2683 Central St · Detroit, MI 48209

$750,000

20 bd · 10.0 ba · 12,319 sqft · MultiFamily · 42 Days on market

Built 1926 Good condition 7,405 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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Schools +1.3/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 10 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

2683 Central is a fully renovated 10- unit apartment building in Southwest Detroit. Each unit offers two bedrooms and one bathroom. The property underwent a comprehensive renovation in 2019, including interior upgrades, boiler and steam trap replacement, roof replacement, and façade restoration. There is additional upside in adding an 11th unit to the garden level, as well as implementing the PILOT program to reduce the property taxes. Offers due by Friday, May 15th

Key facts

• Fully renovated
• Interior upgrades
• Roof replacement

Tags

• FULLY RENOVATED
• COMPREHENSIVE RENOVATION
• INTERIOR UPGRADES
• ROOF REPLACEMENT
• FAÇADE RESTORATION

What this means for you Summary

Snapshot

• This is a 10 × 2-bed/1.0-bath units multifamily listed at $750k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $4k ($49k/yr) — positive. Per door: $409/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $750k).
• Recommended offer: $728k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.8% vs local median 10.2% in Detroit — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 66 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 $11,734/mo this rent would consume 326% of the median local household income ($43k/yr) (locally 831% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $80k of equity ($5k loan paydown + $75k 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 $210k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$129k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($728k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $727,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 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 1926 — 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: 1.56% ✓
• Cap rate: 12.83%
• Cash-on-cash: 23.35%
• DSCR: 2.04
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 41.8%
• Equity multiple: 4.19×
• Total profit: $668,936
• Equity at exit: $675,659

10-year hold

• IRR: 36.1%
• Equity multiple: 9.41×
• Total profit: $1,765,569
• Equity at exit: $1,457,085

Cash invested: $210,000 (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 48209

• Home prices YoY: 21.8%
• Active inventory: 66
• Price-to-rent: 53.3×

Monthly cashflow live

• Estimated rent: $11,734 high
• Mortgage (P&I): −$3,933
• Tax est. 1.5%: −$938 /mo · $11,250/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,464
• Net cashflow: $4,087

Break-even live

Break-even rent $6,561

Max offer price $750,000

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 10× units	2	1	$11,730
Total (10 units)			$11,734

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: $187,500
• Closing costs: $22,500
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-18
   listed $750,000 Active 477-char remark

   Show marketing remark (483 chars)

   2683 Central is a fully renovated 10- unit apartment building in Southwest Detroit. Each unit offers two bedrooms and one bathroom. The property underwent a comprehensive renovation in 2019, including interior upgrades, boiler and steam trap replacement, roof replacement, and façade restoration. There is additional upside in adding an 11th unit to the garden level, as well as implementing the PILOT program to reduce the property taxes. Offers due by Friday, May 15th

2. 2026-04-18
   listed $750,000 Active 483-char remark

   Show marketing remark (483 chars)

   2683 Central is a fully renovated 10- unit apartment building in Southwest Detroit. Each unit offers two bedrooms and one bathroom. The property underwent a comprehensive renovation in 2019, including interior upgrades, boiler and steam trap replacement, roof replacement, and façade restoration. There is additional upside in adding an 11th unit to the garden level, as well as implementing the PILOT program to reduce the property taxes. Offers due by Friday, May 15th

3. 2024-01-23
   historical $995
4. 2023-11-29
   listed $995

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 4/10 Moderate 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $140,808
• − Mortgage interest: −$42,012
• − Property taxes: −$11,250
• − Insurance: −$3,750
• − Repairs & maintenance: −$11,265
• − Management: −$11,265
• − Depreciation: −$21,818
• Taxable income: $39,449
• Est. tax owed @ 24.0%: −$9,468
• After-tax cash flow: $39,574/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.

Condition & rehab AI · 11 photos

Good 80/100 Cosmetic rehab

This fully renovated 10-unit apartment building in Southwest Detroit is in excellent condition with modern interiors and a good exterior. It offers a good investment opportunity with potential for further value enhancement through exterior improvements and HVAC upgrades.

Value-add opportunities

• Both Painting the exterior walls and adding landscaping — Enhances curb appeal and can increase both resale and rental value.
• Both Upgrading the HVAC system — Improves comfort and energy efficiency, attracting more tenants and buyers.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior walls and adding landscaping — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Upgrading the HVAC system — Improves comfort and energy efficiency, attracting more tenants and buyers. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 27,184
• Household income: $43,161
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 831.0

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 Hispanic (76%)
• Race & ethnicity: Hispanic / Latino 76% White 17% Two or more races 14% Black 6% Native American 2%
• Hispanic origin (detail): Mexican 58% Puerto Rican 7% Cuban 1%
• Common ancestry: Romanian 2% Lithuanian 0%
• Foreign-born: 26% · Canada
• Languages at home: 38% English-only · Spanish 62%

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: ▲ 73.77%
• Current HPI: 412.9753
• Rent YoY: —
• 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

+0.0% since first listed

4 events — show timeline

• 2026-04-18 Listed $750,000 MiRealSource-MiMLS
• 2026-04-18 Listed $750,000 REALCOMP
• 2024-01-23 Rental Removed $995 APPFOLIO
• 2023-11-29 Listed for Rent $995 APPFOLIO