13233 La Salle Blvd · Detroit, MI 48238

$999,999

414 bd · 324.0 ba · 9,000 sqft · MultiFamily · 3 Days on market

Built 1927 Fair condition 8,712 sqft lot ↓ 8% since listing

---

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
• Rent growth +4.0/5.0
• Livability +3.7/5.0
• Condition / age +2.2/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 18 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

investment Opportunity: 18-Unit Multifamily Apartment Building – Detroit, MI!!!! Fully remodeled 18-unit brick apartment building in a strong rental pocket of Detroit, just 10 minutes from Downtown and New Center. Perfect turn-key cash flow property for investors looking to acquire a stabilized asset with immediate income and upside potential. - 18 spacious units (mix of 1-bed and 2-bed layouts)3 stories with solid brick construction, Approximately 50% occupied – collect rents Day 1 while filling the remaining units at market rates Located in a high-demand rental area with consistent tenant interest Extensive recent renovations completed -newer roof All new energy-efficient windows New carpet & flooring throughout units and common area Freshly painted interiors and exteriors New interior & exterior doors Completely updated electrical systems, newer plumbing and hot water tanks Strong cash flow opportunity with value-add upside as remaining units are leased Priced aggressively for quick sale – ideal for 1031 exchange buyers, private investors, or funds looking for stable Detroit multifamily with proven rents and low maintenance for years to come. Don't miss this rare fully renovated, cash-flowing 18-unit building in one of Detroit's rebounding neighborhoods! For financials, rent roll, and private tour, contact listing agent today.

Key facts

• Fully renovated
• Midtown
• 8,712 sq ft lot

Tags

• FULLY RENOVATED
• BRICK APARTMENT BUILDING
• DETROIT MEDICAL CENTER
• MIDTOWN
• STRONGEST RENTAL CORRIDORS
• EXTENSIVE RECENT UPDATES

Property features AI

Finance

• Financial info: Annual tax listed (see broker for details)

Exterior

• Utilities: Public water available; Public sewer available
• Home design: Multi-family residential income property
• Construction: Brick construction; Brick/mortar foundation; About 9,000 square feet above grade finished area
• Exterior features: Paved road access; Lot approximately 0.2 acres (80 x 110); Pets not allowed

Interior

• Bathrooms: 18 full bathrooms
• Heating & cooling: Electric forced-air heating; No central cooling
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 9×1bd/1ba + 9×2bd/1ba units multifamily listed at $1000k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $6k ($74k/yr) — positive. Per door: $344/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1000k).
• Cap rate 13.7% vs local median 10.2% in Detroit — 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 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: Rents rising fast (+6.1%/yr); 346 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 $16,578/mo this rent would consume 597% of the median local household income ($33k/yr) (locally 2172% 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 $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 6.1% rent growth), your $280k cash investment doubles in ~5 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; this cycle's ask has dropped $100k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $999,999

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1927 — 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: 1.66% ✓
• Cap rate: 13.72%
• Cash-on-cash: 26.51%
• DSCR: 2.18
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.14% rent growth · sell at horizon

5-year hold

• IRR: 23.9%
• Equity multiple: 2.02×
• Total profit: $286,209
• Equity at exit: $149,103

10-year hold

• IRR: 33.7%
• Equity multiple: 4.55×
• Total profit: $994,013
• Equity at exit: $86,462

Cash invested: $280,000 (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 48238

• Home prices YoY: -14.4%
• Rents YoY: 6.1%
• Active inventory: 346
• Price-to-rent: 92.6×

Monthly cashflow live

• Estimated rent: $16,578 high
• Mortgage (P&I): −$5,244
• Tax est. 1.5%: −$1,250 /mo · $15,000/yr
• Insurance: −$417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,481
• Net cashflow: $6,186

Break-even live

Break-even rent $8,748

Max offer price $999,999

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 9× units	1	1	$8,100
▸ 9× units	2	1	$8,478
Total (18 units)			$16,578

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: $250,000
• Closing costs: $30,000
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $999,999 Active 3 DOM
2. 2026-06-17
   days on market $999,999 Active 2 DOM
3. 2026-06-16
   pricedays on marketlisting id $999,999 Active 1 DOM
4. 2026-06-09
   days on market $1,100,000 Active 21 DOM
5. 2026-06-08
   days on market $1,100,000 Active 20 DOM
6. 2026-06-07
   days on market $1,100,000 Active 19 DOM
7. 2026-06-04
   days on market $1,100,000 Active 16 DOM
8. 2026-06-03
   days on market $1,100,000 Active 15 DOM
9. 2026-06-02
   days on market $1,100,000 Active 14 DOM
10. 2026-06-01
    days on market $1,100,000 Active 13 DOM
11. 2026-05-31
    days on market $1,100,000 Active 12 DOM
12. 2026-05-18
    listed $1,100,000 Active

    Show marketing remark (1420 chars)

    investment Opportunity: 18-Unit Multifamily Apartment Building – Detroit, MI!!!! Fully remodeled 18-unit brick apartment building in a strong rental pocket of Detroit, just 10 minutes from Downtown and New Center. Perfect turn-key cash flow property for investors looking to acquire a stabilized asset with immediate income and upside potential. - 18 spacious units (mix of 1-bed and 2-bed layouts)3 stories with solid brick construction, Approximately 50% occupied – collect rents Day 1 while filling the remaining units at market rates Located in a high-demand rental area with consistent tenant interest Extensive recent renovations completed -newer roof All new energy-efficient windows New carpet & flooring throughout units and common area Freshly painted interiors and exteriors New interior & exterior doors Completely updated electrical systems, newer plumbing and hot water tanks Strong cash flow opportunity with value-add upside as remaining units are leased Priced aggressively for quick sale – ideal for 1031 exchange buyers, private investors, or funds looking for stable Detroit multifamily with proven rents and low maintenance for years to come. Don't miss this rare fully renovated, cash-flowing 18-unit building in one of Detroit's rebounding neighborhoods! For financials, rent roll, and private tour, contact listing agent today.

13. 2026-05-18
    listed $1,100,000 Active 1420-char remark

    Show marketing remark (1420 chars)

    investment Opportunity: 18-Unit Multifamily Apartment Building – Detroit, MI!!!! Fully remodeled 18-unit brick apartment building in a strong rental pocket of Detroit, just 10 minutes from Downtown and New Center. Perfect turn-key cash flow property for investors looking to acquire a stabilized asset with immediate income and upside potential. - 18 spacious units (mix of 1-bed and 2-bed layouts)3 stories with solid brick construction, Approximately 50% occupied – collect rents Day 1 while filling the remaining units at market rates Located in a high-demand rental area with consistent tenant interest Extensive recent renovations completed -newer roof All new energy-efficient windows New carpet & flooring throughout units and common area Freshly painted interiors and exteriors New interior & exterior doors Completely updated electrical systems, newer plumbing and hot water tanks Strong cash flow opportunity with value-add upside as remaining units are leased Priced aggressively for quick sale – ideal for 1031 exchange buyers, private investors, or funds looking for stable Detroit multifamily with proven rents and low maintenance for years to come. Don't miss this rare fully renovated, cash-flowing 18-unit building in one of Detroit's rebounding neighborhoods! For financials, rent roll, and private tour, contact listing agent today.

14. 2025-12-03
    status Pending
15. 2025-12-03
    status Pending
16. 2025-12-02
    historical
17. 2025-12-02
    historical
18. 2025-11-19
    listed $1,200,000 Active
19. 2025-11-19
    listed $1,200,000 Active

ⓘ 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: $198,936
• − Mortgage interest: −$56,015
• − Property taxes: −$15,000
• − Insurance: −$5,000
• − Repairs & maintenance: −$15,915
• − Management: −$15,915
• − Depreciation: −$29,091
• Taxable income: $62,000
• Est. tax owed @ 24.0%: −$14,880
• After-tax cash flow: $59,350/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 · 12 photos

Fair 45/100 Moderate rehab

This 18-unit multifamily property requires significant exterior and interior repairs, but presents a good investment opportunity with potential for substantial value increase through updates.

Repairs flagged

• Major exterior brick facade — Significant wear and tear
• Major interior walls — Peeling paint and general wear
• Major flooring — Worn-out carpet

Value-add opportunities

• Both exterior paint job — Enhances curb appeal and property value
• Both HVAC system upgrade — Improves comfort and energy efficiency
• Both landscaping — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior brick facade · Significant wear and tear	Major	$15,000–50,000
interior walls · Peeling paint and general wear	Major	$15,000–50,000
flooring · Worn-out carpet	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both exterior paint job — Enhances curb appeal and property value ↑
• Both HVAC system upgrade — Improves comfort and energy efficiency ↑
• Both landscaping — Enhances curb appeal and property 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: 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): 24,731
• Household income: $33,315
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 2172.0

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 Black (94%)
• Race & ethnicity: Black 94% Two or more races 3% White 1%
• Foreign-born: 1%

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: ▼ -31.96%
• Current HPI: 189.6227
• Rent YoY: ▲ 6.14%
• 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

-8.3% since first listed

8 events — show timeline

• 2026-05-18 Listed $1,100,000 REALCOMP
• 2026-05-18 Listed $1,100,000 MiRealSource-MiMLS
• 2025-12-03 Pending — MiRealSource-MiMLS
• 2025-12-03 Pending — REALCOMP
• 2025-12-02 Listing Removed — REALCOMP
• 2025-12-02 Listing Removed — MiRealSource-MiMLS
• 2025-11-19 Listed $1,200,000 REALCOMP
• 2025-11-19 Listed $1,200,000 MiRealSource-MiMLS