15779 Wabash St · Detroit, MI 48238

$50,000

3 bd · 1.0 ba · 940 sqft · SingleFamily public records · 62 Days on market

Built 1961 3,920 sqft lot $53/sqft · 31% above area Est $38k · 31% over

---

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
• Rent growth +4.0/5.0
• 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

A nice 3 bedroom 1 bath ranch with plenty potential. Some TLC needed. Gteat opportunity to live in or lease out. Located in one of the ongoing redevlopment areas of Detroit, Min; utes away from Palmer Park, University of Detroit, University District and Sherwood Forest, Plenty of stores for shopping, resturants and public transportation. The seller has two lots available for purchase next to the property. Buyer and Buyer's Agent to Verify All Information.

Key facts

• 3,920 sq ft lot
• Built 1961
• Listed 61 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $625 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.3% 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 (+6.1%/yr); 346 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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 44% of the median local income ($33k/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 $346 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 + 6.1% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $8k; list at $50k implies a 525% gain — meaningful room to come down on a strong offer.

Recommended offer $47,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1961 — 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: 2.42% ✓
• Cap rate: 21.30%
• Cash-on-cash: 53.61%
• DSCR: 3.39
• GRM: 3.4

CMA / ARV

• ARV (median comp): $38,150
• List price: $50,000
• Delta: 31.06%
• 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
1952 Louise St	0.23mi	3/1.0	882 (-6%)	2mo	$33,000	$37	78
1983 Brighton St	0.37mi	3/1.0	921 (-2%)	4mo	$40,000	$43	76
15532 Baylis St	0.28mi	3/1.0	968 (+3%)	12mo	$33,500	$35	72
15560 La Salle Blvd	0.31mi	3/1.0	1,022 (+9%)	1mo	$35,000	$34	70
16200 Lawton St	0.56mi	3/1.0	956 (+2%)	4mo	$56,500	$59	68
15488 Wildemere St	0.67mi	3/1.0	949 (+1%)	1mo	$49,900	$53	66
15721 Log Cabin St	0.12mi	2/1.0 (-1)	844 (-10%)	11mo	$23,000	$27	63
15798 Muirland St	0.70mi	2/1.0 (-1)	943 (+0%)	1mo	$29,000	$31	60
15834 Baylis St	0.21mi	3/1.0	1,065 (+13%)	10mo	$111,500	$105	60
124 Geneva St	0.73mi	3/1.0	936 (-0%)	12mo	$8,000	$9	56
15893 Alden St	0.58mi	2/1.5 (-1)	836 (-11%)	1mo	$24,000	$29	47
15774 Muirland St	0.71mi	2/1.0 (-1)	1,018 (+8%)	10mo	$35,000	$34	40

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 · 6.14% rent growth · sell at horizon

5-year hold

• IRR: 55.2%
• Equity multiple: 3.55×
• Total profit: $35,682
• Equity at exit: $7,455

10-year hold

• IRR: 61.4%
• Equity multiple: 8.12×
• Total profit: $99,659
• Equity at exit: $4,323

Cash invested: $14,000 (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 48238

• Home prices YoY: -14.4%
• Rents YoY: 6.1%
• Active inventory: 346
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,210 high
• Mortgage (P&I): −$262
• Tax from tax record: −$48 /mo · $571/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $625

Break-even live

Break-even rent $418

Max offer price $50,000

Occupancy floor 43%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16174 Princeton St Detroit, MI	2.0	1.0	985	$1,100	$1.12	19d	1	0.47mi
16174 Princeton St Unit 2 Detroit, MI	2.0	1.0	985	$1,100	$1.12	43d	1	0.47mi
15906 Alden St Detroit, MI	3.0	1.0	1030	$1,150	$1.12	16d	1	0.54mi
16927 Inverness St Detroit, MI	2.0	1.0	897	$1,650	$1.84	16d	1	0.57mi
941 Merton Rd Highland Park, MI	2.0	1.0	850	$1,000	$1.18	43d	1	0.68mi
17449 Manderson Rd Unit 1 Detroit, MI	2.0	1.0	750	$1,150	$1.53	24d	1	0.72mi
730 Whitmore Rd Detroit, MI	1.0–2.0	1.0	850	$850	$1.00	43d	3	0.83mi
931 Covington Dr Unit 202 Highland Park, MI	2.0	2.0	550	$1,400	$2.55	43d	1	0.86mi
2433 Pasadena St Unit 2435 Detroit, MI	2.0	1.0	700	$1,025	$1.46	43d	1	0.90mi
13639 La Salle Blvd Detroit, MI	2.0	1.0	800	$695	$0.87	10d	1	0.94mi
17765 Manderson Rd Unit 8 Highland Park, MI	2.0	1.0	1000	$1,215	$1.22	1d	1	0.94mi
17765 Manderson Rd Unit 14 Highland Park, MI	2.0	1.0	1000	$1,175	$1.18	43d	1	0.94mi
2034 Ewald Cir Detroit, MI	2.0	1.0	1000	$995	$0.99	5d	1	1.13mi
27 Pasadena St Highland Park, MI	2.0	1.0	900	$825	$0.92	43d	1	1.18mi
17215 Warrington Dr Detroit, MI	2.0	1.0	1015	$2,000	$1.97	43d	1	1.23mi
14950 Stoepel St Detroit, MI	2.0	1.0	600	$900	$1.50	24d	1	1.23mi
7350 Globe St Detroit, MI	3.0	1.0	1000	$1,550	$1.55	3d	1	1.27mi
127 W Buena Vista St Unit 129 Highland Park, MI	2.0	1.0	800	$1,000	$1.25	43d	1	1.30mi
17145 Santa Rosa Dr Unit 1 Detroit, MI	3.0	1.0	1050	$1,400	$1.33	17d	1	1.34mi
17147 Monica St Unit 2 1 Detroit, MI	2.0	1.0	900	$975	$1.08	24d	1	1.39mi
3812 W Grand St Detroit, MI	2.0	1.0	1100	$1,025	$0.93	16d	1	1.45mi
15771 Turner St Detroit, MI	2.0	1.0	1000	$1,049	$1.05	43d	1	1.48mi
17551 Santa Rosa Dr Detroit, MI	2.0	1.0	1036	$1,095	$1.06	43d	1	1.48mi
2285 Cortland St Detroit, MI	2.0	1.0	900	$1,000	$1.11	16d	1	1.48mi
2676 Sturtevant St Unit 1 Detroit, MI	2.0	1.0	1000	$1,000	$1.00	24d	1	1.49mi
16722 Tuller St Detroit, MI	3.0	1.5	1100	$1,500	$1.36	16d	1	1.49mi

Listing history 16 events

1. 2026-06-18
   days on market $50,000 Active 62 DOM
2. 2026-06-17
   days on market $50,000 Active 61 DOM
3. 2026-06-15
   days on market $50,000 Active 59 DOM
4. 2026-06-13
   days on market $50,000 Active 57 DOM
5. 2026-06-13
   days on market $50,000 Active 56 DOM
6. 2026-06-09
   days on market $50,000 Active 53 DOM
7. 2026-06-08
   days on market $50,000 Active 52 DOM
8. 2026-06-07
   days on market $50,000 Active 51 DOM
9. 2026-06-04
   days on market $50,000 Active 48 DOM
10. 2026-06-03
    days on market $50,000 Active 47 DOM
11. 2026-06-02
    days on market $50,000 Active 46 DOM
12. 2026-06-01
    days on market $50,000 Active 45 DOM
13. 2026-05-31
    days on market $50,000 Active 44 DOM
14. 2026-04-17
    listed $50,000 Active 459-char remark

    Show marketing remark (460 chars)

    A nice 3 bedroom 1 bath ranch with plenty potential. Some TLC needed. Gteat opportunity to live in or lease out. Located in one of the ongoing redevlopment areas of Detroit, Min; utes away from Palmer Park, University of Detroit, University District and Sherwood Forest, Plenty of stores for shopping, resturants and public transportation. The seller has two lots available for purchase next to the property. Buyer and Buyer's Agent to Verify All Information.

15. 2026-04-17
    listed $50,000 Active 460-char remark

    Show marketing remark (460 chars)

    A nice 3 bedroom 1 bath ranch with plenty potential. Some TLC needed. Gteat opportunity to live in or lease out. Located in one of the ongoing redevlopment areas of Detroit, Min; utes away from Palmer Park, University of Detroit, University District and Sherwood Forest, Plenty of stores for shopping, resturants and public transportation. The seller has two lots available for purchase next to the property. Buyer and Buyer's Agent to Verify All Information.

16. 1996-09-18
    soldstatus $8,000

ⓘ 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: $571 · $48/mo
• Projected year-2 tax: $670 · $56/mo
• Expected delta: +$100/yr (+$8/mo · 17.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,521
• − Mortgage interest: −$2,801
• − Property taxes: −$571
• − Insurance: −$250
• − Repairs & maintenance: −$1,162
• − Management: −$1,162
• − Depreciation: −$1,455
• Taxable income: $7,122
• Est. tax owed @ 24.0%: −$1,709
• After-tax cash flow: $5,796/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): 24,731
• Household income: $33,315
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 2172.0

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 (94%)
• Race & ethnicity: Black 94% Two or more races 3% White 1%
• Foreign-born: 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: ▼ -31.96%
• Current HPI: 189.6227
• Rent YoY: ▲ 6.14%
• 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

+525.0% since first listed

3 events — show timeline

• 2026-04-17 Listed $50,000 REALCOMP
• 2026-04-17 Listed $50,000 MiRealSource-MiMLS
• 1996-09-18 Sold (Public Records) $8,000 Public Records

Property tax history

-1.3%/yr

Latest (2025): $571 · -52.9% YoY. Source: county tax records.