207 Richter St · River Rouge, MI 48218

$90,000

3 bd · 1.0 ba · 1,224 sqft · SingleFamily public records · 16 Days on market

Built 1920 3,049 sqft lot Est $84k · 7% 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 +12.6/30.0
• Appreciation +10.0/10.0
• 1% rule +5.3/10.0
• ARV discount +4.5/15.0
• DSCR +3.8/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks MLS

Welcome to this charming 3-bedroom, 1-bathroom home in the heart of River Rouge! Move-in ready and full of character, this home offers spacious bedrooms, providing plenty of room for everyone to create their own personal retreat. Beautiful hardwood floors flow throughout the main living areas, showcasing the warmth and charm of its 1920s craftsmanship. A wonderful three-season room provides the perfect space to relax, entertain, or enjoy the outdoors in comfort. Significant updates offer peace of mind for years to come, including new plumbing, sewer line, hot water heater, and furnace - all approximately one year old. The home's electrical system and service connection have also been updated to modern standards, with all improvements inspected and approved by the city. Additional updates include newer carpet and a freshly painted second floor, giving the home a clean, refreshed feel. The city is currently installing new main water lines, adding further value to the area's infrastructure. Additional highlights include a newer roof and a convenient location close to shopping, dining, parks, and everyday amenities. Don't miss your opportunity to own this well-maintained home that blends classic charm with modern updates. Schedule your showing today!

Key facts

• 3,049 sq ft lot
• Built 1920
• Listed 15 days

Property features AI

Finance

• Other: Pets allowed

Exterior

• Parking: No garage
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer; Circuit breaker electric; Cable available; Underground utilities
• Home design: Single-family residence; One and one-half stories; Ground-level entry
• Construction: Aluminum siding; Vinyl siding; Asphalt roof; Crawl space foundation; Built area above grade: 1,224
• Exterior features: Outdoor lighting; Enclosed porch; Porch; Back yard fencing; Fenced yard; Shed(s)

Interior

• Kitchen: Free-standing gas range; Free-standing refrigerator; Gas water heater
• Bedrooms: Total of 6 rooms (bedrooms included)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Ceiling fan(s); No central air
• Interior features: High-speed internet; Smart thermostat; Carbon monoxide detector(s); Smoke detector(s)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $-77 ($-929/yr) — negative.
• To cash-flow at today's rent, offer at most $76k (15.2% below list).
• Meets the 1% rule at list price ($927 rent vs $90k).
• Recommended offer: $76k (15.2% below list) — sets the bar for cash-flow.
• Cap rate 6.1% 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, schools F, crime 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.
• Market conditions: 60 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $10k of equity ($622 loan paydown + $9k 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 $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 8y 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 $32k; list at $90k implies a 181% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; flood insurance adds $66/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $76,326 (15.2% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
9. 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.
10. 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.
11. 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: 1.03% ✓
• Cap rate: 6.15%
• Cash-on-cash: -0.52%
• DSCR: 0.98
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $84,456
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
235 Richter St	0.09mi	3/1.0	1,152 (-6%)	1mo	$45,625	$40	85
287 Richter St	0.24mi	3/1.0	1,140 (-7%)	6mo	$120,000	$105	73
235 Goodell St	0.10mi	3/1.5	1,092 (-11%)	4mo	$147,000	$135	72
16 Alexander St	0.45mi	3/1.5	1,200 (-2%)	4mo	$135,000	$113	70
98 Le Roy St	0.21mi	3/1.5	1,368 (+12%)	1mo	$55,000	$40	68
314 Richter St	0.32mi	4/1.0 (+1)	1,281 (+5%)	11mo	$78,000	$61	63
240 Richter St	0.11mi	3/1.0	1,400 (+14%)	10mo	$135,000	$96	63
116 Walnut St	0.32mi	3/1.0	1,344 (+10%)	9mo	$83,000	$62	61
26 Perrin St	0.49mi	2/2.0 (-1)	1,276 (+4%)	0mo	$68,900	$54	61
294 Richter St	0.26mi	3/1.0	1,056 (-14%)	6mo	$123,000	$116	60
208 Fairmont St	0.66mi	4/1.0 (+1)	1,166 (-5%)	11mo	$80,000	$69	47
19 Forest St	0.69mi	2/1.0 (-1)	1,380 (+13%)	1mo	$45,625	$33	40

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: 21.7%
• Equity multiple: 2.75×
• Total profit: $44,216
• Equity at exit: $81,079

10-year hold

• IRR: 19.6%
• Equity multiple: 6.33×
• Total profit: $134,343
• Equity at exit: $174,850

Cash invested: $25,200 (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 48218

• Home prices YoY: 28.4%
• Active inventory: 60
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $927 high
• Mortgage (P&I): −$472
• Tax from tax record: −$234 /mo · $2,808/yr
• Insurance: −$38
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$195
• Net cashflow: $-77

Break-even live

Break-even rent $1,025

Max offer price $76,326

Occupancy floor —

Sensitivity live

Price	-10% $-26	-5% $-52	+0% $-77	+5% $-103	+10% $-128
Rent	-10% $-151	-5% $-114	+0% $-77	+5% $-41	+10% $-4
Rate	-1.0pp $-32	-0.5pp $-55	base $-77	+0.5pp $-101	+1.0pp $-124

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
97 Batavia St Unit 1 River Rouge, MI	2.0	1.0	900	$825	$0.92	25d	1	0.17mi
17 W James St Unit 17 W James Lower River Rouge, MI	2.0	1.0	900	$950	$1.06	15d	1	0.56mi
1139 S Bassett St Detroit, MI	3.0	1.0	927	$1,120	$1.21	44d	1	0.95mi
1139 S Bassett St Detroit, MI	3.0	1.0	927	$1,050	$1.13	25d	1	0.95mi
3801 18th St Ecorse, MI	3.0	1.0	1196	$1,150	$0.96	18d	1	1.43mi

Listing history 10 events

1. 2026-06-21
   days on market $90,000 Active 16 DOM
2. 2026-06-18
   days on market $90,000 Active 13 DOM
3. 2026-06-17
   days on market $90,000 Active 12 DOM
4. 2026-06-16
   days on market $90,000 Active 11 DOM
5. 2026-06-15
   days on market $90,000 Active 10 DOM
6. 2026-06-13
   days on market $90,000 Active 8 DOM
7. 2026-06-09
   days on market $90,000 Active 4 DOM
8. 2026-06-08
   days on market $90,000 Active 3 DOM
9. 2026-06-07
   remarks 693-char remark
10. 2026-06-07
    listed $90,000 Active 2 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: $2,808 · $234/mo
• Projected year-2 tax: $2,808 · $234/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 8/10 Severe 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: $11,127
• − Mortgage interest: −$5,041
• − Property taxes: −$2,808
• − Insurance: −$1,248
• − Repairs & maintenance: −$890
• − Management: −$890
• − Depreciation: −$2,618
• Taxable loss: −$2,368
• Est. tax savings @ 24.0%: +$568
• After-tax cash flow: $-360/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

+620.0% since first listed

39 events — show timeline

• 2026-06-06 Listed $90,000 REALCOMP
• 2026-06-06 Listed $90,000 MiRealSource-MiMLS
• 2026-06-04 Coming Soon $90,000 MiRealSource-MiMLS
• 2026-03-07 Pending — MiRealSource-MiMLS
• 2026-03-07 Pending — REALCOMP
• 2026-02-06 Contingent — REALCOMP
• 2026-02-06 Contingent — MiRealSource-MiMLS
• 2026-02-06 Listing Removed — MiRealSource-MiMLS
• 2025-12-31 Price Changed $83,900 MiRealSource-MiMLS
• 2025-12-31 Price Changed $83,900 REALCOMP
• 2025-12-13 Price Changed $87,900 MiRealSource-MiMLS
• 2025-12-12 Price Changed $87,900 REALCOMP
• 2025-10-28 Price Changed $89,900 MiRealSource-MiMLS
• 2025-10-28 Price Changed $89,900 REALCOMP
• 2025-08-21 Price Changed $94,500 MiRealSource-MiMLS
• 2025-08-20 Price Changed $94,500 REALCOMP
• 2025-08-18 Price Changed $945,000 MiRealSource-MiMLS
• 2025-08-18 Price Changed $945,000 REALCOMP
• 2025-07-19 Listed $100,000 MiRealSource-MiMLS
• 2025-07-19 Listed $100,000 REALCOMP
• 2025-07-17 Coming Soon — MiRealSource-MiMLS
• 2022-04-12 Listing Removed — REALCOMP
• 2022-02-01 Sold (MLS) $32,000 MiRealSource-MiMLS
• 2022-02-01 Sold (MLS) $32,000 REALCOMP
• 2022-01-26 Pending — MiRealSource-MiMLS
• 2022-01-26 Pending — REALCOMP
• 2022-01-20 Price Changed $34,500 MiRealSource-MiMLS
• 2022-01-19 Price Changed $34,500 REALCOMP
• 2021-10-21 Listed $46,700 MiRealSource-MiMLS
• 2021-10-21 Listed $46,700 REALCOMP
• 2018-07-20 Sold (MLS) $7,000 MiRealSource-MiMLS
• 2018-07-20 Sold (MLS) $7,000 REALCOMP
• 2018-07-18 Pending — MiRealSource-MiMLS
• 2018-07-18 Pending — REALCOMP
• 2018-05-30 Price Changed $12,900 MiRealSource-MiMLS
• 2018-05-30 Price Changed $12,900 REALCOMP
• 2018-04-23 Listed $22,000 MiRealSource-MiMLS
• 2018-04-23 Listed $22,000 REALCOMP
• 1997-08-25 Sold (Public Records) $12,500 Public Records

Property tax history

+3.0%/yr

Latest (2025): $2,808 · +25.2% YoY. Source: county tax records.