800 W South St · Kalamazoo, MI 49007

$855,000

64 bd · 1.0 ba · 4,952 sqft · MultiFamily public records · 3 Days on market

Built 1927 6,538 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
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 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

Own a Piece of Kalamazoo History! Located in one of Kalamazoo's most prestigious and sought-after neighborhoods, South Street, this stately all-brick 8-unit apartment building presents an exceptional investment opportunity. Rich in character and timeless appeal, this well-maintained property is considered one of the area's finest multifamily assets. Most units are currently occupied, providing immediate rental income for the next owner. A unique opportunity to own a landmark investment property in a premier location.

Key facts

• 6,538 sq ft lot
• 8 parking spots
• Built 1927

Property features AI

Finance

• Financial info: Multiple rental units with listed rents by unit type (examples): studio units rent from $800–$950; 1-bedroom units rent from $1,050–$1,100; 2-bedroom units rent from $880–$1,300; Property described as residential income / multifamily
• HOA & community: Community features include sidewalks

Exterior

• Parking: Total of 8 parking spaces; Carport available; Parking surfaces: concrete, gravel, unpaved
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Cable connected; Phone available and connected; Sewer available
• Home design: Residential income property (multifamily); Multiple buildings accessed from Oakland Drive and W. South Street; cross street Oakland & Oak
• Construction: Brick construction
• Exterior features: Rubber roof; Level lot; Paved public-maintained road; Sidewalks

Interior

• Kitchen: Kitchens included as part of each rental unit (standard unit kitchens)
• Bedrooms: Multiple unit types including studios, 1-bedroom and 2-bedroom units (some with sunrooms and dining areas); Some units described as first-floor or second-floor (e.g., 1st floor studio; 2nd floor studio; 1st floor 1-bed + sun; 2nd floor 1-bed + sun)
• Bathrooms: Each unit has one bathroom
• Heating & cooling: Heating present; Baseboard heating; Natural gas heating; Steam heating
• Interior features: Storage; Walk-out, daylight, full basement
• Laundry & utility: Common area laundry with sink; Other shared laundry facilities

What this means for you Summary

Snapshot

• This is a 8 × 8-bed/7.0-bath units multifamily listed at $855k.

Deal economics

• At list price, monthly cash flow is $4k ($52k/yr) — positive. Per door: $538/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $855k).
• Cap rate 12.3% 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 soft (-0.8%/yr); 77 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 $12,466/mo this rent would consume 380% of the median local household income ($39k/yr) (locally 816% 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 $6k of loan paydown is wiped out by about $26k 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 + 0.0% rent growth), your $239k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 24y 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 $285k; list at $855k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $855,000

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 1927 — 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: 1.46% ✓
• Cap rate: 12.33%
• Cash-on-cash: 21.58%
• DSCR: 1.96
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 10.8%
• Equity multiple: 1.41×
• Total profit: $99,031
• Equity at exit: $127,483

10-year hold

• IRR: 17.4%
• Equity multiple: 2.24×
• Total profit: $297,910
• Equity at exit: $73,925

Cash invested: $239,400 (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 49007

• Rents YoY: -0.8%
• Active inventory: 77
• Price-to-rent: 45.7×

Monthly cashflow live

• Estimated rent: $12,466 medium
• Mortgage (P&I): −$4,484
• Tax from tax record: −$704 /mo · $8,446/yr
• Insurance: −$356
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,618
• Net cashflow: $4,304

Break-even live

Break-even rent $7,017

Max offer price $855,000

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 8× units	8	7	$12,464
Total (8 units)			$12,466

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: $213,750
• Closing costs: $25,650
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-18
   days on market $855,000 Active 3 DOM
2. 2026-06-17
   days on market $855,000 Active 2 DOM
3. 2026-06-15
   remarks 522-char remark
4. 2026-06-15
   listed $855,000 Active 1 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: $8,446 · $704/mo
• Projected year-2 tax: $10,806 · $901/mo
• Expected delta: +$2,361/yr (+$197/mo · 27.9%)

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

Taxation est. · year 1

• Rental income: $149,592
• − Mortgage interest: −$47,893
• − Property taxes: −$8,446
• − Insurance: −$4,275
• − Repairs & maintenance: −$11,967
• − Management: −$11,967
• − Depreciation: −$24,873
• Taxable income: $40,170
• Est. tax owed @ 24.0%: −$9,641
• After-tax cash flow: $42,011/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): 9,836
• Household income: $39,344
• Rent vs Own: 75.8% rent · 24.2% own
• Severe rent burden: 816.0

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 0.61)
• Race & ethnicity: White 44% Black 44% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Iranian 3% Romanian 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% French/Haitian/Cajun 1% Arabic 1%

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: ▼ -68.80%
• Current HPI: 112.4973
• Rent YoY: ▼ -0.85%
• 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

+185.0% since first listed

7 events — show timeline

• 2026-06-08 Listed $855,000 REALCOMP
• 2026-06-08 Listed $855,000 MiRealSource-MiMLS
• 2007-07-09 Sold (Public Records) $285,000 Public Records
• 2007-04-30 Sold (MLS) $285,000 SW Michigan MLS
• 2006-04-20 Listed $299,900 SW Michigan MLS
• 2002-08-12 Sold (MLS) $383,000 SW Michigan MLS
• 2002-07-01 Listed $300,000 SW Michigan MLS

Property tax history

+3.7%/yr

Latest (2025): $8,446 · +3.0% YoY. Source: county tax records.