15260 Faircrest St · Detroit, MI 48205

$49,900

2 bd · 1.0 ba · 942 sqft · SingleFamily public records · 35 Days on market

Built 1930 5,227 sqft lot $53/sqft · 7% below area Est $54k · 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
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 15206 Faircrest! This beautifully refreshed 2-bedroom, 1-bath home is the perfect opportunity for a first-time buyer or savvy investor. Featuring major upgrades including a brand new roof, gutters, updated plumbing and electrical, a new storm door, and a newly built front porch, this home combines charm with peace of mind. The inviting layout and thoughtful improvements make it move-in ready while still offering great value. Whether you're looking to start your homeownership journey or add to your investment portfolio, this property is a fantastic find.

Key facts

• 5,227 sq ft lot
• Built 1930
• Listed 35 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $524 ($6k/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: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.9% 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 (+1.3%/yr); 376 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 37% of the median local income ($39k/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 $345 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 + 1.3% 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 35 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 4 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.
• Current owner paid $18k; list at $50k implies a 185% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $48,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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 1930 — 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: 2.43% ✓
• Cap rate: 18.89%
• Cash-on-cash: 44.97%
• DSCR: 3.00
• GRM: 3.4

CMA / ARV

• ARV (median comp): $53,655
• List price: $49,900
• Delta: -7.00%
• 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
15260 Faircrest St	0.00mi	2/1.0	942 (0%)	1mo	$35,000	$37	100
12843 Payton St	0.53mi	3/1.0 (+1)	934 (-1%)	4mo	$38,000	$41	65
15017 Lappin St	0.38mi	3/1.0 (+1)	1,008 (+7%)	2mo	$60,000	$60	64
15834 Novara St	0.58mi	3/1.0 (+1)	929 (-1%)	4mo	$90,000	$97	62
12056 Duchess St	0.64mi	3/1.0 (+1)	950 (+1%)	3mo	$30,000	$32	61
12660 Duchess St	0.67mi	3/1.0 (+1)	974 (+3%)	2mo	$55,000	$56	56
19249 Kelly Rd	0.73mi	2/1.0	985 (+5%)	3mo	$27,500	$28	56
12893 Payton St	0.55mi	3/1.0 (+1)	1,020 (+8%)	2mo	$75,000	$74	54
12641 Kelly Rd	0.60mi	2/1.0	840 (-11%)	5mo	$15,000	$18	50
15037 E State Fair St	0.74mi	3/1.0 (+1)	992 (+5%)	4mo	$27,500	$28	48
12897 Riad St	0.64mi	3/1.0 (+1)	831 (-12%)	2mo	$63,000	$76	44
11830 Riad St	0.72mi	2/1.0	1,076 (+14%)	5mo	$42,000	$39	39

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 · 1.33% rent growth · sell at horizon

5-year hold

• IRR: 40.0%
• Equity multiple: 2.67×
• Total profit: $23,334
• Equity at exit: $7,440

10-year hold

• IRR: 45.5%
• Equity multiple: 4.98×
• Total profit: $55,609
• Equity at exit: $4,314

Cash invested: $13,972 (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 48205

• Home prices YoY: -28.1%
• Rents YoY: 1.3%
• Active inventory: 376
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,213 high
• Mortgage (P&I): −$262
• Tax from tax record: −$152 /mo · $1,822/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $524

Break-even live

Break-even rent $550

Max offer price $49,900

Occupancy floor 52%

Sensitivity live

Price	-10% $552	-5% $538	+0% $524	+5% $510	+10% $495
Rent	-10% $428	-5% $476	+0% $524	+5% $572	+10% $619
Rate	-1.0pp $549	-0.5pp $536	base $524	+0.5pp $511	+1.0pp $498

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15494 Mapleridge St Detroit, MI	3.0	1.0	937	$1,275	$1.36	45d	1	0.26mi
15238 Seymour St Detroit, MI	3.0	1.0	1064	$1,300	$1.22	0d	1	0.35mi
15010 Cedargrove St Detroit, MI	3.0	1.5	1018	$1,350	$1.33	45d	1	0.49mi
15909 Maddelein St Detroit, MI	3.0	1.0	894	$1,266	$1.42	45d	1	0.52mi
12716 Riad St Detroit, MI	3.0	1.0	974	$1,275	$1.31	19d	1	0.59mi
12201 Morang Ave Unit 8 Detroit, MI	2.0	1.0	610	$875	$1.43	45d	1	0.62mi
14461 Lappin St Detroit, MI	3.0	1.5	989	$1,150	$1.16	19d	1	0.63mi
16212 Maddelein St Detroit, MI	2.0	1.0	800	$1,200	$1.50	14d	1	0.64mi
16241 Seven Mile E Unit 4 Detroit, MI	1.0	1.0	650	$650	$1.00	45d	1	0.64mi
15030 Rossini Dr Unit 2 Detroit, MI	1.0	1.0	720	$800	$1.11	45d	1	0.80mi
11776 Rossiter St Detroit, MI	3.0	1.0	964	$1,150	$1.19	13d	1	0.90mi
19144 Moross Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	0.91mi
11611 Morang Ave Detroit, MI	1.0–2.0	1.0	709	$1,040	$1.47	45d	1	0.92mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	16d	1	0.93mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	45d	1	0.93mi
11529 Roxbury St Detroit, MI	2.0	1.0	720	$1,200	$1.67	14d	1	1.00mi
14103 Rochelle Ave Unit 3 Detroit, MI	1.0	1.0	700	$800	$1.14	45d	1	1.00mi
11235 Roxbury St Detroit, MI	3.0	1.0	1062	$1,325	$1.25	19d	1	1.02mi
13669 Pfent St Detroit, MI	3.0	2.0	1031	$1,374	$1.33	19d	1	1.09mi
16291 Eastburn St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	26d	1	1.14mi
19152 Woodside St Harper Woods, MI	3.0	1.0	916	$1,500	$1.64	19d	1	1.15mi
19442 Kingsville St Harper Woods, MI	3.0	1.0	1000	$1,500	$1.50	19d	1	1.16mi
13503 E McNichols Rd Unit 7 Detroit, MI	1.0	1.0	750	$800	$1.07	19d	1	1.17mi
10644 Stratman St Detroit, MI	2.0	1.0	1000	$1,200	$1.20	19d	1	1.20mi
19639 Moross Rd Unit 1 Detroit, MI	2.0	1.0	900	$1,100	$1.22	45d	1	1.21mi
15663 Carlisle St Detroit, MI	2.0	1.0	803	$1,050	$1.31	16d	1	1.21mi
16410 Edmore Dr Detroit, MI	3.0	1.0	850	$1,250	$1.47	16d	1	1.25mi
19220 Alcoy St Detroit, MI	3.0	1.0	1023	$1,350	$1.32	19d	1	1.30mi
10404 Somerset Ave Detroit, MI	3.0	1.0	1108	$1,475	$1.33	5d	1	1.31mi
19661 Kenosha St Harper Woods, MI	3.0	2.0	1000	$1,400	$1.40	26d	1	1.32mi
18119 Joann St Detroit, MI	2.0	1.0	800	$1,100	$1.38	26d	1	1.34mi
14068 Carlisle St Detroit, MI	3.0	1.0	1020	$1,300	$1.27	26d	1	1.36mi
18624 Fairport St Detroit, MI	3.0	1.0	874	$1,450	$1.66	23d	1	1.37mi
18624 Fairport St Unit NA Detroit, MI	3.0	1.0	924	$1,450	$1.57	26d	1	1.37mi
10692 Meuse St Detroit, MI	3.0	1.0	955	$1,250	$1.31	14d	1	1.37mi
10400 Britain St Detroit, MI	3.0	1.0	890	$1,100	$1.24	45d	1	1.38mi
10141 Roxbury St Detroit, MI	3.0	1.0	1115	$1,000	$0.90	45d	1	1.40mi
10370 Britain St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	45d	1	1.40mi
10177 Boleyn St Detroit, MI	3.0	1.0	767	$1,250	$1.63	45d	1	1.42mi
19982 McCormick St Detroit, MI	3.0	1.0	866	$1,200	$1.39	5d	1	1.42mi

Listing history 12 events

1. 2026-05-12
   status Pending 570-char remark

   Show marketing remark (570 chars)

   Welcome to 15206 Faircrest! This beautifully refreshed 2-bedroom, 1-bath home is the perfect opportunity for a first-time buyer or savvy investor. Featuring major upgrades including a brand new roof, gutters, updated plumbing and electrical, a new storm door, and a newly built front porch, this home combines charm with peace of mind. The inviting layout and thoughtful improvements make it move-in ready while still offering great value. Whether you're looking to start your homeownership journey or add to your investment portfolio, this property is a fantastic find.

2. 2026-05-12
   status Pending 570-char remark

   Show marketing remark (570 chars)

   Welcome to 15206 Faircrest! This beautifully refreshed 2-bedroom, 1-bath home is the perfect opportunity for a first-time buyer or savvy investor. Featuring major upgrades including a brand new roof, gutters, updated plumbing and electrical, a new storm door, and a newly built front porch, this home combines charm with peace of mind. The inviting layout and thoughtful improvements make it move-in ready while still offering great value. Whether you're looking to start your homeownership journey or add to your investment portfolio, this property is a fantastic find.

3. 2026-04-08
   listed $49,900 Active 570-char remark

   Show marketing remark (570 chars)

   Welcome to 15206 Faircrest! This beautifully refreshed 2-bedroom, 1-bath home is the perfect opportunity for a first-time buyer or savvy investor. Featuring major upgrades including a brand new roof, gutters, updated plumbing and electrical, a new storm door, and a newly built front porch, this home combines charm with peace of mind. The inviting layout and thoughtful improvements make it move-in ready while still offering great value. Whether you're looking to start your homeownership journey or add to your investment portfolio, this property is a fantastic find.

4. 2026-04-08
   listed $49,900 Active 570-char remark

   Show marketing remark (570 chars)

   Welcome to 15206 Faircrest! This beautifully refreshed 2-bedroom, 1-bath home is the perfect opportunity for a first-time buyer or savvy investor. Featuring major upgrades including a brand new roof, gutters, updated plumbing and electrical, a new storm door, and a newly built front porch, this home combines charm with peace of mind. The inviting layout and thoughtful improvements make it move-in ready while still offering great value. Whether you're looking to start your homeownership journey or add to your investment portfolio, this property is a fantastic find.

5. 2026-04-07
   historical $49,900 570-char remark

   Show marketing remark (570 chars)

   Welcome to 15206 Faircrest! This beautifully refreshed 2-bedroom, 1-bath home is the perfect opportunity for a first-time buyer or savvy investor. Featuring major upgrades including a brand new roof, gutters, updated plumbing and electrical, a new storm door, and a newly built front porch, this home combines charm with peace of mind. The inviting layout and thoughtful improvements make it move-in ready while still offering great value. Whether you're looking to start your homeownership journey or add to your investment portfolio, this property is a fantastic find.

6. 2024-08-15
   soldstatus $17,500 Sold
7. 2024-08-15
   soldstatus $17,500 Closed
8. 2024-08-06
   status Pending
9. 2024-08-06
   status Pending
10. 2024-07-26
    listed $10,000 Active
11. 2024-07-23
    listed $10,000 Active
12. 1995-10-02
    soldstatus $32,000

ⓘ 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: $1,822 · $152/mo
• Projected year-2 tax: $1,822 · $152/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 ≥95°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: $14,551
• − Mortgage interest: −$2,795
• − Property taxes: −$1,822
• − Insurance: −$250
• − Repairs & maintenance: −$1,164
• − Management: −$1,164
• − Depreciation: −$1,452
• Taxable income: $5,905
• Est. tax owed @ 24.0%: −$1,417
• After-tax cash flow: $4,867/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): 34,187
• Household income: $38,966
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 2121.0

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 (93%)
• Race & ethnicity: Black 93% White 3% Two or more races 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▼ -91.80%
• Current HPI: 235.0926
• Rent YoY: ▲ 1.33%
• 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

+55.9% since first listed

12 events — show timeline

• 2026-05-12 Pending — MiRealSource-MiMLS
• 2026-05-12 Pending — REALCOMP
• 2026-04-08 Listed $49,900 MiRealSource-MiMLS
• 2026-04-08 Listed $49,900 REALCOMP
• 2026-04-07 Coming Soon $49,900 MiRealSource-MiMLS
• 2024-08-15 Sold (MLS) $17,500 MiRealSource-MiMLS
• 2024-08-15 Sold (MLS) $17,500 REALCOMP
• 2024-08-06 Pending — MiRealSource-MiMLS
• 2024-08-06 Pending — REALCOMP
• 2024-07-26 Listed $10,000 REALCOMP
• 2024-07-23 Listed $10,000 MiRealSource-MiMLS
• 1995-10-02 Sold (Public Records) $32,000 Public Records

Property tax history

+0.7%/yr

Latest (2025): $1,822 · +122.9% YoY. Source: county tax records.