8643 Faust Ave · Detroit, MI 48228

$40,000

2 bd · 1.0 ba · 685 sqft · SingleFamily public records · 9 Days on market

Built 1942 $58/sqft · 94% above area ↓ 40% 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
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity for investors or buyers looking for a project property. This single-family home has solid potential and was partially renovated but is currently being sold AS-IS. The home features multiple bedrooms, a full bathroom, living room, kitchen area, and basement. Interior updates have already been started including flooring and paint in several areas. Recently the property experienced a sewer backup which caused flooding in the basement. Some basement drywall and materials were removed during cleanup. A contractor estimated approximately $3,000$4,000 to repair the sewer line connection toward the street. Because of this issue the property is being offered below market value for a quick sale. Strong rental potential Great fix-and-flip opportunity Quiet residential street Large basement Solid structure Homes in the area sell around $55k-$60k+ once repaired. Property is being sold AS-IS. Buyer is responsible for any repairs. Price: $44,900 OBO

Key facts

• Built 1942
• Listed 9 days

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $478 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Cap rate 20.6% 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: Rents soft (-2.3%/yr); 363 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% 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 39% of the median local income ($31k/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 $277 of loan paydown is wiped out by about $1k 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 + 0.0% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 17 sale attempts since 20y ago; this cycle's ask has dropped $5k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $2k; list at $40k implies a 2567% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $40,000

Questions for the listing agent

1. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 2.51% ✓
• Cap rate: 20.63%
• Cash-on-cash: 51.21%
• DSCR: 3.28
• GRM: 3.3

CMA / ARV

• ARV (median comp): $22,891
• List price: $40,000
• Delta: 96.15%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8234 Penrod St	0.27mi	3/1.0 (+1)	687 (+0%)	18mo	$10,000	$15	67
8219 Rosemont Ave	0.30mi	3/1.0 (+1)	687 (+0%)	18mo	$10,000	$15	66
8900 Artesian St	0.29mi	2/1.0	746 (+9%)	10mo	$35,000	$47	63
8062 Grandville Ave	0.54mi	2/1.0	732 (+7%)	6mo	$60,000	$82	58
8257 Minock St	0.61mi	2/1.0	737 (+8%)	8mo	$32,000	$43	52
8047 Greenview Ave	0.37mi	2/1.0	760 (+11%)	18mo	$10,000	$13	49
7701 Piedmont St	0.67mi	3/1.0 (+1)	706 (+3%)	13mo	$86,500	$123	48
8883 Plainview Ave	0.71mi	2/1.0	708 (+3%)	18mo	$48,900	$69	47
7375 Brace St	0.75mi	3/1.0 (+1)	711 (+4%)	10mo	$18,500	$26	45
9046 Grandville Ave	0.48mi	2/1.0	787 (+15%)	11mo	$72,000	$91	43
9271 Minock St	0.71mi	3/1.0 (+1)	736 (+7%)	12mo	$85,714	$116	40
9617 Stahelin Ave	0.72mi	2/1.5	760 (+11%)	16mo	$60,000	$79	33

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 45.5%
• Equity multiple: 2.88×
• Total profit: $21,056
• Equity at exit: $5,964

10-year hold

• IRR: 49.9%
• Equity multiple: 5.14×
• Total profit: $46,315
• Equity at exit: $3,458

Cash invested: $11,200 (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 48228

• Rents YoY: -2.3%
• Active inventory: 363
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,005 high
• Mortgage (P&I): −$210
• Tax from tax record: −$89 /mo · $1,073/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $478

Break-even live

Break-even rent $400

Max offer price $40,000

Occupancy floor 47%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18401 Joy Rd Unit 8 Detroit, MI	1.0	1.0	600	$875	$1.46	44d	1	0.09mi
19301 Joy Rd Apt 1 Detroit, MI	2.0	1.0	750	$1,100	$1.47	44d	1	0.41mi
18450 W Chicago Detroit, MI	1.0–2.0	1.0	687	$1,117	$1.62	2d	15	0.56mi
7635 Evergreen Ave Detroit, MI	3.0	1.0	690	$1,350	$1.96	44d	1	0.97mi
20237 W Chicago Detroit, MI	1.0	1.0	650	$850	$1.31	44d	1	1.02mi
9601 Greenfield Rd Detroit, MI	1.0	1.0	500	$725	$1.45	44d	1	1.42mi
6980 Town Ln Dearborn Heights, MI	1.0	1.0	600	$895	$1.49	17d	1	1.46mi

Listing history 50 events

1. 2026-06-18
   days on market $40,000 Active 9 DOM
2. 2026-06-17
   days on market $40,000 Active 8 DOM
3. 2026-06-15
   days on market $40,000 Active 6 DOM
4. 2026-06-13
   days on market $40,000 Active 4 DOM
5. 2026-06-13
   days on market $40,000 Active 3 DOM
6. 2026-06-10
   pricedays on marketlisting id $40,000 Active 1 DOM
7. 2026-06-09
   days on market $44,900 Active 94 DOM
8. 2026-06-08
   days on market $44,900 Active 93 DOM
9. 2026-06-07
   days on market $44,900 Active 92 DOM
10. 2026-06-04
    days on market $44,900 Active 89 DOM
11. 2026-06-03
    days on market $44,900 Active 88 DOM
12. 2026-06-01
    days on market $44,900 Active 86 DOM
13. 2026-05-31
    days on market $44,900 Active 85 DOM
14. 2026-03-07
    listed $44,900 Active 971-char remark

    Show marketing remark (971 chars)

    Great opportunity for investors or buyers looking for a project property. This single-family home has solid potential and was partially renovated but is currently being sold AS-IS. The home features multiple bedrooms, a full bathroom, living room, kitchen area, and basement. Interior updates have already been started including flooring and paint in several areas. Recently the property experienced a sewer backup which caused flooding in the basement. Some basement drywall and materials were removed during cleanup. A contractor estimated approximately $3,000$4,000 to repair the sewer line connection toward the street. Because of this issue the property is being offered below market value for a quick sale. Strong rental potential Great fix-and-flip opportunity Quiet residential street Large basement Solid structure Homes in the area sell around $55k-$60k+ once repaired. Property is being sold AS-IS. Buyer is responsible for any repairs. Price: $44,900 OBO

15. 2024-10-27
    historical
16. 2024-10-27
    historical
17. 2024-06-08
    listed $70,000 Active
18. 2024-06-08
    listed $70,000 Active
19. 2024-05-12
    historical
20. 2024-05-12
    historical
21. 2024-05-11
    status Active
22. 2024-05-11
    status Active
23. 2024-03-10
    status Pending
24. 2024-03-09
    historical
25. 2024-03-01
    listed $39,900 Active
26. 2024-02-27
    historical
27. 2024-02-27
    listed $39,900
28. 2023-08-22
    historical
29. 2023-08-22
    historical
30. 2023-08-03
    status Active
31. 2023-08-03
    status Active
32. 2023-08-01
    price $45,000
33. 2023-08-01
    historical Accepting Backup Offers
34. 2023-08-01
    historical Accepting Backup Offers
35. 2023-08-01
    price $45,000
36. 2023-07-31
    price $40,000
37. 2023-07-31
    price $40,000
38. 2023-07-28
    listed $49,900 Active
39. 2023-07-28
    listed $49,900 Active
40. 2023-07-28
    historical
41. 2023-07-28
    historical
42. 2022-05-05
    historical
43. 2021-12-15
    historical
44. 2021-12-15
    historical
45. 2021-12-15
    historical
46. 2021-12-10
    listed $17,000
47. 2021-12-10
    listed $17,000
48. 2011-11-30
    soldstatus $1,500
49. 2011-11-30
    soldstatus $1,500
50. 2011-11-22
    historical

ⓘ 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: $1,073 · $89/mo
• Projected year-2 tax: $1,073 · $89/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 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,058
• − Mortgage interest: −$2,241
• − Property taxes: −$1,073
• − Insurance: −$200
• − Repairs & maintenance: −$965
• − Management: −$965
• − Depreciation: −$1,164
• Taxable income: $5,452
• Est. tax owed @ 24.0%: −$1,308
• After-tax cash flow: $4,427/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): 50,117
• Household income: $30,680
• Rent vs Own: 50.7% rent · 49.3% own
• Severe rent burden: 4144.0

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 (71%)
• Race & ethnicity: Black 71% White 16% Two or more races 7% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Arab 2% Romanian 2% Lithuanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 82% English-only · Arabic 11% Spanish 5%

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: ▼ -160.81%
• Current HPI: 168.6843
• Rent YoY: ▼ -2.30%
• 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

-40.1% since first listed

43 events — show timeline

• 2026-03-07 Listed $44,900 ForSaleByOwner.com
• 2024-10-27 Listing Removed — MiRealSource-MiMLS
• 2024-10-27 Listing Removed — REALCOMP
• 2024-06-08 Listed $70,000 MiRealSource-MiMLS
• 2024-06-08 Listed $70,000 REALCOMP
• 2024-05-12 Listing Removed — MiRealSource-MiMLS
• 2024-05-12 Listing Removed — REALCOMP
• 2024-05-11 Relisted — REALCOMP
• 2024-05-11 Relisted — MiRealSource-MiMLS
• 2024-03-10 Pending — REALCOMP
• 2024-03-09 Listing Removed — MiRealSource-MiMLS
• 2024-03-01 Listed $39,900 REALCOMP
• 2024-02-27 Coming Soon — REALCOMP
• 2024-02-27 Listed $39,900 MiRealSource-MiMLS
• 2023-08-22 Listing Removed — MiRealSource-MiMLS
• 2023-08-22 Listing Removed — REALCOMP
• 2023-08-03 Relisted — MiRealSource-MiMLS
• 2023-08-03 Relisted — REALCOMP
• 2023-08-01 Price Changed $45,000 MiRealSource-MiMLS
• 2023-08-01 Contingent — MiRealSource-MiMLS
• 2023-08-01 Contingent — REALCOMP
• 2023-08-01 Price Changed $45,000 REALCOMP
• 2023-07-31 Price Changed $40,000 MiRealSource-MiMLS
• 2023-07-31 Price Changed $40,000 REALCOMP
• 2023-07-28 Listed $49,900 MiRealSource-MiMLS
• 2023-07-28 Listed $49,900 REALCOMP
• 2023-07-28 Coming Soon — REALCOMP
• 2023-07-28 Coming Soon — MiRealSource-MiMLS
• 2022-05-05 Listing Removed — REALCOMP
• 2021-12-15 Listing Removed — MiRealSource-MiMLS
• 2021-12-15 Listing Removed — MiRealSource-MiMLS
• 2021-12-15 Listing Removed — REALCOMP
• 2021-12-10 Listed $17,000 MiRealSource-MiMLS
• 2021-12-10 Listed $17,000 REALCOMP
• 2011-11-30 Sold (MLS) $1,500 REALCOMP
• 2011-11-30 Sold (MLS) $1,500 MiRealSource-MiMLS
• 2011-11-22 Listing Removed — MiRealSource-MiMLS
• 2011-10-10 Listed $2,500 REALCOMP
• 2011-10-10 Listed $2,500 MiRealSource-MiMLS
• 2006-08-14 Listing Removed — MiRealSource-MiMLS
• 2006-08-14 Listing Removed — REALCOMP
• 2006-02-14 Listed $75,000 MiRealSource-MiMLS
• 2006-02-14 Listed $75,000 REALCOMP

Property tax history

-1.1%/yr

Latest (2025): $1,073 · -53.8% YoY. Source: county tax records.