2597 W 8 Mile Rd · Detroit, MI 48221

$118,500

3 bd · 1.0 ba · 1,495 sqft · SingleFamily public records · 44 Days on market

Built 1938 3,920 sqft lot ↓ 8% since listing

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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
• Livability +3.7/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

NEW ROOF WITH A NEW HOT WATER TANK AND FURNACE GOING IN AT CLOSING. Unlock the potential in this solid Detroit property located right on the edge of Ferndale and Royal Oak, offering rare proximity to three major lifestyle corridors - Downtown Detroit, Downtown Ferndale, and Downtown Royal Oak. Whether you're an investor seeking your next rehab project or an owner-occupant planning to use an FHA 203k renovation loan, this home delivers outstanding upside in a high-demand location. Just two blocks from the Meijer-anchored retail complex, you'll have immediate access to groceries, shopping, restaurants, and daily conveniences - an amenity package that's hard to beat at this price point. The property needs renovation, but the fundamentals are here with virtual before and after pictures to demonstrate what's possible. With strong surrounding values and high rental demand, this is a location that continues to benefit from ongoing reinvestment along the Eight Mile corridor. Perfect for a full redesign, long-term hold, or a customized owner-occupied renovation. After repair values for this area average about $250,000, excellent upside. Seller will consider all offers.

Key facts

• New furnace
• New hot water tank
• New roof

Tags

• NEW ROOF
• NEW FURNACE
• NEW HOT WATER TANK

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $118k.

Deal economics

• At list price, monthly cash flow is $633 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $118k).
• Recommended offer: $115k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.7% vs local median 10.2% in Detroit — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 (+3.4%/yr); 349 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 38% of the median local income ($58k/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 $819 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.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $33k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,945 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.55% ✓
• Cap rate: 12.70%
• Cash-on-cash: 22.88%
• DSCR: 2.02
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $266,110
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2444 Woodstock Dr	0.13mi	3/1.5	1,451 (-3%)	3mo	$258,000	$178	85
335 Laprairie St	0.37mi	3/1.0	1,553 (+4%)	1mo	$236,000	$152	76
615 E Webster St	0.53mi	3/1.0	1,580 (+6%)	4mo	$195,000	$123	62
301 Spencer St	0.40mi	4/2.0 (+1)	1,386 (-7%)	0mo	$355,000	$256	60
265 W Hazelhurst St	0.67mi	3/2.0	1,467 (-2%)	2mo	$295,000	$201	60
311 Adams Ct	0.29mi	3/1.0	1,275 (-15%)	3mo	$170,000	$133	59
3127 W 8 Mile Rd	0.23mi	3/2.0	1,274 (-15%)	3mo	$113,000	$89	58
20441 Gardendale St	0.51mi	4/1.5 (+1)	1,400 (-6%)	1mo	$130,000	$93	58
366 E Marshall St	0.58mi	3/2.5	1,423 (-5%)	4mo	$345,000	$242	56
434 Jewell St	0.51mi	3/2.0	1,391 (-7%)	6mo	$279,000	$201	56
720 Silman St	0.60mi	2/1.0 (-1)	1,590 (+6%)	4mo	$239,000	$150	53
320 W Hazelhurst St	0.71mi	4/1.5 (+1)	1,376 (-8%)	2mo	$312,000	$227	45

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 · 3.44% rent growth · sell at horizon

5-year hold

• IRR: 16.3%
• Equity multiple: 1.66×
• Total profit: $21,942
• Equity at exit: $17,669

10-year hold

• IRR: 25.2%
• Equity multiple: 3.25×
• Total profit: $74,494
• Equity at exit: $10,246

Cash invested: $33,180 (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 48221

• Rents YoY: 3.4%
• Active inventory: 349
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,838 high
• Mortgage (P&I): −$621
• Tax est. 1.5%: −$148 /mo · $1,778/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$386
• Net cashflow: $633

Break-even live

Break-even rent $1,037

Max offer price $118,500

Occupancy floor 61%

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: $29,625
• Closing costs: $3,555
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
353 W Webster St Ferndale, MI	2.0	1.0	900	$1,525	$1.69	16d	1	0.21mi
351 Edgewood Pl Unit 2 Ferndale, MI	3.0	2.0	1600	$2,200	$1.38	17d	1	0.25mi
226 Fielding St Ferndale, MI	2.0	1.0	1000	$1,500	$1.50	24d	1	0.26mi
224 Fielding St Ferndale, MI	2.0	1.0	1000	$1,800	$1.80	24d	1	0.27mi
20643 Stratford Rd Unit 1 Detroit, MI	2.0	1.5	1000	$1,250	$1.25	43d	1	0.40mi
394 Hilton Rd #101 Ferndale, MI	2.0	2.0	1506	$2,500	$1.66	2d	1	0.42mi
20129 Stratford Rd Unit 2 Detroit, MI	2.0	1.0	1100	$1,223	$1.11	24d	1	0.48mi
22111 Woodward Ave Ferndale, MI	2.0	1.0	816	$3,355	$4.11	16d	1	0.70mi
851 Gardendale St Ferndale, MI	2.0	1.0	933	$1,625	$1.74	24d	1	0.78mi
510 Stratford Rd Ferndale, MI	2.0	1.0	965	$1,750	$1.81	43d	1	0.79mi
695 Livernois St Unit 2 Ferndale, MI	2.0	1.0	950	$2,350	$2.47	4d	1	0.83mi
695 Livernois St Unit 1 Ferndale, MI	2.0	2.0	1500	$2,750	$1.83	12d	1	0.83mi
20038 Santa Rosa Dr Detroit, MI	3.0	1.0	927	$1,300	$1.40	17d	1	0.84mi
1330 E Chesterfield St Ferndale, MI	4.0	2.0	1795	$2,800	$1.56	1d	1	0.89mi
320 E Troy St Ferndale, MI	4.0	2.0	1627	$2,200	$1.35	43d	1	0.95mi
631 Shasta Pl Ferndale, MI	3.0	2.0	1317	$2,100	$1.59	43d	1	0.96mi
1561 E Webster St Ferndale, MI	2.0	1.0	939	$1,600	$1.70	24d	1	0.98mi
329 W Muir Ave Hazel Park, MI	4.0	2.0	1606	$2,000	$1.25	10d	1	1.13mi
501 E Breckenridge St Ferndale, MI	3.0	1.0	946	$1,800	$1.90	24d	1	1.16mi
400 E Cambourne St Unit 1 Ferndale, MI	2.0	1.0	1000	$1,400	$1.40	10d	1	1.20mi
19031 Livernois Unit F Detroit, MI	2.0	2.0	1100	$2,135	$1.94	43d	1	1.21mi
453 E Cambourne St Unit 1 Ferndale, MI	2.0	1.0	1000	$2,500	$2.50	2d	1	1.22mi
455 E Cambourne St Unit 2 Ferndale, MI	2.0	1.0	900	$2,400	$2.67	2d	1	1.22mi
20045 Greenlawn St Detroit, MI	3.0	1.0	925	$1,350	$1.46	43d	1	1.25mi
1820 E Troy St Ferndale, MI	3.0	1.0	1167	$1,500	$1.29	4d	1	1.28mi
20110 Northlawn St Detroit, MI	3.0	1.0	1100	$1,350	$1.23	17d	1	1.34mi
19986 Cherrylawn St Detroit, MI	4.0	1.5	1144	$1,700	$1.49	17d	1	1.42mi
1557 Leroy St Ferndale, MI	3.0	2.0	1380	$2,523	$1.83	5d	1	1.45mi
407 E Hayes Ave Hazel Park, MI	3.0	1.0	1000	$1,750	$1.75	24d	1	1.46mi
266 W Goulson Ave Hazel Park, MI	3.0	1.0	942	$1,600	$1.70	21d	1	1.48mi
1260 W Nine Mile Rd Unit 13 Ferndale, MI	2.0	1.0	1000	$1,399	$1.40	14d	1	1.49mi

Listing history 8 events

1. 2026-06-18
   days on market $118,500 Active 44 DOM
2. 2026-06-17
   pricestatus $118,500 Active 43 DOM
3. 2026-04-24
   status Pending 1178-char remark

   Show marketing remark (1178 chars)

   NEW ROOF WITH A NEW HOT WATER TANK AND FURNACE GOING IN AT CLOSING. Unlock the potential in this solid Detroit property located right on the edge of Ferndale and Royal Oak, offering rare proximity to three major lifestyle corridors - Downtown Detroit, Downtown Ferndale, and Downtown Royal Oak. Whether you're an investor seeking your next rehab project or an owner-occupant planning to use an FHA 203k renovation loan, this home delivers outstanding upside in a high-demand location. Just two blocks from the Meijer-anchored retail complex, you'll have immediate access to groceries, shopping, restaurants, and daily conveniences - an amenity package that's hard to beat at this price point. The property needs renovation, but the fundamentals are here with virtual before and after pictures to demonstrate what's possible. With strong surrounding values and high rental demand, this is a location that continues to benefit from ongoing reinvestment along the Eight Mile corridor. Perfect for a full redesign, long-term hold, or a customized owner-occupied renovation. After repair values for this area average about $250,000, excellent upside. Seller will consider all offers.

4. 2026-04-24
   status Pending

   Show marketing remark (1178 chars)

   NEW ROOF WITH A NEW HOT WATER TANK AND FURNACE GOING IN AT CLOSING. Unlock the potential in this solid Detroit property located right on the edge of Ferndale and Royal Oak, offering rare proximity to three major lifestyle corridors - Downtown Detroit, Downtown Ferndale, and Downtown Royal Oak. Whether you're an investor seeking your next rehab project or an owner-occupant planning to use an FHA 203k renovation loan, this home delivers outstanding upside in a high-demand location. Just two blocks from the Meijer-anchored retail complex, you'll have immediate access to groceries, shopping, restaurants, and daily conveniences - an amenity package that's hard to beat at this price point. The property needs renovation, but the fundamentals are here with virtual before and after pictures to demonstrate what's possible. With strong surrounding values and high rental demand, this is a location that continues to benefit from ongoing reinvestment along the Eight Mile corridor. Perfect for a full redesign, long-term hold, or a customized owner-occupied renovation. After repair values for this area average about $250,000, excellent upside. Seller will consider all offers.

5. 2026-03-21
   price $119,000 1178-char remark

   Show marketing remark (1178 chars)

   NEW ROOF WITH A NEW HOT WATER TANK AND FURNACE GOING IN AT CLOSING. Unlock the potential in this solid Detroit property located right on the edge of Ferndale and Royal Oak, offering rare proximity to three major lifestyle corridors - Downtown Detroit, Downtown Ferndale, and Downtown Royal Oak. Whether you're an investor seeking your next rehab project or an owner-occupant planning to use an FHA 203k renovation loan, this home delivers outstanding upside in a high-demand location. Just two blocks from the Meijer-anchored retail complex, you'll have immediate access to groceries, shopping, restaurants, and daily conveniences - an amenity package that's hard to beat at this price point. The property needs renovation, but the fundamentals are here with virtual before and after pictures to demonstrate what's possible. With strong surrounding values and high rental demand, this is a location that continues to benefit from ongoing reinvestment along the Eight Mile corridor. Perfect for a full redesign, long-term hold, or a customized owner-occupied renovation. After repair values for this area average about $250,000, excellent upside. Seller will consider all offers.

6. 2026-03-20
   price $119,000
7. 2026-03-12
   listed $129,000 Active 1178-char remark

   Show marketing remark (1178 chars)

   NEW ROOF WITH A NEW HOT WATER TANK AND FURNACE GOING IN AT CLOSING. Unlock the potential in this solid Detroit property located right on the edge of Ferndale and Royal Oak, offering rare proximity to three major lifestyle corridors - Downtown Detroit, Downtown Ferndale, and Downtown Royal Oak. Whether you're an investor seeking your next rehab project or an owner-occupant planning to use an FHA 203k renovation loan, this home delivers outstanding upside in a high-demand location. Just two blocks from the Meijer-anchored retail complex, you'll have immediate access to groceries, shopping, restaurants, and daily conveniences - an amenity package that's hard to beat at this price point. The property needs renovation, but the fundamentals are here with virtual before and after pictures to demonstrate what's possible. With strong surrounding values and high rental demand, this is a location that continues to benefit from ongoing reinvestment along the Eight Mile corridor. Perfect for a full redesign, long-term hold, or a customized owner-occupied renovation. After repair values for this area average about $250,000, excellent upside. Seller will consider all offers.

8. 2026-03-12
   listed $129,000 Active

   Show marketing remark (1178 chars)

   NEW ROOF WITH A NEW HOT WATER TANK AND FURNACE GOING IN AT CLOSING. Unlock the potential in this solid Detroit property located right on the edge of Ferndale and Royal Oak, offering rare proximity to three major lifestyle corridors - Downtown Detroit, Downtown Ferndale, and Downtown Royal Oak. Whether you're an investor seeking your next rehab project or an owner-occupant planning to use an FHA 203k renovation loan, this home delivers outstanding upside in a high-demand location. Just two blocks from the Meijer-anchored retail complex, you'll have immediate access to groceries, shopping, restaurants, and daily conveniences - an amenity package that's hard to beat at this price point. The property needs renovation, but the fundamentals are here with virtual before and after pictures to demonstrate what's possible. With strong surrounding values and high rental demand, this is a location that continues to benefit from ongoing reinvestment along the Eight Mile corridor. Perfect for a full redesign, long-term hold, or a customized owner-occupied renovation. After repair values for this area average about $250,000, excellent upside. Seller will consider all offers.

ⓘ 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 2/10 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: $22,051
• − Mortgage interest: −$6,638
• − Property taxes: −$1,778
• − Insurance: −$592
• − Repairs & maintenance: −$1,764
• − Management: −$1,764
• − Depreciation: −$3,447
• Taxable income: $6,067
• Est. tax owed @ 24.0%: −$1,456
• After-tax cash flow: $6,137/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): 41,392
• Household income: $57,878
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1646.0

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 (85%)
• Race & ethnicity: Black 85% White 8% Two or more races 4% Asian 1%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% 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: ▼ -433.14%
• Current HPI: 280.5434
• Rent YoY: ▲ 3.44%
• 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

-7.8% since first listed

6 events — show timeline

• 2026-04-24 Pending — MiRealSource-MiMLS
• 2026-04-24 Pending — REALCOMP
• 2026-03-21 Price Changed $119,000 MiRealSource-MiMLS
• 2026-03-20 Price Changed $119,000 REALCOMP
• 2026-03-12 Listed $129,000 REALCOMP
• 2026-03-12 Listed $129,000 MiRealSource-MiMLS

Property tax history

-22.8%/yr

Latest (2025): $130 · +4.0% YoY. Source: county tax records.