15864 Tracey St · Detroit, MI 48227

$74,900

3 bd · 1.0 ba · 1,280 sqft · SingleFamily public records · 45 Days on market

Built 1940 3,485 sqft lot $59/sqft · 13% above area Est $66k · 13% over ↓ 6% since listing

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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
• Rent growth +3.9/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• ARV discount +1.5/15.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

SELLER FINANCING / LAND CONTRACT OFFERED Available at a purchase price of $80,000 with $22,000 down, 8% interest, and 84-month term. Estimated monthly payment: $904. Terms are negotiable This charming brick bungalow is full of character and ready for a savvy investor or hands-on homeowner to unlock its full potential. Property is being sold as-is. Buyer to pay a $395 processing fee at closing. Can be sold individually or packaged with nearby 16176 Tracey for added investment opportunity.

Key facts

• 3,485 sq ft lot
• 2 garage spots
• Built 1940

Property features AI

Exterior

• Parking: Detached garage with about 2.5 car spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two stories; Brick construction
• Construction: Asphalt roof; Block foundation
• Exterior features: Paved road access; Ground-level entry with steps; Lot approximately 35 x 104 (0.08 acres)

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Unfinished basement; Three total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $496 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.2% vs local median 10.0% 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); 392 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $518 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 $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $72,653 (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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.76% ✓
• Cap rate: 14.24%
• Cash-on-cash: 28.37%
• DSCR: 2.26
• GRM: 4.7

CMA / ARV

• ARV (median comp): $66,128
• List price: $74,900
• Delta: 13.27%
• 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
16176 Tracey St	0.14mi	3/2.0	1,270 (-1%)	1mo	$70,000	$55	88
16562 Tracey St	0.29mi	3/1.0	1,244 (-3%)	2mo	$60,000	$48	80
15824 Snowden St	0.17mi	3/1.0	1,127 (-12%)	1mo	$61,000	$54	72
15824 Snowden St	0.17mi	3/1.0	1,127 (-12%)	1mo	$61,000	$54	72
16180 Snowden St	0.22mi	3/1.0	1,137 (-11%)	0mo	$61,000	$54	71
15770 Stansbury St	0.14mi	3/1.0	1,100 (-14%)	1mo	$50,000	$45	69
15053 Littlefield St	0.58mi	3/2.0	1,286 (+0%)	2mo	$75,000	$58	66
16516 Appoline St	0.55mi	3/1.0	1,350 (+6%)	1mo	$39,500	$29	64
16863 Tracey St	0.49mi	3/2.0	1,200 (-6%)	2mo	$165,000	$138	61
15841 Steel St	0.42mi	3/1.0	1,460 (+14%)	1mo	$50,000	$34	56
14905 Littlefield St	0.70mi	3/1.0	1,368 (+7%)	1mo	$52,000	$38	55
17161 Ward Ave	0.68mi	3/1.5	1,377 (+8%)	2mo	$194,500	$141	52

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: 25.6%
• Equity multiple: 2.10×
• Total profit: $23,016
• Equity at exit: $11,168

10-year hold

• IRR: 34.9%
• Equity multiple: 4.63×
• Total profit: $76,145
• Equity at exit: $6,476

Cash invested: $20,972 (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: 392
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,321 high
• Mortgage (P&I): −$393
• Tax from tax record: −$123 /mo · $1,481/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $496

Break-even live

Break-even rent $693

Max offer price $74,900

Occupancy floor 57%

Sensitivity live

Price	-10% $538	-5% $517	+0% $496	+5% $475	+10% $453
Rent	-10% $392	-5% $444	+0% $496	+5% $548	+10% $600
Rate	-1.0pp $534	-0.5pp $515	base $496	+0.5pp $476	+1.0pp $457

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15517 Lesure St Unit BDRM1A Detroit, MI	2.0	1.0	1000	$850	$0.85	26d	1	0.19mi
16505 Stansbury St Detroit, MI	3.0	1.0	1100	$1,250	$1.14	12d	1	0.31mi
16505 Stansbury St Detroit, MI	3.0	1.0	1700	$1,345	$0.79	45d	1	0.31mi
15387 Lesure St Detroit, MI	3.0	1.0	1064	$1,350	$1.27	14d	1	0.32mi
16230 Cheyenne St Detroit, MI	3.0	1.0	1653	$1,450	$0.88	45d	1	0.34mi
15762 Mark Twain St Detroit, MI	3.0	2.0	1430	$1,250	$0.87	18d	1	0.35mi
15340 Hartwell St Detroit, MI	2.0	1.0	900	$1,300	$1.44	18d	1	0.38mi
16204 Steel St Detroit, MI	3.0	1.0	969	$1,150	$1.19	45d	1	0.47mi
15088 Littlefield St Detroit, MI	2.0	1.0	1294	$1,275	$0.99	23d	1	0.52mi
15388 Appoline St #203 Detroit, MI	2.0	1.0	900	$850	$0.94	45d	1	0.58mi
14903 Tracey St Detroit, MI	3.0	1.0	1004	$1,100	$1.10	18d	1	0.64mi
15810 Robson St Detroit, MI	3.0	1.0	1142	$1,500	$1.31	26d	1	0.65mi
14891 Hartwell St Detroit, MI	3.0	1.0	1000	$1,150	$1.15	45d	1	0.65mi
15760 Monte Vista St Detroit, MI	2.0	1.0	1080	$1,250	$1.16	45d	1	0.66mi
16151 Robson St Detroit, MI	3.0	1.0	1300	$1,525	$1.17	16d	1	0.69mi
15341 Lauder St Detroit, MI	4.0	1.5	1080	$1,475	$1.37	18d	1	0.71mi
15512 Mendota St Detroit, MI	2.0	1.0	931	$1,200	$1.29	6d	1	0.78mi
15512 Mendota St Apt 2 Detroit, MI	2.0	1.0	1000	$1,200	$1.20	45d	1	0.78mi
15328 Coyle St Detroit, MI	3.0	1.0	1000	$1,450	$1.45	19d	1	0.79mi
15468 Sussex St #2 Detroit, MI	2.0	1.0	900	$1,250	$1.39	45d	1	0.80mi
15330 Coyle St Unit 2 Detroit, MI	3.0	1.0	1000	$1,450	$1.45	26d	1	0.80mi
15330 Coyle St Unit 1 Detroit, MI	3.0	1.0	1000	$1,375	$1.38	26d	1	0.80mi
15330 Coyle St Unit 1 Detroit, MI	3.0	1.0	1000	$1,425	$1.43	14d	1	0.80mi
15708 Birwood St Detroit, MI	3.0	1.0	1255	$1,100	$0.88	6d	1	0.83mi
14590 Ardmore St Detroit, MI	3.0	1.0	1200	$1,195	$1.00	4d	1	0.85mi
14600 Strathmoor St Detroit, MI	4.0	1.0	1300	$1,450	$1.12	45d	1	0.90mi
14559 Strathmoor St Detroit, MI	2.0	1.0	1033	$1,150	$1.11	22d	1	0.95mi
15765 Washburn St Unit 15767 Washburn Upper Detroit, MI	2.0	1.0	1093	$950	$0.87	0d	1	0.97mi
14881 Mendota St Detroit, MI	3.0	1.0	1026	$1,100	$1.07	26d	1	0.98mi
18010 Lesure St Detroit, MI	3.0	1.0	1010	$1,500	$1.49	0d	1	0.99mi
14814 Sussex St Unit 2 Detroit, MI	3.0	1.0	1100	$1,000	$0.91	45d	1	1.06mi
16934 Ilene St Detroit, MI	3.0	1.5	1516	$1,400	$0.92	21d	1	1.08mi
16889 Washburn St Detroit, MI	3.0	1.5	1300	$1,100	$0.85	19d	1	1.08mi
14284 Cruse St Detroit, MI	3.0	1.0	1121	$1,150	$1.03	18d	1	1.09mi
17540 Pinehurst St Detroit, MI	3.0	1.0	1200	$1,395	$1.16	45d	1	1.12mi
14893 Prest St Detroit, MI	3.0	1.0	1100	$1,000	$0.91	16d	1	1.14mi
16230 Indiana St Unit 2 Detroit, MI	2.0	1.0	1050	$1,200	$1.14	19d	1	1.17mi
14375 Terry St Detroit, MI	3.0	2.0	1300	$1,425	$1.10	45d	1	1.18mi
15777 Wisconsin St Unit 77 Detroit, MI	2.0	1.0	900	$950	$1.06	6d	1	1.18mi
16183 Wisconsin St Detroit, MI	3.0	1.5	1370	$1,400	$1.02	45d	1	1.19mi

Listing history 34 events

1. 2026-06-21
   days on market $74,900 Active 45 DOM
2. 2026-06-18
   days on market $74,900 Active 42 DOM
3. 2026-06-17
   days on market $74,900 Active 41 DOM
4. 2026-06-15
   days on market $74,900 Active 39 DOM
5. 2026-06-13
   days on market $74,900 Active 37 DOM
6. 2026-06-13
   days on market $74,900 Active 36 DOM
7. 2026-06-09
   days on market $74,900 Active 33 DOM
8. 2026-06-08
   days on market $74,900 Active 32 DOM
9. 2026-06-07
   days on market $74,900 Active 31 DOM
10. 2026-06-04
    days on market $74,900 Active 28 DOM
11. 2026-06-03
    days on market $74,900 Active 27 DOM
12. 2026-06-02
    days on market $74,900 Active 26 DOM
13. 2026-06-01
    days on market $74,900 Active 25 DOM
14. 2026-05-31
    days on market $74,900 Active 24 DOM
15. 2026-05-07
    listed $74,900 Active 492-char remark

    Show marketing remark (492 chars)

    SELLER FINANCING / LAND CONTRACT OFFERED Available at a purchase price of $80,000 with $22,000 down, 8% interest, and 84-month term. Estimated monthly payment: $904. Terms are negotiable This charming brick bungalow is full of character and ready for a savvy investor or hands-on homeowner to unlock its full potential. Property is being sold as-is. Buyer to pay a $395 processing fee at closing. Can be sold individually or packaged with nearby 16176 Tracey for added investment opportunity.

16. 2026-05-07
    listed $74,900 Active 493-char remark

    Show marketing remark (492 chars)

    SELLER FINANCING / LAND CONTRACT OFFERED Available at a purchase price of $80,000 with $22,000 down, 8% interest, and 84-month term. Estimated monthly payment: $904. Terms are negotiable This charming brick bungalow is full of character and ready for a savvy investor or hands-on homeowner to unlock its full potential. Property is being sold as-is. Buyer to pay a $395 processing fee at closing. Can be sold individually or packaged with nearby 16176 Tracey for added investment opportunity.

17. 2026-04-01
    historical
18. 2026-03-05
    status Active
19. 2026-03-05
    status Active
20. 2025-11-13
    status Pending
21. 2025-11-13
    status Pending
22. 2025-11-13
    historical
23. 2025-08-02
    listed $79,500 Active
24. 2025-08-02
    listed $79,500 Active
25. 2025-08-01
    historical
26. 2025-08-01
    historical
27. 2025-01-13
    listed $79,500 Active
28. 2025-01-13
    listed $79,500 Active
29. 2025-01-01
    historical
30. 2025-01-01
    historical
31. 2024-10-07
    price $79,500
32. 2024-10-07
    price $79,500
33. 2024-06-18
    listed $79,900 Active
34. 2024-06-16
    listed $79,900 Active

ⓘ 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: $1,481 · $123/mo
• Projected year-2 tax: $1,481 · $123/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 ≥97°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: $15,848
• − Mortgage interest: −$4,196
• − Property taxes: −$1,481
• − Insurance: −$374
• − Repairs & maintenance: −$1,268
• − Management: −$1,268
• − Depreciation: −$2,179
• Taxable income: $5,082
• Est. tax owed @ 24.0%: −$1,220
• After-tax cash flow: $4,731/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

-6.3% since first listed

20 events — show timeline

• 2026-05-07 Listed $74,900 REALCOMP
• 2026-05-07 Listed $74,900 MiRealSource-MiMLS
• 2026-04-01 Listing Removed — MiRealSource-MiMLS
• 2026-03-05 Relisted — MiRealSource-MiMLS
• 2026-03-05 Relisted — REALCOMP
• 2025-11-13 Pending — MiRealSource-MiMLS
• 2025-11-13 Pending — REALCOMP
• 2025-11-13 Listing Removed — REALCOMP
• 2025-08-02 Listed $79,500 REALCOMP
• 2025-08-02 Listed $79,500 MiRealSource-MiMLS
• 2025-08-01 Listing Removed — REALCOMP
• 2025-08-01 Listing Removed — MiRealSource-MiMLS
• 2025-01-13 Listed $79,500 REALCOMP
• 2025-01-13 Listed $79,500 MiRealSource-MiMLS
• 2025-01-01 Listing Removed — MiRealSource-MiMLS
• 2025-01-01 Listing Removed — REALCOMP
• 2024-10-07 Price Changed $79,500 MiRealSource-MiMLS
• 2024-10-07 Price Changed $79,500 REALCOMP
• 2024-06-18 Listed $79,900 REALCOMP
• 2024-06-16 Listed $79,900 MiRealSource-MiMLS

Property tax history

+2.6%/yr

Latest (2025): $1,481 · +0.1% YoY. Source: county tax records.