830 W Main St · Kalamazoo, MI 49006

$399,900

30 bd · 36.0 ba · 3,006 sqft · MultiFamily public records · 14 Days on market

Built 1885 6,970 sqft lot

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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
• Schools +4.7/10.0
• Livability +3.8/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 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

Located in one of Kalamazoo's most desirable rental corridors, this fully leased 6-unit investment property sits directly across the street from Kalamazoo College and within walking distance to Downtown Kalamazoo, making it an ideal location for students and young professionals alike. The property features a diverse unit mix consisting of two 2-bedroom apartments, one 1-bedroom unit, and three studio units, providing strong rental demand and diversified income streams. The building is fully occupied and currently generating $4,905 per month in gross rental income, offering investors immediate cash flow from day one. Significant capital improvements have already been completed, including a new boiler installed in 2026, updated electrical systems, and recent paint and flooring updates throughout the property. Additional value-add features include a newly installed coin-operated laundry room, providing a convenient amenity for tenants while generating additional income for ownership. With

Key facts

• 6,970 sq ft lot
• 8 parking spots
• Built 1885

What this means for you Summary

Snapshot

• This is a 2×2bd/1.0ba + 1×1bd/1.0ba + 3×?bd/1.0ba units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $314/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $400k).
• Cap rate 11.9% vs local median 4.1% in Kalamazoo — 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 76/100 on livability (#141 in MI, #3,492 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Kalamazoo Public Schools (urban): math 43% / reading 72% proficiency, ranked #71 of 540 in MI (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.4%/yr); 105 active listings in the ZIP; lower-income renter base — watch delinquency; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• At $6,032/mo this rent would consume 166% of the median local household income ($44k/yr) (locally 2581% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Kalamazoo County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $112k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 6y 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 $300k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $399,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.51% ✓
• Cap rate: 11.94%
• Cash-on-cash: 20.18%
• DSCR: 1.90
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.39% rent growth · sell at horizon

5-year hold

• IRR: 12.9%
• Equity multiple: 1.52×
• Total profit: $57,692
• Equity at exit: $59,626

10-year hold

• IRR: 22.1%
• Equity multiple: 2.92×
• Total profit: $215,190
• Equity at exit: $34,576

Cash invested: $111,972 (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 49006

• Rents YoY: 3.4%
• Active inventory: 105
• Price-to-rent: 31.3×

Monthly cashflow live

• Estimated rent: $6,032 high
• Mortgage (P&I): −$2,097
• Tax from tax record: −$618 /mo · $7,418/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,267
• Net cashflow: $1,883

Break-even live

Break-even rent $3,648

Max offer price $399,900

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,128
1× unit	1	1	$983
▸ 3× units	0	1	$2,922
Total (6 units)			$6,032

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-03-25
   status Pending 1000-char remark

   Show marketing remark (1000 chars)

   Located in one of Kalamazoo's most desirable rental corridors, this fully leased 6-unit investment property sits directly across the street from Kalamazoo College and within walking distance to Downtown Kalamazoo, making it an ideal location for students and young professionals alike. The property features a diverse unit mix consisting of two 2-bedroom apartments, one 1-bedroom unit, and three studio units, providing strong rental demand and diversified income streams. The building is fully occupied and currently generating $4,905 per month in gross rental income, offering investors immediate cash flow from day one. Significant capital improvements have already been completed, including a new boiler installed in 2026, updated electrical systems, and recent paint and flooring updates throughout the property. Additional value-add features include a newly installed coin-operated laundry room, providing a convenient amenity for tenants while generating additional income for ownership. With

2. 2026-03-25
   status Pending

   Show marketing remark (1000 chars)

   Located in one of Kalamazoo's most desirable rental corridors, this fully leased 6-unit investment property sits directly across the street from Kalamazoo College and within walking distance to Downtown Kalamazoo, making it an ideal location for students and young professionals alike. The property features a diverse unit mix consisting of two 2-bedroom apartments, one 1-bedroom unit, and three studio units, providing strong rental demand and diversified income streams. The building is fully occupied and currently generating $4,905 per month in gross rental income, offering investors immediate cash flow from day one. Significant capital improvements have already been completed, including a new boiler installed in 2026, updated electrical systems, and recent paint and flooring updates throughout the property. Additional value-add features include a newly installed coin-operated laundry room, providing a convenient amenity for tenants while generating additional income for ownership. With

3. 2026-03-11
   listed $399,900 Active 1000-char remark

   Show marketing remark (1000 chars)

   Located in one of Kalamazoo's most desirable rental corridors, this fully leased 6-unit investment property sits directly across the street from Kalamazoo College and within walking distance to Downtown Kalamazoo, making it an ideal location for students and young professionals alike. The property features a diverse unit mix consisting of two 2-bedroom apartments, one 1-bedroom unit, and three studio units, providing strong rental demand and diversified income streams. The building is fully occupied and currently generating $4,905 per month in gross rental income, offering investors immediate cash flow from day one. Significant capital improvements have already been completed, including a new boiler installed in 2026, updated electrical systems, and recent paint and flooring updates throughout the property. Additional value-add features include a newly installed coin-operated laundry room, providing a convenient amenity for tenants while generating additional income for ownership. With

4. 2026-03-11
   listed $399,900 Active

   Show marketing remark (1000 chars)

   Located in one of Kalamazoo's most desirable rental corridors, this fully leased 6-unit investment property sits directly across the street from Kalamazoo College and within walking distance to Downtown Kalamazoo, making it an ideal location for students and young professionals alike. The property features a diverse unit mix consisting of two 2-bedroom apartments, one 1-bedroom unit, and three studio units, providing strong rental demand and diversified income streams. The building is fully occupied and currently generating $4,905 per month in gross rental income, offering investors immediate cash flow from day one. Significant capital improvements have already been completed, including a new boiler installed in 2026, updated electrical systems, and recent paint and flooring updates throughout the property. Additional value-add features include a newly installed coin-operated laundry room, providing a convenient amenity for tenants while generating additional income for ownership. With

5. 2021-05-06
   soldstatus $300,000
6. 2021-04-09
   soldstatus $300,000 Sold 261-char remark

   Show marketing remark (261 chars)

   Location Location Location!! Extremely well maintained multi unit home 1/2 block from K College and only 4 blocks to downtown restaurants and bars. This attractive 6 unit home is located in the Stuart Historical District. Highly sought after and 100% occupied.

7. 2021-04-09
   soldstatus $300,000 Sold

   Show marketing remark (261 chars)

   Location Location Location!! Extremely well maintained multi unit home 1/2 block from K College and only 4 blocks to downtown restaurants and bars. This attractive 6 unit home is located in the Stuart Historical District. Highly sought after and 100% occupied.

8. 2021-01-07
   status Pending
9. 2021-01-03
   historical 261-char remark

   Show marketing remark (261 chars)

   Location Location Location!! Extremely well maintained multi unit home 1/2 block from K College and only 4 blocks to downtown restaurants and bars. This attractive 6 unit home is located in the Stuart Historical District. Highly sought after and 100% occupied.

10. 2020-10-12
    listed $330,000 261-char remark

    Show marketing remark (261 chars)

    Location Location Location!! Extremely well maintained multi unit home 1/2 block from K College and only 4 blocks to downtown restaurants and bars. This attractive 6 unit home is located in the Stuart Historical District. Highly sought after and 100% occupied.

11. 2020-10-12
    listed $330,000 Active

    Show marketing remark (261 chars)

    Location Location Location!! Extremely well maintained multi unit home 1/2 block from K College and only 4 blocks to downtown restaurants and bars. This attractive 6 unit home is located in the Stuart Historical District. Highly sought after and 100% occupied.

12. 2020-10-12
    listed $330,000

    Show marketing remark (261 chars)

    Location Location Location!! Extremely well maintained multi unit home 1/2 block from K College and only 4 blocks to downtown restaurants and bars. This attractive 6 unit home is located in the Stuart Historical District. Highly sought after and 100% occupied.

13. 2020-09-19
    historical
14. 2020-09-18
    historical
15. 2020-09-18
    historical
16. 2020-08-01
    listed $312,700
17. 2020-08-01
    listed $312,700
18. 2020-08-01
    listed $312,700 Active

ⓘ 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: $7,418 · $618/mo
• Projected year-2 tax: $7,418 · $618/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $72,384
• − Mortgage interest: −$22,401
• − Property taxes: −$7,418
• − Insurance: −$2,000
• − Repairs & maintenance: −$5,791
• − Management: −$5,791
• − Depreciation: −$11,633
• Taxable income: $17,351
• Est. tax owed @ 24.0%: −$4,164
• After-tax cash flow: $18,436/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: Kalamazoo Public Schools
• NCES district ID: 2619950
• Math proficiency: 43% ▲ 13.00%
• Reading proficiency: 72% ▲ 33.00%
• Median HH income: $35,291
• Composite: 47.48/100
• National rank: #2275
• State rank: #71 of 540 in MI

Livability — Kalamazoo

• Score: 76/100
• State rank: #141
• US rank: #3492

Category grades

Amenities C+ Commute A+ Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kalamazoo, MI
• County: Kalamazoo County · 224,317 people
• City population: 121,397
• Metro: Kalamazoo-Portage, MI
• Population (ZIP): 26,507
• Household income: $43,639
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 2581.0

Population outlook (Kalamazoo County) Hauer SSP2

• Today (2025): 280,982 people
• By 2030: 292,068 · +3.9%
• By 2040: 312,191 · +11.1%
• By 2050: 331,196 · +17.9%
• By 2075: 379,021 · +34.9%
• By 2100: 396,579 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 65% Black 14% Two or more races 10% Hispanic / Latino 9% Asian 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 6% Romanian 4% Italian 3%
• Foreign-born: 9% · Canada, South Korea, China
• Languages at home: 89% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 2%

Political lean MEDSL · Kalamazoo

• 2024 margin: D (+17.7) · D 58.0% · R 40.3% · Other 1.7%
• 2008→2024 swing: -1.8pp toward R · 2008: 19.5pp · 2024: 17.7pp
• All cycles: 2024: D+17.7 2020: D+18.7 2016: D+12.8 2012: D+13.3 2008: D+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -235.52%
• Current HPI: 243.4367
• Rent YoY: ▲ 3.39%
• Metro: Kalamazoo-Portage, 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

+27.9% since first listed

18 events — show timeline

• 2026-03-25 Pending — MiRealSource-MiMLS
• 2026-03-25 Pending — REALCOMP
• 2026-03-11 Listed $399,900 REALCOMP
• 2026-03-11 Listed $399,900 MiRealSource-MiMLS
• 2021-05-06 Sold (Public Records) $300,000 Public Records
• 2021-04-09 Sold (MLS) $300,000 SW Michigan MLS
• 2021-04-09 Sold (MLS) $300,000 REALCOMP
• 2021-01-07 Pending — SW Michigan MLS
• 2021-01-03 Listing Removed — REALCOMP
• 2020-10-12 Listed $330,000 MiRealSource-MiMLS
• 2020-10-12 Listed $330,000 SW Michigan MLS
• 2020-10-12 Listed $330,000 REALCOMP
• 2020-09-19 Listing Removed — MiRealSource-MiMLS
• 2020-09-18 Listing Removed — SW Michigan MLS
• 2020-09-18 Listing Removed — REALCOMP
• 2020-08-01 Listed $312,700 SW Michigan MLS
• 2020-08-01 Listed $312,700 MiRealSource-MiMLS
• 2020-08-01 Listed $312,700 REALCOMP

Property tax history

+11.3%/yr

Latest (2025): $7,418 · -1.0% YoY. Source: county tax records.