2353 Richton St · Detroit, MI 48206

$139,900

3 bd · 1.5 ba · 1,572 sqft · SingleFamily public records · 10 Days on market

Built 1920 3,049 sqft lot

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Why this score? — see what drove the C- 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 +22.5/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +5.4/10.0
• 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

Listing remarks MLS

Beautifully remodeled home in the heart of Detroit featuring modern updates while maintaining classic charm. This move-in ready property offers spacious living areas, updated kitchen and bathrooms, fresh flooring and paint throughout, and plenty of natural light. The home provides comfortable living with generous bedroom sizes and a functional layout perfect for homeowners or investors alike. Conveniently located near major freeways, shopping, dining, schools, and downtown Detroit. A great opportunity to own a stylish, updated home in a growing area. Schedule your showing today!

Key facts

• Formal dining room
• Flex space
• Updated kitchen

Tags

• REMODELED COLONIAL
• SPACIOUS LIVING ROOM
• STUNNING FIREPLACE
• FORMAL DINING ROOM
• FLEX SPACE
• UPDATED KITCHEN

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Ground-level entry with steps
• Construction: Wood siding and other exterior materials; Brick/mortar foundation
• Exterior features: Paved road access; Lot approximately 0.07 acres (30 x 100)

Interior

• Bedrooms: Total of 7 rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Wood-burning fireplace in the living room; Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $235 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).

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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 39% of the median local income ($45k/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 $967 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 + 5.2% rent growth), your $39k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 29y 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: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,900

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.04% ✓
• Cap rate: 8.31%
• Cash-on-cash: 7.19%
• DSCR: 1.32
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $64,452
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2405 Sturtevant St	0.16mi	3/1.5	1,636 (+4%)	3mo	$45,000	$28	83
2704 Burlingame St	0.42mi	3/1.5	1,618 (+3%)	6mo	$119,000	$74	70
1981 Leslie St	0.34mi	3/1.5	1,518 (-3%)	13mo	$50,000	$33	68
2064 Glynn Ct	0.53mi	4/1.5 (+1)	1,624 (+3%)	4mo	$118,556	$73	61
1671 W Buena Vista St	0.52mi	3/1.0	1,680 (+7%)	8mo	$65,000	$39	56
3275 Collingwood St	0.75mi	4/1.5 (+1)	1,600 (+2%)	2mo	$64,000	$40	56
1996 W Grand St	0.72mi	3/1.5	1,400 (-11%)	6mo	$40,009	$29	43
1568 Highland St	0.49mi	4/2.0 (+1)	1,344 (-14%)	6mo	$65,000	$48	41
1220 Lawrence St	0.74mi	3/1.0	1,382 (-12%)	5mo	$5,000	$4	40
3013 Waverly St	0.71mi	4/3.0 (+1)	1,698 (+8%)	6mo	$170,000	$100	37
3040 Burlingame St	0.59mi	3/2.5	1,778 (+13%)	12mo	$275,000	$155	37
3266 Collingwood St	0.73mi	3/1.5	1,358 (-14%)	15mo	$55,000	$41	31

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 · 5.2% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.89×
• Total profit: $-4,447
• Equity at exit: $20,860

10-year hold

• IRR: 8.9%
• Equity multiple: 1.75×
• Total profit: $29,437
• Equity at exit: $12,096

Cash invested: $39,172 (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 48206

• Rents YoY: 5.2%
• Active inventory: 273
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,453 high
• Mortgage (P&I): −$734
• Tax from tax record: −$121 /mo · $1,452/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $235

Break-even live

Break-even rent $1,156

Max offer price $139,900

Occupancy floor 79%

Sensitivity live

Price	-10% $314	-5% $274	+0% $235	+5% $195	+10% $156
Rent	-10% $120	-5% $177	+0% $235	+5% $292	+10% $349
Rate	-1.0pp $305	-0.5pp $270	base $235	+0.5pp $198	+1.0pp $162

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2474 Fullerton St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	16d	1	0.28mi
2634 Lawrence St Detroit, MI	3.0	1.5	1388	$1,600	$1.15	3d	1	0.41mi
2655 Collingwood St Detroit, MI	4.0	1.5	1881	$2,700	$1.44	0d	1	0.50mi
2045 Calvert St Detroit, MI	2.0	2.0	1400	$1,600	$1.14	45d	1	0.50mi
1929 Calvert Ave Unit 2 Detroit, MI	3.0	1.0	1414	$1,199	$0.85	16d	1	0.54mi
2653 Calvert Ave Unit 1 Detroit, MI	3.0	1.0	1305	$1,200	$0.92	45d	1	0.55mi
3224 Monterey St Unit 2E Detroit, MI	2.0	1.0	1200	$1,350	$1.12	45d	1	0.57mi
2727 Calvert Ave Unit 1 Detroit, MI	3.0	1.5	1350	$1,200	$0.89	45d	1	0.58mi
3031 Lawrence St Detroit, MI	4.0	1.0	1700	$1,600	$0.94	18d	1	0.61mi
2925 Calvert St Detroit, MI	3.0	1.0	1400	$1,300	$0.93	18d	1	0.63mi
3322 Webb St Detroit, MI	3.0	1.0	1600	$1,250	$0.78	18d	1	0.69mi
3322 Webb St Unit 2 Detroit, MI	3.0	1.0	1656	$1,350	$0.82	45d	1	0.69mi
3322 Webb St Unit 1 Detroit, MI	3.0	1.0	1656	$1,350	$0.82	45d	1	0.69mi
1926 Clements St Detroit, MI	3.0	1.0	1150	$1,150	$1.00	6d	1	0.70mi
1926 Clements St Unit 1926 Detroit, MI	3.0	1.0	1150	$1,250	$1.09	21d	1	0.70mi
9844 Woodrow Wilson St Detroit, MI	3.0	1.0	1187	$1,300	$1.10	14d	1	0.72mi
3224 Calvert St Detroit, MI	3.0	1.0	1150	$1,150	$1.00	45d	1	0.72mi
3226 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,200	$1.09	14d	1	0.72mi
3266 Calvert Ave Fl 2 Detroit, MI	3.0	1.0	1279	$1,300	$1.02	26d	1	0.75mi
1427 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,750	$1.59	45d	1	0.76mi
1427 Calvert Ave Detroit, MI	3.0	1.0	1100	$1,850	$1.68	26d	1	0.76mi
3209 W Grand St Detroit, MI	3.0	1.0	1550	$1,103	$0.71	45d	1	0.88mi
3740 Tyler St Unit 1 Detroit, MI	3.0	1.0	1300	$1,300	$1.00	6d	1	0.92mi
2254 Taylor St Unit Taylor St unit Detroit, MI	3.0	1.0	1307	$1,550	$1.19	5d	1	1.01mi
3422 Edison St Detroit, MI	3.0	1.0	1300	$1,295	$1.00	18d	1	1.01mi
2463 Taylor St Detroit, MI	3.0	1.0	1350	$1,100	$0.81	45d	1	1.05mi
2302 Hazelwood St Unit 1 Detroit, MI	3.0	1.0	1550	$1,273	$0.82	26d	1	1.07mi
3812 W Grand St Detroit, MI	2.0	1.0	1100	$1,025	$0.93	18d	1	1.11mi
4341 Glendale St Detroit, MI	4.0	2.5	1832	$1,680	$0.92	6d	1	1.18mi
11704 Broadstreet Ave Detroit, MI	3.0	1.0	1200	$1,050	$0.88	45d	1	1.20mi
12546 Broadstreet Ave Detroit, MI	3.0	1.5	1899	$1,250	$0.66	46d	1	1.20mi
4336 Buena Vista St Detroit, MI	3.0	1.0	1300	$1,100	$0.85	45d	1	1.21mi
64 Glendale St Highland Park, MI	4.0	1.0	1464	$1,500	$1.02	11d	1	1.22mi
3220 Gladstone St Detroit, MI	3.0	1.0	1248	$1,200	$0.96	45d	1	1.26mi
4287 W Grand St Unit 4289 Detroit, MI	3.0	1.0	1250	$1,000	$0.80	45d	1	1.28mi
2504 W Euclid St Unit 2506 Detroit, MI	3.0	1.0	1475	$1,675	$1.14	45d	1	1.40mi
2506 W Euclid St Detroit, MI	3.0	1.0	1475	$1,675	$1.14	45d	1	1.40mi
2504 W Euclid St Unit 2504 Detroit, MI	3.0	1.0	1475	$1,650	$1.12	45d	1	1.41mi
3786 Carter St Unit 2 Detroit, MI	3.0	1.0	1400	$1,100	$0.79	26d	1	1.44mi
12663 Stoepel St Detroit, MI	2.0	1.0	1100	$1,050	$0.95	23d	1	1.46mi

Listing history 21 events

1. 2026-06-21
   days on market $139,900 Active 10 DOM
2. 2026-06-18
   days on market $139,900 Active 7 DOM
3. 2026-06-17
   days on market $139,900 Active 6 DOM
4. 2026-06-16
   days on market $139,900 Active 5 DOM
5. 2026-06-15
   days on market $139,900 Active 4 DOM
6. 2026-06-13
   days on market $139,900 Active 2 DOM
7. 2026-06-13
   remarks 699-char remark
8. 2026-06-13
   pricedays on marketlisting id $139,900 Active 1 DOM
9. 2026-06-04
   days on market $145,000 Active 14 DOM
10. 2026-06-03
    days on market $145,000 Active 13 DOM
11. 2026-06-02
    days on market $145,000 Active 12 DOM
12. 2026-06-01
    days on market $145,000 Active 11 DOM
13. 2026-05-31
    days on market $145,000 Active 10 DOM
14. 2026-05-21
    listed $145,000 Active 585-char remark

    Show marketing remark (585 chars)

    Beautifully remodeled home in the heart of Detroit featuring modern updates while maintaining classic charm. This move-in ready property offers spacious living areas, updated kitchen and bathrooms, fresh flooring and paint throughout, and plenty of natural light. The home provides comfortable living with generous bedroom sizes and a functional layout perfect for homeowners or investors alike. Conveniently located near major freeways, shopping, dining, schools, and downtown Detroit. A great opportunity to own a stylish, updated home in a growing area. Schedule your showing today!

15. 2026-05-21
    listed $145,000 Active

    Show marketing remark (585 chars)

    Beautifully remodeled home in the heart of Detroit featuring modern updates while maintaining classic charm. This move-in ready property offers spacious living areas, updated kitchen and bathrooms, fresh flooring and paint throughout, and plenty of natural light. The home provides comfortable living with generous bedroom sizes and a functional layout perfect for homeowners or investors alike. Conveniently located near major freeways, shopping, dining, schools, and downtown Detroit. A great opportunity to own a stylish, updated home in a growing area. Schedule your showing today!

16. 2008-06-18
    historical
17. 2008-06-18
    historical
18. 2008-04-21
    listed $4,785
19. 2008-04-21
    listed $4,785
20. 1998-01-22
    historical
21. 1997-06-11
    listed $21,000

ⓘ 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: $1,452 · $121/mo
• Projected year-2 tax: $1,803 · $150/mo
• Expected delta: +$351/yr (+$29/mo · 24.2%)

ⓘ 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 · 14 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: $17,433
• − Mortgage interest: −$7,837
• − Property taxes: −$1,452
• − Insurance: −$700
• − Repairs & maintenance: −$1,395
• − Management: −$1,395
• − Depreciation: −$4,070
• Taxable income: $585
• Est. tax owed @ 24.0%: −$141
• After-tax cash flow: $2,676/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

+590.5% since first listed

8 events — show timeline

• 2026-05-21 Listed $145,000 REALCOMP
• 2026-05-21 Listed $145,000 MiRealSource-MiMLS
• 2008-06-18 Listing Removed — REALCOMP
• 2008-06-18 Listing Removed — MiRealSource-MiMLS
• 2008-04-21 Listed $4,785 REALCOMP
• 2008-04-21 Listed $4,785 MiRealSource-MiMLS
• 1998-01-22 Listing Removed — REALCOMP
• 1997-06-11 Listed $21,000 REALCOMP

Property tax history

+1.9%/yr

Latest (2025): $1,452 · +0.0% YoY. Source: county tax records.