15836 Normandy St · Detroit, MI 48238

$20,000

4 bd · 2.5 ba · 2,500 sqft · Townhouse public records · 6 Days on market

Built 1925 4,356 sqft lot ↓ 15% 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Attention Investors! Opportunity awaits with this multifamily property featuring two units - upper and lower - with separate entrances. Ideal for rental income or owner-occupants looking to live in one unit and rent the other. This is a fixer-upper with fire damage, priced to sell and full of potential. With the right updates, it could become a strong cash-flowing asset. Don't miss this value-add investment in a growing market!

Key facts

• Multifamily property
• Two units
• Value-add investment

Tags

• MULTIFAMILY PROPERTY
• TWO UNITS
• SEPARATE ENTRANCES
• FIXER-UPPER
• VALUE-ADD INVESTMENT

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath townhouse listed at $20k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $20k).
• Cap rate 73.8% vs local median 10.1% 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; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $1,598/mo this rent would consume 58% 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 $138 of loan paydown is wiped out by about $600 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 17 sale attempts since 16y 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 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $20,000

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 7.99% ✓
• Cap rate: 73.75%
• Cash-on-cash: 240.92%
• DSCR: 11.72
• GRM: 1.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.14% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 14.14×
• Total profit: $73,599
• Equity at exit: $2,982

10-year hold

• IRR: —
• Equity multiple: 33.00×
• Total profit: $179,188
• Equity at exit: $1,729

Cash invested: $5,600 (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: 1.0×

Monthly cashflow live

• Estimated rent: $1,598 high
• Mortgage (P&I): −$105
• Tax est. 1.5%: −$25 /mo · $300/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $1,124

Break-even live

Break-even rent $175

Max offer price $20,000

Occupancy floor 25%

Sensitivity live

Price	-10% $1,138	-5% $1,131	+0% $1,124	+5% $1,117	+10% $1,110
Rent	-10% $998	-5% $1,061	+0% $1,124	+5% $1,187	+10% $1,251
Rate	-1.0pp $1,134	-0.5pp $1,129	base $1,124	+0.5pp $1,119	+1.0pp $1,114

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15537 Normandy St Detroit, MI	3.0	1.0	2626	$1,400	$0.53	45d	1	0.15mi
16503 Linwood St Detroit, MI	4.0	2.0	2415	$1,800	$0.75	4d	1	0.35mi
106 Geneva St Highland Park, MI	5.0	1.0	1920	$1,450	$0.76	12d	1	1.05mi
3747 Tyler St Detroit, MI	3.0	1.0	2600	$1,700	$0.65	25d	1	1.41mi
15756 Ohio St Detroit, MI	5.0	2.0	1934	$1,700	$0.88	25d	1	1.50mi

Listing history 50 events

1. 2025-12-08
   status Pending 431-char remark

   Show marketing remark (431 chars)

   Attention Investors! Opportunity awaits with this multifamily property featuring two units - upper and lower - with separate entrances. Ideal for rental income or owner-occupants looking to live in one unit and rent the other. This is a fixer-upper with fire damage, priced to sell and full of potential. With the right updates, it could become a strong cash-flowing asset. Don't miss this value-add investment in a growing market!

2. 2025-12-08
   status Pending

   Show marketing remark (431 chars)

   Attention Investors! Opportunity awaits with this multifamily property featuring two units - upper and lower - with separate entrances. Ideal for rental income or owner-occupants looking to live in one unit and rent the other. This is a fixer-upper with fire damage, priced to sell and full of potential. With the right updates, it could become a strong cash-flowing asset. Don't miss this value-add investment in a growing market!

3. 2025-12-02
   listed $20,000 Active 431-char remark

   Show marketing remark (431 chars)

   Attention Investors! Opportunity awaits with this multifamily property featuring two units - upper and lower - with separate entrances. Ideal for rental income or owner-occupants looking to live in one unit and rent the other. This is a fixer-upper with fire damage, priced to sell and full of potential. With the right updates, it could become a strong cash-flowing asset. Don't miss this value-add investment in a growing market!

4. 2025-12-02
   listed $20,000 Active

   Show marketing remark (431 chars)

   Attention Investors! Opportunity awaits with this multifamily property featuring two units - upper and lower - with separate entrances. Ideal for rental income or owner-occupants looking to live in one unit and rent the other. This is a fixer-upper with fire damage, priced to sell and full of potential. With the right updates, it could become a strong cash-flowing asset. Don't miss this value-add investment in a growing market!

5. 2025-12-01
   historical
6. 2025-12-01
   historical
7. 2025-11-01
   price $30,000
8. 2025-10-31
   price $30,000
9. 2025-09-30
   price $36,000
10. 2025-09-29
    price $36,000
11. 2025-09-06
    status Active
12. 2025-09-05
    historical
13. 2025-08-29
    price $41,000
14. 2025-08-28
    price $41,000
15. 2025-07-23
    listed $42,500 Active
16. 2025-07-23
    historical
17. 2025-07-22
    listed $42,500 Active
18. 2025-07-01
    historical
19. 2025-07-01
    historical
20. 2025-02-26
    price $57,000
21. 2025-02-25
    price $57,000
22. 2025-01-30
    price $69,900
23. 2025-01-29
    price $69,900
24. 2025-01-13
    listed $79,000 Active
25. 2024-12-28
    listed $79,000 Active
26. 2020-11-17
    soldstatus $30,000 Sold
27. 2020-11-17
    soldstatus $30,000 Closed
28. 2020-11-06
    status Pending
29. 2020-11-04
    historical
30. 2020-10-16
    status Pending
31. 2020-10-14
    historical
32. 2020-09-10
    status Pending
33. 2020-09-10
    status Pending
34. 2020-06-08
    listed $32,000 Active
35. 2020-06-08
    listed $32,000 Active
36. 2020-05-31
    historical
37. 2020-05-31
    historical
38. 2020-05-13
    price $30,000
39. 2020-05-12
    price $30,000
40. 2020-03-27
    status Active
41. 2020-03-13
    historical
42. 2019-09-05
    listed $32,000 Active
43. 2019-09-05
    listed $32,000 Active
44. 2016-06-27
    historical
45. 2016-06-27
    historical
46. 2016-05-27
    status Active
47. 2016-05-18
    historical
48. 2016-04-16
    listed $23,500 Active
49. 2016-02-21
    status Active
50. 2016-02-10
    historical

ⓘ 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: $19,178
• − Mortgage interest: −$1,120
• − Property taxes: −$300
• − Insurance: −$100
• − Repairs & maintenance: −$1,534
• − Management: −$1,534
• − Depreciation: −$582
• Taxable income: $14,007
• Est. tax owed @ 24.0%: −$3,362
• After-tax cash flow: $10,130/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

-14.9% since first listed

53 events — show timeline

• 2025-12-08 Pending — MiRealSource-MiMLS
• 2025-12-08 Pending — REALCOMP
• 2025-12-02 Listed $20,000 REALCOMP
• 2025-12-02 Listed $20,000 MiRealSource-MiMLS
• 2025-12-01 Listing Removed — REALCOMP
• 2025-12-01 Listing Removed — MiRealSource-MiMLS
• 2025-11-01 Price Changed $30,000 MiRealSource-MiMLS
• 2025-10-31 Price Changed $30,000 REALCOMP
• 2025-09-30 Price Changed $36,000 MiRealSource-MiMLS
• 2025-09-29 Price Changed $36,000 REALCOMP
• 2025-09-06 Relisted — REALCOMP
• 2025-09-05 Listing Removed — REALCOMP
• 2025-08-29 Price Changed $41,000 MiRealSource-MiMLS
• 2025-08-28 Price Changed $41,000 REALCOMP
• 2025-07-23 Listed $42,500 MiRealSource-MiMLS
• 2025-07-23 Coming Soon — MiRealSource-MiMLS
• 2025-07-22 Listed $42,500 REALCOMP
• 2025-07-01 Listing Removed — MiRealSource-MiMLS
• 2025-07-01 Listing Removed — REALCOMP
• 2025-02-26 Price Changed $57,000 MiRealSource-MiMLS
• 2025-02-25 Price Changed $57,000 REALCOMP
• 2025-01-30 Price Changed $69,900 MiRealSource-MiMLS
• 2025-01-29 Price Changed $69,900 REALCOMP
• 2025-01-13 Listed $79,000 MiRealSource-MiMLS
• 2024-12-28 Listed $79,000 REALCOMP
• 2020-11-17 Sold (MLS) $30,000 MiRealSource-MiMLS
• 2020-11-17 Sold (MLS) $30,000 REALCOMP
• 2020-11-06 Pending — REALCOMP
• 2020-11-04 Listing Removed — REALCOMP
• 2020-10-16 Pending — REALCOMP
• 2020-10-14 Listing Removed — REALCOMP
• 2020-09-10 Pending — MiRealSource-MiMLS
• 2020-09-10 Pending — REALCOMP
• 2020-06-08 Listed $32,000 MiRealSource-MiMLS
• 2020-06-08 Listed $32,000 REALCOMP
• 2020-05-31 Listing Removed — MiRealSource-MiMLS
• 2020-05-31 Listing Removed — REALCOMP
• 2020-05-13 Price Changed $30,000 MiRealSource-MiMLS
• 2020-05-12 Price Changed $30,000 REALCOMP
• 2020-03-27 Relisted — REALCOMP
• 2020-03-13 Listing Removed — REALCOMP
• 2019-09-05 Listed $32,000 REALCOMP
• 2019-09-05 Listed $32,000 MiRealSource-MiMLS
• 2016-06-27 Listing Removed — REALCOMP
• 2016-06-27 Listing Removed — MiRealSource-MiMLS
• 2016-05-27 Relisted — REALCOMP
• 2016-05-18 Listing Removed — REALCOMP
• 2016-04-16 Listed $23,500 MiRealSource-MiMLS
• 2016-02-21 Relisted — REALCOMP
• 2016-02-10 Listing Removed — REALCOMP
• 2015-10-29 Listed $23,500 REALCOMP
• 2011-10-08 Listing Removed — MiRealSource-MiMLS
• 2010-10-08 Listed $700 MiRealSource-MiMLS

Property tax history

-2.3%/yr

Latest (2025): $1,023 · -46.9% YoY. Source: county tax records.