20115 Pelkey St · Detroit, MI 48205

$68,000

3 bd · 1.0 ba · 876 sqft · SingleFamily public records · 7 Days on market

Built 1942 4,792 sqft lot $78/sqft · 46% above area Est $47k · 46% 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 +2.8/5.0
• 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

Welcome home to this inviting 3-bedroom, 1-bath bungalow offering comfort, character, and functionality. This cozy home features a bright and welcoming living area, a practical floor plan, and spacious bedrooms to accommodate family, guests, or a home office. The kitchen provides ample cabinet space and flows easily into the main living areas, making everyday living and entertaining a breeze. Outside, you'll find a yard with plenty of potential for relaxing, gardening, or outdoor gatherings. Whether you're a first-time homebuyer, looking to downsize, or searching for an investment opportunity, this charming bungalow is ready to make your own. * * New double hung vinyl windows and roof in 2024 * *

Key facts

• Bright living area
• Yard with potential
• Ample cabinet space

Tags

• BRIGHT LIVING AREA
• AMPLE CABINET SPACE
• YARD WITH POTENTIAL
• NEW WINDOWS

Property features AI

Exterior

• Parking: Detached garage; Approximately 1.5 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residential; One and one-half stories; Ground-level entry with steps; Brick exterior
• Construction: Block foundation
• Exterior features: Paved road access; Lot approximately 50 x 75 (0.11 acre)

Interior

• Bedrooms: Total of 5 rooms (bedrooms included)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; No central air cooling
• Interior features: Therapeutic whirlpool; Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $68k.

Deal economics

• At list price, monthly cash flow is $598 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $68k).
• Cap rate 16.8% 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 (+1.3%/yr); 373 active listings in the ZIP; 30 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 42% 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 $470 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 + 1.3% rent growth), your $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 14 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 $500; list at $68k implies a 13500% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,000

Questions for the listing agent

1. Built in 1942 — 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: 1.99% ✓
• Cap rate: 16.84%
• Cash-on-cash: 37.67%
• DSCR: 2.68
• GRM: 4.2

CMA / ARV

• ARV (median comp): $46,700
• List price: $68,000
• Delta: 26.34%
• 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
20218 Hickory St	0.05mi	3/1.0	930 (+6%)	1mo	$26,000	$28	86
20300 Hickory St	0.12mi	3/1.0	918 (+5%)	1mo	$31,000	$34	86
13452 Tacoma St	0.31mi	3/1.0	900 (+3%)	1mo	$69,072	$77	80
20543 Waltham St	0.48mi	3/1.0	890 (+2%)	1mo	$50,000	$56	74
12753 Georgiana Ave	0.52mi	3/1.0	888 (+1%)	2mo	$120,000	$135	72
13046 Sherman Ave	0.56mi	4/1.0 (+1)	870 (-1%)	1mo	$120,000	$138	67
14027 Tacoma St	0.46mi	2/1.5 (-1)	860 (-2%)	2mo	$34,000	$40	67
20218 Goulburn St	0.35mi	3/1.0	965 (+10%)	1mo	$12,000	$12	66
19730 Goulburn St	0.46mi	3/1.5	977 (+12%)	1mo	$114,000	$117	56
12416 Vernon Ave	0.66mi	3/1.0	944 (+8%)	2mo	$128,000	$136	55
19170 Schoenherr St	0.67mi	3/1.0	797 (-9%)	0mo	$25,500	$32	53
20541 Barlow St	0.53mi	2/1.0 (-1)	980 (+12%)	2mo	$60,000	$61	49

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: 31.8%
• Equity multiple: 2.30×
• Total profit: $24,834
• Equity at exit: $10,139

10-year hold

• IRR: 37.9%
• Equity multiple: 4.25×
• Total profit: $61,862
• Equity at exit: $5,879

Cash invested: $19,040 (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: 4.2×

Monthly cashflow live

• Estimated rent: $1,351 high
• Mortgage (P&I): −$357
• Tax est. 1.5%: −$85 /mo · $1,020/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $598

Break-even live

Break-even rent $595

Max offer price $68,000

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: $17,000
• Closing costs: $2,040
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20227 Pelkey St Detroit, MI	3.0	1.0	968	$1,350	$1.39	17d	1	0.02mi
20242 Hickory St Detroit, MI	3.0	1.0	747	$1,300	$1.74	11d	1	0.05mi
20215 Schoenherr St Unit 1 Detroit, MI	2.0	1.0	1000	$1,200	$1.20	17d	1	0.06mi
20027 Alcoy St Detroit, MI	3.0	1.0	1000	$1,349	$1.35	17d	1	0.17mi
20296 Waltham St Detroit, MI	3.0	1.5	986	$1,300	$1.32	17d	1	0.42mi
13501 Vernon Ave Warren, MI	2.0	1.0	850	$1,300	$1.53	24d	1	0.42mi
12846 Georgiana Ave Warren, MI	3.0	1.0	912	$1,300	$1.43	24d	1	0.43mi
12807 Coleen Ave Warren, MI	3.0	1.0	1080	$1,250	$1.16	24d	1	0.43mi
14068 Carlisle St Detroit, MI	3.0	1.0	1020	$1,300	$1.27	24d	1	0.46mi
20091 Barlow St Detroit, MI	3.0	1.0	930	$1,300	$1.40	17d	1	0.50mi
13669 Pfent St Detroit, MI	3.0	2.0	1031	$1,374	$1.33	17d	1	0.58mi
20553 Hamburg St Detroit, MI	3.0	1.0	1074	$1,300	$1.21	3d	1	0.59mi
19220 Alcoy St Detroit, MI	3.0	1.0	1023	$1,350	$1.32	17d	1	0.66mi
13050 Couwlier Ave Warren, MI	3.0	1.0	850	$1,350	$1.59	24d	1	0.69mi
21412 Waltham Rd Warren, MI	2.0	1.0	696	$1,225	$1.76	43d	1	0.71mi
19170 Joann St Detroit, MI	4.0	1.0	1020	$1,400	$1.37	43d	1	0.72mi
19143 Fairport St Detroit, MI	3.0	1.0	1070	$1,225	$1.14	17d	1	0.76mi
14461 Lappin St Detroit, MI	3.0	1.5	989	$1,150	$1.16	17d	1	0.90mi
18624 Fairport St Unit NA Detroit, MI	3.0	1.0	924	$1,450	$1.57	24d	1	1.01mi
18624 Fairport St Detroit, MI	3.0	1.0	874	$1,450	$1.66	21d	1	1.01mi
18703 Waltham St Detroit, MI	2.0	1.0	1000	$1,100	$1.10	43d	1	1.02mi
18681 Barlow St Detroit, MI	3.0	1.0	1041	$1,400	$1.34	24d	1	1.06mi
19335 Hoover St Detroit, MI	2.0	1.0	620	$1,099	$1.77	17d	1	1.12mi
19335 Hoover St Detroit, MI	2.0	1.0	620	$1,099	$1.77	43d	1	1.12mi
18119 Joann St Detroit, MI	2.0	1.0	800	$1,100	$1.38	24d	1	1.17mi
22852 Sharrow Ave Warren, MI	3.0	1.0	1000	$1,400	$1.40	4d	1	1.17mi
11228 Sherman Ave Warren, MI	2.0	1.0	1000	$1,200	$1.20	12d	1	1.35mi
15663 Carlisle St Detroit, MI	2.0	1.0	803	$1,050	$1.31	14d	1	1.41mi
11319 Chalmers Ave Warren, MI	3.0	1.0	975	$1,500	$1.54	24d	1	1.44mi
17851 Strasburg St Detroit, MI	3.0	1.0	1079	$1,100	$1.02	17d	1	1.48mi

Listing history 37 events

1. 2026-06-18
   days on market $68,000 Active 7 DOM
2. 2026-06-17
   days on market $68,000 Active 6 DOM
3. 2026-06-16
   days on market $68,000 Active 5 DOM
4. 2026-06-15
   remarks 699-char remark
5. 2026-06-15
   days on market $68,000 Active 4 DOM
6. 2026-06-13
   days on market $68,000 Active 2 DOM
7. 2026-06-13
   remarks 680-char remark
8. 2026-06-13
   pricedays on marketlisting id $68,000 Active 1 DOM
9. 2026-05-31
   days on market $59,000 Active 62 DOM
10. 2026-05-02
    price $59,000 947-char remark
11. 2026-05-01
    price $59,000 855-char remark
12. 2026-03-30
    listed $68,000 Active 947-char remark
13. 2026-03-30
    listed $68,000 Active 855-char remark
14. 2025-09-06
    historical
15. 2025-08-06
    listed $74,900 Active
16. 2025-08-06
    listed $74,900 Active
17. 2025-07-15
    historical
18. 2025-07-15
    historical
19. 2025-06-25
    listed $65,000 Active
20. 2025-06-25
    listed $65,000 Active
21. 2012-10-19
    soldstatus $500
22. 2012-10-19
    soldstatus $500
23. 2012-10-19
    soldstatus $500
24. 2012-10-12
    historical
25. 2012-10-12
    historical
26. 2012-09-12
    listed $500
27. 2012-09-12
    listed $500
28. 2012-09-06
    listed $500
29. 2012-08-30
    soldstatus $800
30. 2012-08-30
    soldstatus $800
31. 2012-07-23
    historical
32. 2012-05-05
    listed $1,000
33. 2012-05-05
    listed $1,000
34. 2001-08-16
    soldstatus $61,900
35. 2001-07-06
    soldstatus $59,900
36. 2001-06-05
    historical
37. 2001-05-07
    listed $59,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 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: $16,217
• − Mortgage interest: −$3,809
• − Property taxes: −$1,020
• − Insurance: −$340
• − Repairs & maintenance: −$1,297
• − Management: −$1,297
• − Depreciation: −$1,978
• Taxable income: $6,475
• Est. tax owed @ 24.0%: −$1,554
• After-tax cash flow: $5,618/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

+13.5% since first listed

33 events — show timeline

• 2026-06-12 Listed $68,000 MiRealSource-MiMLS
• 2026-06-12 Listed $68,000 REALCOMP
• 2026-06-10 Coming Soon $68,000 MiRealSource-MiMLS
• 2026-06-01 Listing Removed — MiRealSource-MiMLS
• 2026-06-01 Listing Removed — REALCOMP
• 2026-05-02 Price Changed $59,000 MiRealSource-MiMLS
• 2026-05-01 Price Changed $59,000 REALCOMP
• 2026-03-30 Listed $68,000 MiRealSource-MiMLS
• 2026-03-30 Listed $68,000 REALCOMP
• 2025-09-06 Listing Removed — MiRealSource-MiMLS
• 2025-08-06 Listed $74,900 REALCOMP
• 2025-08-06 Listed $74,900 MiRealSource-MiMLS
• 2025-07-15 Listing Removed — MiRealSource-MiMLS
• 2025-07-15 Listing Removed — REALCOMP
• 2025-06-25 Listed $65,000 REALCOMP
• 2025-06-25 Listed $65,000 MiRealSource-MiMLS
• 2012-10-19 Sold (MLS) $500 MiRealSource-MiMLS
• 2012-10-19 Sold (MLS) $500 REALCOMP
• 2012-10-19 Sold (MLS) $500 MiRealSource-MiMLS
• 2012-10-12 Listing Removed — MiRealSource-MiMLS
• 2012-10-12 Listing Removed — MiRealSource-MiMLS
• 2012-09-12 Listed $500 MiRealSource-MiMLS
• 2012-09-12 Listed $500 REALCOMP
• 2012-09-06 Listed $500 MiRealSource-MiMLS
• 2012-08-30 Sold (MLS) $800 MiRealSource-MiMLS
• 2012-08-30 Sold (MLS) $800 REALCOMP
• 2012-07-23 Listing Removed — MiRealSource-MiMLS
• 2012-05-05 Listed $1,000 MiRealSource-MiMLS
• 2012-05-05 Listed $1,000 REALCOMP
• 2001-08-16 Sold (Public Records) $61,900 Public Records
• 2001-07-06 Sold (MLS) $59,900 MiRealSource-MiMLS
• 2001-06-05 Listing Removed — MiRealSource-MiMLS
• 2001-05-07 Listed $59,900 MiRealSource-MiMLS

Property tax history

+11.0%/yr

Latest (2025): $4,608 · +93.4% YoY. Source: county tax records.