1197 Virginia Park St · Detroit, MI 48202

$1,075,000

27 bd · 13.5 ba · 12,242 sqft · MultiFamily public records · 47 Days on market

Built 1916 0.32 ac lot $88/sqft · 1526% above area

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Rent growth +1.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Excellent investment opportunity in Detroit's desirable Virginia Park neighborhood, located within an Opportunity Zone! This well-maintained 9-unit townhouse-style multifamily property in the New Center area offers strong rental potential and long-term upside. The building features a diverse unit mix including six 2-bedroom units, two spacious 5-bedroom units, and one 4-bedroom unit - ideal for maximizing rental income. All units are currently occupied, providing immediate cash flow. All of the units were renovated in 2015 with 2 being renovated within 2 years with new kitchens. Significant updates include a freshly painted exterior (2025) and brand-new gutters (2025). Multiple units have been remodeled in 2024–2025, enhancing overall appeal and value. Each unit is equipped with central air conditioning, newer furnaces, hot water tanks, and updated appliances. Washer and dryer in each unit supplied by owner. Additional features include semi-finished basements, ADT alarm systems, and an exterior security camera system. Owned and professionally managed for over 20 years, this property reflects consistent care and attention. Conveniently located near Henry Ford Hospital, Wayne State University, downtown Detroit, QLine transit, and major freeways, making it highly attractive to tenants. Turnkey, fully occupied, and positioned in a high-demand area - this is a rare opportunity to add a solid performing asset to your portfolio. 16,546 Est Tot Fin: includes basements each with own baths. New Occupancy Permit as of April 2026 is good until 4/23/29. “All the leases are (1) year and (1) Section 8 tenant. All tenants are employed except the (1) Section 8. No notices to vacate. All leases renew within a year if they decide to renew

Key facts

• 9 unit townhouse
• Brand new gutters
• Opportunity zone

Tags

• VIRGINIA PARK NEIGHBORHOOD
• OPPORTUNITY ZONE
• 9 UNIT TOWNHOUSE
• STRONG RENTAL POTENTIAL
• FRESHLY PAINTED EXTERIOR
• BRAND NEW GUTTERS

What this means for you Summary

Snapshot

• This is a 6×2bd/1.5ba + 2×5bd/1.5ba + 1×4bd/1.5ba units multifamily listed at $1.07M.

Deal economics

• At list price, monthly cash flow is $5k ($60k/yr) — positive. Per door: $554/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.07M).
• Recommended offer: $1.04M (3.0% below list) — sets the bar for market timing.

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 falling (-5.1%/yr); 257 active listings in the ZIP; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $14,403/mo this rent would consume 396% of the median local household income ($44k/yr) (locally 1258% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $32k 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 $301k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($1.04M) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 12y 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 $310k; list at $1.07M implies a 247% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,042,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.34% ✓
• Cap rate: 11.86%
• Cash-on-cash: 19.87%
• DSCR: 1.88
• GRM: 6.2

CMA / ARV

• ARV (median comp): $89,398
• List price: $1,075,000
• Delta: 1102.48%
• Verdict: OVERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 8.8%
• Equity multiple: 1.33×
• Total profit: $100,623
• Equity at exit: $160,286

10-year hold

• IRR: 15.5%
• Equity multiple: 2.10×
• Total profit: $331,560
• Equity at exit: $92,946

Cash invested: $301,000 (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 48202

• Rents YoY: -5.1%
• Active inventory: 257
• Price-to-rent: 61.6×

Monthly cashflow live

• Estimated rent: $14,403 high
• Mortgage (P&I): −$5,637
• Tax from tax record: −$309 /mo · $3,706/yr
• Insurance: −$448
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,025
• Net cashflow: $4,984

Break-even live

Break-even rent $8,094

Max offer price $1,075,000

Occupancy floor 60%

Sensitivity live

Price	-10% $5,593	-5% $5,288	+0% $4,984	+5% $4,680	+10% $4,376
Rent	-10% $3,846	-5% $4,415	+0% $4,984	+5% $5,553	+10% $6,122
Rate	-1.0pp $5,526	-0.5pp $5,258	base $4,984	+0.5pp $4,706	+1.0pp $4,422

9-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	2	1.5	$8,724
▸ 2× units	5	1.5	$4,050
1× unit	4	1.5	$1,631
Total (9 units)			$14,403

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: $268,750
• Closing costs: $32,250
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-05-20
   status Pending 1787-char remark

   Show marketing remark (1776 chars)

   Excellent investment opportunity in Detroit’s desirable Virginia Park neighborhood, located within an Opportunity Zone! This well-maintained 9-unit townhouse-style multifamily property in the New Center area offers strong rental potential and long-term upside. The building features a diverse unit mix including six 2-bedroom units, two spacious 5-bedroom units, and one 4-bedroom unit—ideal for maximizing rental income. All units are currently occupied, providing immediate cash flow. All of the units were renovated in 2015 with 2 being renovated within 2 years with new kitchens. Significant updates include a freshly painted exterior (2025) and brand-new gutters (2025). Multiple units have been remodeled in 2024–2025, enhancing overall appeal and value. Each unit is equipped with central air conditioning, newer furnaces, hot water tanks, and updated appliances. Washer and dryer in each unit supplied by owner. Additional features include semi-finished basements, ADT alarm systems, and an exterior security camera system. Owned and professionally managed for over 20 years, this property reflects consistent care and attention. Conveniently located near Henry Ford Hospital, Wayne State University, downtown Detroit, QLine transit, and major freeways, making it highly attractive to tenants. Turnkey, fully occupied, and positioned in a high-demand area—this is a rare opportunity to add a solid performing asset to your portfolio. 16,546 Est Tot Fin: includes basements each with own baths. New Occupancy Permit as of April 2026 is good until 4/23/29. “All the leases are (1) year and (1) Section 8 tenant. All tenants are employed except the (1) Section 8. No notices to vacate. All leases renew within a year if they decide to renew

2. 2026-05-20
   status Pending 1776-char remark

   Show marketing remark (1776 chars)

   Excellent investment opportunity in Detroit’s desirable Virginia Park neighborhood, located within an Opportunity Zone! This well-maintained 9-unit townhouse-style multifamily property in the New Center area offers strong rental potential and long-term upside. The building features a diverse unit mix including six 2-bedroom units, two spacious 5-bedroom units, and one 4-bedroom unit—ideal for maximizing rental income. All units are currently occupied, providing immediate cash flow. All of the units were renovated in 2015 with 2 being renovated within 2 years with new kitchens. Significant updates include a freshly painted exterior (2025) and brand-new gutters (2025). Multiple units have been remodeled in 2024–2025, enhancing overall appeal and value. Each unit is equipped with central air conditioning, newer furnaces, hot water tanks, and updated appliances. Washer and dryer in each unit supplied by owner. Additional features include semi-finished basements, ADT alarm systems, and an exterior security camera system. Owned and professionally managed for over 20 years, this property reflects consistent care and attention. Conveniently located near Henry Ford Hospital, Wayne State University, downtown Detroit, QLine transit, and major freeways, making it highly attractive to tenants. Turnkey, fully occupied, and positioned in a high-demand area—this is a rare opportunity to add a solid performing asset to your portfolio. 16,546 Est Tot Fin: includes basements each with own baths. New Occupancy Permit as of April 2026 is good until 4/23/29. “All the leases are (1) year and (1) Section 8 tenant. All tenants are employed except the (1) Section 8. No notices to vacate. All leases renew within a year if they decide to renew

3. 2026-04-03
   listed $1,075,000 Active 1787-char remark

   Show marketing remark (1776 chars)

   Excellent investment opportunity in Detroit’s desirable Virginia Park neighborhood, located within an Opportunity Zone! This well-maintained 9-unit townhouse-style multifamily property in the New Center area offers strong rental potential and long-term upside. The building features a diverse unit mix including six 2-bedroom units, two spacious 5-bedroom units, and one 4-bedroom unit—ideal for maximizing rental income. All units are currently occupied, providing immediate cash flow. All of the units were renovated in 2015 with 2 being renovated within 2 years with new kitchens. Significant updates include a freshly painted exterior (2025) and brand-new gutters (2025). Multiple units have been remodeled in 2024–2025, enhancing overall appeal and value. Each unit is equipped with central air conditioning, newer furnaces, hot water tanks, and updated appliances. Washer and dryer in each unit supplied by owner. Additional features include semi-finished basements, ADT alarm systems, and an exterior security camera system. Owned and professionally managed for over 20 years, this property reflects consistent care and attention. Conveniently located near Henry Ford Hospital, Wayne State University, downtown Detroit, QLine transit, and major freeways, making it highly attractive to tenants. Turnkey, fully occupied, and positioned in a high-demand area—this is a rare opportunity to add a solid performing asset to your portfolio. 16,546 Est Tot Fin: includes basements each with own baths. New Occupancy Permit as of April 2026 is good until 4/23/29. “All the leases are (1) year and (1) Section 8 tenant. All tenants are employed except the (1) Section 8. No notices to vacate. All leases renew within a year if they decide to renew

4. 2026-04-03
   listed $1,075,000 Active 1776-char remark

   Show marketing remark (1776 chars)

   Excellent investment opportunity in Detroit’s desirable Virginia Park neighborhood, located within an Opportunity Zone! This well-maintained 9-unit townhouse-style multifamily property in the New Center area offers strong rental potential and long-term upside. The building features a diverse unit mix including six 2-bedroom units, two spacious 5-bedroom units, and one 4-bedroom unit—ideal for maximizing rental income. All units are currently occupied, providing immediate cash flow. All of the units were renovated in 2015 with 2 being renovated within 2 years with new kitchens. Significant updates include a freshly painted exterior (2025) and brand-new gutters (2025). Multiple units have been remodeled in 2024–2025, enhancing overall appeal and value. Each unit is equipped with central air conditioning, newer furnaces, hot water tanks, and updated appliances. Washer and dryer in each unit supplied by owner. Additional features include semi-finished basements, ADT alarm systems, and an exterior security camera system. Owned and professionally managed for over 20 years, this property reflects consistent care and attention. Conveniently located near Henry Ford Hospital, Wayne State University, downtown Detroit, QLine transit, and major freeways, making it highly attractive to tenants. Turnkey, fully occupied, and positioned in a high-demand area—this is a rare opportunity to add a solid performing asset to your portfolio. 16,546 Est Tot Fin: includes basements each with own baths. New Occupancy Permit as of April 2026 is good until 4/23/29. “All the leases are (1) year and (1) Section 8 tenant. All tenants are employed except the (1) Section 8. No notices to vacate. All leases renew within a year if they decide to renew

5. 2022-06-28
   historical
6. 2022-06-28
   historical
7. 2022-06-28
   historical
8. 2022-06-16
   price $1,000,000
9. 2022-06-15
   price $1,000,000
10. 2022-04-10
    listed $1,175,000 Active
11. 2022-04-10
    listed $1,175,000 Active
12. 2022-03-28
    listed $1,000,000
13. 2015-07-23
    historical
14. 2014-10-28
    listed $360,000
15. 2005-08-23
    soldstatus $310,000

ⓘ 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: $3,706 · $309/mo
• Projected year-2 tax: $10,130 · $844/mo
• Expected delta: +$6,425/yr (+$535/mo · 173.4%)

ⓘ 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 ≥96°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: $172,836
• − Mortgage interest: −$60,217
• − Property taxes: −$3,706
• − Insurance: −$5,375
• − Repairs & maintenance: −$13,827
• − Management: −$13,827
• − Depreciation: −$31,273
• Taxable income: $44,612
• Est. tax owed @ 24.0%: −$10,707
• After-tax cash flow: $49,104/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): 15,780
• Household income: $43,627
• Rent vs Own: 69.1% rent · 30.9% own
• Severe rent burden: 1258.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 60% White 26% Asian 6% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 3% Slovak 1% Lithuanian 1%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 90% English-only · Other Indo-European 3% Arabic 2% Spanish 2%

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: ▼ -239.24%
• Current HPI: 145.5509
• Rent YoY: ▼ -5.13%
• 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

+246.8% since first listed

15 events — show timeline

• 2026-05-20 Pending — MiRealSource-MiMLS
• 2026-05-20 Pending — REALCOMP
• 2026-04-03 Listed $1,075,000 REALCOMP
• 2026-04-03 Listed $1,075,000 MiRealSource-MiMLS
• 2022-06-28 Listing Removed — REALCOMP
• 2022-06-28 Listing Removed — MiRealSource-MiMLS
• 2022-06-28 Listing Removed — MiRealSource-MiMLS
• 2022-06-16 Price Changed $1,000,000 MiRealSource-MiMLS
• 2022-06-15 Price Changed $1,000,000 REALCOMP
• 2022-04-10 Listed $1,175,000 MiRealSource-MiMLS
• 2022-04-10 Listed $1,175,000 REALCOMP
• 2022-03-28 Listed $1,000,000 MiRealSource-MiMLS
• 2015-07-23 Listing Removed — MiRealSource-MiMLS
• 2014-10-28 Listed $360,000 MiRealSource-MiMLS
• 2005-08-23 Sold (Public Records) $310,000 Public Records

Property tax history

-2.5%/yr

Latest (2025): $3,706 · -32.5% YoY. Source: county tax records.