15017 Wildemere St · Detroit, MI 48238

$59,900

5 bd · 1.0 ba · 1,312 sqft · SingleFamily public records · 398 Days on market

Built 1921 4,356 sqft lot $46/sqft · 48% below area Est $116k · 48% under

---

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 +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

RENOVATED TENANT-OCCUPIED PROPERTY THAT OFFERS 5 BEDROOMS, 2 BEDROOMS AT ENTRY AND 3 UPSTAIRS, 2 FULL BATHS, 1 AT ENTRY, AND 1 UPSTAIRS SPACIOUS LIVING ROOM. THE TENANT PAYS $1000 A MONTH AND IS CURRENT IN PAYMENTS. LOTS ON EITHER SIDE OF THIS PROPERTY CAN BE PURCHASED FROM THE CITY OF DETROIT TO INCREASE YOUR REAL ESTATE PORTFOLIO.

Key facts

• 4,356 sq ft lot
• Built 1921
• Listed 397 days

🏷️ Possibly a rental listed for sale. The $59,900 price doesn't fit this home's estimated sale value (~$116,021) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $782 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.0% 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 (+6.1%/yr); 348 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 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 $1,556/mo this rent would consume 56% 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 $414 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 + 6.1% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 398 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y 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 $10k; list at $60k implies a 499% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $52,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 398 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 1921 — 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. 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: 2.60% ✓
• Cap rate: 21.96%
• Cash-on-cash: 55.94%
• DSCR: 3.49
• GRM: 3.2

CMA / ARV

• ARV (median comp): $116,021
• List price: $59,900
• Delta: -48.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15750 Fairfield St	0.43mi	4/1.0 (-1)	1,188 (-10%)	21mo	$85,000	$72	42
2493 Ford St	0.59mi	4/1.0 (-1)	1,484 (+13%)	22mo	$29,900	$20	27

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: 57.9%
• Equity multiple: 3.70×
• Total profit: $45,202
• Equity at exit: $8,931

10-year hold

• IRR: 64.0%
• Equity multiple: 8.50×
• Total profit: $125,849
• Equity at exit: $5,179

Cash invested: $16,772 (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 48238

• Home prices YoY: -14.4%
• Rents YoY: 6.1%
• Active inventory: 348
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,556 high
• Mortgage (P&I): −$314
• Tax from tax record: −$108 /mo · $1,298/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $782

Break-even live

Break-even rent $566

Max offer price $59,900

Occupancy floor 45%

Sensitivity live

Price	-10% $816	-5% $799	+0% $782	+5% $765	+10% $748
Rent	-10% $659	-5% $720	+0% $782	+5% $843	+10% $905
Rate	-1.0pp $812	-0.5pp $797	base $782	+0.5pp $766	+1.0pp $751

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3040 Kendall St Detroit, MI	5.0	1.0	1188	$1,386	$1.17	13d	1	0.35mi
13620 Tuller St Detroit, MI	4.0	1.0	1064	$1,374	$1.29	13d	1	1.15mi
4341 Glendale St Detroit, MI	4.0	2.5	1832	$1,680	$0.92	5d	1	1.18mi
14011 Roselawn St Detroit, MI	4.0	1.5	1300	$1,450	$1.12	2d	1	1.23mi
14011 Roselawn St Detroit, MI	4.0	1.5	1300	$1,450	$1.12	18d	1	1.23mi
Ohio St Unit 4 Detroit, MI	4.0	1.5	1400	$750	$0.54	44d	1	1.25mi
14242 Ohio St Detroit, MI	4.0	1.0	1400	$1,000	$0.71	44d	1	1.31mi

Listing history 25 events

1. 2026-06-21
   days on market $59,900 Active 398 DOM
2. 2026-06-18
   days on market $59,900 Active 395 DOM
3. 2026-06-17
   days on market $59,900 Active 394 DOM
4. 2026-06-15
   days on market $59,900 Active 392 DOM
5. 2026-06-13
   days on market $59,900 Active 390 DOM
6. 2026-06-13
   days on market $59,900 Active 389 DOM
7. 2026-06-09
   days on market $59,900 Active 386 DOM
8. 2026-06-08
   days on market $59,900 Active 385 DOM
9. 2026-06-07
   days on market $59,900 Active 384 DOM
10. 2026-06-04
    days on market $59,900 Active 381 DOM
11. 2026-06-03
    days on market $59,900 Active 380 DOM
12. 2026-06-01
    days on market $59,900 Active 378 DOM
13. 2026-05-31
    days on market $59,900 Active 377 DOM
14. 2025-05-19
    listed $59,900 Active 334-char remark

    Show marketing remark (334 chars)

    RENOVATED TENANT-OCCUPIED PROPERTY THAT OFFERS 5 BEDROOMS, 2 BEDROOMS AT ENTRY AND 3 UPSTAIRS, 2 FULL BATHS, 1 AT ENTRY, AND 1 UPSTAIRS SPACIOUS LIVING ROOM. THE TENANT PAYS $1000 A MONTH AND IS CURRENT IN PAYMENTS. LOTS ON EITHER SIDE OF THIS PROPERTY CAN BE PURCHASED FROM THE CITY OF DETROIT TO INCREASE YOUR REAL ESTATE PORTFOLIO.

15. 2025-05-19
    listed $59,900 Active 334-char remark

    Show marketing remark (334 chars)

    RENOVATED TENANT-OCCUPIED PROPERTY THAT OFFERS 5 BEDROOMS, 2 BEDROOMS AT ENTRY AND 3 UPSTAIRS, 2 FULL BATHS, 1 AT ENTRY, AND 1 UPSTAIRS SPACIOUS LIVING ROOM. THE TENANT PAYS $1000 A MONTH AND IS CURRENT IN PAYMENTS. LOTS ON EITHER SIDE OF THIS PROPERTY CAN BE PURCHASED FROM THE CITY OF DETROIT TO INCREASE YOUR REAL ESTATE PORTFOLIO.

16. 2024-12-16
    historical
17. 2024-12-16
    historical
18. 2021-12-06
    listed $65,000 Active
19. 2021-12-05
    listed $65,000 Active
20. 2021-12-05
    historical
21. 2021-12-05
    historical
22. 2020-02-26
    soldstatus $10,000 Sold
23. 2020-02-26
    soldstatus $10,000 Closed
24. 2019-11-13
    listed $15,900 Active
25. 2019-11-13
    listed $15,900 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: $1,298 · $108/mo
• Projected year-2 tax: $1,298 · $108/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 2/10 Low 6 d/yr ≥97°F today · 13 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: $18,669
• − Mortgage interest: −$3,355
• − Property taxes: −$1,298
• − Insurance: −$300
• − Repairs & maintenance: −$1,494
• − Management: −$1,494
• − Depreciation: −$1,743
• Taxable income: $8,987
• Est. tax owed @ 24.0%: −$2,157
• After-tax cash flow: $7,225/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

+276.7% since first listed

12 events — show timeline

• 2025-05-19 Listed $59,900 REALCOMP
• 2025-05-19 Listed $59,900 MiRealSource-MiMLS
• 2024-12-16 Listing Removed — MiRealSource-MiMLS
• 2024-12-16 Listing Removed — REALCOMP
• 2021-12-06 Listed $65,000 REALCOMP
• 2021-12-05 Listed $65,000 MiRealSource-MiMLS
• 2021-12-05 Coming Soon — MiRealSource-MiMLS
• 2021-12-05 Coming Soon — REALCOMP
• 2020-02-26 Sold (MLS) $10,000 MiRealSource-MiMLS
• 2020-02-26 Sold (MLS) $10,000 REALCOMP
• 2019-11-13 Listed $15,900 MiRealSource-MiMLS
• 2019-11-13 Listed $15,900 REALCOMP

Property tax history

+4.9%/yr

Latest (2025): $1,298 · -54.0% YoY. Source: county tax records.