3230 Leslie St · Detroit, MI 48238

$165,000

4 bd · 1.5 ba · 1,796 sqft · SingleFamily public records · 124 Days on market

Built 1927 4,356 sqft lot $92/sqft · 60% above area ↓ 18% 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 +15.3/30.0
• ARV discount +7.5/15.0
• DSCR +4.7/10.0
• 1% rule +4.2/10.0
• Rent growth +4.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Here is a handsomely renovated Tudor in Dexter Linwood. This Four bedroom 1.5 bathroom home has a nice open first floor plan with man upgrades. The plumbing, electrical, heating have all been updated in the past Five years. There is a Two car garage and a large basement for storage and laundry. There is room to add a Third bedroom if you finish the Third floor as well. Property sold AS IS . Showings only Monday thru Friday between 2pm-4:30pm.

Key facts

• Plumbing updated
• Electrical updated
• Heating updated

Tags

• HANDSOMELY RENOVATED TUDOR
• OPEN FIRST FLOOR PLAN
• PLUMBING UPDATED
• ELECTRICAL UPDATED
• HEATING UPDATED
• LARGE BASEMENT FOR STORAGE

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $59 ($710/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (8.0% below list).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.7% vs local median 10.0% in Detroit — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: 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.
• Zoned schools: Durfee Elementarymiddle School (593 students, 91% FRL); Central High School (math 24% / reading 24%, grade F, #481 of 713 statewide, top 81%, 353 students, 89% FRL) — zoned schools at 90% FRL track the district average.
• Market conditions: Rents rising fast (+6.1%/yr); 350 active listings in the ZIP; 35 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 $1,518/mo this rent would consume 55% of the median local household income ($33k/yr) (locally 2172% 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $60k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — 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: 0.92% ✗
• Cap rate: 6.72%
• Cash-on-cash: 1.54%
• DSCR: 1.07
• GRM: 9.1

CMA / ARV

• ARV (median comp): $103,008
• List price: $165,000
• Delta: 60.18%
• 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
3010 Fullerton St	0.10mi	4/2.0	1,993 (+11%)	2mo	$123,000	$62	73
3351 Tyler St	0.19mi	3/2.0 (-1)	1,888 (+5%)	5mo	$83,000	$44	72
3300 Waverly St	0.24mi	5/1.5 (+1)	1,988 (+11%)	1mo	$115,000	$58	65
2989 Oakman Ct	0.50mi	4/1.5	1,919 (+7%)	4mo	$60,000	$31	61
3765 Cortland St	0.31mi	3/1.5 (-1)	1,587 (-12%)	2mo	$120,000	$76	60
2660 Webb St	0.58mi	4/1.5	1,956 (+9%)	2mo	$61,000	$31	57
4210 Pasadena St	0.63mi	4/2.0	1,678 (-7%)	4mo	$239,000	$142	55
4069 Sturtevant St	0.42mi	3/3.5 (-1)	1,921 (+7%)	2mo	$320,000	$167	54
2405 Sturtevant St	0.55mi	3/1.5 (-1)	1,636 (-9%)	3mo	$45,000	$28	52
2978 Doris St	0.72mi	4/2.0	1,934 (+8%)	5mo	$33,000	$17	48
3275 Collingwood St	0.72mi	4/1.5	1,600 (-11%)	2mo	$64,000	$40	47
4790 Sturtevant St	0.74mi	3/1.0 (-1)	1,645 (-8%)	0mo	$60,000	$36	44

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: -10.4%
• Equity multiple: 0.61×
• Total profit: $-17,999
• Equity at exit: $24,602

10-year hold

• IRR: 2.9%
• Equity multiple: 1.24×
• Total profit: $10,928
• Equity at exit: $14,266

Cash invested: $46,200 (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: 350
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,518 high
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,475/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $59

Break-even live

Break-even rent $1,443

Max offer price $165,000

Occupancy floor 91%

Sensitivity live

Price	-10% $173	-5% $116	+0% $59	+5% $2	+10% $-55
Rent	-10% $-61	-5% $-1	+0% $59	+5% $119	+10% $179
Rate	-1.0pp $142	-0.5pp $101	base $59	+0.5pp $16	+1.0pp $-27

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3747 Tyler St Detroit, MI	3.0	1.0	2600	$1,700	$0.65	26d	1	0.26mi
3740 Tyler St Unit 1 Detroit, MI	3.0	1.0	1300	$1,300	$1.00	7d	1	0.27mi
2986 Richton St Detroit, MI	3.0	1.0	2600	$1,200	$0.46	19d	1	0.27mi
3209 W Grand St Detroit, MI	3.0	1.0	1550	$1,103	$0.71	46d	1	0.39mi
2474 Fullerton St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	17d	1	0.49mi
3322 Webb St Detroit, MI	3.0	1.0	1600	$1,250	$0.78	19d	1	0.49mi
3322 Webb St Unit 2 Detroit, MI	3.0	1.0	1656	$1,350	$0.82	46d	1	0.50mi
3322 Webb St Unit 1 Detroit, MI	3.0	1.0	1656	$1,350	$0.82	46d	1	0.50mi
4341 Glendale St Detroit, MI	4.0	2.5	1832	$1,680	$0.92	7d	1	0.54mi
4336 Buena Vista St Detroit, MI	3.0	1.0	1300	$1,100	$0.85	46d	1	0.55mi
12546 Broadstreet Ave Detroit, MI	3.0	1.5	1899	$1,250	$0.66	46d	1	0.60mi
4287 W Grand St Unit 4289 Detroit, MI	3.0	1.0	1250	$1,000	$0.80	46d	1	0.62mi
3031 Lawrence St Detroit, MI	4.0	1.0	1700	$1,600	$0.94	19d	1	0.65mi
2634 Lawrence St Detroit, MI	3.0	1.5	1388	$1,600	$1.15	4d	1	0.70mi
3266 Calvert Ave Fl 2 Detroit, MI	3.0	1.0	1279	$1,300	$1.02	26d	1	0.74mi
2655 Collingwood St Detroit, MI	4.0	1.5	1881	$2,700	$1.44	0d	1	0.78mi
2925 Calvert St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	19d	1	0.80mi
2727 Calvert Ave Unit 1 Detroit, MI	3.0	1.5	1350	$1,200	$0.89	46d	1	0.81mi
13225 Santa Rosa Dr Detroit, MI	5.0	2.0	2100	$1,700	$0.81	7d	1	0.82mi
2653 Calvert Ave Unit 1 Detroit, MI	3.0	1.0	1305	$1,200	$0.92	46d	1	0.84mi
3422 Edison St Detroit, MI	3.0	1.0	1300	$1,295	$1.00	19d	1	1.07mi
1929 Calvert Ave Unit 2 Detroit, MI	3.0	1.0	1414	$1,199	$0.85	17d	1	1.15mi
1699 Glynn Ct Detroit, MI	5.0	3.5	2542	$2,500	$0.98	24d	1	1.27mi
14011 Roselawn St Detroit, MI	4.0	1.5	1300	$1,450	$1.12	4d	1	1.30mi
14011 Roselawn St Detroit, MI	4.0	1.5	1300	$1,450	$1.12	19d	1	1.30mi
2463 Taylor St Detroit, MI	3.0	1.0	1350	$1,100	$0.81	46d	1	1.42mi
3220 Gladstone St Detroit, MI	3.0	1.0	1248	$1,200	$0.96	46d	1	1.42mi
12303 Cloverlawn St Detroit, MI	3.0	1.5	1454	$1,400	$0.96	46d	1	1.43mi
8951 La Salle Blvd Detroit, MI	4.0	2.5	2440	$2,500	$1.02	4d	1	1.43mi
8951 La Salle Blvd Detroit, MI	5.0	2.5	2440	$2,500	$1.02	17d	1	1.43mi
8951 La Salle Blvd Unit NA Detroit, MI	4.0	2.5	2440	$2,500	$1.02	0d	1	1.43mi
2254 Taylor St Unit Taylor St unit Detroit, MI	3.0	1.0	1307	$1,550	$1.19	5d	1	1.45mi
13979 Cherrylawn St Detroit, MI	3.0	1.0	1296	$1,334	$1.03	22d	1	1.46mi
2302 Hazelwood St Unit 1 Detroit, MI	3.0	1.0	1550	$1,273	$0.82	26d	1	1.49mi
3786 Carter St Unit 2 Detroit, MI	3.0	1.0	1400	$1,100	$0.79	26d	1	1.50mi

Listing history 15 events

1. 2026-06-04
   days on market $165,000 Active 124 DOM
2. 2026-06-03
   days on market $165,000 Active 123 DOM
3. 2026-06-02
   price $165,000 Active 121 DOM
4. 2026-06-01
   days on market $170,000 Active 121 DOM
5. 2026-05-31
   days on market $170,000 Active 120 DOM
6. 2026-05-12
   price $185,000 446-char remark

   Show marketing remark (446 chars)

   Here is a handsomely renovated Tudor in Dexter Linwood. This Four bedroom 1.5 bathroom home has a nice open first floor plan with man upgrades. The plumbing, electrical, heating have all been updated in the past Five years. There is a Two car garage and a large basement for storage and laundry. There is room to add a Third bedroom if you finish the Third floor as well. Property sold AS IS . Showings only Monday thru Friday between 2pm-4:30pm.

7. 2026-05-12
   price $185,000 446-char remark

   Show marketing remark (446 chars)

   Here is a handsomely renovated Tudor in Dexter Linwood. This Four bedroom 1.5 bathroom home has a nice open first floor plan with man upgrades. The plumbing, electrical, heating have all been updated in the past Five years. There is a Two car garage and a large basement for storage and laundry. There is room to add a Third bedroom if you finish the Third floor as well. Property sold AS IS . Showings only Monday thru Friday between 2pm-4:30pm.

8. 2026-04-24
   price $188,000 446-char remark

   Show marketing remark (446 chars)

   Here is a handsomely renovated Tudor in Dexter Linwood. This Four bedroom 1.5 bathroom home has a nice open first floor plan with man upgrades. The plumbing, electrical, heating have all been updated in the past Five years. There is a Two car garage and a large basement for storage and laundry. There is room to add a Third bedroom if you finish the Third floor as well. Property sold AS IS . Showings only Monday thru Friday between 2pm-4:30pm.

9. 2026-04-23
   price $188,000 446-char remark

   Show marketing remark (446 chars)

   Here is a handsomely renovated Tudor in Dexter Linwood. This Four bedroom 1.5 bathroom home has a nice open first floor plan with man upgrades. The plumbing, electrical, heating have all been updated in the past Five years. There is a Two car garage and a large basement for storage and laundry. There is room to add a Third bedroom if you finish the Third floor as well. Property sold AS IS . Showings only Monday thru Friday between 2pm-4:30pm.

10. 2026-04-12
    price $198,000 446-char remark

    Show marketing remark (446 chars)

    Here is a handsomely renovated Tudor in Dexter Linwood. This Four bedroom 1.5 bathroom home has a nice open first floor plan with man upgrades. The plumbing, electrical, heating have all been updated in the past Five years. There is a Two car garage and a large basement for storage and laundry. There is room to add a Third bedroom if you finish the Third floor as well. Property sold AS IS . Showings only Monday thru Friday between 2pm-4:30pm.

11. 2026-04-11
    price $198,000 446-char remark

    Show marketing remark (446 chars)

    Here is a handsomely renovated Tudor in Dexter Linwood. This Four bedroom 1.5 bathroom home has a nice open first floor plan with man upgrades. The plumbing, electrical, heating have all been updated in the past Five years. There is a Two car garage and a large basement for storage and laundry. There is room to add a Third bedroom if you finish the Third floor as well. Property sold AS IS . Showings only Monday thru Friday between 2pm-4:30pm.

12. 2026-02-25
    price $199,000 446-char remark

    Show marketing remark (446 chars)

    Here is a handsomely renovated Tudor in Dexter Linwood. This Four bedroom 1.5 bathroom home has a nice open first floor plan with man upgrades. The plumbing, electrical, heating have all been updated in the past Five years. There is a Two car garage and a large basement for storage and laundry. There is room to add a Third bedroom if you finish the Third floor as well. Property sold AS IS . Showings only Monday thru Friday between 2pm-4:30pm.

13. 2026-02-24
    price $199,000 446-char remark

    Show marketing remark (446 chars)

    Here is a handsomely renovated Tudor in Dexter Linwood. This Four bedroom 1.5 bathroom home has a nice open first floor plan with man upgrades. The plumbing, electrical, heating have all been updated in the past Five years. There is a Two car garage and a large basement for storage and laundry. There is room to add a Third bedroom if you finish the Third floor as well. Property sold AS IS . Showings only Monday thru Friday between 2pm-4:30pm.

14. 2026-01-31
    listed $225,000 Active 446-char remark

    Show marketing remark (446 chars)

    Here is a handsomely renovated Tudor in Dexter Linwood. This Four bedroom 1.5 bathroom home has a nice open first floor plan with man upgrades. The plumbing, electrical, heating have all been updated in the past Five years. There is a Two car garage and a large basement for storage and laundry. There is room to add a Third bedroom if you finish the Third floor as well. Property sold AS IS . Showings only Monday thru Friday between 2pm-4:30pm.

15. 2026-01-31
    listed $225,000 Active 446-char remark

    Show marketing remark (446 chars)

    Here is a handsomely renovated Tudor in Dexter Linwood. This Four bedroom 1.5 bathroom home has a nice open first floor plan with man upgrades. The plumbing, electrical, heating have all been updated in the past Five years. There is a Two car garage and a large basement for storage and laundry. There is room to add a Third bedroom if you finish the Third floor as well. Property sold AS IS . Showings only Monday thru Friday between 2pm-4:30pm.

ⓘ 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 ≥97°F today · 15 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: $18,219
• − Mortgage interest: −$9,243
• − Property taxes: −$2,475
• − Insurance: −$825
• − Repairs & maintenance: −$1,458
• − Management: −$1,458
• − Depreciation: −$4,800
• Taxable loss: −$2,038
• Est. tax savings @ 24.0%: +$489
• After-tax cash flow: $1,199/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

-17.8% since first listed

10 events — show timeline

• 2026-05-12 Price Changed $185,000 MiRealSource-MiMLS
• 2026-05-12 Price Changed $185,000 REALCOMP
• 2026-04-24 Price Changed $188,000 MiRealSource-MiMLS
• 2026-04-23 Price Changed $188,000 REALCOMP
• 2026-04-12 Price Changed $198,000 MiRealSource-MiMLS
• 2026-04-11 Price Changed $198,000 REALCOMP
• 2026-02-25 Price Changed $199,000 MiRealSource-MiMLS
• 2026-02-24 Price Changed $199,000 REALCOMP
• 2026-01-31 Listed $225,000 REALCOMP
• 2026-01-31 Listed $225,000 MiRealSource-MiMLS

Property tax history

-22.0%/yr

Latest (2025): $130 · -96.3% YoY. Source: county tax records.