3462 Ewald Cir #8 · Detroit, MI 48204

$39,900

2 bd · 1.0 ba · 746 sqft · Condo public records · 113 Days on market

Built 1948 $53/sqft · 40% below area Est $67k · 40% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks MLS

JUST WAITING FOR YOUR VISION ON THIS ONE. IMAGINE WHAT PAINT AND A LITTLE ELBOW GREASE CAN DO. .. Investor special on this one which could be a delightful homestead. This condominium, presents a unique opportunity to do a minimal rehab and live or rent this charming abode. Two good sized bedrooms offer private havens for personal expression and peaceful repose. Cash only please, ask about condo association interest.

Key facts

• Built 1948
• Listed 113 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $40k.

Deal economics

• At list price, monthly cash flow is $440 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($862 rent vs $40k).
• Recommended offer: $36k (9.0% below list) — sets the bar for market timing.
• Cap rate 19.5% vs local median 10.2% 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: 244 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% 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 30% of the median local income ($34k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $4k of equity ($276 loan paydown + $4k 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 113 days — a 9% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $7k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $40k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $36,309 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.16% ✓
• Cap rate: 19.52%
• Cash-on-cash: 47.23%
• DSCR: 3.10
• GRM: 3.9

CMA / ARV

• ARV (median comp): $66,540
• List price: $39,900
• Delta: -40.04%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 61.2%
• Equity multiple: 5.45×
• Total profit: $49,727
• Equity at exit: $35,945

10-year hold

• IRR: 54.8%
• Equity multiple: 12.13×
• Total profit: $124,400
• Equity at exit: $77,517

Cash invested: $11,172 (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 48204

• Home prices YoY: 18.5%
• Active inventory: 244
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $862 high
• Mortgage (P&I): −$209
• Tax from tax record: −$16 /mo · $190/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$181
• Net cashflow: $440

Break-even live

Break-even rent $306

Max offer price $39,900

Occupancy floor 44%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12728 Monica St Unit 2 Detroit, MI	1.0	1.0	620	$750	$1.21	44d	1	0.25mi
12663 Stoepel St Unit 1 Detroit, MI	2.0	1.0	750	$975	$1.30	18d	1	0.26mi
2690 Ewald Cir Detroit, MI	1.0–2.0	1.0	750	$900	$1.20	24d	4	0.74mi
11411 Wyoming Ave Detroit, MI	1.0	1.0	750	$850	$1.13	24d	1	0.88mi
11411 Wyoming Ave Unit 102 Detroit, MI	1.0	1.0	600	$925	$1.54	44d	1	0.88mi
8751 Elmira St Unit 1 Detroit, MI	1.0	1.0	500	$799	$1.60	44d	1	0.90mi
10201 Plymouth Rd Apt 6 Detroit, MI	1.0	1.0	520	$605	$1.16	44d	1	0.94mi
10201 Plymouth Rd Apt 5 Detroit, MI	1.0	1.0	502	$575	$1.15	44d	1	0.94mi
10201 Plymouth Rd Apt 10 Detroit, MI	1.0	1.0	502	$595	$1.19	44d	1	0.94mi
2341 Ewald Cir Unit 3 Detroit, MI	1.0	1.0	600	$900	$1.50	44d	1	0.99mi
3700 Pasadena St Unit 8 Detroit, MI	1.0	1.0	500	$775	$1.55	24d	1	1.04mi
3808 Kendall St Unit 3 Detroit, MI	1.0	1.0	550	$700	$1.27	44d	1	1.07mi
3235 W Grand St Detroit, MI	2.0	1.0	500	$850	$1.70	15d	1	1.17mi
3266 Pasadena St Unit 3 Detroit, MI	1.0	1.0	696	$700	$1.01	44d	1	1.17mi
2952 Waverly St Unit 2W Detroit, MI	1.0	1.0	439	$750	$1.71	11d	1	1.26mi
12775 Plymouth Rd Apt 11 Detroit, MI	1.0	1.0	725	$635	$0.88	44d	1	1.32mi
12775 Plymouth Rd Apt 23 Detroit, MI	1.0	1.0	650	$605	$0.93	44d	1	1.32mi
1875 Ewald Cir Unit 2E Detroit, MI	1.0	1.0	725	$875	$1.21	5d	1	1.38mi
14950 Stoepel St Detroit, MI	2.0	1.0	600	$900	$1.50	24d	1	1.40mi
3295 Rochester St Detroit, MI	1.0	1.0	500	$770	$1.54	11d	1	1.41mi
3295 Rochester St Unit : 3 Detroit, MI	1.0	1.0	720	$850	$1.18	5d	1	1.41mi
3295 Rochester St Unit : 3 Detroit, MI	2.0	1.0	500	$810	$1.62	11d	1	1.41mi
2630 Richton St Apt 105 Detroit, MI	1.0	1.0	700	$1,250	$1.79	44d	1	1.44mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $39,900 Active 113 DOM
2. 2026-06-17
   days on market $39,900 Active 112 DOM
3. 2026-06-15
   days on market $39,900 Active 110 DOM
4. 2026-06-13
   days on market $39,900 Active 108 DOM
5. 2026-06-13
   days on market $39,900 Active 107 DOM
6. 2026-06-09
   days on market $39,900 Active 104 DOM
7. 2026-06-08
   days on market $39,900 Active 103 DOM
8. 2026-06-07
   days on market $39,900 Active 102 DOM
9. 2026-06-04
   days on market $39,900 Active 99 DOM
10. 2026-06-03
    days on market $39,900 Active 98 DOM
11. 2026-06-02
    remarks 459-char remark
12. 2026-06-01
    days on market $39,900 Active 96 DOM
13. 2026-05-31
    days on market $39,900 Active 95 DOM
14. 2026-05-07
    status Pending 419-char remark

    Show marketing remark (419 chars)

    JUST WAITING FOR YOUR VISION ON THIS ONE. IMAGINE WHAT PAINT AND A LITTLE ELBOW GREASE CAN DO. .. Investor special on this one which could be a delightful homestead. This condominium, presents a unique opportunity to do a minimal rehab and live or rent this charming abode. Two good sized bedrooms offer private havens for personal expression and peaceful repose. Cash only please, ask about condo association interest.

15. 2026-05-07
    status Pending 419-char remark

    Show marketing remark (419 chars)

    JUST WAITING FOR YOUR VISION ON THIS ONE. IMAGINE WHAT PAINT AND A LITTLE ELBOW GREASE CAN DO. .. Investor special on this one which could be a delightful homestead. This condominium, presents a unique opportunity to do a minimal rehab and live or rent this charming abode. Two good sized bedrooms offer private havens for personal expression and peaceful repose. Cash only please, ask about condo association interest.

16. 2026-04-23
    price $39,900 419-char remark

    Show marketing remark (419 chars)

    JUST WAITING FOR YOUR VISION ON THIS ONE. IMAGINE WHAT PAINT AND A LITTLE ELBOW GREASE CAN DO. .. Investor special on this one which could be a delightful homestead. This condominium, presents a unique opportunity to do a minimal rehab and live or rent this charming abode. Two good sized bedrooms offer private havens for personal expression and peaceful repose. Cash only please, ask about condo association interest.

17. 2026-04-22
    price $39,900 419-char remark

    Show marketing remark (419 chars)

    JUST WAITING FOR YOUR VISION ON THIS ONE. IMAGINE WHAT PAINT AND A LITTLE ELBOW GREASE CAN DO. .. Investor special on this one which could be a delightful homestead. This condominium, presents a unique opportunity to do a minimal rehab and live or rent this charming abode. Two good sized bedrooms offer private havens for personal expression and peaceful repose. Cash only please, ask about condo association interest.

18. 2026-03-28
    price $43,900 419-char remark

    Show marketing remark (419 chars)

    JUST WAITING FOR YOUR VISION ON THIS ONE. IMAGINE WHAT PAINT AND A LITTLE ELBOW GREASE CAN DO. .. Investor special on this one which could be a delightful homestead. This condominium, presents a unique opportunity to do a minimal rehab and live or rent this charming abode. Two good sized bedrooms offer private havens for personal expression and peaceful repose. Cash only please, ask about condo association interest.

19. 2026-03-27
    price $43,900 419-char remark

    Show marketing remark (419 chars)

    JUST WAITING FOR YOUR VISION ON THIS ONE. IMAGINE WHAT PAINT AND A LITTLE ELBOW GREASE CAN DO. .. Investor special on this one which could be a delightful homestead. This condominium, presents a unique opportunity to do a minimal rehab and live or rent this charming abode. Two good sized bedrooms offer private havens for personal expression and peaceful repose. Cash only please, ask about condo association interest.

20. 2026-03-10
    price $45,500 419-char remark

    Show marketing remark (419 chars)

    JUST WAITING FOR YOUR VISION ON THIS ONE. IMAGINE WHAT PAINT AND A LITTLE ELBOW GREASE CAN DO. .. Investor special on this one which could be a delightful homestead. This condominium, presents a unique opportunity to do a minimal rehab and live or rent this charming abode. Two good sized bedrooms offer private havens for personal expression and peaceful repose. Cash only please, ask about condo association interest.

21. 2026-03-09
    price $45,500 419-char remark

    Show marketing remark (419 chars)

    JUST WAITING FOR YOUR VISION ON THIS ONE. IMAGINE WHAT PAINT AND A LITTLE ELBOW GREASE CAN DO. .. Investor special on this one which could be a delightful homestead. This condominium, presents a unique opportunity to do a minimal rehab and live or rent this charming abode. Two good sized bedrooms offer private havens for personal expression and peaceful repose. Cash only please, ask about condo association interest.

22. 2026-02-04
    listed $47,000 Active 419-char remark

    Show marketing remark (419 chars)

    JUST WAITING FOR YOUR VISION ON THIS ONE. IMAGINE WHAT PAINT AND A LITTLE ELBOW GREASE CAN DO. .. Investor special on this one which could be a delightful homestead. This condominium, presents a unique opportunity to do a minimal rehab and live or rent this charming abode. Two good sized bedrooms offer private havens for personal expression and peaceful repose. Cash only please, ask about condo association interest.

23. 2026-02-04
    listed $47,000 Active 419-char remark

    Show marketing remark (419 chars)

    JUST WAITING FOR YOUR VISION ON THIS ONE. IMAGINE WHAT PAINT AND A LITTLE ELBOW GREASE CAN DO. .. Investor special on this one which could be a delightful homestead. This condominium, presents a unique opportunity to do a minimal rehab and live or rent this charming abode. Two good sized bedrooms offer private havens for personal expression and peaceful repose. Cash only please, ask about condo association interest.

24. 2006-12-08
    soldstatus $22,000

ⓘ 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: $190 · $16/mo
• Projected year-2 tax: $402 · $34/mo
• Expected delta: +$212/yr (+$18/mo · 111.9%)

ⓘ 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: $10,350
• − Mortgage interest: −$2,235
• − Property taxes: −$190
• − Insurance: −$200
• − Repairs & maintenance: −$828
• − Management: −$828
• − Depreciation: −$1,161
• Taxable income: $4,909
• Est. tax owed @ 24.0%: −$1,178
• After-tax cash flow: $4,098/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): 20,696
• Household income: $34,468
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 1418.0

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 (86%)
• Race & ethnicity: Black 86% Two or more races 7% Hispanic / Latino 5% White 4% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Hispanic 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 36.51%
• Current HPI: 234.0465
• Rent YoY: —
• 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

+81.4% since first listed

11 events — show timeline

• 2026-05-07 Pending — MiRealSource-MiMLS
• 2026-05-07 Pending — REALCOMP
• 2026-04-23 Price Changed $39,900 MiRealSource-MiMLS
• 2026-04-22 Price Changed $39,900 REALCOMP
• 2026-03-28 Price Changed $43,900 MiRealSource-MiMLS
• 2026-03-27 Price Changed $43,900 REALCOMP
• 2026-03-10 Price Changed $45,500 MiRealSource-MiMLS
• 2026-03-09 Price Changed $45,500 REALCOMP
• 2026-02-04 Listed $47,000 REALCOMP
• 2026-02-04 Listed $47,000 MiRealSource-MiMLS
• 2006-12-08 Sold (Public Records) $22,000 Public Records

Property tax history

-7.9%/yr

Latest (2025): $190 · -15.8% YoY. Source: county tax records.