15494 Cedargrove St · Detroit, MI 48205

$39,900

2 bd · 1.0 ba · 987 sqft · SingleFamily public records · 45 Days on market

Built 1948 4,792 sqft lot $40/sqft · 26% below area Est $54k · 26% under

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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
• ARV discount +15.0/15.0
• 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
• Appreciation +0.0/10.0

Listing remarks MLS

2 Bed, 1 Bath Ranch with 987 square feet of living space offers a strong opportunity for both Homeowners and Investors. Whether you're looking to build equity over time or add a rental to your portfolio, this property delivers a solid starting point at an approachable price. The functional single-story layout keeps living simple and efficient, while convenient access to major roads supports an easy commute. Property is currently tenant-occupied on a month-to-month lease. The long-term occupant is interested in staying, offering immediate rental potential.

Key facts

• 4,792 sq ft lot
• Garage
• Built 1948

Property features AI

Exterior

• Parking: Detached garage with alley access (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story; Ground-level entry with steps
• Construction: Aluminum siding and block construction; Slab foundation
• Exterior features: Front porch; Paved road access

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Living room fireplace; Ceiling fan(s)

🏷️ Possibly a rental listed for sale. The $39,900 price doesn't fit this home's estimated sale value (~$53,746) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $582 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.8% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 37% 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 $276 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y ago; this cycle's ask has dropped $5k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.3% of price; built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — 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. 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: 3.02% ✓
• Cap rate: 23.81%
• Cash-on-cash: 62.55%
• DSCR: 3.78
• GRM: 2.8

CMA / ARV

• ARV (median comp): $53,746
• List price: $39,900
• Delta: -25.76%
• 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
12056 Duchess St	0.27mi	3/1.0 (+1)	950 (-4%)	3mo	$30,000	$32	74
15260 Faircrest St	0.49mi	2/1.0	942 (-5%)	1mo	$35,000	$37	69
11475 Lakepointe St	0.62mi	2/1.0	953 (-3%)	3mo	$95,000	$100	63
12660 Duchess St	0.65mi	3/1.0 (+1)	974 (-1%)	2mo	$55,000	$56	61
12893 Payton St	0.64mi	3/1.0 (+1)	1,020 (+3%)	1mo	$75,000	$74	58
11545 Roxbury St	0.74mi	3/1.0 (+1)	1,003 (+2%)	1mo	$65,000	$65	58
10904 N Mogul St	0.61mi	3/1.0 (+1)	1,045 (+6%)	0mo	$113,000	$108	57
10696 Stratman St	0.69mi	3/1.5 (+1)	1,000 (+1%)	3mo	$53,000	$53	56
14728 Wilfred St	0.66mi	3/1.0 (+1)	1,050 (+6%)	3mo	$30,500	$29	51
12519 Riad St	0.46mi	3/1.0 (+1)	1,135 (+15%)	0mo	$100,000	$88	48
15256 Fordham St	0.64mi	3/1.5 (+1)	1,099 (+11%)	3mo	$60,000	$55	42
14750 Lannette St	0.70mi	3/1.0 (+1)	1,099 (+11%)	3mo	$78,000	$71	41

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: 59.5%
• Equity multiple: 3.57×
• Total profit: $28,711
• Equity at exit: $5,949

10-year hold

• IRR: 63.6%
• Equity multiple: 6.83×
• Total profit: $65,172
• Equity at exit: $3,450

Cash invested: $11,172 (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: 2.8×

Monthly cashflow live

• Estimated rent: $1,204 high
• Mortgage (P&I): −$209
• Tax from tax record: −$143 /mo · $1,715/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $582

Break-even live

Break-even rent $467

Max offer price $39,900

Occupancy floor 47%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15494 Mapleridge St Detroit, MI	3.0	1.0	937	$1,275	$1.36	43d	1	0.28mi
15010 Cedargrove St Detroit, MI	3.0	1.5	1018	$1,350	$1.33	43d	1	0.32mi
12201 Morang Ave Unit 8 Detroit, MI	2.0	1.0	610	$875	$1.43	43d	1	0.41mi
12716 Riad St Detroit, MI	3.0	1.0	974	$1,275	$1.31	17d	1	0.62mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	43d	1	0.64mi
11235 Roxbury St Detroit, MI	3.0	1.0	1062	$1,325	$1.25	17d	1	0.64mi
11776 Rossiter St Detroit, MI	3.0	1.0	964	$1,150	$1.19	11d	1	0.68mi
10644 Stratman St Detroit, MI	2.0	1.0	1000	$1,200	$1.20	17d	1	0.70mi
11529 Roxbury St Detroit, MI	2.0	1.0	720	$1,200	$1.67	12d	1	0.73mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	14d	1	0.83mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	43d	1	0.83mi
15909 Maddelein St Detroit, MI	3.0	1.0	894	$1,266	$1.42	43d	1	0.85mi
10404 Somerset Ave Detroit, MI	3.0	1.0	1108	$1,475	$1.33	3d	1	0.85mi
16241 Seven Mile E Unit 4 Detroit, MI	1.0	1.0	650	$650	$1.00	43d	1	0.87mi
19144 Moross Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	43d	1	0.87mi
16212 Maddelein St Detroit, MI	2.0	1.0	800	$1,200	$1.50	12d	1	0.88mi
10141 Roxbury St Detroit, MI	3.0	1.0	1115	$1,000	$0.90	43d	1	0.89mi
14103 Rochelle Ave Unit 3 Detroit, MI	1.0	1.0	700	$800	$1.14	43d	1	0.96mi
9927 Beaconsfield St Detroit, MI	3.0	1.0	942	$1,375	$1.46	14d	1	0.99mi
9516 Wayburn St Detroit, MI	2.0	1.0	800	$950	$1.19	17d	1	1.01mi
10177 Boleyn St Detroit, MI	3.0	1.0	767	$1,250	$1.63	43d	1	1.01mi
10400 Britain St Detroit, MI	3.0	1.0	890	$1,100	$1.24	43d	1	1.02mi
10370 Britain St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	43d	1	1.04mi
10692 Meuse St Detroit, MI	3.0	1.0	955	$1,250	$1.31	12d	1	1.04mi
10037 Grayton St Detroit, MI	3.0	1.0	1000	$1,400	$1.40	3d	1	1.05mi
9747 Somerset Ave Detroit, MI	2.0	1.0	797	$1,100	$1.38	43d	1	1.06mi
14461 Lappin St Detroit, MI	3.0	1.5	989	$1,150	$1.16	17d	1	1.07mi
19639 Moross Rd Unit 1 Detroit, MI	2.0	1.0	900	$1,100	$1.22	43d	1	1.10mi
19442 Kingsville St Harper Woods, MI	3.0	1.0	1000	$1,500	$1.50	17d	1	1.10mi
9140 Whittier Ave Unit 1 Detroit, MI	1.0	1.0	550	$700	$1.27	43d	1	1.18mi
13400 Longview St Detroit, MI	3.0	1.5	1000	$1,400	$1.40	43d	1	1.20mi
10985 Peerless St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	4d	1	1.24mi
19152 Woodside St Harper Woods, MI	3.0	1.0	916	$1,500	$1.64	17d	1	1.24mi
9190 Hayes St Unit 1 Detroit, MI	2.0	1.0	750	$850	$1.13	14d	1	1.25mi
13503 E McNichols Rd Unit 7 Detroit, MI	1.0	1.0	750	$800	$1.07	17d	1	1.27mi
19982 McCormick St Detroit, MI	3.0	1.0	866	$1,200	$1.39	3d	1	1.27mi
19661 Kenosha St Harper Woods, MI	3.0	2.0	1000	$1,400	$1.40	24d	1	1.28mi
15030 Rossini Dr Unit 2 Detroit, MI	1.0	1.0	720	$800	$1.11	43d	1	1.30mi
13137 Elmdale St Detroit, MI	3.0	1.0	1115	$1,400	$1.26	24d	1	1.32mi
12740 August St Detroit, MI	2.0	1.0	900	$1,300	$1.44	4d	1	1.36mi

Listing history 21 events

1. 2026-06-18
   days on market $39,900 Active 45 DOM
2. 2026-06-17
   days on market $39,900 Active 44 DOM
3. 2026-06-15
   days on market $39,900 Active 42 DOM
4. 2026-06-13
   days on market $39,900 Active 40 DOM
5. 2026-06-13
   days on market $39,900 Active 39 DOM
6. 2026-06-09
   days on market $39,900 Active 36 DOM
7. 2026-06-08
   days on market $39,900 Active 35 DOM
8. 2026-06-07
   pricedays on market $39,900 Active 34 DOM
9. 2026-06-04
   days on market $45,000 Active 31 DOM

   Show marketing remark (561 chars)

   2 Bed, 1 Bath Ranch with 987 square feet of living space offers a strong opportunity for both Homeowners and Investors. Whether you're looking to build equity over time or add a rental to your portfolio, this property delivers a solid starting point at an approachable price. The functional single-story layout keeps living simple and efficient, while convenient access to major roads supports an easy commute. Property is currently tenant-occupied on a month-to-month lease. The long-term occupant is interested in staying, offering immediate rental potential.

10. 2026-06-03
    days on market $45,000 Active 30 DOM
11. 2026-06-02
    days on market $45,000 Active 29 DOM
12. 2026-06-01
    days on market $45,000 Active 28 DOM
13. 2026-05-31
    days on market $45,000 Active 27 DOM
14. 2026-05-05
    listed $45,000 Active 561-char remark

    Show marketing remark (561 chars)

    2 Bed, 1 Bath Ranch with 987 square feet of living space offers a strong opportunity for both Homeowners and Investors. Whether you're looking to build equity over time or add a rental to your portfolio, this property delivers a solid starting point at an approachable price. The functional single-story layout keeps living simple and efficient, while convenient access to major roads supports an easy commute. Property is currently tenant-occupied on a month-to-month lease. The long-term occupant is interested in staying, offering immediate rental potential.

15. 2026-05-05
    listed $45,000 Active 561-char remark

    Show marketing remark (561 chars)

    2 Bed, 1 Bath Ranch with 987 square feet of living space offers a strong opportunity for both Homeowners and Investors. Whether you're looking to build equity over time or add a rental to your portfolio, this property delivers a solid starting point at an approachable price. The functional single-story layout keeps living simple and efficient, while convenient access to major roads supports an easy commute. Property is currently tenant-occupied on a month-to-month lease. The long-term occupant is interested in staying, offering immediate rental potential.

16. 2026-05-04
    historical $45,000 561-char remark

    Show marketing remark (561 chars)

    2 Bed, 1 Bath Ranch with 987 square feet of living space offers a strong opportunity for both Homeowners and Investors. Whether you're looking to build equity over time or add a rental to your portfolio, this property delivers a solid starting point at an approachable price. The functional single-story layout keeps living simple and efficient, while convenient access to major roads supports an easy commute. Property is currently tenant-occupied on a month-to-month lease. The long-term occupant is interested in staying, offering immediate rental potential.

17. 2008-06-03
    soldstatus $40,000
18. 2007-09-28
    historical
19. 2007-06-28
    listed $55,000
20. 2004-11-30
    soldstatus $26,000
21. 2004-09-27
    listed $25,500

ⓘ 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: $1,715 · $143/mo
• Projected year-2 tax: $1,715 · $143/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°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: $14,447
• − Mortgage interest: −$2,235
• − Property taxes: −$1,715
• − Insurance: −$200
• − Repairs & maintenance: −$1,156
• − Management: −$1,156
• − Depreciation: −$1,161
• Taxable income: $6,826
• Est. tax owed @ 24.0%: −$1,638
• After-tax cash flow: $5,350/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

+56.5% since first listed

10 events — show timeline

• 2026-06-04 Price Changed $39,900 MiRealSource-MiMLS
• 2026-06-04 Price Changed $39,900 REALCOMP
• 2026-05-05 Listed $45,000 MiRealSource-MiMLS
• 2026-05-05 Listed $45,000 REALCOMP
• 2026-05-04 Coming Soon $45,000 MiRealSource-MiMLS
• 2008-06-03 Sold (Public Records) $40,000 Public Records
• 2007-09-28 Listing Removed — REALCOMP
• 2007-06-28 Listed $55,000 REALCOMP
• 2004-11-30 Sold (MLS) $26,000 REALCOMP
• 2004-09-27 Listed $25,500 REALCOMP

Property tax history

+0.3%/yr

Latest (2025): $1,715 · +0.7% YoY. Source: county tax records.