15508 Saint Marys St · Detroit, MI 48227

$69,900

3 bd · 1.0 ba · 1,100 sqft · SingleFamily public records · 108 Days on market

Built 1939 4,792 sqft lot $64/sqft · at area comps Est $73k · at est.

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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
• ARV discount +9.2/15.0
• Rent growth +3.9/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Classic Detroit 3 bed colonial with 2 car garage. Lots of opportunity here: nice bones with large lot. The house has been cleaned out and ready for your rehab crew. Hardwood floors are in good condition as we have pulled up the old carpet. Classic colonial layout with kitchen, dining room and living room on 1st floor and 3 bed and full bath on 2nd floor. This property was recently a rental thus it was occupied fall of 2005. Please contact LA to have the virtual tour sent to your phone or email. BATVAD.

Key facts

• Living room
• Large lot
• Bonus room

Tags

• LARGE LOT
• LARGE KITCHEN
• DINING ROOM
• LIVING ROOM
• BONUS ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $611 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $64k (9.0% below list) — sets the bar for market timing.
• 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 fast (+5.6%/yr); 385 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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).
• At $1,381/mo this rent would consume 45% of the median local household income ($37k/yr) (locally 2371% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 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 + 5.6% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $48k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,609 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.98% ✓
• Cap rate: 16.78%
• Cash-on-cash: 37.45%
• DSCR: 2.67
• GRM: 4.2

CMA / ARV

• ARV (median comp): $72,609
• List price: $69,900
• Delta: -3.73%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15508 Saint Marys St	0.00mi	3/1.0	1,100 (0%)	0mo	$59,900	$54	100
15725 Asbury Park	0.14mi	3/2.0	1,206 (+10%)	2mo	$80,200	$67	71
15366 Sussex St	0.59mi	3/1.0	1,100 (0%)	3mo	$105,000	$95	70
15454 Asbury Park	0.12mi	3/1.5	956 (-13%)	5mo	$149,000	$156	66
15800 Biltmore St	0.26mi	3/2.5	1,188 (+8%)	3mo	$112,000	$94	66
15316 Prevost St NE	0.27mi	2/1.5 (-1)	1,193 (+8%)	2mo	$157,000	$132	65
16199 Ferguson St	0.41mi	3/1.0	1,192 (+8%)	4mo	$85,000	$71	64
16727 Mansfield St	0.56mi	3/1.5	1,207 (+10%)	3mo	$165,000	$137	53
16709 Lindsay St	0.64mi	3/1.0	1,218 (+11%)	2mo	$124,888	$103	50
16818 Gilchrist St	0.72mi	3/1.0	1,190 (+8%)	3mo	$83,000	$70	50
15721 Robson St	0.67mi	3/2.0	1,193 (+8%)	4mo	$190,000	$159	47
16853 Mansfield St	0.70mi	3/2.0	950 (-14%)	4mo	$205,000	$216	38

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: 36.3%
• Equity multiple: 2.60×
• Total profit: $31,285
• Equity at exit: $10,422

10-year hold

• IRR: 44.3%
• Equity multiple: 5.77×
• Total profit: $93,387
• Equity at exit: $6,044

Cash invested: $19,572 (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: 4.2×

Monthly cashflow live

• Estimated rent: $1,381 high
• Mortgage (P&I): −$367
• Tax from tax record: −$84 /mo · $1,014/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $611

Break-even live

Break-even rent $608

Max offer price $69,900

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15752 Rutherford St Detroit, MI	3.0	2.0	1174	$1,386	$1.18	4d	1	0.12mi
15375 Prevost St Detroit, MI	4.0	1.0	907	$1,300	$1.43	16d	1	0.19mi
15332 Saint Marys St Detroit, MI	3.0	1.0	1200	$1,200	$1.00	16d	1	0.20mi
15866 Mansfield St Detroit, MI	3.0	1.0	1324	$1,425	$1.08	24d	1	0.20mi
15736 Biltmore St Detroit, MI	3.0	1.5	1000	$1,200	$1.20	16d	1	0.22mi
16210 Ferguson St Detroit, MI	4.0	2.0	1493	$1,750	$1.17	3d	1	0.40mi
15065 Gilchrist St Detroit, MI	3.0	1.0	1100	$1,250	$1.14	43d	1	0.40mi
16535 Asbury Park Detroit, MI	3.0	1.5	1152	$1,450	$1.26	24d	1	0.44mi
16014 Hackett St Detroit, MI	4.0	2.0	1142	$1,500	$1.31	43d	1	0.47mi
14836 Rutherford St Unit 2 Detroit, MI	2.0	1.0	1104	$950	$0.86	43d	1	0.56mi
14753 Saint Marys St Detroit, MI	2.0	1.0	900	$1,150	$1.28	4d	1	0.56mi
14753 Saint Marys St Detroit, MI	2.0	1.0	900	$1,150	$1.28	12d	1	0.56mi
15468 Sussex St #2 Detroit, MI	2.0	1.0	900	$1,250	$1.39	43d	1	0.57mi
15100 Whitcomb St Detroit, MI	2.0	1.0	750	$925	$1.23	43d	1	0.59mi
14893 Prest St Detroit, MI	3.0	1.0	1100	$1,000	$0.91	14d	1	0.64mi
15330 Coyle St Unit 1 Detroit, MI	3.0	1.0	1000	$1,425	$1.43	12d	1	0.66mi
15330 Coyle St Unit 2 Detroit, MI	3.0	1.0	1000	$1,450	$1.45	24d	1	0.66mi
15330 Coyle St Unit 1 Detroit, MI	3.0	1.0	1000	$1,375	$1.38	24d	1	0.66mi
15328 Coyle St Detroit, MI	3.0	1.0	1000	$1,450	$1.45	17d	1	0.66mi
15810 Robson St Detroit, MI	3.0	1.0	1142	$1,500	$1.31	24d	1	0.70mi
14535 Mettetal St Unit 1 Detroit, MI	2.0	1.0	965	$1,000	$1.04	43d	1	0.72mi
16151 Robson St Detroit, MI	3.0	1.0	1300	$1,525	$1.17	14d	1	0.73mi
14580 Forrer St Unit Unit Detroit, MI	2.0	1.0	1300	$900	$0.69	20d	1	0.73mi
14504 Saint Marys St Detroit, MI	4.0	1.0	1362	$1,473	$1.08	43d	1	0.74mi
14716 Archdale St Detroit, MI	2.0	1.0	900	$1,100	$1.22	43d	1	0.75mi
15341 Lauder St Detroit, MI	4.0	1.5	1080	$1,475	$1.37	16d	1	0.75mi
14615 Winthrop St Detroit, MI	2.0	1.0	1217	$1,300	$1.07	16d	1	0.76mi
14814 Sussex St Unit 2 Detroit, MI	3.0	1.0	1100	$1,000	$0.91	43d	1	0.80mi
17165 Prevost St Detroit, MI	3.0	1.0	1060	$2,400	$2.26	1d	1	0.83mi
16876 Harlow Ave Unit (NO) Detroit, MI	3.0	1.0	1250	$1,350	$1.08	43d	1	0.83mi
17201 Saint Marys St Detroit, MI	2.0	1.0	1200	$1,200	$1.00	2d	1	0.86mi
15073 Strathmoor St Detroit, MI	2.0	1.0	860	$1,350	$1.57	16d	1	0.97mi
15762 Mark Twain St Detroit, MI	3.0	2.0	1430	$1,250	$0.87	16d	1	1.00mi
14375 Terry St Detroit, MI	3.0	2.0	1300	$1,425	$1.10	43d	1	1.08mi
14264 Coyle St Detroit, MI	2.0	1.0	1000	$1,150	$1.15	43d	1	1.14mi
14559 Strathmoor St Detroit, MI	2.0	1.0	1033	$1,150	$1.11	20d	1	1.14mi
14600 Strathmoor St Detroit, MI	4.0	1.0	1300	$1,450	$1.12	43d	1	1.14mi
14104 Coyle St Detroit, MI	3.0	1.0	1327	$1,350	$1.02	4d	1	1.23mi
16823 Stahelin Ave Detroit, MI	3.0	2.5	1500	$1,600	$1.07	17d	1	1.24mi
15517 Lesure St Unit BDRM1A Detroit, MI	2.0	1.0	1000	$850	$0.85	24d	1	1.25mi

Listing history 7 events

1. 2026-04-21
   price $69,900 507-char remark

   Show marketing remark (508 chars)

   Classic Detroit 3 bed colonial with 2 car garage. Lots of opportunity here: nice bones with large lot. The house has been cleaned out and ready for your rehab crew. Hardwood floors are in good condition as we have pulled up the old carpet. Classic colonial layout with kitchen, dining room and living room on 1st floor and 3 bed and full bath on 2nd floor. This property was recently a rental thus it was occupied fall of 2005. Please contact LA to have the virtual tour sent to your phone or email. BATVAD.

2. 2026-04-21
   price $69,900 508-char remark

   Show marketing remark (508 chars)

   Classic Detroit 3 bed colonial with 2 car garage. Lots of opportunity here: nice bones with large lot. The house has been cleaned out and ready for your rehab crew. Hardwood floors are in good condition as we have pulled up the old carpet. Classic colonial layout with kitchen, dining room and living room on 1st floor and 3 bed and full bath on 2nd floor. This property was recently a rental thus it was occupied fall of 2005. Please contact LA to have the virtual tour sent to your phone or email. BATVAD.

3. 2026-04-20
   price $79,900 507-char remark

   Show marketing remark (507 chars)

   Classic Detroit 3 bed colonial with 2 car garage. Lots of opportunity here: nice bones with large lot. The house has been cleaned out and ready for your rehab crew. Hardwood floors are in good condition as we have pulled up the old carpet. Classic colonial layout with kitchen, dining room and living room on 1st floor and 3 bed and full bath on 2nd floor. This property was recently a rental thus it was occupied fall of 2005. Please contact LA to have the virtual tour sent to your phone or email. BATVAD.

4. 2026-04-19
   price $79,900 508-char remark

   Show marketing remark (508 chars)

   Classic Detroit 3 bed colonial with 2 car garage. Lots of opportunity here: nice bones with large lot. The house has been cleaned out and ready for your rehab crew. Hardwood floors are in good condition as we have pulled up the old carpet. Classic colonial layout with kitchen, dining room and living room on 1st floor and 3 bed and full bath on 2nd floor. This property was recently a rental thus it was occupied fall of 2005. Please contact LA to have the virtual tour sent to your phone or email. BATVAD.

5. 2026-02-08
   listed $90,000 Active 508-char remark

   Show marketing remark (507 chars)

   Classic Detroit 3 bed colonial with 2 car garage. Lots of opportunity here: nice bones with large lot. The house has been cleaned out and ready for your rehab crew. Hardwood floors are in good condition as we have pulled up the old carpet. Classic colonial layout with kitchen, dining room and living room on 1st floor and 3 bed and full bath on 2nd floor. This property was recently a rental thus it was occupied fall of 2005. Please contact LA to have the virtual tour sent to your phone or email. BATVAD.

6. 2026-02-08
   listed $90,000 Active 507-char remark

   Show marketing remark (507 chars)

   Classic Detroit 3 bed colonial with 2 car garage. Lots of opportunity here: nice bones with large lot. The house has been cleaned out and ready for your rehab crew. Hardwood floors are in good condition as we have pulled up the old carpet. Classic colonial layout with kitchen, dining room and living room on 1st floor and 3 bed and full bath on 2nd floor. This property was recently a rental thus it was occupied fall of 2005. Please contact LA to have the virtual tour sent to your phone or email. BATVAD.

7. 2012-08-31
   soldstatus $48,000

ⓘ 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: $1,014 · $84/mo
• Projected year-2 tax: $1,045 · $87/mo
• Expected delta: +$31/yr (+$3/mo · 3.1%)

ⓘ 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 ≥98°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: $16,572
• − Mortgage interest: −$3,915
• − Property taxes: −$1,014
• − Insurance: −$350
• − Repairs & maintenance: −$1,326
• − Management: −$1,326
• − Depreciation: −$2,033
• Taxable income: $6,608
• Est. tax owed @ 24.0%: −$1,586
• After-tax cash flow: $5,744/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

+45.6% since first listed

7 events — show timeline

• 2026-04-21 Price Changed $69,900 MiRealSource-MiMLS
• 2026-04-21 Price Changed $69,900 REALCOMP
• 2026-04-20 Price Changed $79,900 MiRealSource-MiMLS
• 2026-04-19 Price Changed $79,900 REALCOMP
• 2026-02-08 Listed $90,000 REALCOMP
• 2026-02-08 Listed $90,000 MiRealSource-MiMLS
• 2012-08-31 Sold (Public Records) $48,000 Public Records

Property tax history

-0.0%/yr

Latest (2025): $1,014 · -53.7% YoY. Source: county tax records.