15104 Ardmore St · Detroit, MI 48227

$22,400

3 bd · 1.0 ba · 1,122 sqft · SingleFamily public records · 111 Days on market

Built 1918 4,356 sqft lot $20/sqft · 60% below area ↓ 7% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Great investment opportunity in Detroit's desirable Bethune Community Neighborhood! This 3-bedroom, 1-bath bungalow offers strong potential for investors looking to complete a value-add renovation project. The home features a functional layout, a basement providing additional storage or finishing potential, and flexibility for future improvements. Convenient access to major roads, schools, and local amenities, this property is well-positioned for long-term rental demand. Whether you're a seasoned investor or looking to make some sweat equity - this property presents an opportunity in an established Detroit neighborhood. Buyer to verify all information.

Key facts

• Functional layout
• Local amenities
• 4,356 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• VALUE-ADD RENOVATION PROJECT
• FUNCTIONAL LAYOUT
• LOCAL AMENITIES
• LONG-TERM RENTAL DEMAND

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $22k.

Deal economics

• At list price, monthly cash flow is $884 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $22k).
• Recommended offer: $20k (9.0% below list) — sets the bar for market timing.
• Cap rate 53.7% vs local median 10.1% 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); 391 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 43% 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 $155 of loan paydown is wiped out by about $672 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($20k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 9y ago; this cycle's ask has dropped $2k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $20,384 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 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 1918 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 5.87% ✓
• Cap rate: 53.66%
• Cash-on-cash: 169.18%
• DSCR: 8.53
• GRM: 1.4

CMA / ARV

• ARV (median comp): $55,830
• List price: $22,400
• Delta: -59.88%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15770 Stansbury St	0.40mi	3/1.0	1,100 (-2%)	1mo	$50,000	$45	77
15041 Lesure St	0.15mi	3/1.0	1,021 (-9%)	2mo	$50,000	$49	76
15430 Mark Twain St	0.23mi	3/1.0	1,026 (-9%)	1mo	$95,000	$93	74
15824 Snowden St	0.58mi	3/1.0	1,127 (+0%)	0mo	$61,000	$54	72
15824 Snowden St	0.58mi	3/1.0	1,127 (+0%)	0mo	$61,000	$54	72
15366 Sussex St	0.56mi	3/1.0	1,100 (-2%)	3mo	$105,000	$95	68
16180 Snowden St	0.73mi	3/1.0	1,137 (+1%)	0mo	$61,000	$54	63
14644 Hubbell St	0.39mi	3/1.0	1,248 (+11%)	2mo	$45,000	$36	62
16174 Lauder St	0.71mi	3/2.0	1,084 (-3%)	3mo	$102,900	$95	55
14321 Ardmore St	0.59mi	2/2.0 (-1)	1,188 (+6%)	2mo	$11,000	$9	52
15053 Littlefield St	0.41mi	3/2.0	1,286 (+15%)	2mo	$75,000	$58	51
16176 Tracey St	0.66mi	3/2.0	1,270 (+13%)	0mo	$70,000	$55	43

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: —
• Equity multiple: 9.96×
• Total profit: $56,225
• Equity at exit: $3,340

10-year hold

• IRR: —
• Equity multiple: 22.81×
• Total profit: $136,775
• Equity at exit: $1,937

Cash invested: $6,272 (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: 391
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $1,315 high
• Mortgage (P&I): −$117
• Tax est. 1.5%: −$28 /mo · $336/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $884

Break-even live

Break-even rent $196

Max offer price $22,400

Occupancy floor 28%

Sensitivity live

Price	-10% $900	-5% $892	+0% $884	+5% $877	+10% $869
Rent	-10% $780	-5% $832	+0% $884	+5% $936	+10% $988
Rate	-1.0pp $896	-0.5pp $890	base $884	+0.5pp $878	+1.0pp $873

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: $5,600
• Closing costs: $672
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15073 Strathmoor St Detroit, MI	2.0	1.0	860	$1,350	$1.57	18d	1	0.20mi
15387 Lesure St Detroit, MI	3.0	1.0	1064	$1,350	$1.27	13d	1	0.21mi
14903 Tracey St Detroit, MI	3.0	1.0	1004	$1,100	$1.10	18d	1	0.25mi
15517 Lesure St Unit BDRM1A Detroit, MI	2.0	1.0	1000	$850	$0.85	25d	1	0.34mi
15340 Hartwell St Detroit, MI	2.0	1.0	900	$1,300	$1.44	18d	1	0.34mi
14891 Hartwell St Detroit, MI	3.0	1.0	1000	$1,150	$1.15	45d	1	0.34mi
14590 Ardmore St Detroit, MI	3.0	1.0	1200	$1,195	$1.00	4d	1	0.34mi
14600 Strathmoor St Detroit, MI	4.0	1.0	1300	$1,450	$1.12	45d	1	0.38mi
15341 Lauder St Detroit, MI	4.0	1.5	1080	$1,475	$1.37	18d	1	0.41mi
14559 Strathmoor St Detroit, MI	2.0	1.0	1033	$1,150	$1.11	21d	1	0.42mi
15762 Mark Twain St Detroit, MI	3.0	2.0	1430	$1,250	$0.87	18d	1	0.42mi
15088 Littlefield St Detroit, MI	2.0	1.0	1294	$1,275	$0.99	23d	1	0.43mi
15328 Coyle St Detroit, MI	3.0	1.0	1000	$1,450	$1.45	19d	1	0.50mi
15330 Coyle St Unit 2 Detroit, MI	3.0	1.0	1000	$1,450	$1.45	25d	1	0.50mi
15330 Coyle St Unit 1 Detroit, MI	3.0	1.0	1000	$1,425	$1.43	13d	1	0.50mi
15330 Coyle St Unit 1 Detroit, MI	3.0	1.0	1000	$1,375	$1.38	25d	1	0.50mi
14847 Cheyenne St Detroit, MI	3.0	2.0	849	$1,150	$1.35	19d	1	0.51mi
14284 Cruse St Detroit, MI	3.0	1.0	1121	$1,150	$1.03	18d	1	0.60mi
14814 Sussex St Unit 2 Detroit, MI	3.0	1.0	1100	$1,000	$0.91	45d	1	0.60mi
15468 Sussex St #2 Detroit, MI	2.0	1.0	900	$1,250	$1.39	45d	1	0.60mi
15100 Whitcomb St Detroit, MI	2.0	1.0	750	$925	$1.23	45d	1	0.61mi
15810 Robson St Detroit, MI	3.0	1.0	1142	$1,500	$1.31	25d	1	0.62mi
14375 Terry St Detroit, MI	3.0	2.0	1300	$1,425	$1.10	45d	1	0.66mi
15738 Sorrento Ave Detroit, MI	3.0	1.0	762	$1,175	$1.54	45d	1	0.70mi
14893 Prest St Detroit, MI	3.0	1.0	1100	$1,000	$0.91	16d	1	0.73mi
15388 Appoline St #203 Detroit, MI	2.0	1.0	900	$850	$0.94	45d	1	0.73mi
16505 Stansbury St Detroit, MI	3.0	1.0	1100	$1,250	$1.14	12d	1	0.75mi
16151 Robson St Detroit, MI	3.0	1.0	1300	$1,525	$1.17	16d	1	0.77mi
14264 Coyle St Detroit, MI	2.0	1.0	1000	$1,150	$1.15	45d	1	0.80mi
16503 Ward Ave Unit 2 Detroit, MI	2.0	1.0	700	$850	$1.21	45d	1	0.90mi
14104 Coyle St Detroit, MI	3.0	1.0	1327	$1,350	$1.02	6d	1	0.92mi
14615 Winthrop St Detroit, MI	2.0	1.0	1217	$1,300	$1.07	18d	1	0.93mi
16204 Steel St Detroit, MI	3.0	1.0	969	$1,150	$1.19	45d	1	0.94mi
15760 Monte Vista St Detroit, MI	2.0	1.0	1080	$1,250	$1.16	45d	1	0.95mi
14580 Forrer St Unit Unit Detroit, MI	2.0	1.0	1300	$900	$0.69	21d	1	0.96mi
14881 Mendota St Detroit, MI	3.0	1.0	1026	$1,100	$1.07	25d	1	0.97mi
15375 Prevost St Detroit, MI	4.0	1.0	907	$1,300	$1.43	18d	1	1.00mi
15512 Mendota St Detroit, MI	2.0	1.0	931	$1,200	$1.29	6d	1	1.03mi
15512 Mendota St Apt 2 Detroit, MI	2.0	1.0	1000	$1,200	$1.20	45d	1	1.03mi
14836 Rutherford St Unit 2 Detroit, MI	2.0	1.0	1104	$950	$0.86	45d	1	1.04mi

Listing history 27 events

1. 2026-06-21
   days on market $22,400 Active 111 DOM
2. 2026-06-18
   days on market $22,400 Active 108 DOM
3. 2026-06-17
   days on market $22,400 Active 107 DOM
4. 2026-06-15
   days on market $22,400 Active 105 DOM
5. 2026-06-13
   days on market $22,400 Active 103 DOM
6. 2026-06-13
   days on market $22,400 Active 102 DOM
7. 2026-06-09
   days on market $22,400 Active 99 DOM
8. 2026-06-08
   days on market $22,400 Active 98 DOM
9. 2026-06-07
   days on market $22,400 Active 97 DOM
10. 2026-06-04
    days on market $22,400 Active 94 DOM
11. 2026-06-03
    days on market $22,400 Active 93 DOM
12. 2026-06-01
    days on market $22,400 Active 91 DOM
13. 2026-05-31
    days on market $22,400 Active 90 DOM
14. 2026-04-25
    price $22,400 660-char remark

    Show marketing remark (660 chars)

    Great investment opportunity in Detroit's desirable Bethune Community Neighborhood! This 3-bedroom, 1-bath bungalow offers strong potential for investors looking to complete a value-add renovation project. The home features a functional layout, a basement providing additional storage or finishing potential, and flexibility for future improvements. Convenient access to major roads, schools, and local amenities, this property is well-positioned for long-term rental demand. Whether you're a seasoned investor or looking to make some sweat equity - this property presents an opportunity in an established Detroit neighborhood. Buyer to verify all information.

15. 2026-04-24
    price $22,400 666-char remark

    Show marketing remark (666 chars)

    Great investment opportunity in Detroit’s desirable Bethune Community Neighborhood! This 3-bedroom, 1-bath bungalow offers strong potential for investors looking to complete a value-add renovation project. The home features a functional layout, a basement providing additional storage or finishing potential, and flexibility for future improvements. Convenient access to major roads, schools, and local amenities, this property is well-positioned for long-term rental demand. Whether you're a seasoned investor or looking to make some sweat equity - this property presents an opportunity in an established Detroit neighborhood. Buyer to verify all information.

16. 2026-03-18
    status Active 666-char remark

    Show marketing remark (666 chars)

    Great investment opportunity in Detroit’s desirable Bethune Community Neighborhood! This 3-bedroom, 1-bath bungalow offers strong potential for investors looking to complete a value-add renovation project. The home features a functional layout, a basement providing additional storage or finishing potential, and flexibility for future improvements. Convenient access to major roads, schools, and local amenities, this property is well-positioned for long-term rental demand. Whether you're a seasoned investor or looking to make some sweat equity - this property presents an opportunity in an established Detroit neighborhood. Buyer to verify all information.

17. 2026-03-18
    historical 666-char remark

    Show marketing remark (666 chars)

    Great investment opportunity in Detroit’s desirable Bethune Community Neighborhood! This 3-bedroom, 1-bath bungalow offers strong potential for investors looking to complete a value-add renovation project. The home features a functional layout, a basement providing additional storage or finishing potential, and flexibility for future improvements. Convenient access to major roads, schools, and local amenities, this property is well-positioned for long-term rental demand. Whether you're a seasoned investor or looking to make some sweat equity - this property presents an opportunity in an established Detroit neighborhood. Buyer to verify all information.

18. 2026-03-02
    listed $24,900 Active 660-char remark

    Show marketing remark (666 chars)

    Great investment opportunity in Detroit’s desirable Bethune Community Neighborhood! This 3-bedroom, 1-bath bungalow offers strong potential for investors looking to complete a value-add renovation project. The home features a functional layout, a basement providing additional storage or finishing potential, and flexibility for future improvements. Convenient access to major roads, schools, and local amenities, this property is well-positioned for long-term rental demand. Whether you're a seasoned investor or looking to make some sweat equity - this property presents an opportunity in an established Detroit neighborhood. Buyer to verify all information.

19. 2026-03-02
    listed $24,900 Active 666-char remark

    Show marketing remark (666 chars)

    Great investment opportunity in Detroit’s desirable Bethune Community Neighborhood! This 3-bedroom, 1-bath bungalow offers strong potential for investors looking to complete a value-add renovation project. The home features a functional layout, a basement providing additional storage or finishing potential, and flexibility for future improvements. Convenient access to major roads, schools, and local amenities, this property is well-positioned for long-term rental demand. Whether you're a seasoned investor or looking to make some sweat equity - this property presents an opportunity in an established Detroit neighborhood. Buyer to verify all information.

20. 2017-07-06
    historical
21. 2017-07-06
    historical
22. 2017-06-20
    historical
23. 2017-06-20
    historical
24. 2017-01-31
    listed $24,000 Active
25. 2017-01-31
    listed $24,000 Active
26. 2017-01-31
    listed $24,000 Active
27. 2017-01-31
    listed $24,000

ⓘ 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 ≥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: $15,783
• − Mortgage interest: −$1,255
• − Property taxes: −$336
• − Insurance: −$112
• − Repairs & maintenance: −$1,263
• − Management: −$1,263
• − Depreciation: −$652
• Taxable income: $10,903
• Est. tax owed @ 24.0%: −$2,617
• After-tax cash flow: $7,994/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

-6.7% since first listed

14 events — show timeline

• 2026-04-25 Price Changed $22,400 MiRealSource-MiMLS
• 2026-04-24 Price Changed $22,400 REALCOMP
• 2026-03-18 Relisted — REALCOMP
• 2026-03-18 Listing Removed — REALCOMP
• 2026-03-02 Listed $24,900 REALCOMP
• 2026-03-02 Listed $24,900 MiRealSource-MiMLS
• 2017-07-06 Listing Removed — REALCOMP
• 2017-07-06 Listing Removed — MiRealSource-MiMLS
• 2017-06-20 Listing Removed — REALCOMP
• 2017-06-20 Listing Removed — MiRealSource-MiMLS
• 2017-01-31 Listed $24,000 MiRealSource-MiMLS
• 2017-01-31 Listed $24,000 MiRealSource-MiMLS
• 2017-01-31 Listed $24,000 REALCOMP
• 2017-01-31 Listed $24,000 REALCOMP

Property tax history

+7.7%/yr

Latest (2025): $1,623 · +111.1% YoY. Source: county tax records.