15001 Freeland St · Detroit, MI 48227

$34,900

2 bd · 1.0 ba · 713 sqft · SingleFamily public records · 36 Days on market

Built 1938 3,485 sqft lot $49/sqft · 19% below area Est $43k · 19% under ↓ 3% since listing

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

Listing remarks MLS

2 BED ROOMS, 1 BATHROOM WITH BASEMENT BRICK HOUSE. HAS MANY POTENTIALS . CORNER HOUSE. NEEDS REPAIRS AND UPDATES .

Key facts

• 3,485 sq ft lot
• Built 1938
• Listed 36 days

Property features AI

Exterior

• Utilities: Public water; Natural gas available; Electricity available
• Home design: Ranch-style single family residence; Built in 1938
• Construction: Brick construction
• Exterior features: 0.08 acre lot

Interior

• Kitchen: Kitchen (12 x 10)
• Bedrooms: Primary bedroom (11 x 10); Second bedroom (11 x 10)
• Bathrooms: 1 full bathroom (5 x 3)
• Heating & cooling: Forced air heating
• Interior features: Insulated windows; Fireplace
• Laundry & utility: Natural gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $490 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($976 rent vs $35k).
• Recommended offer: $34k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.1% 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 (+5.6%/yr); 385 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% 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 32% 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 $241 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 + 5.6% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• 5 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 $29k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $33,853 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 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 1938 — 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: 2.80% ✓
• Cap rate: 23.14%
• Cash-on-cash: 60.18%
• DSCR: 3.68
• GRM: 3.0

CMA / ARV

• ARV (median comp): $42,983
• List price: $34,900
• Delta: -18.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14814 Lesure St	0.30mi	2/1.0	761 (+7%)	1mo	$43,000	$57	74
14409 Cruse St	0.41mi	2/1.0	720 (+1%)	13mo	$65,000	$90	68
15500 Strathmoor St	0.38mi	2/1.0	755 (+6%)	11mo	$60,000	$79	63
14559 Snowden St	0.53mi	2/1.0	745 (+4%)	13mo	$70,000	$94	57
14345 Ardmore St	0.46mi	2/1.0	690 (-3%)	23mo	$28,750	$42	54
14801 Cheyenne St NW	0.58mi	2/1.0	757 (+6%)	18mo	$65,000	$86	48
14538 Littlefield St	0.61mi	2/1.0	768 (+8%)	18mo	$43,000	$56	44
15746 Coyle St	0.61mi	3/1.0 (+1)	814 (+14%)	5mo	$41,500	$51	39
15808 Coyle St	0.67mi	3/1.0 (+1)	811 (+14%)	8mo	$70,000	$86	35

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: 62.0%
• Equity multiple: 3.89×
• Total profit: $28,208
• Equity at exit: $5,204

10-year hold

• IRR: 67.5%
• Equity multiple: 8.80×
• Total profit: $76,211
• Equity at exit: $3,018

Cash invested: $9,772 (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: 3.0×

Monthly cashflow live

• Estimated rent: $976 medium
• Mortgage (P&I): −$183
• Tax from tax record: −$84 /mo · $1,006/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $490

Break-even live

Break-even rent $356

Max offer price $34,900

Occupancy floor 45%

Sensitivity live

Price	-10% $510	-5% $500	+0% $490	+5% $480	+10% $470
Rent	-10% $413	-5% $452	+0% $490	+5% $529	+10% $567
Rate	-1.0pp $508	-0.5pp $499	base $490	+0.5pp $481	+1.0pp $472

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: $8,725
• Closing costs: $1,047
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14881 Schaefer Hwy Detroit, MI	1.0	1.0	530	$782	$1.48	3d	4	0.35mi
15100 Whitcomb St Detroit, MI	2.0	1.0	750	$925	$1.23	44d	1	0.51mi
14835 Greenfield Rd Detroit, MI	1.0	1.0	650	$825	$1.27	44d	1	0.69mi
16503 Ward Ave Unit 2 Detroit, MI	2.0	1.0	700	$850	$1.21	44d	1	1.02mi

Listing history 15 events

1. 2026-06-07
   statusdays on market $34,900 Pending 36 DOM
2. 2026-06-04
   days on market $34,900 Active 34 DOM
3. 2026-06-03
   days on market $34,900 Active 33 DOM
4. 2026-06-02
   days on market $34,900 Active 32 DOM
5. 2026-06-01
   days on market $34,900 Active 31 DOM
6. 2026-05-31
   days on market $34,900 Active 30 DOM
7. 2026-05-01
   listed $34,900 Active 114-char remark

   Show marketing remark (115 chars)

   2 BED ROOMS, 1 BATHROOM WITH BASEMENT BRICK HOUSE. HAS MANY POTENTIALS . CORNER HOUSE. NEEDS REPAIRS AND UPDATES .

8. 2026-05-01
   listed $34,900 Active 115-char remark

   Show marketing remark (115 chars)

   2 BED ROOMS, 1 BATHROOM WITH BASEMENT BRICK HOUSE. HAS MANY POTENTIALS . CORNER HOUSE. NEEDS REPAIRS AND UPDATES .

9. 2026-05-01
   listed $34,900 Active

   Show marketing remark (115 chars)

   2 BED ROOMS, 1 BATHROOM WITH BASEMENT BRICK HOUSE. HAS MANY POTENTIALS . CORNER HOUSE. NEEDS REPAIRS AND UPDATES .

10. 2026-02-18
    soldstatus $23,500 Closed
11. 2026-02-18
    soldstatus $23,500 Closed
12. 2026-02-09
    status Pending
13. 2026-02-09
    status Pending
14. 2026-01-20
    listed $29,900 Active
15. 2026-01-16
    listed $29,900 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: $1,006 · $84/mo
• Projected year-2 tax: $1,006 · $84/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 ≥98°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: $11,718
• − Mortgage interest: −$1,955
• − Property taxes: −$1,006
• − Insurance: −$174
• − Repairs & maintenance: −$937
• − Management: −$937
• − Depreciation: −$1,015
• Taxable income: $5,693
• Est. tax owed @ 24.0%: −$1,366
• After-tax cash flow: $4,515/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

-3.0% since first listed

15 events — show timeline

• 2026-06-16 Sold (MLS) $29,000 REALCOMP
• 2026-06-16 Sold (MLS) $29,000 MiRealSource-MiMLS
• 2026-06-16 Sold (MLS) $29,000 SW Michigan MLS
• 2026-06-06 Pending — REALCOMP
• 2026-06-06 Pending — MiRealSource-MiMLS
• 2026-06-06 Pending — SW Michigan MLS
• 2026-05-01 Listed $34,900 REALCOMP
• 2026-05-01 Listed $34,900 MiRealSource-MiMLS
• 2026-05-01 Listed $34,900 SW Michigan MLS
• 2026-02-18 Sold (MLS) $23,500 MiRealSource-MiMLS
• 2026-02-18 Sold (MLS) $23,500 REALCOMP
• 2026-02-09 Pending — MiRealSource-MiMLS
• 2026-02-09 Pending — REALCOMP
• 2026-01-20 Listed $29,900 REALCOMP
• 2026-01-16 Listed $29,900 MiRealSource-MiMLS

Property tax history

-1.2%/yr

Latest (2025): $1,006 · +0.3% YoY. Source: county tax records.