3230 Richton St · Detroit, MI 48206

$175,000

12 bd · 5.0 ba · 5,040 sqft · MultiFamily public records · 3 Days on market

Built 1925 6,098 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• 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: 4 units. confirmed

Listing remarks MLS

Discover the incredible potential of this massive over 5,000-square-foot multifamily property at 3230 Richton St in Detroit. Each unit features three full bedrooms and one bathroom, significant rental potential post-rehab. With its size and solid structure, this building presents a prime value-add opportunity for investors looking to boost returns through renovations or repositioning. Located near the historic Boston Edison district, this property is perfect for anyone seeking both cash flow and long-term growth in one of Detroit's growing neighborhoods.

Key facts

• 6,098 sq ft lot
• Built 1925
• Listed 3 days

Property features AI

Finance

• Other: Lot approximately 0.14 acres (52.5 x 120.5); Zoned for multi-family
• Financial info: Annual tax amount reported

Exterior

• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Two stories; Brick construction
• Construction: Block foundation
• Exterior features: Paved road access; Pets not allowed

Interior

• Bathrooms: 5 full bathrooms
• Heating & cooling: Forced air heating with natural gas; No cooling
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.2-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $702/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $175k).
• Cap rate 25.6% 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 fast (+5.2%/yr); 273 active listings in the ZIP; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $5,289/mo this rent would consume 141% of the median local household income ($45k/yr) (locally 646% 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 $1k of loan paydown is wiped out by about $5k 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 + 5.2% rent growth), your $49k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 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: property tax is 2.6% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 3.02% ✓
• Cap rate: 25.56%
• Cash-on-cash: 68.80%
• DSCR: 4.06
• GRM: 2.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.2% rent growth · sell at horizon

5-year hold

• IRR: 70.9%
• Equity multiple: 4.32×
• Total profit: $162,709
• Equity at exit: $26,093

10-year hold

• IRR: 75.5%
• Equity multiple: 9.66×
• Total profit: $424,157
• Equity at exit: $15,131

Cash invested: $49,000 (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 48206

• Rents YoY: 5.2%
• Active inventory: 273
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $5,289 high
• Mortgage (P&I): −$918
• Tax from tax record: −$378 /mo · $4,541/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,111
• Net cashflow: $2,809

Break-even live

Break-even rent $1,733

Max offer price $175,000

Occupancy floor 42%

Sensitivity live

Price	-10% $2,908	-5% $2,859	+0% $2,809	+5% $2,760	+10% $2,710
Rent	-10% $2,391	-5% $2,600	+0% $2,809	+5% $3,018	+10% $3,227
Rate	-1.0pp $2,897	-0.5pp $2,854	base $2,809	+0.5pp $2,764	+1.0pp $2,718

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	3	1.2	$5,288
Total (4 units)			$5,289

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-21
   days on market $175,000 Active 3 DOM
2. 2026-06-18
   remarks 560-char remark

   Show marketing remark (560 chars)

   Discover the incredible potential of this massive over 5,000-square-foot multifamily property at 3230 Richton St in Detroit. Each unit features three full bedrooms and one bathroom, significant rental potential post-rehab. With its size and solid structure, this building presents a prime value-add opportunity for investors looking to boost returns through renovations or repositioning. Located near the historic Boston Edison district, this property is perfect for anyone seeking both cash flow and long-term growth in one of Detroit's growing neighborhoods.

3. 2026-06-18
   listed $175,000 Active 1 DOM

   Show marketing remark (560 chars)

   Discover the incredible potential of this massive over 5,000-square-foot multifamily property at 3230 Richton St in Detroit. Each unit features three full bedrooms and one bathroom, significant rental potential post-rehab. With its size and solid structure, this building presents a prime value-add opportunity for investors looking to boost returns through renovations or repositioning. Located near the historic Boston Edison district, this property is perfect for anyone seeking both cash flow and long-term growth in one of Detroit's growing neighborhoods.

ⓘ 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: $4,541 · $378/mo
• Projected year-2 tax: $4,541 · $378/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 ≥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: $63,468
• − Mortgage interest: −$9,803
• − Property taxes: −$4,541
• − Insurance: −$875
• − Repairs & maintenance: −$5,077
• − Management: −$5,077
• − Depreciation: −$5,091
• Taxable income: $33,004
• Est. tax owed @ 24.0%: −$7,921
• After-tax cash flow: $25,790/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): 15,227
• Household income: $45,046
• Rent vs Own: 46.4% rent · 53.6% own
• Severe rent burden: 646.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 3% Romanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 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: ▼ -139.60%
• Current HPI: 130.9545
• Rent YoY: ▲ 5.20%
• 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

+169.2% since first listed

31 events — show timeline

• 2026-06-18 Listed $175,000 MiRealSource-MiMLS
• 2026-06-18 Listed $175,000 REALCOMP
• 2026-05-01 Listing Removed — MiRealSource-MiMLS
• 2026-05-01 Listing Removed — REALCOMP
• 2026-03-13 Price Changed $195,000 MiRealSource-MiMLS
• 2026-03-12 Price Changed $195,000 REALCOMP
• 2026-02-12 Price Changed $205,000 MiRealSource-MiMLS
• 2026-02-12 Price Changed $205,000 REALCOMP
• 2025-12-11 Price Changed $210,000 MiRealSource-MiMLS
• 2025-12-11 Price Changed $210,000 REALCOMP
• 2025-11-06 Listed $220,000 MiRealSource-MiMLS
• 2025-11-06 Listed $220,000 REALCOMP
• 2022-11-23 Sold (Public Records) $310,000 Public Records
• 2019-12-06 Listing Removed — REALCOMP
• 2019-12-06 Listing Removed — MiRealSource-MiMLS
• 2019-11-04 Price Changed $39,000 MiRealSource-MiMLS
• 2019-09-27 Price Changed $45,000 MiRealSource-MiMLS
• 2019-07-10 Price Changed $49,900 MiRealSource-MiMLS
• 2019-07-10 Relisted — MiRealSource-MiMLS
• 2018-10-13 Listing Removed — MiRealSource-MiMLS
• 2018-01-26 Price Changed $55,000 MiRealSource-MiMLS
• 2017-12-15 Listed $39,000 REALCOMP
• 2017-12-15 Listed $65,000 MiRealSource-MiMLS
• 2016-07-01 Sold (MLS) $25,400 MiRealSource-MiMLS
• 2016-07-01 Sold (MLS) $25,400 REALCOMP
• 2016-05-25 Listing Removed — REALCOMP
• 2016-05-05 Listed $29,900 MiRealSource-MiMLS
• 2016-05-05 Listed $29,900 REALCOMP
• 2011-02-18 Sold (MLS) $3,800 MiRealSource-MiMLS
• 2010-12-09 Listed $4,000 MiRealSource-MiMLS
• 1999-03-23 Sold (Public Records) $65,000 Public Records

Property tax history

+8.3%/yr

Latest (2025): $4,541 · +0.2% YoY. Source: county tax records.