8207 Schaefer Hwy · Detroit, MI 48228

$2,600,000

1760 bd · 1600.0 ba · 28,406 sqft · MultiFamily · 272 Days on market

Built 1957 Average condition 0.62 ac lot $92/sqft · 190% above area

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Why this score? — see what drove the C+ 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 +28.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Condition / age +2.8/5.0
• Rent growth +1.9/5.0
• 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: 40 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

Renovated 40-unit brick apartment complex (four 2-story connected buildings with 10 units in each building). There are 36 1-bed 1-bath and 4 2-bed 1-bath situated on a 27,007 sf site. Current occupancy 80%. Nice curb appeal high demand building near Dearborn. Two Boilers and roof updated, environmental clear, rear parking lot for tenants, security system. Property manager in place keep or self-manage. Ideal opportunity for cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

Key facts

• Security system
• Updated roof
• 0.62 acre lot

Tags

• RENOVATED APARTMENT COMPLEX
• UPDATED ROOF
• SECURITY SYSTEM

What this means for you Summary

Snapshot

• This is a 36×1bd/1ba + 4×2bd/1ba units multifamily listed at $2.60M. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $8k ($99k/yr) — positive. Per door: $207/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($33k rent vs $2.60M).
• Recommended offer: $2.29M (12.0% below list) — sets the bar for market timing.

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 soft (-2.3%/yr); 363 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 $33,203/mo this rent would consume 1299% of the median local household income ($31k/yr) (locally 4144% 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 $18k of loan paydown is wiped out by about $78k 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.

Negotiation context

• It's been on market 272 days — a 12% lower offer ($2.29M) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 3y ago; this cycle's ask has dropped $200k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,288,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 272 days. Have you received any prior offers? Is the seller open to a 12% 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 1957 — 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. 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?
8. 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?
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: 1.28% ✓
• Cap rate: 10.11%
• Cash-on-cash: 13.62%
• DSCR: 1.61
• GRM: 6.5

CMA / ARV

• ARV (median comp): $897,429
• List price: $2,600,000
• Delta: 189.72%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 0.3%
• Equity multiple: 1.01×
• Total profit: $8,118
• Equity at exit: $387,668

10-year hold

• IRR: 6.6%
• Equity multiple: 1.43×
• Total profit: $310,669
• Equity at exit: $224,800

Cash invested: $728,000 (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 48228

• Rents YoY: -2.3%
• Active inventory: 363
• Price-to-rent: 262.3×

Monthly cashflow live

• Estimated rent: $33,203 high
• Mortgage (P&I): −$13,635
• Tax est. 1.5%: −$3,250 /mo · $39,000/yr
• Insurance: −$1,083
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,973
• Net cashflow: $8,262

Break-even live

Break-even rent $22,744

Max offer price $2,600,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 36× units	1	1	$29,736
▸ 4× units	2	1	$3,464
Total (40 units)			$33,203

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: $650,000
• Closing costs: $78,000
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-18
   days on market $2,600,000 Active 272 DOM
2. 2026-06-17
   days on market $2,600,000 Active 271 DOM
3. 2026-06-15
   days on market $2,600,000 Active 269 DOM
4. 2026-06-13
   days on market $2,600,000 Active 267 DOM
5. 2026-06-13
   days on market $2,600,000 Active 266 DOM
6. 2026-06-10
   price $2,600,000 Active 263 DOM
7. 2026-06-09
   days on market $2,200,000 Active 263 DOM
8. 2026-06-08
   days on market $2,200,000 Active 262 DOM
9. 2026-06-07
   days on market $2,200,000 Active 261 DOM
10. 2026-06-04
    days on market $2,200,000 Active 258 DOM
11. 2026-06-03
    days on market $2,200,000 Active 257 DOM
12. 2026-06-01
    days on market $2,200,000 Active 255 DOM
13. 2026-06-01
    price $2,200,000 Active 254 DOM
14. 2026-05-31
    days on market $2,800,000 Active 254 DOM
15. 2026-03-31
    status Active 515-char remark

    Show marketing remark (515 chars)

    Renovated 40-unit brick apartment complex (four 2-story connected buildings with 10 units in each building). There are 36 1-bed 1-bath and 4 2-bed 1-bath situated on a 27,007 sf site. Current occupancy 80%. Nice curb appeal high demand building near Dearborn. Two Boilers and roof updated, environmental clear, rear parking lot for tenants, security system. Property manager in place keep or self-manage. Ideal opportunity for cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

16. 2026-03-27
    historical 515-char remark

    Show marketing remark (515 chars)

    Renovated 40-unit brick apartment complex (four 2-story connected buildings with 10 units in each building). There are 36 1-bed 1-bath and 4 2-bed 1-bath situated on a 27,007 sf site. Current occupancy 80%. Nice curb appeal high demand building near Dearborn. Two Boilers and roof updated, environmental clear, rear parking lot for tenants, security system. Property manager in place keep or self-manage. Ideal opportunity for cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

17. 2026-03-10
    status Active 515-char remark

    Show marketing remark (515 chars)

    Renovated 40-unit brick apartment complex (four 2-story connected buildings with 10 units in each building). There are 36 1-bed 1-bath and 4 2-bed 1-bath situated on a 27,007 sf site. Current occupancy 80%. Nice curb appeal high demand building near Dearborn. Two Boilers and roof updated, environmental clear, rear parking lot for tenants, security system. Property manager in place keep or self-manage. Ideal opportunity for cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

18. 2026-03-10
    status Active 515-char remark

    Show marketing remark (515 chars)

    Renovated 40-unit brick apartment complex (four 2-story connected buildings with 10 units in each building). There are 36 1-bed 1-bath and 4 2-bed 1-bath situated on a 27,007 sf site. Current occupancy 80%. Nice curb appeal high demand building near Dearborn. Two Boilers and roof updated, environmental clear, rear parking lot for tenants, security system. Property manager in place keep or self-manage. Ideal opportunity for cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

19. 2026-03-07
    historical 515-char remark

    Show marketing remark (515 chars)

    Renovated 40-unit brick apartment complex (four 2-story connected buildings with 10 units in each building). There are 36 1-bed 1-bath and 4 2-bed 1-bath situated on a 27,007 sf site. Current occupancy 80%. Nice curb appeal high demand building near Dearborn. Two Boilers and roof updated, environmental clear, rear parking lot for tenants, security system. Property manager in place keep or self-manage. Ideal opportunity for cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

20. 2026-03-07
    historical 515-char remark

    Show marketing remark (515 chars)

    Renovated 40-unit brick apartment complex (four 2-story connected buildings with 10 units in each building). There are 36 1-bed 1-bath and 4 2-bed 1-bath situated on a 27,007 sf site. Current occupancy 80%. Nice curb appeal high demand building near Dearborn. Two Boilers and roof updated, environmental clear, rear parking lot for tenants, security system. Property manager in place keep or self-manage. Ideal opportunity for cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

21. 2025-09-12
    listed $2,800,000 Active 515-char remark

    Show marketing remark (515 chars)

    Renovated 40-unit brick apartment complex (four 2-story connected buildings with 10 units in each building). There are 36 1-bed 1-bath and 4 2-bed 1-bath situated on a 27,007 sf site. Current occupancy 80%. Nice curb appeal high demand building near Dearborn. Two Boilers and roof updated, environmental clear, rear parking lot for tenants, security system. Property manager in place keep or self-manage. Ideal opportunity for cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

22. 2025-09-12
    listed $2,800,000 Active 515-char remark

    Show marketing remark (515 chars)

    Renovated 40-unit brick apartment complex (four 2-story connected buildings with 10 units in each building). There are 36 1-bed 1-bath and 4 2-bed 1-bath situated on a 27,007 sf site. Current occupancy 80%. Nice curb appeal high demand building near Dearborn. Two Boilers and roof updated, environmental clear, rear parking lot for tenants, security system. Property manager in place keep or self-manage. Ideal opportunity for cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

23. 2024-01-10
    historical
24. 2024-01-10
    historical
25. 2023-10-25
    status Active
26. 2023-10-25
    historical
27. 2023-07-25
    status Active
28. 2023-07-25
    historical
29. 2023-04-08
    price $2,000,000
30. 2023-03-04
    listed $2,200,000 Active
31. 2023-03-04
    listed $2,000,000

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $398,436
• − Mortgage interest: −$145,640
• − Property taxes: −$39,000
• − Insurance: −$13,000
• − Repairs & maintenance: −$31,875
• − Management: −$31,875
• − Depreciation: −$75,636
• Taxable income: $61,409
• Est. tax owed @ 24.0%: −$14,738
• After-tax cash flow: $84,410/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 · 11 photos

Average 55/100 Moderate rehab

A moderate rehab project is needed to address minor exterior and sidewalk issues, but the property is in good condition with good curb appeal and potential for value increase.

Repairs flagged

• Minor Sidewalks — Cracks and stains visible
• Minor Parking lot — Cracks and stains visible

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Seal cracks in sidewalks — Improves safety and appearance
• Both Maintain landscaping — Enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Sidewalks · Cracks and stains visible	Minor	$500–3,000
Parking lot · Cracks and stains visible	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Seal cracks in sidewalks — Improves safety and appearance ↑
• Both Maintain landscaping — Enhances curb appeal and 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): 50,117
• Household income: $30,680
• Rent vs Own: 50.7% rent · 49.3% own
• Severe rent burden: 4144.0

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 (71%)
• Race & ethnicity: Black 71% White 16% Two or more races 7% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Arab 2% Romanian 2% Lithuanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 82% English-only · Arabic 11% Spanish 5%

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: ▼ -160.81%
• Current HPI: 168.6843
• Rent YoY: ▼ -2.30%
• 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

+27.3% since first listed

17 events — show timeline

• 2026-03-31 Relisted — REALCOMP
• 2026-03-27 Listing Removed — REALCOMP
• 2026-03-10 Relisted — REALCOMP
• 2026-03-10 Relisted — MiRealSource-MiMLS
• 2026-03-07 Listing Removed — REALCOMP
• 2026-03-07 Listing Removed — MiRealSource-MiMLS
• 2025-09-12 Listed $2,800,000 REALCOMP
• 2025-09-12 Listed $2,800,000 MiRealSource-MiMLS
• 2024-01-10 Listing Removed — REALCOMP
• 2024-01-10 Listing Removed — MiRealSource-MiMLS
• 2023-10-25 Relisted — MiRealSource-MiMLS
• 2023-10-25 Listing Removed — MiRealSource-MiMLS
• 2023-07-25 Relisted — MiRealSource-MiMLS
• 2023-07-25 Listing Removed — MiRealSource-MiMLS
• 2023-04-08 Price Changed $2,000,000 MiRealSource-MiMLS
• 2023-03-04 Listed $2,000,000 REALCOMP
• 2023-03-04 Listed $2,200,000 MiRealSource-MiMLS