521 Pearl St · Kalamazoo, MI 49007

$475,000

40 bd · 56.0 ba · 3,526 sqft · MultiFamily public records · 76 Days on market

Built 1924 0.25 ac 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
• 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

This well-maintained 8-unit apartment building presents a solid opportunity for both seasoned investors and those looking to expand their portfolio. The property offers consistent rental income with a current gross monthly rent of $6,350.Tenants benefit from on-site laundry facilities located in the basement, enhancing convenience and retention. The rear parking lot provides ample off-street parking, a highly desirable feature that supports tenant satisfaction and occupancy stability.

Key facts

• 0.25 acre lot
• 12 parking spots
• Built 1924

Property features AI

Finance

• Financial info: Individual unit rents reported (examples): Unit #1 $800, Unit #2 $800, Unit #3 $850, Unit #4 $850, Unit #5 $750, Unit #6 $750, Unit #7 $800, Unit #8 $750

Exterior

• Parking: Twelve unpaved parking spaces
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Phone available
• Home design: Residential income property; Multifamily building
• Construction: Brick and wood siding exterior
• Exterior features: Composition roof; Public-maintained road access

Interior

• Kitchen: Kitchens included in each unit
• Bedrooms: Multiple one-bedroom units (Unit #1, #2, #3, #4, #7 are listed as 1-bedroom)
• Bathrooms: Each unit includes one bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Full basement; Basement laundry area and common-area laundry room
• Laundry & utility: In-basement laundry; Common area laundry room

What this means for you Summary

Snapshot

• This is a 8 × 5-bed/7.0-bath units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $6k ($69k/yr) — positive. Per door: $722/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $475k).
• Recommended offer: $446k (6.0% below list) — sets the bar for market timing.
• Cap rate 20.9% vs local median 3.4% 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.
• Zoned schools: Woods Lake Elementarya Magnet Center For The Arts (566 students, 86% FRL); Maple Street Magnet School For The Arts (math 75% / reading 75%, grade A, #8 of 493 statewide, top 3%, 860 students, 59% FRL); Loy Norrix High School (math 47% / reading 82%, grade B-, #46 of 713 statewide, top 7%, 1,771 students, 68% FRL).
• Zoned-school proficiency averages 70% at this address vs 58% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Kalamazoo Public Schools average implies; a family-tenant draw the district grade alone would hide.
• 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 $11,704/mo this rent would consume 357% 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 $3k of loan paydown is wiped out by about $14k 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 $133k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($446k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 37y 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 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $446,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% 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 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.46% ✓
• Cap rate: 20.88%
• Cash-on-cash: 52.10%
• DSCR: 3.32
• GRM: 3.4

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: 46.5%
• Equity multiple: 2.93×
• Total profit: $256,771
• Equity at exit: $70,824

10-year hold

• IRR: 51.0%
• Equity multiple: 5.25×
• Total profit: $565,761
• Equity at exit: $41,069

Cash invested: $133,000 (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 49007

• Rents YoY: -0.8%
• Active inventory: 77
• Price-to-rent: 27.1×

Monthly cashflow live

• Estimated rent: $11,704 medium
• Mortgage (P&I): −$2,491
• Tax from tax record: −$783 /mo · $9,400/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,458
• Net cashflow: $5,774

Break-even live

Break-even rent $4,395

Max offer price $475,000

Occupancy floor 46%

Sensitivity live

Price	-10% $6,043	-5% $5,908	+0% $5,774	+5% $5,640	+10% $5,505
Rent	-10% $4,849	-5% $5,312	+0% $5,774	+5% $6,236	+10% $6,699
Rate	-1.0pp $6,013	-0.5pp $5,895	base $5,774	+0.5pp $5,651	+1.0pp $5,526

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

Units	Beds	Baths	Est. rent
▸ 8× units	5	7	$11,704
Total (8 units)			$11,704

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Listing history 45 events

1. 2026-06-21
   days on market $475,000 Active 76 DOM
2. 2026-06-18
   days on market $475,000 Active 73 DOM
3. 2026-06-17
   days on market $475,000 Active 72 DOM
4. 2026-06-16
   days on market $475,000 Active 71 DOM
5. 2026-06-15
   days on market $475,000 Active 70 DOM
6. 2026-06-14
   days on market $475,000 Active 68 DOM
7. 2026-06-13
   days on market $475,000 Active 67 DOM
8. 2026-06-10
   days on market $475,000 Active 65 DOM
9. 2026-06-09
   days on market $475,000 Active 64 DOM
10. 2026-06-08
    days on market $475,000 Active 63 DOM
11. 2026-06-07
    days on market $475,000 Active 62 DOM
12. 2026-06-05
    days on market $475,000 Active 59 DOM
13. 2026-06-03
    days on market $475,000 Active 58 DOM
14. 2026-06-02
    days on market $475,000 Active 57 DOM
15. 2026-06-01
    days on market $475,000 Active 56 DOM
16. 2026-05-31
    days on market $475,000 Active 55 DOM
17. 2026-05-30
    days on market $475,000 Active 54 DOM
18. 2026-04-06
    listed $475,000 Active

    Show marketing remark (489 chars)

    This well-maintained 8-unit apartment building presents a solid opportunity for both seasoned investors and those looking to expand their portfolio. The property offers consistent rental income with a current gross monthly rent of $6,350.Tenants benefit from on-site laundry facilities located in the basement, enhancing convenience and retention. The rear parking lot provides ample off-street parking, a highly desirable feature that supports tenant satisfaction and occupancy stability.

19. 2026-04-06
    listed $475,000 Active 489-char remark

    Show marketing remark (489 chars)

    This well-maintained 8-unit apartment building presents a solid opportunity for both seasoned investors and those looking to expand their portfolio. The property offers consistent rental income with a current gross monthly rent of $6,350.Tenants benefit from on-site laundry facilities located in the basement, enhancing convenience and retention. The rear parking lot provides ample off-street parking, a highly desirable feature that supports tenant satisfaction and occupancy stability.

20. 2026-02-11
    historical
21. 2026-02-10
    historical
22. 2025-08-08
    listed $500,000 Active
23. 2025-08-08
    listed $500,000 Active
24. 2025-05-05
    historical
25. 2025-05-05
    historical
26. 2025-05-04
    historical
27. 2025-05-04
    historical
28. 2024-11-04
    listed $1,470,000 Active
29. 2024-11-04
    listed $550,000 Active
30. 2024-11-04
    listed $550,000 Active
31. 2024-11-04
    listed $1,470,000 Active
32. 2023-10-27
    historical $750
33. 2023-09-22
    listed $750
34. 2023-08-29
    historical $750
35. 2023-08-13
    listed $750
36. 2022-07-14
    soldstatus $440,000 Sold
37. 2022-07-14
    soldstatus $440,000 Sold
38. 2022-05-09
    historical
39. 2022-05-02
    listed $440,000
40. 2022-05-02
    historical
41. 2022-05-02
    listed $440,000
42. 2014-10-16
    historical
43. 1995-04-27
    historical
44. 1995-02-05
    listed $105,000
45. 1989-03-01
    listed $88,900

ⓘ 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: $9,400 · $783/mo
• Projected year-2 tax: $9,400 · $783/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: $140,448
• − Mortgage interest: −$26,607
• − Property taxes: −$9,400
• − Insurance: −$2,375
• − Repairs & maintenance: −$11,236
• − Management: −$11,236
• − Depreciation: −$13,818
• Taxable income: $65,776
• Est. tax owed @ 24.0%: −$15,786
• After-tax cash flow: $53,502/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

+434.3% since first listed

28 events — show timeline

• 2026-04-06 Listed $475,000 REALCOMP
• 2026-04-06 Listed $475,000 MiRealSource-MiMLS
• 2026-02-11 Listing Removed — MiRealSource-MiMLS
• 2026-02-10 Listing Removed — REALCOMP
• 2025-08-08 Listed $500,000 REALCOMP
• 2025-08-08 Listed $500,000 MiRealSource-MiMLS
• 2025-05-05 Listing Removed — MiRealSource-MiMLS
• 2025-05-05 Listing Removed — MiRealSource-MiMLS
• 2025-05-04 Listing Removed — REALCOMP
• 2025-05-04 Listing Removed — REALCOMP
• 2024-11-04 Listed $1,470,000 REALCOMP
• 2024-11-04 Listed $550,000 REALCOMP
• 2024-11-04 Listed $550,000 MiRealSource-MiMLS
• 2024-11-04 Listed $1,470,000 MiRealSource-MiMLS
• 2023-10-27 Rental Removed $750 APPFOLIO
• 2023-09-22 Listed for Rent $750 APPFOLIO
• 2023-08-29 Rental Removed $750 APPFOLIO
• 2023-08-13 Listed for Rent $750 APPFOLIO
• 2022-07-14 Sold (MLS) $440,000 SW Michigan MLS
• 2022-07-14 Sold (MLS) $440,000 REALCOMP
• 2022-05-09 Listing Removed — SW Michigan MLS
• 2022-05-02 Listed $440,000 SW Michigan MLS
• 2022-05-02 Listing Removed — REALCOMP
• 2022-05-02 Listed $440,000 REALCOMP
• 2014-10-16 Listing Removed — SW Michigan MLS
• 1995-04-27 Listing Removed — SW Michigan MLS
• 1995-02-05 Listed $105,000 SW Michigan MLS
• 1989-03-01 Listed $88,900 SW Michigan MLS

Property tax history

+17.8%/yr

Latest (2025): $9,400 · +3.0% YoY. Source: county tax records.