10023 Artesian St · Detroit, MI 48228

$62,900

3 bd · 1.0 ba · 1,006 sqft · SingleFamily public records · 81 Days on market

Built 1948 6,098 sqft lot $63/sqft · at area comps Est $78k · 19% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming three bedroom home on Detroit's Westside. Complete with a basement and detached garage. Long term tenant paying all utilities. Would make the perfect investment opportunity! PLEASE DO NOT DISTURB THE TENANTS. BATVAI.

Key facts

• 6,098 sq ft lot
• Garage
• Built 1948

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $63k.

Deal economics

• At list price, monthly cash flow is $491 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $63k).
• Recommended offer: $59k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.7% 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 soft (-2.3%/yr); 369 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% 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).
• At $1,211/mo this rent would consume 47% of the median local household income ($31k/yr) (locally 4144% 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 $435 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 + 0.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 12y 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 $31k; list at $63k implies a 103% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,126 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — 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: 1.93% ✓
• Cap rate: 15.65%
• Cash-on-cash: 33.43%
• DSCR: 2.49
• GRM: 4.3

CMA / ARV

• ARV (median comp): $77,580
• List price: $62,900
• Delta: -18.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9934 Warwick St	0.09mi	3/1.0	1,018 (+1%)	2mo	$70,000	$69	92
9976 Warwick St	0.06mi	3/1.5	1,024 (+2%)	4mo	$129,900	$127	89
9317 Artesian St	0.39mi	2/1.0 (-1)	994 (-1%)	1mo	$25,000	$25	74
9221 Grandville Ave	0.53mi	3/1.0	971 (-4%)	2mo	$135,000	$139	68
11700 Auburn St	0.46mi	3/1.5	964 (-4%)	3mo	$55,000	$57	67
11658 Ashton Ave	0.54mi	3/1.0	1,080 (+7%)	0mo	$89,000	$82	62
9534 Heyden St	0.65mi	3/1.0	960 (-5%)	3mo	$100,000	$104	60
9634 Evergreen Ave	0.49mi	3/1.0	912 (-9%)	3mo	$23,000	$25	59
10006 Auburn St	0.34mi	3/1.0	1,150 (+14%)	1mo	$63,000	$55	59
8874 Grandville Ave	0.72mi	3/1.0	1,064 (+6%)	3mo	$63,000	$59	54
9581 Heyden St	0.66mi	3/2.0	950 (-6%)	4mo	$92,000	$97	53
9977 Evergreen Ave	0.50mi	3/1.0	1,150 (+14%)	2mo	$86,000	$75	51

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 25.1%
• Equity multiple: 2.00×
• Total profit: $17,541
• Equity at exit: $9,379

10-year hold

• IRR: 30.9%
• Equity multiple: 3.38×
• Total profit: $41,942
• Equity at exit: $5,438

Cash invested: $17,612 (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 48228

• Rents YoY: -2.3%
• Active inventory: 369
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,211 high
• Mortgage (P&I): −$330
• Tax from tax record: −$110 /mo · $1,325/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $491

Break-even live

Break-even rent $590

Max offer price $62,900

Occupancy floor 55%

Sensitivity live

Price	-10% $526	-5% $508	+0% $491	+5% $473	+10% $455
Rent	-10% $395	-5% $443	+0% $491	+5% $538	+10% $586
Rate	-1.0pp $522	-0.5pp $507	base $491	+0.5pp $474	+1.0pp $458

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: $15,725
• Closing costs: $1,887
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19440 W Chicago St Detroit, MI	3.0	1.5	1200	$1,225	$1.02	22d	1	0.38mi
19440 W Chicago St Detroit, MI	3.0	1.5	1200	$1,225	$1.02	18d	1	0.38mi
11704 Greenview Ave Detroit, MI	4.0	1.0	1046	$1,300	$1.24	25d	1	0.39mi
18450 W Chicago Detroit, MI	1.0–2.0	1.0	687	$1,117	$1.62	2d	15	0.40mi
19449 W Chicago St Detroit, MI	3.0	1.5	950	$1,500	$1.58	44d	1	0.41mi
11741 Penrod St Detroit, MI	3.0	1.0	1124	$1,400	$1.25	17d	1	0.48mi
9090 Stahelin Ave Detroit, MI	2.0	1.0	787	$1,250	$1.59	44d	1	0.58mi
12084 Vaughan St Detroit, MI	3.0	1.0	1000	$1,200	$1.20	17d	1	0.69mi
11652 Fielding St Detroit, MI	3.0	1.0	1000	$1,386	$1.39	44d	1	0.76mi
20522 W Chicago Detroit, MI	2.0	1.0	1000	$950	$0.95	44d	1	0.80mi
20529 W Chicago Detroit, MI	2.0	1.0	1000	$900	$0.90	44d	1	0.81mi
9401 Fielding St Detroit, MI	2.0	1.0	1000	$900	$0.90	44d	1	0.81mi
9108 Archdale St Detroit, MI	3.0	1.0	1000	$1,300	$1.30	5d	1	0.81mi
20550 W Chicago Detroit, MI	2.0	1.0	1000	$900	$0.90	44d	1	0.82mi
19301 Joy Rd Apt 1 Detroit, MI	2.0	1.0	750	$1,100	$1.47	44d	1	0.82mi
20541 W Chicago Detroit, MI	2.0	1.0	1000	$900	$0.90	44d	1	0.82mi
20545 W Chicago Detroit, MI	2.0	1.0	1000	$900	$0.90	44d	1	0.82mi
9410 Patton St Detroit, MI	2.0	1.0	1000	$900	$0.90	44d	1	0.82mi
20547 W Chicago Detroit, MI	2.0	1.0	1000	$900	$0.90	44d	1	0.82mi
8850 Rosemont Ave Detroit, MI	3.0	1.0	933	$1,100	$1.18	18d	1	0.83mi
9404 Patton St Detroit, MI	2.0	1.0	1000	$900	$0.90	44d	1	0.84mi
10030 Abington Ave Detroit, MI	4.0	2.0	1350	$1,475	$1.09	11d	1	0.85mi
20619 W Chicago Detroit, MI	2.0	1.0	950	$1,200	$1.26	44d	1	0.86mi
12875 Faust Ave Detroit, MI	2.0	1.0	735	$1,200	$1.63	5d	1	1.00mi
8451 Rosemont Ave Detroit, MI	3.0	1.0	867	$1,150	$1.33	44d	1	1.04mi
12950 Glastonbury Ave Detroit, MI	3.0	1.0	1000	$1,400	$1.40	25d	1	1.05mi
20921 W Chicago Detroit, MI	2.0	1.0	1000	$950	$0.95	44d	1	1.05mi
19050 W Davison St Detroit, MI	3.0	1.0	1118	$1,400	$1.25	44d	1	1.06mi
20935 W Chicago Detroit, MI	2.0	1.0	1000	$900	$0.90	44d	1	1.06mi
20937 W Chicago Detroit, MI	2.0	1.0	1000	$950	$0.95	44d	1	1.06mi
20945 W Chicago Detroit, MI	2.0	1.0	1000	$950	$0.95	44d	1	1.07mi
13514 Stahelin Ave Detroit, MI	3.0	1.0	1000	$1,400	$1.40	18d	1	1.07mi
9416 Trinity St Detroit, MI	2.0	1.0	1000	$950	$0.95	44d	1	1.07mi
12941 Penrod St Detroit, MI	2.0	1.0	1000	$1,275	$1.27	44d	1	1.08mi
12944 Rosemont Ave Detroit, MI	2.0	1.0	800	$1,050	$1.31	5d	1	1.11mi
9059 Burt Rd Detroit, MI	3.0	1.0	980	$1,400	$1.43	44d	1	1.15mi
8262 Rosemont Ave Detroit, MI	3.0	1.0	836	$1,200	$1.44	5d	1	1.16mi
13591 Faust Ave Detroit, MI	2.0	1.0	1000	$1,275	$1.27	44d	1	1.17mi
13581 Penrod St Detroit, MI	4.0	1.0	1152	$1,200	$1.04	44d	1	1.18mi
13500 Heyden St Detroit, MI	2.0	1.0	850	$1,200	$1.41	44d	1	1.20mi

Listing history 50 events

1. 2026-06-21
   days on market $62,900 Active 81 DOM
2. 2026-06-18
   days on market $62,900 Active 78 DOM
3. 2026-06-17
   days on market $62,900 Active 77 DOM
4. 2026-06-15
   days on market $62,900 Active 75 DOM
5. 2026-06-13
   days on market $62,900 Active 73 DOM
6. 2026-06-13
   days on market $62,900 Active 72 DOM
7. 2026-06-09
   days on market $62,900 Active 69 DOM
8. 2026-06-08
   days on market $62,900 Active 68 DOM
9. 2026-06-07
   days on market $62,900 Active 67 DOM
10. 2026-06-04
    days on market $62,900 Active 64 DOM
11. 2026-06-03
    days on market $62,900 Active 63 DOM
12. 2026-06-02
    days on market $62,900 Active 62 DOM
13. 2026-06-01
    days on market $62,900 Active 61 DOM
14. 2026-05-31
    days on market $62,900 Active 60 DOM
15. 2026-04-20
    status Active 225-char remark

    Show marketing remark (227 chars)

    Charming three bedroom home on Detroit's Westside. Complete with a basement and detached garage. Long term tenant paying all utilities. Would make the perfect investment opportunity! PLEASE DO NOT DISTURB THE TENANTS. BATVAI.

16. 2026-04-20
    status Active 227-char remark

    Show marketing remark (227 chars)

    Charming three bedroom home on Detroit's Westside. Complete with a basement and detached garage. Long term tenant paying all utilities. Would make the perfect investment opportunity! PLEASE DO NOT DISTURB THE TENANTS. BATVAI.

17. 2026-04-17
    historical Accepting Backup Offers 225-char remark

    Show marketing remark (227 chars)

    Charming three bedroom home on Detroit's Westside. Complete with a basement and detached garage. Long term tenant paying all utilities. Would make the perfect investment opportunity! PLEASE DO NOT DISTURB THE TENANTS. BATVAI.

18. 2026-04-17
    historical Active Under Contract 227-char remark

    Show marketing remark (227 chars)

    Charming three bedroom home on Detroit's Westside. Complete with a basement and detached garage. Long term tenant paying all utilities. Would make the perfect investment opportunity! PLEASE DO NOT DISTURB THE TENANTS. BATVAI.

19. 2026-04-01
    listed $62,900 Active 225-char remark

    Show marketing remark (227 chars)

    Charming three bedroom home on Detroit's Westside. Complete with a basement and detached garage. Long term tenant paying all utilities. Would make the perfect investment opportunity! PLEASE DO NOT DISTURB THE TENANTS. BATVAI.

20. 2026-04-01
    listed $62,900 Active 227-char remark

    Show marketing remark (227 chars)

    Charming three bedroom home on Detroit's Westside. Complete with a basement and detached garage. Long term tenant paying all utilities. Would make the perfect investment opportunity! PLEASE DO NOT DISTURB THE TENANTS. BATVAI.

21. 2024-09-19
    historical
22. 2024-09-19
    historical
23. 2024-04-05
    price $64,900
24. 2024-04-04
    price $64,900
25. 2024-03-15
    price $69,900
26. 2024-03-15
    price $69,900
27. 2024-01-22
    listed $74,900 Active
28. 2024-01-22
    listed $74,900 Active
29. 2023-02-22
    historical
30. 2023-02-21
    historical
31. 2022-07-21
    listed $74,900 Active
32. 2022-07-21
    listed $74,900 Active
33. 2019-04-09
    soldstatus $31,000 Sold
34. 2019-04-09
    soldstatus $31,000 Closed
35. 2019-03-26
    status Pending
36. 2019-03-26
    status Pending
37. 2019-02-11
    price $34,000
38. 2019-02-10
    price $34,000
39. 2019-01-05
    price $36,900
40. 2019-01-05
    price $36,900
41. 2018-11-14
    price $39,000
42. 2018-11-13
    price $39,000
43. 2018-11-13
    listed $45,000 Active
44. 2018-11-13
    listed $45,000 Active
45. 2018-11-02
    historical
46. 2018-11-01
    historical
47. 2017-11-01
    listed $45,000 Active
48. 2017-11-01
    listed $45,000 Active
49. 2015-02-28
    historical
50. 2015-02-27
    historical

ⓘ 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: $1,325 · $110/mo
• Projected year-2 tax: $1,325 · $110/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 ≥99°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: $14,538
• − Mortgage interest: −$3,523
• − Property taxes: −$1,325
• − Insurance: −$314
• − Repairs & maintenance: −$1,163
• − Management: −$1,163
• − Depreciation: −$1,830
• Taxable income: $5,219
• Est. tax owed @ 24.0%: −$1,253
• After-tax cash flow: $4,635/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): 50,117
• Household income: $30,680
• Rent vs Own: 50.7% rent · 49.3% own
• Severe rent burden: 4144.0

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 (71%)
• Race & ethnicity: Black 71% White 16% Two or more races 7% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Arab 2% Romanian 2% Lithuanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 82% English-only · Arabic 11% Spanish 5%

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: ▼ -160.81%
• Current HPI: 168.6843
• Rent YoY: ▼ -2.30%
• 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

+175.9% since first listed

39 events — show timeline

• 2026-04-20 Relisted — MiRealSource-MiMLS
• 2026-04-20 Relisted — REALCOMP
• 2026-04-17 Contingent — MiRealSource-MiMLS
• 2026-04-17 Contingent — REALCOMP
• 2026-04-01 Listed $62,900 REALCOMP
• 2026-04-01 Listed $62,900 MiRealSource-MiMLS
• 2024-09-19 Listing Removed — MiRealSource-MiMLS
• 2024-09-19 Listing Removed — REALCOMP
• 2024-04-05 Price Changed $64,900 MiRealSource-MiMLS
• 2024-04-04 Price Changed $64,900 REALCOMP
• 2024-03-15 Price Changed $69,900 MiRealSource-MiMLS
• 2024-03-15 Price Changed $69,900 REALCOMP
• 2024-01-22 Listed $74,900 MiRealSource-MiMLS
• 2024-01-22 Listed $74,900 REALCOMP
• 2023-02-22 Listing Removed — MiRealSource-MiMLS
• 2023-02-21 Listing Removed — REALCOMP
• 2022-07-21 Listed $74,900 MiRealSource-MiMLS
• 2022-07-21 Listed $74,900 REALCOMP
• 2019-04-09 Sold (MLS) $31,000 MiRealSource-MiMLS
• 2019-04-09 Sold (MLS) $31,000 REALCOMP
• 2019-03-26 Pending — MiRealSource-MiMLS
• 2019-03-26 Pending — REALCOMP
• 2019-02-11 Price Changed $34,000 MiRealSource-MiMLS
• 2019-02-10 Price Changed $34,000 REALCOMP
• 2019-01-05 Price Changed $36,900 MiRealSource-MiMLS
• 2019-01-05 Price Changed $36,900 REALCOMP
• 2018-11-14 Price Changed $39,000 MiRealSource-MiMLS
• 2018-11-13 Price Changed $39,000 REALCOMP
• 2018-11-13 Listed $45,000 MiRealSource-MiMLS
• 2018-11-13 Listed $45,000 REALCOMP
• 2018-11-02 Listing Removed — REALCOMP
• 2018-11-01 Listing Removed — MiRealSource-MiMLS
• 2017-11-01 Listed $45,000 MiRealSource-MiMLS
• 2017-11-01 Listed $45,000 REALCOMP
• 2015-02-28 Listing Removed — REALCOMP
• 2015-02-27 Listing Removed — MiRealSource-MiMLS
• 2014-10-30 Listed $15,000 MiRealSource-MiMLS
• 2014-10-30 Listed $15,000 REALCOMP
• 1996-10-07 Sold (Public Records) $22,800 Public Records

Property tax history

+1.8%/yr

Latest (2025): $1,325 · -9.1% YoY. Source: county tax records.