15703 Ardmore St · Detroit, MI 48227

$103,000

4 bd · 2.0 ba · 2,029 sqft · MultiFamily · 115 Days on market

Built 1927 Fair condition 3,485 sqft lot $51/sqft · 7% below area Est $111k · 7% 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 +10.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.9/5.0
• Livability +3.7/5.0
• Condition / age +2.2/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This well-maintained property features spacious living areas, plenty of natural light, and lasting character in a desirable location close to shopping, dining, and major roadways. Ideal for house-hacking - live in one unit while generating rental income from the other - or as a strong addition to your investment portfolio. Offers income potential from day one and is currently tenant-occupied.

Key facts

• Tenant occupied
• Income potential
• Desirable location

Tags

• NATURAL LIGHT
• DESIRABLE LOCATION
• INCOME POTENTIAL
• TENANT OCCUPIED

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $103k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $541 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $103k).
• Recommended offer: $94k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 10.2% in Detroit — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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); 385 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $1,586/mo this rent would consume 52% of the median local household income ($37k/yr) (locally 2371% 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 $712 of loan paydown is wiped out by about $3k 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 $29k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• 7 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 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $93,730 (9.0% below list)

Questions for the listing agent

1. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.54% ✓
• Cap rate: 12.60%
• Cash-on-cash: 22.51%
• DSCR: 2.00
• GRM: 5.4

CMA / ARV

• ARV (median comp): $110,696
• List price: $103,000
• Delta: -6.95%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15780 Stansbury St	0.17mi	4/2.0	1,824 (-10%)	1mo	$23,500	$13	74
15355 Ward St	0.58mi	4/2.0	2,043 (+1%)	5mo	$110,000	$54	68
15468 Sussex St	0.51mi	4/2.0	2,096 (+3%)	5mo	$125,000	$60	66
15425 Sorrento St	0.62mi	4/3.0	2,052 (+1%)	4mo	$145,000	$71	62
14961 Strathmoor St	0.47mi	4/2.0	1,819 (-10%)	1mo	$110,000	$60	60
15443 Whitcomb St	0.62mi	4/2.5	1,944 (-4%)	7mo	$82,000	$42	57
16143 Cheyenne St	0.58mi	5/2.0 (+1)	1,928 (-5%)	5mo	$149,500	$78	55
14951 Strathmoor St	0.47mi	4/2.0	1,824 (-10%)	7mo	$148,000	$81	55
15415 Sorrento St	0.62mi	4/2.0	2,052 (+1%)	22mo	$175,000	$85	51
15438 Stansbury St	0.17mi	4/5.0	1,873 (-8%)	20mo	$35,000	$19	51
15751-53 Greenfield Rd	0.73mi	4/2.0	2,004 (-1%)	20mo	$80,000	$40	47
16567 Littlefield St	0.65mi	4/2.0	1,863 (-8%)	22mo	$145,000	$78	38

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: 18.3%
• Equity multiple: 1.76×
• Total profit: $22,034
• Equity at exit: $15,358

10-year hold

• IRR: 28.4%
• Equity multiple: 3.84×
• Total profit: $82,005
• Equity at exit: $8,906

Cash invested: $28,840 (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: 385
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,586 high
• Mortgage (P&I): −$540
• Tax est. 1.5%: −$129 /mo · $1,545/yr
• Insurance: −$43
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $541

Break-even live

Break-even rent $901

Max offer price $103,000

Occupancy floor 61%

Sensitivity live

Price	-10% $612	-5% $577	+0% $541	+5% $505	+10% $470
Rent	-10% $416	-5% $478	+0% $541	+5% $604	+10% $666
Rate	-1.0pp $593	-0.5pp $567	base $541	+0.5pp $514	+1.0pp $487

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: $25,750
• Closing costs: $3,090
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15762 Mark Twain St Detroit, MI	3.0	2.0	1430	$1,250	$0.87	17d	1	0.10mi
16505 Stansbury St Detroit, MI	3.0	1.0	1700	$1,345	$0.79	44d	1	0.42mi
16230 Cheyenne St Detroit, MI	3.0	1.0	1653	$1,450	$0.88	44d	1	0.63mi
16837 Winthrop St Detroit, MI	5.0	2.0	1500	$2,000	$1.33	20d	1	1.02mi
14669 Rutherford St Detroit, MI	4.0	2.0	2359	$1,950	$0.83	44d	1	1.20mi
16210 Ferguson St Detroit, MI	4.0	2.0	1493	$1,750	$1.17	4d	1	1.29mi
14800 Woodmont Ave Detroit, MI	3.0	2.0	1612	$1,525	$0.95	15d	1	1.32mi
16211 Kentucky St Detroit, MI	4.0	2.0	2168	$1,995	$0.92	18d	1	1.37mi
16934 Ilene St Detroit, MI	3.0	1.5	1516	$1,400	$0.92	20d	1	1.37mi

Listing history 27 events

1. 2026-06-18
   days on market $103,000 Active 115 DOM
2. 2026-06-17
   days on market $103,000 Active 114 DOM
3. 2026-06-15
   pricedays on market $103,000 Active 112 DOM
4. 2026-06-13
   days on market $104,000 Active 110 DOM
5. 2026-06-13
   days on market $104,000 Active 109 DOM
6. 2026-06-09
   days on market $104,000 Active 106 DOM
7. 2026-06-08
   days on market $104,000 Active 105 DOM
8. 2026-06-07
   days on market $104,000 Active 104 DOM
9. 2026-06-04
   days on market $104,000 Active 101 DOM
10. 2026-06-03
    days on market $104,000 Active 100 DOM
11. 2026-06-01
    days on market $104,000 Active 98 DOM
12. 2026-05-31
    days on market $104,000 Active 97 DOM
13. 2026-05-04
    price $104,000 395-char remark

    Show marketing remark (403 chars)

    This well-maintained property features spacious living areas, plenty of natural light, and lasting character in a desirable location close to shopping, dining, and major roadways. Ideal for house-hacking—live in one unit while generating rental income from the other—or as a strong addition to your investment portfolio. Offers income potential from day one and is currently tenant-occupied.

14. 2026-05-04
    price $104,000 403-char remark

    Show marketing remark (403 chars)

    This well-maintained property features spacious living areas, plenty of natural light, and lasting character in a desirable location close to shopping, dining, and major roadways. Ideal for house-hacking—live in one unit while generating rental income from the other—or as a strong addition to your investment portfolio. Offers income potential from day one and is currently tenant-occupied.

15. 2026-02-23
    listed $105,000 Active 403-char remark

    Show marketing remark (395 chars)

    This well-maintained property features spacious living areas, plenty of natural light, and lasting character in a desirable location close to shopping, dining, and major roadways. Ideal for house-hacking - live in one unit while generating rental income from the other - or as a strong addition to your investment portfolio. Offers income potential from day one and is currently tenant-occupied.

16. 2026-02-23
    listed $105,000 Active 395-char remark

    Show marketing remark (395 chars)

    This well-maintained property features spacious living areas, plenty of natural light, and lasting character in a desirable location close to shopping, dining, and major roadways. Ideal for house-hacking - live in one unit while generating rental income from the other - or as a strong addition to your investment portfolio. Offers income potential from day one and is currently tenant-occupied.

17. 2026-02-12
    historical
18. 2025-09-10
    status Active
19. 2025-09-10
    status Active
20. 2025-08-18
    historical
21. 2025-08-18
    price $105,000
22. 2025-08-18
    price $105,000
23. 2025-08-18
    historical
24. 2025-08-11
    listed $89,999 Active
25. 2025-08-11
    listed $89,999 Active
26. 2024-09-20
    historical
27. 2024-05-03
    listed $95,000 Active

ⓘ 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 · 14 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: $19,031
• − Mortgage interest: −$5,770
• − Property taxes: −$1,545
• − Insurance: −$515
• − Repairs & maintenance: −$1,522
• − Management: −$1,522
• − Depreciation: −$2,996
• Taxable income: $5,160
• Est. tax owed @ 24.0%: −$1,238
• After-tax cash flow: $5,254/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.

Condition & rehab AI · 10 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to its kitchen and bathrooms, as well as exterior improvements. Upgrading these areas would significantly increase its value for both resale and rental.

Repairs flagged

• Major Kitchen cabinets — The cabinets are outdated and in poor condition.
• Major Kitchen countertop — The countertop is worn and in poor condition.
• Major Kitchen backsplash — The backsplash is outdated and in poor condition.
• Major Bathroom fixtures — The fixtures are outdated and in poor condition.
• Major Bathroom flooring — The flooring is worn and in poor condition.
• Moderate Exterior siding — The siding is in fair condition but shows signs of wear and tear.
• Major Landscaping — The landscaping is sparse and in need of maintenance.

Value-add opportunities

• Both Kitchen renovation — A new kitchen with updated cabinetry, countertop, and backsplash would significantly increase the home's value for both resale and rental.
• Both Bathroom renovation — Upgrading the bathrooms with new fixtures and flooring would significantly increase the home's value for both resale and rental.
• Both Exterior siding and landscaping — Renovating the exterior siding and improving the landscaping would enhance the home's curb appeal and increase its value for both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · The cabinets are outdated and in poor condition.	Major	$15,000–50,000
Kitchen countertop · The countertop is worn and in poor condition.	Major	$15,000–50,000
Kitchen backsplash · The backsplash is outdated and in poor condition.	Major	$15,000–50,000
Bathroom fixtures · The fixtures are outdated and in poor condition.	Major	$15,000–50,000
Bathroom flooring · The flooring is worn and in poor condition.	Major	$15,000–50,000
Exterior siding · The siding is in fair condition but shows signs of wear and tear.	Moderate	$3,000–15,000
Landscaping · The landscaping is sparse and in need of maintenance.	Major	$15,000–50,000
Total estimated repair cost · 7 items		$93,000–315,000

Value-add ROI direction

• Both Kitchen renovation — A new kitchen with updated cabinetry, countertop, and backsplash would significantly increase the home's value for both resale and rental. ↑
• Both Bathroom renovation — Upgrading the bathrooms with new fixtures and flooring would significantly increase the home's value for both resale and rental. ↑
• Both Exterior siding and landscaping — Renovating the exterior siding and improving the landscaping would enhance the home's curb appeal and increase its value for both resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+9.5% since first listed

15 events — show timeline

• 2026-05-04 Price Changed $104,000 MiRealSource-MiMLS
• 2026-05-04 Price Changed $104,000 REALCOMP
• 2026-02-23 Listed $105,000 REALCOMP
• 2026-02-23 Listed $105,000 MiRealSource-MiMLS
• 2026-02-12 Listing Removed — MiRealSource-MiMLS
• 2025-09-10 Relisted — MiRealSource-MiMLS
• 2025-09-10 Relisted — REALCOMP
• 2025-08-18 Listing Removed — REALCOMP
• 2025-08-18 Price Changed $105,000 REALCOMP
• 2025-08-18 Price Changed $105,000 MiRealSource-MiMLS
• 2025-08-18 Listing Removed — MiRealSource-MiMLS
• 2025-08-11 Listed $89,999 REALCOMP
• 2025-08-11 Listed $89,999 MiRealSource-MiMLS
• 2024-09-20 Listing Removed — MiRealSource-MiMLS
• 2024-05-03 Listed $95,000 MiRealSource-MiMLS