248 Richter St · River Rouge, MI 48218

$319,900

60 bd · 36.0 ba · 3,691 sqft · MultiFamily · 50 Days on market

Built 1957 Poor condition 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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Schools +0.5/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Rare opportunity to own a fully occupied 6-unit multifamily investment property in the heart of River Rouge, conveniently located near Belanger Park and the Detroit Riverfront. This unique ranch-style, single-story apartment building offers a highly desirable layout with no upper or lower units - a major advantage for both tenants and investors due to ease of maintenance, accessibility, and strong long-term rental appeal. The property features four spacious 2-bedroom units and two 1-bedroom units, each with its own private bathroom. All six units are occupied and generating approximately $55,200 annually in gross rental income with an estimated net operating income of approximately $43,000 per year. Tenants are responsible for their own gas and electric utilities, helping keep owner expenses lower and improving overall investment performance. For investors analyzing returns, the numbers make sense and offer an attractive cap rate opportunity depending on financing structure and purchase price. Situated on a prominent corner lot, the property also includes on-site parking. This is an excellent opportunity for investors seeking immediate cash flow, stable occupancy, and a low-maintenance multifamily asset with upside potential. Please do not disturb tenants. Property is being sold as-is. Buyer to verify all information and measurements.

Key facts

• 6,098 sq ft lot
• Built 1957
• Listed 50 days

Property features AI

Finance

• Other: Lot is approximately 0.14 acres (60 x 100); Zoned for multifamily; Paved road access
• Financial info: No investor-specific income or expense details provided
• HOA & community: No HOA or community details provided

Exterior

• Parking: No parking details provided
• Security: No security features provided
• Utilities: Public water; Public sewer
• Home design: Residential income property (multifamily); One-story building; Brick construction
• Construction: Brick exterior; Slab foundation
• Exterior features: Exterior lighting

Interior

• Kitchen: No specific kitchen appliance details provided
• Bedrooms: Multiple 1-bedroom and 2-bedroom units (combination of 1BR and 2BR units)
• Flooring: No flooring details provided
• Bathrooms: Six full bathrooms total in the building; Most units include 1 bathroom
• Heating & cooling: Forced air heating; Natural gas heating; No central cooling
• Interior features: Lighting in exterior areas; Pets allowed
• Laundry & utility: No specific laundry or utility appliance details provided

What this means for you Summary

Snapshot

• This is a 4×2bd/1ba + 2×1bd/1ba units multifamily listed at $320k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $324/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $320k).
• Recommended offer: $310k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.8% vs local median 8.1% in River Rouge — 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 65/100 on livability (#454 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing B+; Watch: health & safety D, schools F, crime F.
• River Rouge School District (suburban): math 3% / reading 12% proficiency, ranked #535 of 540 in MI (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 89% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 58 active listings in the ZIP; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• In year one you build about $34k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $90k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$55k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y 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 $160k; list at $320k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $310,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.67% ✓
• Cap rate: 13.84%
• Cash-on-cash: 26.96%
• DSCR: 2.20
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 44.0%
• Equity multiple: 4.33×
• Total profit: $298,297
• Equity at exit: $288,191

10-year hold

• IRR: 38.1%
• Equity multiple: 9.72×
• Total profit: $781,205
• Equity at exit: $621,495

Cash invested: $89,572 (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 48218

• Home prices YoY: 28.4%
• Active inventory: 58
• Price-to-rent: 29.9×

Monthly cashflow live

• Estimated rent: $5,346 medium
• Mortgage (P&I): −$1,678
• Tax est. 1.5%: −$400 /mo · $4,798/yr
• Insurance: −$133
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,123
• Net cashflow: $1,946

Break-even live

Break-even rent $2,883

Max offer price $319,900

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,564
▸ 2× units	1	1	$1,782
Total (6 units)			$5,346

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: $79,975
• Closing costs: $9,597
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $319,900 Active 50 DOM
2. 2026-06-17
   days on market $319,900 Active 49 DOM
3. 2026-06-16
   days on market $319,900 Active 48 DOM
4. 2026-06-15
   days on market $319,900 Active 47 DOM
5. 2026-06-13
   days on market $319,900 Active 45 DOM
6. 2026-06-09
   days on market $319,900 Active 41 DOM
7. 2026-06-08
   days on market $319,900 Active 40 DOM
8. 2026-06-07
   days on market $319,900 Active 39 DOM
9. 2026-06-04
   days on market $319,900 Active 36 DOM
10. 2026-06-03
    days on market $319,900 Active 35 DOM
11. 2026-06-02
    days on market $319,900 Active 34 DOM
12. 2026-06-01
    days on market $319,900 Active 33 DOM
13. 2026-05-31
    days on market $319,900 Active 32 DOM
14. 2026-04-29
    status Active 1358-char remark

    Show marketing remark (1358 chars)

    Rare opportunity to own a fully occupied 6-unit multifamily investment property in the heart of River Rouge, conveniently located near Belanger Park and the Detroit Riverfront. This unique ranch-style, single-story apartment building offers a highly desirable layout with no upper or lower units - a major advantage for both tenants and investors due to ease of maintenance, accessibility, and strong long-term rental appeal. The property features four spacious 2-bedroom units and two 1-bedroom units, each with its own private bathroom. All six units are occupied and generating approximately $55,200 annually in gross rental income with an estimated net operating income of approximately $43,000 per year. Tenants are responsible for their own gas and electric utilities, helping keep owner expenses lower and improving overall investment performance. For investors analyzing returns, the numbers make sense and offer an attractive cap rate opportunity depending on financing structure and purchase price. Situated on a prominent corner lot, the property also includes on-site parking. This is an excellent opportunity for investors seeking immediate cash flow, stable occupancy, and a low-maintenance multifamily asset with upside potential. Please do not disturb tenants. Property is being sold as-is. Buyer to verify all information and measurements.

15. 2026-04-29
    status Active

    Show marketing remark (1358 chars)

    Rare opportunity to own a fully occupied 6-unit multifamily investment property in the heart of River Rouge, conveniently located near Belanger Park and the Detroit Riverfront. This unique ranch-style, single-story apartment building offers a highly desirable layout with no upper or lower units - a major advantage for both tenants and investors due to ease of maintenance, accessibility, and strong long-term rental appeal. The property features four spacious 2-bedroom units and two 1-bedroom units, each with its own private bathroom. All six units are occupied and generating approximately $55,200 annually in gross rental income with an estimated net operating income of approximately $43,000 per year. Tenants are responsible for their own gas and electric utilities, helping keep owner expenses lower and improving overall investment performance. For investors analyzing returns, the numbers make sense and offer an attractive cap rate opportunity depending on financing structure and purchase price. Situated on a prominent corner lot, the property also includes on-site parking. This is an excellent opportunity for investors seeking immediate cash flow, stable occupancy, and a low-maintenance multifamily asset with upside potential. Please do not disturb tenants. Property is being sold as-is. Buyer to verify all information and measurements.

16. 2026-04-29
    status Pending 1358-char remark

    Show marketing remark (1358 chars)

    Rare opportunity to own a fully occupied 6-unit multifamily investment property in the heart of River Rouge, conveniently located near Belanger Park and the Detroit Riverfront. This unique ranch-style, single-story apartment building offers a highly desirable layout with no upper or lower units - a major advantage for both tenants and investors due to ease of maintenance, accessibility, and strong long-term rental appeal. The property features four spacious 2-bedroom units and two 1-bedroom units, each with its own private bathroom. All six units are occupied and generating approximately $55,200 annually in gross rental income with an estimated net operating income of approximately $43,000 per year. Tenants are responsible for their own gas and electric utilities, helping keep owner expenses lower and improving overall investment performance. For investors analyzing returns, the numbers make sense and offer an attractive cap rate opportunity depending on financing structure and purchase price. Situated on a prominent corner lot, the property also includes on-site parking. This is an excellent opportunity for investors seeking immediate cash flow, stable occupancy, and a low-maintenance multifamily asset with upside potential. Please do not disturb tenants. Property is being sold as-is. Buyer to verify all information and measurements.

17. 2026-04-29
    listed $319,900 Active 1358-char remark

    Show marketing remark (1358 chars)

    Rare opportunity to own a fully occupied 6-unit multifamily investment property in the heart of River Rouge, conveniently located near Belanger Park and the Detroit Riverfront. This unique ranch-style, single-story apartment building offers a highly desirable layout with no upper or lower units - a major advantage for both tenants and investors due to ease of maintenance, accessibility, and strong long-term rental appeal. The property features four spacious 2-bedroom units and two 1-bedroom units, each with its own private bathroom. All six units are occupied and generating approximately $55,200 annually in gross rental income with an estimated net operating income of approximately $43,000 per year. Tenants are responsible for their own gas and electric utilities, helping keep owner expenses lower and improving overall investment performance. For investors analyzing returns, the numbers make sense and offer an attractive cap rate opportunity depending on financing structure and purchase price. Situated on a prominent corner lot, the property also includes on-site parking. This is an excellent opportunity for investors seeking immediate cash flow, stable occupancy, and a low-maintenance multifamily asset with upside potential. Please do not disturb tenants. Property is being sold as-is. Buyer to verify all information and measurements.

18. 2021-12-28
    historical 536-char remark

    Show marketing remark (536 chars)

    Amazing opportunity to own a rare 6 Unit Apartment Building in the heart of River Rouge walking distance to Belanger Riverfront Park! Nice corner ranch style one story building with a 3-4 car parking lot on site. These spacious units include four 2 bedroom units and two 1 bedroom units with each unit containing 1 bathroom each. All units are occupied and in turnkey condition! Come to closing with your closing check and start collecting your monthly rent! Being sold as-is and buyer to verify all information. Do not disturb tenants.

19. 2021-12-22
    soldstatus $160,000 Sold

    Show marketing remark (536 chars)

    Amazing opportunity to own a rare 6 Unit Apartment Building in the heart of River Rouge walking distance to Belanger Riverfront Park! Nice corner ranch style one story building with a 3-4 car parking lot on site. These spacious units include four 2 bedroom units and two 1 bedroom units with each unit containing 1 bathroom each. All units are occupied and in turnkey condition! Come to closing with your closing check and start collecting your monthly rent! Being sold as-is and buyer to verify all information. Do not disturb tenants.

20. 2021-12-22
    soldstatus $160,000 Closed 536-char remark

    Show marketing remark (536 chars)

    Amazing opportunity to own a rare 6 Unit Apartment Building in the heart of River Rouge walking distance to Belanger Riverfront Park! Nice corner ranch style one story building with a 3-4 car parking lot on site. These spacious units include four 2 bedroom units and two 1 bedroom units with each unit containing 1 bathroom each. All units are occupied and in turnkey condition! Come to closing with your closing check and start collecting your monthly rent! Being sold as-is and buyer to verify all information. Do not disturb tenants.

21. 2021-12-17
    status Pending
22. 2021-12-15
    historical Accepting Backup Offers 536-char remark

    Show marketing remark (536 chars)

    Amazing opportunity to own a rare 6 Unit Apartment Building in the heart of River Rouge walking distance to Belanger Riverfront Park! Nice corner ranch style one story building with a 3-4 car parking lot on site. These spacious units include four 2 bedroom units and two 1 bedroom units with each unit containing 1 bathroom each. All units are occupied and in turnkey condition! Come to closing with your closing check and start collecting your monthly rent! Being sold as-is and buyer to verify all information. Do not disturb tenants.

23. 2021-12-15
    historical Accepting Backup Offers

    Show marketing remark (536 chars)

    Amazing opportunity to own a rare 6 Unit Apartment Building in the heart of River Rouge walking distance to Belanger Riverfront Park! Nice corner ranch style one story building with a 3-4 car parking lot on site. These spacious units include four 2 bedroom units and two 1 bedroom units with each unit containing 1 bathroom each. All units are occupied and in turnkey condition! Come to closing with your closing check and start collecting your monthly rent! Being sold as-is and buyer to verify all information. Do not disturb tenants.

24. 2021-12-14
    historical
25. 2021-12-05
    listed $199,750 Active

    Show marketing remark (536 chars)

    Amazing opportunity to own a rare 6 Unit Apartment Building in the heart of River Rouge walking distance to Belanger Riverfront Park! Nice corner ranch style one story building with a 3-4 car parking lot on site. These spacious units include four 2 bedroom units and two 1 bedroom units with each unit containing 1 bathroom each. All units are occupied and in turnkey condition! Come to closing with your closing check and start collecting your monthly rent! Being sold as-is and buyer to verify all information. Do not disturb tenants.

26. 2021-12-05
    listed $199,750 Active 536-char remark

    Show marketing remark (536 chars)

    Amazing opportunity to own a rare 6 Unit Apartment Building in the heart of River Rouge walking distance to Belanger Riverfront Park! Nice corner ranch style one story building with a 3-4 car parking lot on site. These spacious units include four 2 bedroom units and two 1 bedroom units with each unit containing 1 bathroom each. All units are occupied and in turnkey condition! Come to closing with your closing check and start collecting your monthly rent! Being sold as-is and buyer to verify all information. Do not disturb tenants.

ⓘ 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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $64,152
• − Mortgage interest: −$17,919
• − Property taxes: −$4,798
• − Insurance: −$2,397
• − Repairs & maintenance: −$5,132
• − Management: −$5,132
• − Depreciation: −$9,306
• Taxable income: $19,467
• Est. tax owed @ 24.0%: −$4,672
• After-tax cash flow: $18,682/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.

Condition & rehab AI · 4 photos

Poor 20/100 Extensive rehab

This 6-unit multifamily property requires extensive repairs and maintenance to bring it up to a livable condition. Significant work is needed on the roof, exterior siding, flooring, and HVAC systems to improve its resale and rental value.

Repairs flagged

• Major roof — Signs of wear and potential leaks
• Major exterior siding — Significant wear and tear
• Major flooring — Exposed subflooring and debris
• Major HVAC/mechanicals — No visible signs of recent maintenance

Value-add opportunities

• Both Roof replacement — Critical to prevent water damage and improve overall appearance
• Both Exterior siding repair/replacement — Improves curb appeal and structural integrity
• Both Flooring replacement — Enhances living space and reduces maintenance costs
• Both HVAC/mechanical upgrade — Improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of wear and potential leaks	Major	$15,000–50,000
exterior siding · Significant wear and tear	Major	$15,000–50,000
flooring · Exposed subflooring and debris	Major	$15,000–50,000
HVAC/mechanicals · No visible signs of recent maintenance	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both Roof replacement — Critical to prevent water damage and improve overall appearance ↑
• Both Exterior siding repair/replacement — Improves curb appeal and structural integrity ↑
• Both Flooring replacement — Enhances living space and reduces maintenance costs ↑
• Both HVAC/mechanical upgrade — Improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: River Rouge School District
• NCES district ID: 2629760
• Math proficiency: 3% ▼ -7.00%
• Reading proficiency: 12% ▼ -4.00%
• Median HH income: $26,664
• Composite: 5.29/100
• National rank: #10033
• State rank: #535 of 540 in MI

Livability — River Rouge

• Score: 65/100
• State rank: #454
• US rank: #12700

Category grades

Amenities F Commute A+ Cost of living A+ Crime F Employment F Housing B+ Health & safety D User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: River Rouge, MI
• City population: 7,096
• Population (ZIP): 7,096

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Black 45% White 34% Two or more races 16% Hispanic / Latino 16%
• Hispanic origin (detail): Mexican 9% Puerto Rican 5%
• Common ancestry: Romanian 4% Lithuanian 2% Italian 1%
• Foreign-born: 6% · Canada
• Languages at home: 86% English-only · Spanish 11% Arabic 2% 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: ▲ 77.93%
• Current HPI: 352.3551
• Rent YoY: —
• Metro: —
• 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

+60.2% since first listed

13 events — show timeline

• 2026-04-29 Relisted — MiRealSource-MiMLS
• 2026-04-29 Relisted — REALCOMP
• 2026-04-29 Pending — MiRealSource-MiMLS
• 2026-04-29 Listed $319,900 MiRealSource-MiMLS
• 2021-12-28 Listing Removed — MiRealSource-MiMLS
• 2021-12-22 Sold (MLS) $160,000 MiRealSource-MiMLS
• 2021-12-22 Sold (MLS) $160,000 REALCOMP
• 2021-12-17 Pending — REALCOMP
• 2021-12-15 Contingent — MiRealSource-MiMLS
• 2021-12-15 Contingent — REALCOMP
• 2021-12-14 Listing Removed — REALCOMP
• 2021-12-05 Listed $199,750 MiRealSource-MiMLS
• 2021-12-05 Listed $199,750 REALCOMP