15840 Ardmore St · Detroit, MI 48227

$95,000

3 bd · 1.0 ba · 900 sqft · SingleFamily public records · 160 Days on market

Built 1929 3,920 sqft lot $106/sqft · 94% above area Est $68k · 39% 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 +26.9/30.0
• DSCR +9.3/10.0
• 1% rule +8.6/10.0
• Rent growth +3.9/5.0
• Livability +3.7/5.0
• 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

This well-located residence offers a functional layout with a spacious living room featuring a fireplace. The home includes three bedrooms, one full bathroom, and one half bathroom, providing practical living arrangements. Built in 1929, the property reflects the architectural character of its era and was updated in 2025. An opportunity to own a Detroit home with solid features and room for personalization.

Key facts

• Updated
• Spacious living room
• Fireplace

Tags

• SPACIOUS LIVING ROOM
• FIREPLACE
• ARCHITECTURAL CHARACTER
• UPDATED

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $263 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $84k (12.0% 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 fast (+5.6%/yr); 385 active listings in the ZIP; 40 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).
• This rent runs 42% of the median local income ($37k/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 $657 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.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $27k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 21 sale attempts since 25y 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 $64k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 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 1929 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.36% ✓
• Cap rate: 9.61%
• Cash-on-cash: 11.86%
• DSCR: 1.53
• GRM: 6.1

CMA / ARV

• ARV (median comp): $68,177
• List price: $95,000
• Delta: 39.34%
• 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
15840 Tracey St	0.22mi	2/1.0 (-1)	858 (-5%)	4mo	$70,000	$82	73
16150 Cruse St	0.15mi	2/1.0 (-1)	966 (+7%)	4mo	$40,000	$41	73
16655 Stansbury St	0.41mi	3/1.0	857 (-5%)	2mo	$45,000	$53	71
16854 Lesure St	0.52mi	3/1.0	886 (-2%)	3mo	$105,000	$119	71
16246 Coyle St	0.52mi	3/1.0	848 (-6%)	1mo	$50,000	$59	65
15430 Mark Twain St	0.28mi	3/1.0	1,026 (+14%)	1mo	$95,000	$93	63
16510 Littlefield St	0.51mi	2/1.0 (-1)	861 (-4%)	4mo	$45,000	$52	60
16621 Ardmore St	0.37mi	2/1.0 (-1)	825 (-8%)	5mo	$55,000	$67	60
16811 Cruse St	0.45mi	3/1.0	790 (-12%)	1mo	$53,500	$68	58
15041 Lesure St	0.55mi	3/1.0	1,021 (+13%)	2mo	$50,000	$49	50
16580 Ward Ave	0.65mi	2/1.0 (-1)	825 (-8%)	1mo	$48,000	$58	50
16919 Littlefield St	0.67mi	3/2.0	980 (+9%)	5mo	$199,900	$204	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 · 5.59% rent growth · sell at horizon

5-year hold

• IRR: 4.6%
• Equity multiple: 1.18×
• Total profit: $4,884
• Equity at exit: $14,165

10-year hold

• IRR: 16.6%
• Equity multiple: 2.54×
• Total profit: $41,067
• Equity at exit: $8,214

Cash invested: $26,600 (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 48227

• Rents YoY: 5.6%
• Active inventory: 385
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,290 high
• Mortgage (P&I): −$498
• Tax from tax record: −$218 /mo · $2,618/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $263

Break-even live

Break-even rent $957

Max offer price $95,000

Occupancy floor 75%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15517 Lesure St Unit BDRM1A Detroit, MI	2.0	1.0	1000	$850	$0.85	24d	1	0.24mi
16505 Stansbury St Detroit, MI	3.0	1.0	1100	$1,250	$1.14	10d	1	0.28mi
15387 Lesure St Detroit, MI	3.0	1.0	1064	$1,350	$1.27	12d	1	0.36mi
15341 Lauder St Detroit, MI	4.0	1.5	1080	$1,475	$1.37	16d	1	0.51mi
15340 Hartwell St Detroit, MI	2.0	1.0	900	$1,300	$1.44	16d	1	0.52mi
15073 Strathmoor St Detroit, MI	2.0	1.0	860	$1,350	$1.57	16d	1	0.52mi
15468 Sussex St #2 Detroit, MI	2.0	1.0	900	$1,250	$1.39	43d	1	0.56mi
15328 Coyle St Detroit, MI	3.0	1.0	1000	$1,450	$1.45	17d	1	0.58mi
15330 Coyle St Unit 2 Detroit, MI	3.0	1.0	1000	$1,450	$1.45	24d	1	0.59mi
15330 Coyle St Unit 1 Detroit, MI	3.0	1.0	1000	$1,425	$1.43	12d	1	0.59mi
15330 Coyle St Unit 1 Detroit, MI	3.0	1.0	1000	$1,375	$1.38	24d	1	0.59mi
16503 Ward Ave Unit 2 Detroit, MI	2.0	1.0	700	$850	$1.21	43d	1	0.61mi
15738 Sorrento Ave Detroit, MI	3.0	1.0	762	$1,175	$1.54	43d	1	0.65mi
14903 Tracey St Detroit, MI	3.0	1.0	1004	$1,100	$1.10	16d	1	0.68mi
16204 Steel St Detroit, MI	3.0	1.0	969	$1,150	$1.19	43d	1	0.71mi
14891 Hartwell St Detroit, MI	3.0	1.0	1000	$1,150	$1.15	43d	1	0.74mi
15100 Whitcomb St Detroit, MI	2.0	1.0	750	$925	$1.23	43d	1	0.74mi
15388 Appoline St #203 Detroit, MI	2.0	1.0	900	$850	$0.94	43d	1	0.81mi
14847 Cheyenne St Detroit, MI	3.0	2.0	849	$1,150	$1.35	17d	1	0.86mi
14559 Strathmoor St Detroit, MI	2.0	1.0	1033	$1,150	$1.11	20d	1	0.87mi
14814 Sussex St Unit 2 Detroit, MI	3.0	1.0	1100	$1,000	$0.91	43d	1	0.89mi
15760 Monte Vista St Detroit, MI	2.0	1.0	1080	$1,250	$1.16	43d	1	0.91mi
14893 Prest St Detroit, MI	3.0	1.0	1100	$1,000	$0.91	14d	1	0.94mi
18010 Lesure St Detroit, MI	3.0	1.0	1010	$1,550	$1.53	24d	1	0.99mi
15375 Prevost St Detroit, MI	4.0	1.0	907	$1,300	$1.43	16d	1	1.00mi
15512 Mendota St Apt 2 Detroit, MI	2.0	1.0	1000	$1,200	$1.20	43d	1	1.03mi
15512 Mendota St Detroit, MI	2.0	1.0	931	$1,200	$1.29	4d	1	1.03mi
14284 Cruse St Detroit, MI	3.0	1.0	1121	$1,150	$1.03	16d	1	1.08mi
17150 Meyers Rd Detroit, MI	1.0–2.0	1.0	775	$975	$1.26	43d	2	1.09mi
17165 Prevost St Detroit, MI	3.0	1.0	1060	$2,400	$2.26	1d	1	1.14mi
14881 Mendota St Detroit, MI	3.0	1.0	1026	$1,100	$1.07	24d	1	1.19mi
14264 Coyle St Detroit, MI	2.0	1.0	1000	$1,150	$1.15	43d	1	1.20mi
14836 Rutherford St Unit 2 Detroit, MI	2.0	1.0	1104	$950	$0.86	43d	1	1.21mi
15765 Washburn St Detroit, MI	2.0	1.0	1093	$950	$0.87	43d	1	1.22mi
15736 Biltmore St Detroit, MI	3.0	1.5	1000	$1,200	$1.20	16d	1	1.31mi
15839 Kentucky St Detroit, MI	2.0	1.0	800	$1,200	$1.50	17d	1	1.32mi
15878 Kentucky St Detroit, MI	2.0	1.0	800	$900	$1.12	43d	1	1.35mi
14753 Saint Marys St Detroit, MI	2.0	1.0	900	$1,150	$1.28	12d	1	1.35mi
14753 Saint Marys St Detroit, MI	2.0	1.0	900	$1,150	$1.28	4d	1	1.35mi
18512 Schaefer Hwy Detroit, MI	2.0	1.0	962	$1,200	$1.25	24d	1	1.36mi

Listing history 50 events

1. 2026-06-18
   days on market $95,000 Active 160 DOM
2. 2026-06-17
   days on market $95,000 Active 159 DOM
3. 2026-06-15
   days on market $95,000 Active 157 DOM
4. 2026-06-13
   days on market $95,000 Active 155 DOM
5. 2026-06-13
   days on market $95,000 Active 154 DOM
6. 2026-06-09
   days on market $95,000 Active 151 DOM
7. 2026-06-08
   days on market $95,000 Active 150 DOM
8. 2026-06-07
   days on market $95,000 Active 149 DOM
9. 2026-06-04
   days on market $95,000 Active 146 DOM
10. 2026-06-03
    days on market $95,000 Active 145 DOM
11. 2026-06-01
    days on market $95,000 Active 143 DOM
12. 2026-05-31
    days on market $95,000 Active 142 DOM
13. 2026-03-10
    price $1,300
14. 2026-01-09
    listed $95,000 Active 410-char remark

    Show marketing remark (410 chars)

    This well-located residence offers a functional layout with a spacious living room featuring a fireplace. The home includes three bedrooms, one full bathroom, and one half bathroom, providing practical living arrangements. Built in 1929, the property reflects the architectural character of its era and was updated in 2025. An opportunity to own a Detroit home with solid features and room for personalization.

15. 2026-01-09
    listed $95,000 Active 410-char remark

    Show marketing remark (410 chars)

    This well-located residence offers a functional layout with a spacious living room featuring a fireplace. The home includes three bedrooms, one full bathroom, and one half bathroom, providing practical living arrangements. Built in 1929, the property reflects the architectural character of its era and was updated in 2025. An opportunity to own a Detroit home with solid features and room for personalization.

16. 2025-12-06
    listed $1,400
17. 2024-08-01
    soldstatus $64,200
18. 2024-08-01
    soldstatus $64,200
19. 2024-08-01
    listed $64,200
20. 2024-07-31
    listed $64,200
21. 2020-12-16
    soldstatus $55,000
22. 2020-11-23
    soldstatus $33,000 Sold
23. 2020-11-23
    soldstatus $33,000 Closed
24. 2020-11-18
    status Pending
25. 2020-11-17
    status Pending
26. 2020-08-05
    status Active
27. 2020-08-05
    status Active
28. 2020-07-10
    status Pending
29. 2020-07-10
    status Pending
30. 2020-06-29
    listed $41,250 Active
31. 2020-06-29
    listed $41,250 Active
32. 2019-02-18
    soldstatus $40,000
33. 2013-08-20
    historical
34. 2013-08-08
    listed $700
35. 2008-10-16
    historical
36. 2008-07-24
    listed $11,900
37. 2008-07-24
    historical
38. 2008-04-23
    listed $11,900
39. 2008-03-14
    historical
40. 2007-09-14
    listed $65,000
41. 2006-08-15
    historical
42. 2006-08-15
    historical
43. 2006-08-09
    listed $116,500
44. 2006-07-26
    listed $116,500
45. 2004-05-25
    soldstatus $109,250
46. 2004-02-24
    historical
47. 2003-12-27
    historical
48. 2003-11-24
    listed $110,000
49. 2003-09-27
    listed $64,000
50. 2003-09-26
    historical

ⓘ 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: $2,618 · $218/mo
• Projected year-2 tax: $2,618 · $218/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 14 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: $15,477
• − Mortgage interest: −$5,321
• − Property taxes: −$2,618
• − Insurance: −$475
• − Repairs & maintenance: −$1,238
• − Management: −$1,238
• − Depreciation: −$2,764
• Taxable income: $1,823
• Est. tax owed @ 24.0%: −$437
• After-tax cash flow: $2,718/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): 40,302
• Household income: $36,527
• Rent vs Own: 40.9% rent · 59.1% own
• Severe rent burden: 2371.0

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 (95%)
• Race & ethnicity: Black 95% Two or more races 3% White 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1% French/Haitian/Cajun 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: ▼ -125.00%
• Current HPI: 186.4158
• Rent YoY: ▲ 5.59%
• 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

-97.6% since first listed

46 events — show timeline

• 2026-03-10 Price Changed $1,300 TENANTTURNER2
• 2026-01-09 Listed $95,000 REALCOMP
• 2026-01-09 Listed $95,000 MiRealSource-MiMLS
• 2025-12-06 Listed for Rent $1,400 TENANTTURNER2
• 2024-08-01 Listed $64,200 REALCOMP
• 2024-08-01 Sold (MLS) $64,200 MiRealSource-MiMLS
• 2024-08-01 Sold (MLS) $64,200 REALCOMP
• 2024-07-31 Listed $64,200 MiRealSource-MiMLS
• 2020-12-16 Sold (Public Records) $55,000 Public Records
• 2020-11-23 Sold (MLS) $33,000 MiRealSource-MiMLS
• 2020-11-23 Sold (MLS) $33,000 REALCOMP
• 2020-11-18 Pending — MiRealSource-MiMLS
• 2020-11-17 Pending — REALCOMP
• 2020-08-05 Relisted — MiRealSource-MiMLS
• 2020-08-05 Relisted — REALCOMP
• 2020-07-10 Pending — MiRealSource-MiMLS
• 2020-07-10 Pending — REALCOMP
• 2020-06-29 Listed $41,250 MiRealSource-MiMLS
• 2020-06-29 Listed $41,250 REALCOMP
• 2019-02-18 Sold (Public Records) $40,000 Public Records
• 2013-08-20 Listing Removed — MiRealSource-MiMLS
• 2013-08-08 Listed $700 MiRealSource-MiMLS
• 2008-10-16 Listing Removed — REALCOMP
• 2008-07-24 Listing Removed — REALCOMP
• 2008-07-24 Listed $11,900 REALCOMP
• 2008-04-23 Listed $11,900 REALCOMP
• 2008-03-14 Listing Removed — REALCOMP
• 2007-09-14 Listed $65,000 REALCOMP
• 2006-08-15 Listing Removed — REALCOMP
• 2006-08-15 Listing Removed — MiRealSource-MiMLS
• 2006-08-09 Listed $116,500 MiRealSource-MiMLS
• 2006-07-26 Listed $116,500 REALCOMP
• 2004-05-25 Sold (Public Records) $109,250 Public Records
• 2004-02-24 Listing Removed — REALCOMP
• 2003-12-27 Listing Removed — REALCOMP
• 2003-11-24 Listed $110,000 REALCOMP
• 2003-09-27 Listed $64,000 REALCOMP
• 2003-09-26 Listing Removed — REALCOMP
• 2003-06-24 Listed $69,900 REALCOMP
• 2003-06-20 Listing Removed — REALCOMP
• 2003-06-06 Listing Removed — REALCOMP
• 2003-06-06 Listed $69,900 REALCOMP
• 2003-04-17 Listed $69,900 REALCOMP
• 2002-07-15 Sold (Public Records) $35,000 Public Records
• 2001-12-31 Listing Removed — REALCOMP
• 2001-06-13 Listed $54,900 REALCOMP

Property tax history

+8.7%/yr

Latest (2025): $2,618 · +68.4% YoY. Source: county tax records.