104 Grand Ave · Mount Clemens, MI 48043

$239,900

25 bd · 25.0 ba · 1,969 sqft · MultiFamily · 38 Days on market

Built 1900 7,405 sqft lot $122/sqft · 29% above area Est $186k · 29% over

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +0.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 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 fully occupied 5-unit multifamily opportunity in the heart of Mount Clemens. This well-cared-for income property offers long-term tenants, separate utilities, and a stabilized setup that can be difficult to find in the Metro Detroit suburbs. The property is a strong fit for investors looking to expand their rental portfolio, pursue steady cash flow, or explore a BRRR-style strategy. With full occupancy already in place and an established tenant history, this building gives buyers a clean starting point without having to fill vacancies from day one. Management company referrals are available upon request. All walkthroughs must be accompanied by proof of funds or a pre-approval letter. Full financials, including rent roll, leases, and audited financials, will be made available with an accepted Letter of Intent or Purchase Offer. Seller will not participate in financing. No seller financing, no land contracts, and no subject-to offers. Cash or conventional financing only. Perfect for new or experienced real estate investors, 1031 exchange buyers, or anyone looking to add a stabilized multifamily property to their portfolio.

Key facts

• 7,405 sq ft lot
• Garage
• Built 1900

What this means for you Summary

Snapshot

• This is a 5 × 5-bed/5.0-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $4k ($49k/yr) — positive. Per door: $814/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $240k).
• Recommended offer: $233k (3.0% below list) — sets the bar for market timing.
• Cap rate 26.7% vs local median 3.5% in Mount Clemens — 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 77/100 on livability (#120 in MI, #2,918 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime D+, amenities D+.
• Mount Clemens Community School District (suburban): math 4% / reading 11% proficiency, ranked #532 of 540 in MI (top 98%) — 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.
• Market conditions: Rents rising fast (+10.8%/yr); 66 active listings in the ZIP; 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).
• At $7,251/mo this rent would consume 167% of the median local household income ($52k/yr) (locally 610% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $67k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 9y 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $232,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1900 — 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 D-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 D 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: 3.02% ✓
• Cap rate: 26.65%
• Cash-on-cash: 72.72%
• DSCR: 4.24
• GRM: 2.8

CMA / ARV

• ARV (median comp): $185,638
• List price: $239,900
• Delta: 29.23%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 78.0%
• Equity multiple: 4.85×
• Total profit: $258,801
• Equity at exit: $35,770

10-year hold

• IRR: 82.9%
• Equity multiple: 11.93×
• Total profit: $734,033
• Equity at exit: $20,742

Cash invested: $67,172 (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 48043

• Rents YoY: 10.8%
• Active inventory: 66
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $7,251 medium
• Mortgage (P&I): −$1,258
• Tax est. 1.5%: −$300 /mo · $3,598/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,523
• Net cashflow: $4,070

Break-even live

Break-even rent $2,099

Max offer price $239,900

Occupancy floor 39%

Sensitivity live

Price	-10% $4,236	-5% $4,153	+0% $4,070	+5% $3,988	+10% $3,905
Rent	-10% $3,498	-5% $3,784	+0% $4,070	+5% $4,357	+10% $4,643
Rate	-1.0pp $4,191	-0.5pp $4,131	base $4,070	+0.5pp $4,008	+1.0pp $3,945

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

Units	Beds	Baths	Est. rent
▸ 5× units	5	5	$7,250
Total (5 units)			$7,251

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Listing history 47 events

1. 2026-06-18
   days on market $239,900 Active 38 DOM
2. 2026-06-17
   days on market $239,900 Active 37 DOM
3. 2026-06-16
   days on market $239,900 Active 36 DOM
4. 2026-06-15
   days on market $239,900 Active 35 DOM
5. 2026-06-13
   days on market $239,900 Active 33 DOM
6. 2026-06-13
   days on market $239,900 Active 32 DOM
7. 2026-06-09
   days on market $239,900 Active 29 DOM
8. 2026-06-08
   days on market $239,900 Active 28 DOM
9. 2026-06-07
   days on market $239,900 Active 27 DOM
10. 2026-06-04
    days on market $239,900 Active 24 DOM
11. 2026-06-03
    days on market $239,900 Active 23 DOM
12. 2026-06-02
    days on market $239,900 Active 22 DOM
13. 2026-06-01
    days on market $239,900 Active 21 DOM
14. 2026-05-31
    days on market $239,900 Active 20 DOM
15. 2026-05-11
    listed $239,900 Active 1143-char remark

    Show marketing remark (1143 chars)

    Rare fully occupied 5-unit multifamily opportunity in the heart of Mount Clemens. This well-cared-for income property offers long-term tenants, separate utilities, and a stabilized setup that can be difficult to find in the Metro Detroit suburbs. The property is a strong fit for investors looking to expand their rental portfolio, pursue steady cash flow, or explore a BRRR-style strategy. With full occupancy already in place and an established tenant history, this building gives buyers a clean starting point without having to fill vacancies from day one. Management company referrals are available upon request. All walkthroughs must be accompanied by proof of funds or a pre-approval letter. Full financials, including rent roll, leases, and audited financials, will be made available with an accepted Letter of Intent or Purchase Offer. Seller will not participate in financing. No seller financing, no land contracts, and no subject-to offers. Cash or conventional financing only. Perfect for new or experienced real estate investors, 1031 exchange buyers, or anyone looking to add a stabilized multifamily property to their portfolio.

16. 2026-05-11
    listed $239,900 Active 1143-char remark

    Show marketing remark (1143 chars)

    Rare fully occupied 5-unit multifamily opportunity in the heart of Mount Clemens. This well-cared-for income property offers long-term tenants, separate utilities, and a stabilized setup that can be difficult to find in the Metro Detroit suburbs. The property is a strong fit for investors looking to expand their rental portfolio, pursue steady cash flow, or explore a BRRR-style strategy. With full occupancy already in place and an established tenant history, this building gives buyers a clean starting point without having to fill vacancies from day one. Management company referrals are available upon request. All walkthroughs must be accompanied by proof of funds or a pre-approval letter. Full financials, including rent roll, leases, and audited financials, will be made available with an accepted Letter of Intent or Purchase Offer. Seller will not participate in financing. No seller financing, no land contracts, and no subject-to offers. Cash or conventional financing only. Perfect for new or experienced real estate investors, 1031 exchange buyers, or anyone looking to add a stabilized multifamily property to their portfolio.

17. 2025-01-08
    historical
18. 2025-01-08
    historical
19. 2024-09-21
    price $260,000
20. 2024-09-21
    price $260,000
21. 2024-05-19
    price $280,000
22. 2024-05-19
    price $280,000
23. 2024-04-13
    listed $299,999 Active
24. 2024-04-13
    listed $299,999 Active
25. 2020-09-22
    historical
26. 2020-09-22
    historical
27. 2019-12-20
    price $139,900
28. 2019-12-19
    listed $155,000 Active
29. 2019-12-19
    listed $139,900
30. 2019-12-19
    historical
31. 2019-12-19
    historical
32. 2019-07-18
    price $139,900
33. 2019-06-17
    listed $139,900
34. 2019-06-17
    listed $149,900 Active
35. 2018-12-01
    historical
36. 2018-12-01
    historical
37. 2018-05-02
    price $153,000
38. 2018-05-02
    listed $155,000 Active
39. 2018-05-02
    listed $153,000
40. 2018-05-01
    historical
41. 2018-05-01
    historical
42. 2017-12-18
    listed $155,000
43. 2017-12-18
    listed $155,000 Active
44. 2017-12-09
    historical
45. 2017-12-09
    historical
46. 2017-06-13
    listed $155,000 Active
47. 2017-06-13
    listed $155,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% 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 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $87,012
• − Mortgage interest: −$13,438
• − Property taxes: −$3,598
• − Insurance: −$1,200
• − Repairs & maintenance: −$6,961
• − Management: −$6,961
• − Depreciation: −$6,979
• Taxable income: $47,875
• Est. tax owed @ 24.0%: −$11,490
• After-tax cash flow: $37,355/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: Mount Clemens Community School District
• NCES district ID: 2624690
• Math proficiency: 4% ▼ -9.00%
• Reading proficiency: 11% ▼ -7.00%
• Median HH income: $36,632
• Composite: 6.25/100
• National rank: #10005
• State rank: #532 of 540 in MI

Livability — Mount Clemens

• Score: 77/100
• State rank: #120
• US rank: #2918

Category grades

Amenities D+ Commute A+ Cost of living A+ Crime D+ Employment D- Housing A+ Health & safety B- User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Clemens, MI
• County: Macomb County · 638,552 people
• City population: 15,429
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 15,429
• Household income: $52,161
• Rent vs Own: 40.2% rent · 59.8% own
• Severe rent burden: 610.0

Population outlook (Macomb County) Hauer SSP2

• Today (2025): 925,296 people
• By 2030: 948,226 · +2.5%
• By 2040: 983,961 · +6.3%
• By 2050: 1,010,200 · +9.2%
• By 2075: 1,076,222 · +16.3%
• By 2100: 1,077,065 · +16.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Black 22% Two or more races 10% Hispanic / Latino 4%
• Common ancestry: Romanian 10% Lithuanian 4% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Macomb

• 2024 margin: R (+13.7) · D 42.2% · R 55.9% · Other 1.9%
• 2008→2024 swing: -22.3pp toward R · 2008: 8.6pp · 2024: -13.7pp
• All cycles: 2024: R+13.7 2020: R+8.1 2016: R+11.6 2012: D+4.0 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -194.74%
• Current HPI: 260.7139
• Rent YoY: ▲ 10.82%
• 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

+54.8% since first listed

33 events — show timeline

• 2026-05-11 Listed $239,900 REALCOMP
• 2026-05-11 Listed $239,900 MiRealSource-MiMLS
• 2025-01-08 Listing Removed — REALCOMP
• 2025-01-08 Listing Removed — MiRealSource-MiMLS
• 2024-09-21 Price Changed $260,000 MiRealSource-MiMLS
• 2024-09-21 Price Changed $260,000 REALCOMP
• 2024-05-19 Price Changed $280,000 MiRealSource-MiMLS
• 2024-05-19 Price Changed $280,000 REALCOMP
• 2024-04-13 Listed $299,999 REALCOMP
• 2024-04-13 Listed $299,999 MiRealSource-MiMLS
• 2020-09-22 Listing Removed — REALCOMP
• 2020-09-22 Listing Removed — MiRealSource-MiMLS
• 2019-12-20 Price Changed $139,900 MiRealSource-MiMLS
• 2019-12-19 Listing Removed — MiRealSource-MiMLS
• 2019-12-19 Listing Removed — REALCOMP
• 2019-12-19 Listed $139,900 REALCOMP
• 2019-12-19 Listed $155,000 MiRealSource-MiMLS
• 2019-07-18 Price Changed $139,900 MiRealSource-MiMLS
• 2019-06-17 Listed $149,900 MiRealSource-MiMLS
• 2019-06-17 Listed $139,900 REALCOMP
• 2018-12-01 Listing Removed — REALCOMP
• 2018-12-01 Listing Removed — MiRealSource-MiMLS
• 2018-05-02 Price Changed $153,000 MiRealSource-MiMLS
• 2018-05-02 Listed $153,000 REALCOMP
• 2018-05-02 Listed $155,000 MiRealSource-MiMLS
• 2018-05-01 Listing Removed — MiRealSource-MiMLS
• 2018-05-01 Listing Removed — REALCOMP
• 2017-12-18 Listed $155,000 MiRealSource-MiMLS
• 2017-12-18 Listed $155,000 REALCOMP
• 2017-12-09 Listing Removed — MiRealSource-MiMLS
• 2017-12-09 Listing Removed — REALCOMP
• 2017-06-13 Listed $155,000 MiRealSource-MiMLS
• 2017-06-13 Listed $155,000 REALCOMP