316/324 Stuart Ave · Kalamazoo, MI 49007

$1,000,000

216 bd · 1.0 ba · 9,276 sqft · MultiFamily public records · 60 Days on market

Built 1890 0.60 ac lot ↓ 33% since listing

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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: 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

Rare Kalamazoo Stuart Historic 18 unit income opportunity! Two contiguous historic mansions with 18 apartments , many recently remodeled. large carriage house, incredible front porches, lots of off street parking, laundry, close to campus, walking distance to downtown, k college, entertainment, restaurants and bars and future arena. Great for owner occupied residence, Seller is Trustee & Beneficiary of Estate and a licensed Broker in the State of Michigan

Key facts

• Recently remodeled
• Off street parking
• Historic mansions

Tags

• HISTORIC MANSIONS
• RECENTLY REMODELED
• LARGE CARRIAGE HOUSE
• INCREDIBLE FRONT PORCHES
• OFF STREET PARKING
• WALKING DISTANCE TO DOWNTOWN

Property features AI

Finance

• Other: Zoning described as Light Industry
• Financial info: Reported rents for several 1-bedroom units: $995, $900, $850, $825, $750, $750, $870, $900 (unit-specific addresses/numbers noted in records)
• HOA & community: Not specified

Exterior

• Parking: 16 total parking spaces
• Security: Not specified
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected
• Home design: Residential income property; Multifamily
• Construction: Wood siding construction
• Exterior features: Composition and slate roofs

Interior

• Kitchen: Not specified
• Bedrooms: Multiple 1-bedroom units (various unit numbers listed)
• Flooring: Not specified
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Natural gas heating; Steam heat; Has heating
• Interior features: Full basement
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 18 × 12-bed/12.0-bath units multifamily listed at $1.00M.

Deal economics

• At list price, monthly cash flow is $15k ($183k/yr) — positive. Per door: $848/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($27k rent vs $1.00M).
• Recommended offer: $970k (3.0% below list) — sets the bar for market timing.
• Cap rate 24.6% vs local median 3.5% 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.
• 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 $27,265/mo this rent would consume 832% 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 $7k of loan paydown is wiped out by about $30k 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 $280k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($970k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 2y 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 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $970,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% 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 1890 — 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. 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?
7. 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.
8. 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.
9. 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: 2.73% ✓
• Cap rate: 24.61%
• Cash-on-cash: 65.41%
• DSCR: 3.91
• GRM: 3.1

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: 61.3%
• Equity multiple: 3.61×
• Total profit: $730,196
• Equity at exit: $149,103

10-year hold

• IRR: 64.9%
• Equity multiple: 6.64×
• Total profit: $1,578,895
• 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 49007

• Rents YoY: -0.8%
• Active inventory: 77
• Price-to-rent: 55.0×

Monthly cashflow live

• Estimated rent: $27,265 medium
• Mortgage (P&I): −$5,244
• Tax from tax record: −$615 /mo · $7,385/yr
• Insurance: −$417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,726
• Net cashflow: $15,263

Break-even live

Break-even rent $7,945

Max offer price $1,000,000

Occupancy floor 39%

Sensitivity live

Price	-10% $15,829	-5% $15,546	+0% $15,263	+5% $14,980	+10% $14,697
Rent	-10% $13,109	-5% $14,186	+0% $15,263	+5% $16,340	+10% $17,417
Rate	-1.0pp $15,767	-0.5pp $15,518	base $15,263	+0.5pp $15,004	+1.0pp $14,740

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

Units	Beds	Baths	Est. rent
▸ 18× units	12	12	$27,270
Total (18 units)			$27,265

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 33 events

1. 2026-06-21
   days on market $1,000,000 Active 60 DOM
2. 2026-06-18
   days on market $1,000,000 Active 57 DOM
3. 2026-06-17
   days on market $1,000,000 Active 56 DOM
4. 2026-06-16
   days on market $1,000,000 Active 55 DOM
5. 2026-06-15
   days on market $1,000,000 Active 54 DOM
6. 2026-06-14
   days on market $1,000,000 Active 52 DOM
7. 2026-06-13
   days on market $1,000,000 Active 51 DOM
8. 2026-06-10
   days on market $1,000,000 Active 49 DOM
9. 2026-06-09
   days on market $1,000,000 Active 48 DOM
10. 2026-06-08
    days on market $1,000,000 Active 47 DOM
11. 2026-06-07
    days on market $1,000,000 Active 46 DOM
12. 2026-06-05
    days on market $1,000,000 Active 43 DOM
13. 2026-06-03
    days on market $1,000,000 Active 42 DOM
14. 2026-06-02
    days on market $1,000,000 Active 41 DOM
15. 2026-06-01
    days on market $1,000,000 Active 40 DOM
16. 2026-05-31
    days on market $1,000,000 Active 39 DOM
17. 2026-05-30
    days on market $1,000,000 Active 38 DOM
18. 2026-04-22
    listed $1,000,000 Active

    Show marketing remark (465 chars)

    Rare Kalamazoo Stuart Historic 18 unit income opportunity! Two contiguous historic mansions with 18 apartments , many recently remodeled. large carriage house, incredible front porches, lots of off street parking, laundry, close to campus, walking distance to downtown, k college, entertainment, restaurants and bars and future arena. Great for owner occupied residence, Seller is Trustee & Beneficiary of Estate and a licensed Broker in the State of Michigan

19. 2026-04-22
    listed $1,000,000 Active 465-char remark

    Show marketing remark (465 chars)

    Rare Kalamazoo Stuart Historic 18 unit income opportunity! Two contiguous historic mansions with 18 apartments , many recently remodeled. large carriage house, incredible front porches, lots of off street parking, laundry, close to campus, walking distance to downtown, k college, entertainment, restaurants and bars and future arena. Great for owner occupied residence, Seller is Trustee & Beneficiary of Estate and a licensed Broker in the State of Michigan

20. 2026-04-22
    historical

    Show marketing remark (465 chars)

    Rare Kalamazoo Stuart Historic 18 unit income opportunity! Two contiguous historic mansions with 18 apartments , many recently remodeled. large carriage house, incredible front porches, lots of off street parking, laundry, close to campus, walking distance to downtown, k college, entertainment, restaurants and bars and future arena. Great for owner occupied residence, Seller is Trustee & Beneficiary of Estate and a licensed Broker in the State of Michigan

21. 2026-04-22
    historical

    Show marketing remark (465 chars)

    Rare Kalamazoo Stuart Historic 18 unit income opportunity! Two contiguous historic mansions with 18 apartments , many recently remodeled. large carriage house, incredible front porches, lots of off street parking, laundry, close to campus, walking distance to downtown, k college, entertainment, restaurants and bars and future arena. Great for owner occupied residence, Seller is Trustee & Beneficiary of Estate and a licensed Broker in the State of Michigan

22. 2025-12-08
    listed $699,000 Active
23. 2025-12-08
    listed $699,000 Active
24. 2025-02-13
    historical
25. 2025-02-13
    historical
26. 2025-02-13
    historical
27. 2025-02-13
    historical
28. 2024-10-25
    listed $750,000 Active
29. 2024-10-25
    listed $750,000 Active
30. 2024-10-18
    price $1,400,000
31. 2024-10-18
    price $1,400,000
32. 2024-03-20
    listed $1,500,000 Active
33. 2024-03-20
    listed $1,500,000 Active

ⓘ 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: $7,385 · $615/mo
• Projected year-2 tax: $11,392 · $949/mo
• Expected delta: +$4,008/yr (+$334/mo · 54.3%)

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

Taxation est. · year 1

• Rental income: $327,180
• − Mortgage interest: −$56,016
• − Property taxes: −$7,385
• − Insurance: −$5,000
• − Repairs & maintenance: −$26,174
• − Management: −$26,174
• − Depreciation: −$29,091
• Taxable income: $177,340
• Est. tax owed @ 24.0%: −$42,562
• After-tax cash flow: $140,597/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

-33.3% since first listed

16 events — show timeline

• 2026-04-22 Listing Removed — MiRealSource-MiMLS
• 2026-04-22 Listing Removed — REALCOMP
• 2026-04-22 Listed $1,000,000 MiRealSource-MiMLS
• 2026-04-22 Listed $1,000,000 REALCOMP
• 2025-12-08 Listed $699,000 REALCOMP
• 2025-12-08 Listed $699,000 MiRealSource-MiMLS
• 2025-02-13 Listing Removed — REALCOMP
• 2025-02-13 Listing Removed — REALCOMP
• 2025-02-13 Listing Removed — MiRealSource-MiMLS
• 2025-02-13 Listing Removed — MiRealSource-MiMLS
• 2024-10-25 Listed $750,000 MiRealSource-MiMLS
• 2024-10-25 Listed $750,000 REALCOMP
• 2024-10-18 Price Changed $1,400,000 MiRealSource-MiMLS
• 2024-10-18 Price Changed $1,400,000 REALCOMP
• 2024-03-20 Listed $1,500,000 MiRealSource-MiMLS
• 2024-03-20 Listed $1,500,000 REALCOMP

Property tax history

+3.1%/yr

Latest (2025): $7,385 · +3.0% YoY. Source: county tax records.