47 Pope St · Lapeer, MI 48446

$428,000

36 bd · 36.0 ba · 3,425 sqft · MultiFamily · 91 Days on market

Built 1860 Poor condition 7,405 sqft lot $125/sqft · 70% above area

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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
• Livability +3.6/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• 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

Recent Price Improvement!!! 6 Unit Multi-Family Investment Property – Near Downtown Lapeer. Each unit offers 1 bedroom and 1 bathroom, with separate gas and electric meters and individual furnaces - tenants pay their own utilities. Current Rent Roll: $4,200/month with one unit vacant Full Occupancy Potential: $5,050/month ($60,600 annually) Owner Expenses: Water and trash With only one unit currently vacant and consistent rental income, this is a solid investment opportunity and an excellent addition to any real estate portfolio.

Key facts

• 7,405 sq ft lot
• Built 1860
• Listed 91 days

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1-bath units multifamily listed at $428k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $488/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $428k).
• Recommended offer: $389k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.5% vs local median 3.6% in Lapeer — 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 72/100 on livability (#231 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: schools D+, employment D, commute F.
• Lapeer Community Schools (town): math 31% / reading 49% proficiency, ranked #202 of 540 in MI (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 186 active listings in the ZIP; 152 units permitted in Lapeer County in 2024 (0 in 5+ unit buildings).
• At $7,453/mo this rent would consume 135% of the median local household income ($66k/yr) (locally 908% 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 $13k of value loss. Plan a longer hold.
• Lapeer County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $120k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($389k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 5y 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 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $389,480 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 1.74% ✓
• Cap rate: 14.51%
• Cash-on-cash: 29.34%
• DSCR: 2.31
• GRM: 4.8

CMA / ARV

• ARV (median comp): $251,042
• List price: $428,000
• Delta: 70.49%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 23.8%
• Equity multiple: 1.98×
• Total profit: $117,375
• Equity at exit: $63,816

10-year hold

• IRR: 31.7%
• Equity multiple: 3.86×
• Total profit: $342,964
• Equity at exit: $37,006

Cash invested: $119,840 (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 48446

• Active inventory: 186
• Price-to-rent: 28.7×

Monthly cashflow live

• Estimated rent: $7,453 medium
• Mortgage (P&I): −$2,244
• Tax est. 1.5%: −$535 /mo · $6,420/yr
• Insurance: −$178
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,565
• Net cashflow: $2,930

Break-even live

Break-even rent $3,744

Max offer price $428,000

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$7,452
Total (6 units)			$7,453

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: $107,000
• Closing costs: $12,840
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $428,000 Active 91 DOM
2. 2026-06-17
   days on market $428,000 Active 90 DOM
3. 2026-06-16
   days on market $428,000 Active 89 DOM
4. 2026-06-15
   days on market $428,000 Active 88 DOM
5. 2026-06-13
   days on market $428,000 Active 86 DOM
6. 2026-06-09
   days on market $428,000 Active 82 DOM
7. 2026-06-08
   days on market $428,000 Active 81 DOM
8. 2026-06-07
   days on market $428,000 Active 80 DOM
9. 2026-06-04
   days on market $428,000 Active 77 DOM
10. 2026-06-03
    days on market $428,000 Active 76 DOM
11. 2026-06-02
    days on market $428,000 Active 75 DOM
12. 2026-06-01
    days on market $428,000 Active 74 DOM
13. 2026-05-31
    days on market $428,000 Active 73 DOM
14. 2026-05-20
    price $428,000 554-char remark

    Show marketing remark (554 chars)

    Recent Price Improvement!!! 6 Unit Multi-Family Investment Property – Near Downtown Lapeer. Each unit offers 1 bedroom and 1 bathroom, with separate gas and electric meters and individual furnaces - tenants pay their own utilities. Current Rent Roll: $4,200/month with one unit vacant Full Occupancy Potential: $5,050/month ($60,600 annually) Owner Expenses: Water and trash With only one unit currently vacant and consistent rental income, this is a solid investment opportunity and an excellent addition to any real estate portfolio.

15. 2026-05-19
    price $428,000 545-char remark

    Show marketing remark (545 chars)

    Recent Price Improvement!!! 6 Unit Multi-Family Investment Property – Near Downtown Lapeer. Each unit offers 1 bedroom and 1 bathroom, with separate gas and electric meters and individual furnaces—tenants pay their own utilities. Current Rent Roll: $4,200/month with one unit vacant Full Occupancy Potential: $5,050/month ($60,600 annually) Owner Expenses: Water and trash With only one unit currently vacant and consistent rental income, this is a solid investment opportunity and an excellent addition to any real estate portfolio.

16. 2026-03-19
    listed $439,000 Active 554-char remark

    Show marketing remark (545 chars)

    Recent Price Improvement!!! 6 Unit Multi-Family Investment Property – Near Downtown Lapeer. Each unit offers 1 bedroom and 1 bathroom, with separate gas and electric meters and individual furnaces—tenants pay their own utilities. Current Rent Roll: $4,200/month with one unit vacant Full Occupancy Potential: $5,050/month ($60,600 annually) Owner Expenses: Water and trash With only one unit currently vacant and consistent rental income, this is a solid investment opportunity and an excellent addition to any real estate portfolio.

17. 2026-03-19
    listed $439,000 Active 545-char remark

    Show marketing remark (545 chars)

    Recent Price Improvement!!! 6 Unit Multi-Family Investment Property – Near Downtown Lapeer. Each unit offers 1 bedroom and 1 bathroom, with separate gas and electric meters and individual furnaces—tenants pay their own utilities. Current Rent Roll: $4,200/month with one unit vacant Full Occupancy Potential: $5,050/month ($60,600 annually) Owner Expenses: Water and trash With only one unit currently vacant and consistent rental income, this is a solid investment opportunity and an excellent addition to any real estate portfolio.

18. 2026-02-02
    historical
19. 2025-08-15
    price $439,000
20. 2025-08-15
    price $439,000
21. 2025-08-05
    status Active
22. 2025-08-05
    status Active
23. 2025-05-13
    status Pending
24. 2025-05-13
    status Pending
25. 2025-04-23
    price $445,000
26. 2025-04-22
    price $445,000
27. 2025-04-22
    status Active
28. 2025-04-21
    historical
29. 2025-03-11
    price $450,000
30. 2025-03-10
    status Active
31. 2025-03-10
    status Active
32. 2025-03-10
    price $450,000
33. 2024-12-05
    historical
34. 2024-12-05
    historical
35. 2024-10-29
    listed $465,000 Active
36. 2024-10-29
    listed $465,000 Active
37. 2024-10-28
    historical
38. 2024-10-28
    historical
39. 2023-04-14
    soldstatus $410,000 Sold
40. 2023-04-14
    soldstatus $410,000 Closed
41. 2023-02-15
    status Pending
42. 2023-02-15
    status Pending
43. 2022-10-10
    status Active
44. 2022-10-10
    status Active
45. 2022-09-25
    status Pending
46. 2022-09-25
    status Pending
47. 2022-09-13
    listed $419,000 Active
48. 2022-09-13
    listed $419,000 Active
49. 2021-04-09
    historical
50. 2021-01-29
    historical

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

Taxation est. · year 1

• Rental income: $89,436
• − Mortgage interest: −$23,975
• − Property taxes: −$6,420
• − Insurance: −$2,140
• − Repairs & maintenance: −$7,155
• − Management: −$7,155
• − Depreciation: −$12,451
• Taxable income: $30,141
• Est. tax owed @ 24.0%: −$7,234
• After-tax cash flow: $27,927/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 · 2 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and maintenance, including exterior painting and landscaping, to improve its condition and value.

Repairs flagged

• Major exterior siding — Severe weathering and peeling
• Major exterior paint — Severe peeling and discoloration
• Major landscaping — Overgrown and unkempt
• Major roof — No visible damage, but potential wear

Value-add opportunities

• Both exterior painting — Fresh paint would improve curb appeal and rental value
• Both landscaping — A well-maintained yard would enhance curb appeal and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering and peeling	Major	$15,000–50,000
exterior paint · Severe peeling and discoloration	Major	$15,000–50,000
landscaping · Overgrown and unkempt	Major	$15,000–50,000
roof · No visible damage, but potential wear	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both exterior painting — Fresh paint would improve curb appeal and rental value ↑
• Both landscaping — A well-maintained yard would enhance curb appeal and rental value ↑

ⓘ 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: Lapeer Community Schools
• NCES district ID: 2621180
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 49% ▼ -4.00%
• Median HH income: $53,749
• Composite: 34.79/100
• National rank: #5113
• State rank: #202 of 540 in MI

Livability — Lapeer

• Score: 72/100
• State rank: #231
• US rank: #5855

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lapeer, MI
• County: Lapeer County · 30,581 people
• City population: 30,581
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 30,581
• Household income: $66,062
• Rent vs Own: 21.1% rent · 78.9% own
• Severe rent burden: 908.0

Population outlook (Lapeer County) Hauer SSP2

• Today (2025): 89,826 people
• By 2030: 89,535 · -0.3%
• By 2040: 86,695 · -3.5%
• By 2050: 80,566 · -10.3%
• By 2075: 65,783 · -26.8%
• By 2100: 46,584 · -48.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Hispanic / Latino 3% Black 3%
• Common ancestry: Romanian 6% Lithuanian 4% Slovak 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Lapeer

• 2024 margin: Solid R (+39.8) · D 29.5% · R 69.3% · Other 1.3%
• 2008→2024 swing: -36.8pp toward R · 2008: -3.0pp · 2024: -39.8pp
• All cycles: 2024: R+39.8 2020: R+36.3 2016: R+38.3 2012: R+11.5 2008: R+3.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -243.58%
• Current HPI: 212.3665
• 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

+0.7% since first listed

39 events — show timeline

• 2026-05-20 Price Changed $428,000 MiRealSource-MiMLS
• 2026-05-19 Price Changed $428,000 REALCOMP
• 2026-03-19 Listed $439,000 REALCOMP
• 2026-03-19 Listed $439,000 MiRealSource-MiMLS
• 2026-02-02 Listing Removed — MiRealSource-MiMLS
• 2025-08-15 Price Changed $439,000 MiRealSource-MiMLS
• 2025-08-15 Price Changed $439,000 REALCOMP
• 2025-08-05 Relisted — MiRealSource-MiMLS
• 2025-08-05 Relisted — REALCOMP
• 2025-05-13 Pending — MiRealSource-MiMLS
• 2025-05-13 Pending — REALCOMP
• 2025-04-23 Price Changed $445,000 MiRealSource-MiMLS
• 2025-04-22 Price Changed $445,000 REALCOMP
• 2025-04-22 Relisted — REALCOMP
• 2025-04-21 Listing Removed — REALCOMP
• 2025-03-11 Price Changed $450,000 MiRealSource-MiMLS
• 2025-03-10 Relisted — MiRealSource-MiMLS
• 2025-03-10 Relisted — REALCOMP
• 2025-03-10 Price Changed $450,000 REALCOMP
• 2024-12-05 Listing Removed — REALCOMP
• 2024-12-05 Listing Removed — MiRealSource-MiMLS
• 2024-10-29 Listed $465,000 MiRealSource-MiMLS
• 2024-10-29 Listed $465,000 REALCOMP
• 2024-10-28 Coming Soon — MiRealSource-MiMLS
• 2024-10-28 Coming Soon — REALCOMP
• 2023-04-14 Sold (MLS) $410,000 MiRealSource-MiMLS
• 2023-04-14 Sold (MLS) $410,000 REALCOMP
• 2023-02-15 Pending — MiRealSource-MiMLS
• 2023-02-15 Pending — REALCOMP
• 2022-10-10 Relisted — MiRealSource-MiMLS
• 2022-10-10 Relisted — REALCOMP
• 2022-09-25 Pending — MiRealSource-MiMLS
• 2022-09-25 Pending — REALCOMP
• 2022-09-13 Listed $419,000 MiRealSource-MiMLS
• 2022-09-13 Listed $419,000 REALCOMP
• 2021-04-09 Listing Removed — MiRealSource-MiMLS
• 2021-01-29 Listing Removed — MiRealSource-MiMLS
• 2021-01-04 Listed $425,000 MiRealSource-MiMLS
• 2021-01-04 Listed $425,000 MiRealSource-MiMLS