3807 19th St

Ecorse, MI 48229

$485,000B

60 bd · 36.0 ba · 11,744 sqft · Built 1953 · MultiFamily · Active · 139 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,417/mo
• Mortgage (P&I): −$2,543
• Tax + insurance: −$808
• HOA: −$0
• Vac / Maint / Mgmt: −$1,348
• Net cashflow: $1,718/mo
• Annual: $20,612/yr
• Cap rate: 10.54%
• Cash-on-cash: 15.18%
• DSCR: 1.68
• 1% rule: 1.32%
• Cash to close: $135,800

Investor read

• This is a 5×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $485k.
• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $286/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $485k).
• It's been on market 139 days — a 12% lower offer ($427k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $427k (12.0% below list) — sets the bar for market timing.
• In year one you build about $52k of equity ($3k loan paydown + $48k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#348 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety D+, schools F, crime F.
• Ecorse Public Schools (suburban): math 3% / reading 7% proficiency, ranked #536 of 540 in MI (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 60 active listings in the ZIP; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 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.
• Current owner paid $70k; list at $485k implies a 593% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $136k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$83k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 139 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?