2039 Ewald Cir · Detroit, MI 48238

$119,900

2 bd · 1.0 ba · 952 sqft · MultiFamily public records · 212 Days on market

Built 1944 3,049 sqft lot $126/sqft · 195% above area

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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 +15.7/30.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• Rent growth +4.0/5.0
• Livability +3.7/5.0
• 1% rule +3.4/10.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Offered at an exceptionally appealing price, this two-bedroom, townhouse-style half-duplex is a fantastic opportunity to own a home in one of Detroit’s highly sought-after and rapidly developing neighborhoods. Inside, you’ll find a bright and inviting layout featuring a well-kept kitchen, hardwood floors, fresh paint, and abundant natural light throughout. The private basement provides extra storage or potential for additional living space, while the large backyard offers room to relax, garden, or entertain. You’ll enter into a spacious living room that sets the tone for the home’s warm and comfortable feel. With several updates already in place, the property is just waiting for your personal cosmetic touches to make it truly your own. Seller financing is available, and terms are negotiable. Current market rent is $999.00.

Key facts

• Well kept kitchen
• Private basement
• Large backyard

Tags

• WELL KEPT KITCHEN
• HARDWOOD FLOORS
• ABUNDANT NATURAL LIGHT
• PRIVATE BASEMENT
• LARGE BACKYARD
• SPACIOUS LIVING ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $53 ($634/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $101k (16.2% below list).
• Recommended offer: $101k (16.2% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 10.0% in Detroit — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: 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.
• Zoned schools: Thurgood Marshall Elementary School (math 24% / reading 24%, grade F, #980 of 1,397 statewide, top 74%, 482 students, 88% FRL); Mumford High School (math 24% / reading 24%, grade F, #481 of 713 statewide, top 81%, 889 students, 86% FRL) — zoned schools at 87% FRL track the district average.
• Market conditions: Rents rising fast (+6.1%/yr); 350 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); 42% 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 36% of the median local income ($33k/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 $829 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 212 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts; this cycle's ask is 11902% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,516 (16.2% below list)

Questions for the listing agent

1. It's been on market 212 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1944 — 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. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 6.82%
• Cash-on-cash: 1.89%
• DSCR: 1.08
• GRM: 9.9

CMA / ARV

• ARV (median comp): $40,605
• List price: $119,900
• Delta: 195.29%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -10.2%
• Equity multiple: 0.62×
• Total profit: $-12,826
• Equity at exit: $17,877

10-year hold

• IRR: 2.7%
• Equity multiple: 1.22×
• Total profit: $7,347
• Equity at exit: $10,367

Cash invested: $33,572 (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: 350
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,005 high
• Mortgage (P&I): −$629
• Tax from tax record: −$62 /mo · $750/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $53

Break-even live

Break-even rent $938

Max offer price $119,900

Occupancy floor 90%

Sensitivity live

Price	-10% $121	-5% $87	+0% $53	+5% $19	+10% $-15
Rent	-10% $-27	-5% $13	+0% $53	+5% $93	+10% $132
Rate	-1.0pp $113	-0.5pp $83	base $53	+0.5pp $22	+1.0pp $-10

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2034 Ewald Cir Detroit, MI	2.0	1.0	1000	$995	$0.99	7d	1	0.01mi
1875 Ewald Cir Unit 2E Detroit, MI	1.0	1.0	725	$875	$1.21	7d	1	0.13mi
3266 Pasadena St Unit 3 Detroit, MI	1.0	1.0	696	$700	$1.01	45d	1	0.14mi
3808 Kendall St Unit 3 Detroit, MI	1.0	1.0	550	$700	$1.27	45d	1	0.26mi
1705 Oakman Blvd Unit 8 Detroit, MI	1.0	1.0	650	$950	$1.46	0d	1	0.29mi
1705 Oakman Blvd Unit 5 Detroit, MI	1.0	1.0	650	$895	$1.38	45d	1	0.29mi
1705 Oakman Blvd Unit 10 Detroit, MI	1.0	1.0	650	$895	$1.38	26d	1	0.29mi
2341 Ewald Cir Unit 3 Detroit, MI	1.0	1.0	600	$900	$1.50	45d	1	0.30mi
3812 W Grand St Detroit, MI	2.0	1.0	1100	$1,025	$0.93	18d	1	0.33mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	45d	1	0.44mi
4045 Clements St Detroit, MI	3.0	1.0	850	$1,150	$1.35	26d	1	0.44mi
3824 Tyler St Apt 1 Detroit, MI	3.0	1.0	900	$1,523	$1.69	18d	1	0.50mi
2433 Pasadena St Unit 2435 Detroit, MI	2.0	1.0	700	$1,025	$1.46	45d	1	0.50mi
3783 Tyler St Unit Lower Detroit, MI	3.0	1.0	1000	$1,150	$1.15	45d	1	0.51mi
13639 La Salle Blvd Detroit, MI	1.0	1.0	800	$775	$0.97	45d	1	0.55mi
13639 La Salle Blvd Detroit, MI	2.0	1.0	800	$695	$0.87	13d	1	0.55mi
13641 La Salle Blvd Detroit, MI	1.0	1.0	800	$775	$0.97	26d	1	0.55mi
4203 Tyler St Detroit, MI	2.0	1.0	950	$895	$0.94	45d	1	0.62mi
14950 Stoepel St Detroit, MI	2.0	1.0	600	$900	$1.50	26d	1	0.62mi
2690 Ewald Cir Detroit, MI	1.0–2.0	1.0	750	$900	$1.20	26d	4	0.67mi
2676 Sturtevant St Unit 1 Detroit, MI	2.0	1.0	1000	$1,000	$1.00	26d	1	0.77mi
2638 Richton St Unit 2638 Richton Upper Detroit, MI	2.0	1.0	1000	$900	$0.90	45d	1	0.90mi
2630 Richton St Apt 105 Detroit, MI	1.0	1.0	700	$1,250	$1.79	45d	1	0.90mi
2926 Ewald Cir Detroit, MI	2.0	1.0	800	$900	$1.12	19d	1	0.90mi
4268 Cortland St Unit 1 Detroit, MI	2.0	1.0	1000	$1,050	$1.05	45d	1	0.93mi
15906 Alden St Detroit, MI	3.0	1.0	1030	$1,150	$1.12	18d	1	0.99mi
12728 Monica St Unit 2 Detroit, MI	1.0	1.0	620	$750	$1.21	45d	1	1.01mi
12663 Stoepel St Unit 1 Detroit, MI	2.0	1.0	750	$975	$1.30	19d	1	1.02mi
12663 Stoepel St Detroit, MI	2.0	1.0	1100	$1,050	$0.95	23d	1	1.02mi
14656 Roselawn St Detroit, MI	3.0	1.0	1000	$1,200	$1.20	19d	1	1.04mi
2285 Cortland St Detroit, MI	2.0	1.0	900	$1,000	$1.11	18d	1	1.06mi
7350 Globe St Detroit, MI	3.0	1.0	1000	$1,550	$1.55	5d	1	1.08mi
14550 Northlawn St Detroit, MI	3.0	2.0	950	$1,200	$1.26	18d	1	1.13mi
16174 Princeton St Unit 2 Detroit, MI	2.0	1.0	985	$1,100	$1.12	45d	1	1.13mi
16174 Princeton St Detroit, MI	2.0	1.0	985	$1,100	$1.12	21d	1	1.13mi
12415 Monica St Detroit, MI	2.0	1.0	1000	$1,200	$1.20	45d	1	1.15mi
14570 Cherrylawn St Detroit, MI	3.0	1.0	840	$1,250	$1.49	14d	1	1.18mi
15771 Turner St Detroit, MI	2.0	1.0	1000	$1,049	$1.05	45d	1	1.24mi
2023 Tuxedo St Detroit, MI	1.0	1.0	650	$795	$1.22	45d	1	1.30mi
2023 Tuxedo St Detroit, MI	1.0	1.0	650	$895	$1.38	7d	1	1.30mi

Listing history 21 events

1. 2026-06-21
   days on market $119,900 Active 212 DOM
2. 2026-06-18
   days on market $119,900 Active 209 DOM
3. 2026-06-17
   days on market $119,900 Active 208 DOM
4. 2026-06-15
   days on market $119,900 Active 206 DOM
5. 2026-06-13
   days on market $119,900 Active 204 DOM
6. 2026-06-13
   days on market $119,900 Active 203 DOM
7. 2026-06-09
   days on market $119,900 Active 200 DOM
8. 2026-06-08
   days on market $119,900 Active 199 DOM
9. 2026-06-07
   days on market $119,900 Active 198 DOM
10. 2026-06-04
    days on market $119,900 Active 195 DOM
11. 2026-06-03
    days on market $119,900 Active 194 DOM
12. 2026-06-01
    days on market $119,900 Active 192 DOM
13. 2026-05-31
    days on market $119,900 Active 191 DOM
14. 2026-01-31
    historical $999
15. 2026-01-09
    listed $999
16. 2026-01-09
    historical $999
17. 2026-01-09
    listed $999
18. 2026-01-09
    historical $999
19. 2025-12-04
    listed $999
20. 2025-11-21
    listed $119,900 Active 858-char remark

    Show marketing remark (834 chars)

    Offered at an exceptionally appealing price, this two-bedroom, townhouse-style half-duplex is a fantastic opportunity to own a home in one of Detroit's highly sought-after and rapidly developing neighborhoods. Inside, you'll find a bright and inviting layout featuring a well-kept kitchen, hardwood floors, fresh paint, and abundant natural light throughout. The private basement provides extra storage or potential for additional living space, while the large backyard offers room to relax, garden, or entertain. You'll enter into a spacious living room that sets the tone for the home's warm and comfortable feel. With several updates already in place, the property is just waiting for your personal cosmetic touches to make it truly your own. Seller financing is available, and terms are negotiable. Current market rent is $999.00.

21. 2025-11-21
    listed $119,900 Active 834-char remark

    Show marketing remark (834 chars)

    Offered at an exceptionally appealing price, this two-bedroom, townhouse-style half-duplex is a fantastic opportunity to own a home in one of Detroit's highly sought-after and rapidly developing neighborhoods. Inside, you'll find a bright and inviting layout featuring a well-kept kitchen, hardwood floors, fresh paint, and abundant natural light throughout. The private basement provides extra storage or potential for additional living space, while the large backyard offers room to relax, garden, or entertain. You'll enter into a spacious living room that sets the tone for the home's warm and comfortable feel. With several updates already in place, the property is just waiting for your personal cosmetic touches to make it truly your own. Seller financing is available, and terms are negotiable. Current market rent is $999.00.

ⓘ 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: $750 · $62/mo
• Projected year-2 tax: $1,298 · $108/mo
• Expected delta: +$548/yr (+$46/mo · 73.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% 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: $12,062
• − Mortgage interest: −$6,716
• − Property taxes: −$750
• − Insurance: −$600
• − Repairs & maintenance: −$965
• − Management: −$965
• − Depreciation: −$3,488
• Taxable loss: −$1,422
• Est. tax savings @ 24.0%: +$341
• After-tax cash flow: $975/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

+0.0% since first listed

8 events — show timeline

• 2026-01-31 Rental Removed $999 REALSOURCE
• 2026-01-09 Listed for Rent $999 REALSOURCE
• 2026-01-09 Rental Removed $999 SWMMLS
• 2026-01-09 Listed for Rent $999 SWMMLS
• 2026-01-09 Rental Removed $999 SHOWMOJO
• 2025-12-04 Listed for Rent $999 SHOWMOJO
• 2025-11-21 Listed $119,900 REALCOMP
• 2025-11-21 Listed $119,900 MiRealSource-MiMLS

Property tax history

-2.1%/yr

Latest (2025): $750 · -36.1% YoY. Source: county tax records.