, and strong investment potential. Whether you're looking for your next home or your next addition to your real estate portfolio, this property is worth seeing. Schedule your private showing today.

16. 2026-05-23
    listed $140,000 Active

    Show marketing remark (1411 chars)

    Welcome to 15587 Oakbrook Street in Romulus - a solid brick ranch in a prime location with convenient access to everything Metro Detroit has to offer. Built in 1968, this classic mid-century ranch features 3 bedrooms, 1.5 bathrooms, a functional single-level layout, a full basement, and a spacious backyard ideal for entertaining, pets, gardening, or future outdoor improvements. Major mechanical updates have already been addressed with a newer roof, furnace, and hot water tank, giving buyers confidence and reducing immediate capital expenses. Whether you're a first-time homebuyer looking to build equity, an owner-occupant seeking an affordable home that is well positioned for thoughtful updates and improvements, or an investor searching for your next rental, fix-and-flip, or buy-and-hold property, this home checks all the boxes. The property has strong long-term rental potential in a neighborhood with strong rental demand thanks to its desirable and strategic location near major employment and transportation corridors. Minutes from Detroit Metro Airport (DTW), I-275, I-94, Telegraph Road (US-24), shopping, dining, parks, and everyday conveniences. This home has solid bones, key mechanical updates, and strong investment potential. Whether you're looking for your next home or your next addition to your real estate portfolio, this property is worth seeing. Schedule your private showing today.

17. 2026-02-10
    historical
18. 2026-02-10
    historical
19. 2026-02-03
    price $149,990
20. 2026-02-03
    price $149,990
21. 2026-01-15
    price $154,990
22. 2026-01-14
    price $154,990
23. 2025-12-30
    price $164,990
24. 2025-12-29
    price $164,990
25. 2025-12-19
    price $174,990
26. 2025-12-19
    price $174,990
27. 2025-12-13
    price $179,990
28. 2025-12-12
    price $179,990
29. 2025-12-07
    listed $184,990 Active
30. 2025-12-07
    listed $184,990 Active
31. 2015-02-03
    soldstatus $975
32. 2015-01-08
    soldstatus $45,000
33. 2014-12-22
    listed $950
34. 2014-12-05
    soldstatus $45,000
35. 2014-12-05
    soldstatus $45,000
36. 2014-10-23
    historical
37. 2014-10-16
    listed $45,000
38. 2014-10-16
    listed $45,000
39. 2009-03-03
    historical
40. 2008-09-03
    listed $70,000
41. 2008-04-27
    historical
42. 2008-04-27
    historical
43. 2008-02-20
    historical
44. 2007-11-07
    listed $109,900
45. 2007-11-07
    listed $109,900
46. 2007-10-27
    historical
47. 2007-10-27
    historical
48. 2007-04-27
    listed $99,900
49. 2007-04-27
    listed $109,900
50. 2007-04-27
    listed $114,900

ⓘ 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: $1,961 · $163/mo
• Projected year-2 tax: $2,058 · $172/mo
• Expected delta: +$98/yr (+$8/mo · 5.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,247
• − Mortgage interest: −$7,842
• − Property taxes: −$1,961
• − Insurance: −$700
• − Repairs & maintenance: −$1,460
• − Management: −$1,460
• − Depreciation: −$4,073
• Taxable income: $752
• Est. tax owed @ 24.0%: −$181
• After-tax cash flow: $2,764/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: Romulus Community Schools
• NCES district ID: 2630120
• Math proficiency: 9% ▼ -14.00%
• Reading proficiency: 21% ▼ -9.00%
• Median HH income: $44,165
• Composite: 13.17/100
• National rank: #9556
• State rank: #498 of 540 in MI

Livability — Romulus

• Score: 60/100
• State rank: #593
• US rank: #19387

Category grades

Amenities F Commute D+ Cost of living A+ Crime F Employment C Housing A+ Health & safety F User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Romulus, MI
• County: Wayne County · 1,562,939 people
• City population: 32,211
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 32,211
• Household income: $67,056
• Rent vs Own: 25.8% rent · 74.2% own
• Severe rent burden: 755.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 52% Black 37% Two or more races 8% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 6% Lithuanian 3% Italian 2%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Other Asian/Pacific 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: ▼ -171.93%
• Current HPI: 207.8345
• 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

+191.7% since first listed

54 events — show timeline

• 2026-05-23 Listed $140,000 REALCOMP
• 2026-05-23 Listed $140,000 MiRealSource-MiMLS
• 2026-02-10 Listing Removed — REALCOMP
• 2026-02-10 Listing Removed — MiRealSource-MiMLS
• 2026-02-03 Price Changed $149,990 MiRealSource-MiMLS
• 2026-02-03 Price Changed $149,990 REALCOMP
• 2026-01-15 Price Changed $154,990 MiRealSource-MiMLS
• 2026-01-14 Price Changed $154,990 REALCOMP
• 2025-12-30 Price Changed $164,990 MiRealSource-MiMLS
• 2025-12-29 Price Changed $164,990 REALCOMP
• 2025-12-19 Price Changed $174,990 MiRealSource-MiMLS
• 2025-12-19 Price Changed $174,990 REALCOMP
• 2025-12-13 Price Changed $179,990 MiRealSource-MiMLS
• 2025-12-12 Price Changed $179,990 REALCOMP
• 2025-12-07 Listed $184,990 REALCOMP
• 2025-12-07 Listed $184,990 MiRealSource-MiMLS
• 2015-02-03 Sold (MLS) $975 MiRealSource-MiMLS
• 2015-01-08 Sold (Public Records) $45,000 Public Records
• 2014-12-22 Listed $950 MiRealSource-MiMLS
• 2014-12-05 Sold (MLS) $45,000 MiRealSource-MiMLS
• 2014-12-05 Sold (MLS) $45,000 REALCOMP
• 2014-10-23 Listing Removed — MiRealSource-MiMLS
• 2014-10-16 Listed $45,000 MiRealSource-MiMLS
• 2014-10-16 Listed $45,000 REALCOMP
• 2009-03-03 Listing Removed — REALCOMP
• 2008-09-03 Listed $70,000 REALCOMP
• 2008-04-27 Listing Removed — MiRealSource-MiMLS
• 2008-04-27 Listing Removed — MiRealSource-MiMLS
• 2008-02-20 Listing Removed — REALCOMP
• 2007-11-07 Listed $109,900 REALCOMP
• 2007-11-07 Listed $109,900 MiRealSource-MiMLS
• 2007-10-27 Listing Removed — MiRealSource-MiMLS
• 2007-10-27 Listing Removed — REALCOMP
• 2007-04-27 Listed $99,900 REALCOMP
• 2007-04-27 Listed $114,900 MiRealSource-MiMLS
• 2007-04-27 Listed $109,900 REALCOMP
• 2007-04-27 Listed $99,900 MiRealSource-MiMLS
• 2005-08-17 Sold (MLS) $105,000 REALCOMP
• 2005-08-17 Sold (MLS) $105,000 MiRealSource-MiMLS
• 2005-08-17 Sold (MLS) $105,000 MiRealSource-MiMLS
• 2005-07-25 Listing Removed — MiRealSource-MiMLS
• 2005-07-22 Listing Removed — MiRealSource-MiMLS
• 2005-03-28 Listing Removed — MiRealSource-MiMLS
• 2005-03-08 Listed $111,900 REALCOMP
• 2005-03-08 Listed $111,900 MiRealSource-MiMLS
• 2005-03-08 Listed $111,900 MiRealSource-MiMLS
• 2004-12-29 Listed $87,900 REALCOMP
• 2004-12-29 Listed $87,900 MiRealSource-MiMLS
• 2002-09-29 Listing Removed — REALCOMP
• 2002-03-29 Listed $100,000 REALCOMP
• 1997-04-22 Sold (Public Records) $64,000 Public Records
• 1997-01-31 Sold (MLS) $64,000 REALCOMP
• 1996-10-24 Listed $64,900 REALCOMP
• 1991-11-22 Sold (Public Records) $48,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $1,961 · -42.0% YoY. Source: county tax records.