447 W Walnut St · Kalamazoo, MI 49007

$1,100,000

285 bd · 180.0 ba · 10,517 sqft · MultiFamily public records · 98 Days on market

Built 1905 0.31 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: 15 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

Unique opportunity to own an historical gem in the heart of Kalamazoo's Vine Neighborhood. This 15 unit 3 story brick apartment building has had significant capital improvements over the years while maintaining it's 1907 character. 9 of the 15 units have had kitchen and bathroom remodels. Hardwood floors and built ins are featured in many units. Building features (9) 1 bedroom units, (5) 2 bedroom units, and a 4 bedroom unit. New electrical panel upgrades for all 15 units, back up electric heating systems in 4 units and 2 commercial water heaters, Rents have increased year over year. Historically fully occupied. Certification through 7/31/27. Seller is a licensed Realtor in the State of MI.

Key facts

• Historical gem
• Built ins
• Vine neighborhood

Tags

• HISTORICAL GEM
• VINE NEIGHBORHOOD
• KITCHEN AND BATHROOM REMODELS
• HARDWOOD FLOORS
• BUILT INS
• NEW ELECTRICAL PANEL UPGRADES

Property features AI

Finance

• Other: Located near S Westnedge and S Park
• Financial info: Property operates as multi-family residential income; Sample unit rents listed (examples): $725–$1,450 depending on unit and floor

Exterior

• Parking: Gravel parking; 3 parking spaces
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected
• Home design: Residential income property; Multi-family building
• Construction: Brick construction
• Exterior features: Corner lot; Paved road access; Rubber roof

Interior

• Kitchen: Kitchens in each unit (appliance details not provided)
• Bedrooms: Multiple units: mix of 1-, 2- and 4-bedroom apartments (various floors)
• Bathrooms: Each unit includes 1 bathroom
• Heating & cooling: Hot water heating; Natural gas heating
• Interior features: Full basement; Basement located in the building's basement; Common area laundry
• Laundry & utility: Shared laundry in common area (basement)

What this means for you Summary

Snapshot

• This is a 15 × 19-bed/12.0-bath units multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $11k ($135k/yr) — positive. Per door: $749/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($23k rent vs $1.10M).
• Recommended offer: $1.00M (9.0% below list) — sets the bar for market timing.
• Cap rate 18.5% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $33k 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 $308k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($1.00M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y ago; this cycle's ask has dropped $100k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $350k; list at $1.10M implies a 214% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,001,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 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. Built in 1905 — 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: 2.12% ✓
• Cap rate: 18.54%
• Cash-on-cash: 43.75%
• DSCR: 2.95
• GRM: 3.9

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: 37.3%
• Equity multiple: 2.52×
• Total profit: $468,731
• Equity at exit: $164,014

10-year hold

• IRR: 42.4%
• Equity multiple: 4.46×
• Total profit: $1,065,305
• Equity at exit: $95,108

Cash invested: $308,000 (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: 58.9×

Monthly cashflow live

• Estimated rent: $23,338 medium
• Mortgage (P&I): −$5,769
• Tax from tax record: −$980 /mo · $11,758/yr
• Insurance: −$458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,901
• Net cashflow: $11,230

Break-even live

Break-even rent $9,122

Max offer price $1,100,000

Occupancy floor 47%

Sensitivity live

Price	-10% $11,853	-5% $11,542	+0% $11,230	+5% $10,919	+10% $10,608
Rent	-10% $9,387	-5% $10,308	+0% $11,230	+5% $12,152	+10% $13,074
Rate	-1.0pp $11,784	-0.5pp $11,510	base $11,230	+0.5pp $10,945	+1.0pp $10,655

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

Units	Beds	Baths	Est. rent
▸ 15× units	19	12	$23,340
Total (15 units)			$23,338

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-21
   days on market $1,100,000 Active 98 DOM
2. 2026-06-18
   days on market $1,100,000 Active 95 DOM
3. 2026-06-17
   days on market $1,100,000 Active 94 DOM
4. 2026-06-16
   days on market $1,100,000 Active 93 DOM
5. 2026-06-15
   days on market $1,100,000 Active 92 DOM
6. 2026-06-14
   days on market $1,100,000 Active 90 DOM
7. 2026-06-13
   days on market $1,100,000 Active 89 DOM
8. 2026-06-10
   days on market $1,100,000 Active 87 DOM
9. 2026-06-09
   days on market $1,100,000 Active 86 DOM
10. 2026-06-08
    days on market $1,100,000 Active 85 DOM
11. 2026-06-07
    days on market $1,100,000 Active 84 DOM
12. 2026-06-05
    days on market $1,100,000 Active 81 DOM
13. 2026-06-03
    days on market $1,100,000 Active 80 DOM
14. 2026-06-02
    days on market $1,100,000 Active 79 DOM
15. 2026-06-01
    days on market $1,100,000 Active 78 DOM
16. 2026-05-31
    days on market $1,100,000 Active 77 DOM
17. 2026-05-30
    days on market $1,100,000 Active 76 DOM
18. 2026-05-13
    price $1,100,000 699-char remark

    Show marketing remark (699 chars)

    Unique opportunity to own an historical gem in the heart of Kalamazoo's Vine Neighborhood. This 15 unit 3 story brick apartment building has had significant capital improvements over the years while maintaining it's 1907 character. 9 of the 15 units have had kitchen and bathroom remodels. Hardwood floors and built ins are featured in many units. Building features (9) 1 bedroom units, (5) 2 bedroom units, and a 4 bedroom unit. New electrical panel upgrades for all 15 units, back up electric heating systems in 4 units and 2 commercial water heaters, Rents have increased year over year. Historically fully occupied. Certification through 7/31/27. Seller is a licensed Realtor in the State of MI.

19. 2026-05-12
    price $1,100,000
20. 2026-03-15
    listed $1,200,000 Active 699-char remark

    Show marketing remark (699 chars)

    Unique opportunity to own an historical gem in the heart of Kalamazoo's Vine Neighborhood. This 15 unit 3 story brick apartment building has had significant capital improvements over the years while maintaining it's 1907 character. 9 of the 15 units have had kitchen and bathroom remodels. Hardwood floors and built ins are featured in many units. Building features (9) 1 bedroom units, (5) 2 bedroom units, and a 4 bedroom unit. New electrical panel upgrades for all 15 units, back up electric heating systems in 4 units and 2 commercial water heaters, Rents have increased year over year. Historically fully occupied. Certification through 7/31/27. Seller is a licensed Realtor in the State of MI.

21. 2026-03-15
    listed $1,200,000 Active

    Show marketing remark (699 chars)

    Unique opportunity to own an historical gem in the heart of Kalamazoo's Vine Neighborhood. This 15 unit 3 story brick apartment building has had significant capital improvements over the years while maintaining it's 1907 character. 9 of the 15 units have had kitchen and bathroom remodels. Hardwood floors and built ins are featured in many units. Building features (9) 1 bedroom units, (5) 2 bedroom units, and a 4 bedroom unit. New electrical panel upgrades for all 15 units, back up electric heating systems in 4 units and 2 commercial water heaters, Rents have increased year over year. Historically fully occupied. Certification through 7/31/27. Seller is a licensed Realtor in the State of MI.

22. 2024-08-25
    historical $775
23. 2024-08-20
    listed $775
24. 2024-07-19
    historical $775
25. 2024-04-10
    listed $775
26. 2024-04-10
    historical $925
27. 2024-03-13
    listed $925
28. 2024-02-04
    historical $1,000
29. 2024-01-30
    price $1,000
30. 2023-12-14
    listed $1,100
31. 2023-12-08
    historical $1,100
32. 2023-11-22
    listed $1,100
33. 2005-10-20
    soldstatus $350,000

ⓘ 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: $11,758 · $980/mo
• Projected year-2 tax: $14,349 · $1,196/mo
• Expected delta: +$2,591/yr (+$216/mo · 22.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $280,056
• − Mortgage interest: −$61,617
• − Property taxes: −$11,758
• − Insurance: −$5,500
• − Repairs & maintenance: −$22,404
• − Management: −$22,404
• − Depreciation: −$32,000
• Taxable income: $124,372
• Est. tax owed @ 24.0%: −$29,849
• After-tax cash flow: $104,914/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

+214.3% since first listed

16 events — show timeline

• 2026-05-13 Price Changed $1,100,000 MiRealSource-MiMLS
• 2026-05-12 Price Changed $1,100,000 REALCOMP
• 2026-03-15 Listed $1,200,000 REALCOMP
• 2026-03-15 Listed $1,200,000 MiRealSource-MiMLS
• 2024-08-25 Rental Removed $775 APPFOLIO
• 2024-08-20 Listed for Rent $775 APPFOLIO
• 2024-07-19 Rental Removed $775 APPFOLIO
• 2024-04-10 Listed for Rent $775 APPFOLIO
• 2024-04-10 Rental Removed $925 APPFOLIO
• 2024-03-13 Listed for Rent $925 APPFOLIO
• 2024-02-04 Rental Removed $1,000 APPFOLIO
• 2024-01-30 Price Changed $1,000 APPFOLIO
• 2023-12-14 Listed for Rent $1,100 APPFOLIO
• 2023-12-08 Rental Removed $1,100 APPFOLIO
• 2023-11-22 Listed for Rent $1,100 APPFOLIO
• 2005-10-20 Sold (Public Records) $350,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $11,758 · +3.0% YoY. Source: county tax records.