338 Richter St · River Rouge, MI 48218

$150,000

4 bd · 2.0 ba · 1,728 sqft · SingleFamily public records · 13 Days on market

Built 1929 4,792 sqft lot Est $126k · 19% over

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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 +11.9/30.0
• Appreciation +10.0/10.0
• 1% rule +4.3/10.0
• DSCR +3.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

INVESTOR SPECIAL – TWO-FAMILY BRICK FLAT FOR SALE! Don't miss this incredible opportunity to finish and profit from this spacious two-unit brick multifamily property! This solid investment property features:2 Units, 2 Bedrooms / 1 Bathroom Per Unit, Brick Construction, Hardwood Floors, Major Renovations Already Started. Recent improvements include: New Electrical Work, New Plumbing Updates, HVAC Installation Started, Drywall Replacement in Several Areas, Flooring Improvements Completed. A significant amount of work and money has already been invested, allowing the next owner to complete the renovation and maximize returns. Perfect for a buy-and-hold investor, house hacker, or fix-and-flip opportunity. Motivated Seller – Distressed Situation Creates Opportunity! Whether you're looking to generate rental income or build equity through renovation, this property offers tremendous upside potential. A must see, Opportunities like this don't last long!

Key facts

• New plumbing updates
• New electrical work
• Brick construction

Tags

• TWO FAMILY BRICK FLAT
• BRICK CONSTRUCTION
• HARDWOOD FLOORS
• NEW ELECTRICAL WORK
• NEW PLUMBING UPDATES
• HVAC INSTALLATION STARTED

Property features AI

Exterior

• Utilities: Public water; Public sewer; Water and sewer available
• Home design: Multi-family residential property; Above-grade finished area approximately 1,728 square feet
• Construction: Brick construction
• Exterior features: Paved road frontage; Alley access; Pets allowed; Lot dimensions approximately 49 x 100 (0.11 acre); Zoned for multifamily/residential

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Separate meters for heating; No central cooling
• Interior features: Full unfinished basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $-95 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (11.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (7.3% below list).
• Recommended offer: $133k (11.2% below list) — sets the bar for cash-flow.
• Cap rate 6.0% vs local median 8.8% in River Rouge — 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 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, crime F, amenities 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.
• Zoned schools: Ann Visger K5 Preparatory Academy (math 2% / reading 8%, grade F, #1,325 of 1,397 statewide, top 99%, 621 students, 93% FRL); Cb Sabbath 68 Preparatory Academy (math 2% / reading 12%, grade F, #481 of 493 statewide, top 98%, 301 students, 93% FRL); River Rouge High School (math 2% / reading 8%, grade F, #704 of 713 statewide, top 100%, 966 students, 85% FRL) — zoned schools at 90% FRL track the district average.
• Market conditions: 60 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k 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.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 23y 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 $64k; list at $150k implies a 134% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $133,216 (11.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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: 0.93% ✗
• Cap rate: 5.98%
• Cash-on-cash: -1.13%
• DSCR: 0.95
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $126,144
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
389 Genessee St	0.18mi	3/2.0 (-1)	1,760 (+2%)	1mo	$72,000	$41	83
20 Hill St	0.29mi	3/2.0 (-1)	1,722 (-0%)	1mo	$125,000	$73	80
311 Richter St	0.08mi	3/1.0 (-1)	1,644 (-5%)	1mo	$143,250	$87	78
112 Walnut St	0.14mi	4/1.5	1,650 (-4%)	12mo	$130,000	$79	74
292 Genessee St	0.20mi	3/1.0 (-1)	1,848 (+7%)	2mo	$125,000	$68	68
75 Abbott St	0.13mi	4/1.0	1,848 (+7%)	13mo	$50,000	$27	68
116 Pine St	0.26mi	4/2.0	1,559 (-10%)	10mo	$173,000	$111	64
110 Pine St	0.26mi	5/2.0 (+1)	1,590 (-8%)	9mo	$184,800	$116	62
60 Batavia St	0.47mi	3/1.0 (-1)	1,720 (-0%)	12mo	$150,000	$87	58
25 Marie St	0.69mi	4/2.5	1,736 (+0%)	10mo	$60,000	$35	57
24 Linden St	0.70mi	4/2.0	1,889 (+9%)	3mo	$80,000	$42	49
92 E Pleasant St	0.58mi	3/1.0 (-1)	1,831 (+6%)	12mo	$133,000	$73	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 22.4%
• Equity multiple: 2.80×
• Total profit: $75,760
• Equity at exit: $135,132

10-year hold

• IRR: 20.1%
• Equity multiple: 6.43×
• Total profit: $228,092
• Equity at exit: $291,417

Cash invested: $42,000 (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 48218

• Home prices YoY: 28.4%
• Active inventory: 60
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,390 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$288 /mo · $3,461/yr
• Insurance: −$62
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $-95

Break-even live

Break-even rent $1,510

Max offer price $133,216

Occupancy floor —

Sensitivity live

Price	-10% $-10	-5% $-53	+0% $-95	+5% $-137	+10% $-180
Rent	-10% $-205	-5% $-150	+0% $-95	+5% $-40	+10% $15
Rate	-1.0pp $-19	-0.5pp $-57	base $-95	+0.5pp $-134	+1.0pp $-173

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3801 18th St Ecorse, MI	3.0	1.0	1196	$1,150	$0.96	19d	1	1.15mi
3804 18th St Unit F2 Ecorse, MI	5.0	1.0	2160	$1,665	$0.77	5d	1	1.18mi
4015 16th St Ecorse, MI	3.0	1.5	1170	$1,300	$1.11	26d	1	1.43mi

Listing history 8 events

1. 2026-06-21
   days on market $150,000 Active 13 DOM
2. 2026-06-18
   days on market $150,000 Active 10 DOM
3. 2026-06-17
   days on market $150,000 Active 9 DOM
4. 2026-06-16
   days on market $150,000 Active 8 DOM
5. 2026-06-15
   days on market $150,000 Active 7 DOM
6. 2026-06-13
   days on market $150,000 Active 5 DOM
7. 2026-06-09
   remarks 687-char remark
8. 2026-06-09
   listed $150,000 Active 1 DOM

ⓘ 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: $3,461 · $288/mo
• Projected year-2 tax: $3,461 · $288/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 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: $16,680
• − Mortgage interest: −$8,402
• − Property taxes: −$3,461
• − Insurance: −$1,416
• − Repairs & maintenance: −$1,334
• − Management: −$1,334
• − Depreciation: −$4,364
• Taxable loss: −$3,633
• Est. tax savings @ 24.0%: +$872
• After-tax cash flow: $-268/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: 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

+87.7% since first listed

20 events — show timeline

• 2026-06-08 Listed $150,000 REALCOMP
• 2026-06-08 Listed $150,000 MiRealSource-MiMLS
• 2025-05-20 Sold (Public Records) $64,000 Public Records
• 2025-05-13 Sold (MLS) $64,000 REALCOMP
• 2025-05-13 Sold (MLS) $64,000 MiRealSource-MiMLS
• 2025-05-03 Pending — MiRealSource-MiMLS
• 2025-05-03 Pending — REALCOMP
• 2025-04-24 Price Changed $64,000 MiRealSource-MiMLS
• 2025-04-24 Price Changed $64,000 REALCOMP
• 2025-04-03 Listed $65,000 REALCOMP
• 2025-04-02 Listed $65,000 MiRealSource-MiMLS
• 2009-07-31 Sold (MLS) $9,500 MiRealSource-MiMLS
• 2009-06-26 Listing Removed — MiRealSource-MiMLS
• 2009-04-16 Listed $19,000 MiRealSource-MiMLS
• 2004-05-18 Sold (Public Records) $50,000 Public Records
• 2003-11-21 Sold (MLS) $50,000 MiRealSource-MiMLS
• 2003-11-17 Listing Removed — MiRealSource-MiMLS
• 2003-07-17 Listed $60,000 MiRealSource-MiMLS
• 2003-07-10 Listing Removed — MiRealSource-MiMLS
• 2003-01-10 Listed $79,900 MiRealSource-MiMLS

Property tax history

+10.1%/yr

Latest (2025): $3,461 · +171.9% YoY. Source: county tax records.