809-807 W Cedar St · Kalamazoo, MI 49007

$499,900

56 bd · 49.0 ba · — sqft · MultiFamily · 43 Days on market

Built 1865 8,712 sqft 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: 7 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

7-unit value-add opportunity in the heart of Kalamazoo with multiple paths to ownership and strong upside potential. This property includes two buildings (4-unit and 3-unit) on one parcel, offering flexibility for owner-occupants, investors, or those looking to grow their portfolio. The property presents a clear opportunity to increase income through lease-up and operational improvements. Several units have been updated while others provide a path for continued improvements and repositioning. Located near Western Michigan University, Kalamazoo College, downtown, and major amenities, the property benefits from consistent rental demand and long-term growth potential. Seller is offering flexible purchase options including land contract terms and is open to DSCR financing buyers. Ideal for owner-occupants looking to live in one unit while stabilizing the remaining units.

Key facts

• Near downtown
• Two buildings
• Off-street parking

Tags

• TWO BUILDINGS
• SEVERAL UNITS UPDATED
• NEAR KALAMAZOO COLLEGE
• NEAR DOWNTOWN
• OFF-STREET PARKING
• FUNCTIONAL UNIT LAYOUTS

Property features AI

Finance

• Financial info: Individual unit rents listed for units #1–#7 (rents range from $725 to $850 monthly); Examples: unit rents include $755, $850, $795, $825, $725, $795, $775

Exterior

• Parking: Asphalt parking with space for 8 vehicles
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Phone service available
• Home design: Residential income property (multi-family)
• Construction: Stucco and wood siding exterior construction
• Exterior features: Composition roof; Public-maintained road access; Lot approximately 66 x 132 (about 0.2 acre)

Interior

• Kitchen: Standard kitchen in each unit (appliance specifics not provided)
• Bedrooms: Multiple 1-bedroom units and 2-bedroom units across the building (individual unit details below)
• Bathrooms: Each unit includes 1 bathroom
• Heating & cooling: Forced air heating powered by natural gas; Window air conditioning units
• Interior features: Full basement
• Laundry & utility: Shared laundry room in the common area and basement

What this means for you Summary

Snapshot

• This is a 7 × 8-bed/7.0-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $9k ($105k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $500k).
• Recommended offer: $485k (3.0% below list) — sets the bar for market timing.
• Cap rate 27.2% vs local median 4.1% 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 $15,406/mo this rent would consume 470% 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 $3k of loan paydown is wiped out by about $15k 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 $140k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($485k) is reasonable based on typical stale-listing flexibility.
• 19 sale attempts since 40y 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 1865 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $484,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 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 1865 — 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: 3.08% ✓
• Cap rate: 27.22%
• Cash-on-cash: 74.72%
• DSCR: 4.32
• GRM: 2.7

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: 71.1%
• Equity multiple: 4.07×
• Total profit: $429,208
• Equity at exit: $74,537

10-year hold

• IRR: 74.2%
• Equity multiple: 7.54×
• Total profit: $915,026
• Equity at exit: $43,222

Cash invested: $139,972 (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: 18.9×

Monthly cashflow live

• Estimated rent: $15,406 medium
• Mortgage (P&I): −$2,622
• Tax est. 1.5%: −$625 /mo · $7,498/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,235
• Net cashflow: $8,716

Break-even live

Break-even rent $4,373

Max offer price $499,900

Occupancy floor 38%

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

Units	Beds	Baths	Est. rent
▸ 7× units	8	7	$15,407
Total (7 units)			$15,406

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: $124,975
• Closing costs: $14,997
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $499,900 Active 43 DOM
2. 2026-06-17
   days on market $499,900 Active 42 DOM
3. 2026-06-16
   days on market $499,900 Active 41 DOM
4. 2026-06-15
   days on market $499,900 Active 40 DOM
5. 2026-06-14
   days on market $499,900 Active 38 DOM
6. 2026-06-13
   days on market $499,900 Active 37 DOM
7. 2026-06-10
   days on market $499,900 Active 35 DOM
8. 2026-06-09
   days on market $499,900 Active 34 DOM
9. 2026-06-08
   days on market $499,900 Active 33 DOM
10. 2026-06-07
    days on market $499,900 Active 32 DOM
11. 2026-06-05
    days on market $499,900 Active 29 DOM
12. 2026-06-03
    days on market $499,900 Active 28 DOM
13. 2026-06-02
    days on market $499,900 Active 27 DOM
14. 2026-06-01
    days on market $499,900 Active 26 DOM
15. 2026-05-31
    days on market $499,900 Active 25 DOM
16. 2026-05-30
    days on market $499,900 Active 24 DOM
17. 2026-05-14
    price $499,900 879-char remark

    Show marketing remark (879 chars)

    7-unit value-add opportunity in the heart of Kalamazoo with multiple paths to ownership and strong upside potential. This property includes two buildings (4-unit and 3-unit) on one parcel, offering flexibility for owner-occupants, investors, or those looking to grow their portfolio. The property presents a clear opportunity to increase income through lease-up and operational improvements. Several units have been updated while others provide a path for continued improvements and repositioning. Located near Western Michigan University, Kalamazoo College, downtown, and major amenities, the property benefits from consistent rental demand and long-term growth potential. Seller is offering flexible purchase options including land contract terms and is open to DSCR financing buyers. Ideal for owner-occupants looking to live in one unit while stabilizing the remaining units.

18. 2026-05-13
    price $499,900
19. 2026-05-06
    listed $500,000 Active 879-char remark

    Show marketing remark (879 chars)

    7-unit value-add opportunity in the heart of Kalamazoo with multiple paths to ownership and strong upside potential. This property includes two buildings (4-unit and 3-unit) on one parcel, offering flexibility for owner-occupants, investors, or those looking to grow their portfolio. The property presents a clear opportunity to increase income through lease-up and operational improvements. Several units have been updated while others provide a path for continued improvements and repositioning. Located near Western Michigan University, Kalamazoo College, downtown, and major amenities, the property benefits from consistent rental demand and long-term growth potential. Seller is offering flexible purchase options including land contract terms and is open to DSCR financing buyers. Ideal for owner-occupants looking to live in one unit while stabilizing the remaining units.

20. 2026-05-06
    listed $500,000 Active

    Show marketing remark (879 chars)

    7-unit value-add opportunity in the heart of Kalamazoo with multiple paths to ownership and strong upside potential. This property includes two buildings (4-unit and 3-unit) on one parcel, offering flexibility for owner-occupants, investors, or those looking to grow their portfolio. The property presents a clear opportunity to increase income through lease-up and operational improvements. Several units have been updated while others provide a path for continued improvements and repositioning. Located near Western Michigan University, Kalamazoo College, downtown, and major amenities, the property benefits from consistent rental demand and long-term growth potential. Seller is offering flexible purchase options including land contract terms and is open to DSCR financing buyers. Ideal for owner-occupants looking to live in one unit while stabilizing the remaining units.

21. 2024-05-15
    historical
22. 2024-04-10
    price $560,000
23. 2024-04-10
    price $560,000
24. 2024-03-27
    listed $565,000 Active
25. 2023-04-07
    soldstatus $500,000 Sold
26. 2023-04-07
    soldstatus $500,000 Sold
27. 2023-04-07
    soldstatus $500,000 Closed
28. 2023-02-16
    status Pending
29. 2023-02-16
    status Pending
30. 2023-02-16
    status Pending
31. 2023-01-17
    status Active
32. 2023-01-17
    status Active
33. 2023-01-16
    listed $525,000
34. 2023-01-16
    historical
35. 2023-01-16
    listed $525,000 Active
36. 2023-01-16
    historical
37. 2023-01-16
    listed $525,000
38. 2018-02-01
    historical
39. 2017-12-06
    historical
40. 2017-12-06
    status Pending
41. 2017-11-13
    listed $230,000 Active
42. 2017-11-13
    listed $230,000
43. 2017-01-18
    historical
44. 2017-01-17
    historical
45. 2016-10-05
    listed $95,000 Active
46. 2016-10-05
    historical
47. 2016-10-05
    listed $95,000
48. 2016-10-04
    historical
49. 2016-09-02
    listed $95,000 Active
50. 2016-09-02
    listed $95,000

ⓘ 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 ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $184,872
• − Mortgage interest: −$28,002
• − Property taxes: −$7,498
• − Insurance: −$2,500
• − Repairs & maintenance: −$14,790
• − Management: −$14,790
• − Depreciation: −$14,543
• Taxable income: $102,750
• Est. tax owed @ 24.0%: −$24,660
• After-tax cash flow: $79,933/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

+615.2% since first listed

43 events — show timeline

• 2026-05-14 Price Changed $499,900 MiRealSource-MiMLS
• 2026-05-13 Price Changed $499,900 REALCOMP
• 2026-05-06 Listed $500,000 REALCOMP
• 2026-05-06 Listed $500,000 MiRealSource-MiMLS
• 2024-05-15 Listing Removed — MiRealSource-MiMLS
• 2024-04-10 Price Changed $560,000 MiRealSource-MiMLS
• 2024-04-10 Price Changed $560,000 SW Michigan MLS
• 2024-03-27 Listed $565,000 MiRealSource-MiMLS
• 2023-04-07 Sold (MLS) $500,000 MiRealSource-MiMLS
• 2023-04-07 Sold (MLS) $500,000 SW Michigan MLS
• 2023-04-07 Sold (MLS) $500,000 REALCOMP
• 2023-02-16 Pending — REALCOMP
• 2023-02-16 Pending — MiRealSource-MiMLS
• 2023-02-16 Pending — SW Michigan MLS
• 2023-01-17 Relisted — REALCOMP
• 2023-01-17 Relisted — MiRealSource-MiMLS
• 2023-01-16 Listed $525,000 MiRealSource-MiMLS
• 2023-01-16 Listing Removed — MiRealSource-MiMLS
• 2023-01-16 Listed $525,000 SW Michigan MLS
• 2023-01-16 Listing Removed — REALCOMP
• 2023-01-16 Listed $525,000 REALCOMP
• 2018-02-01 Listing Removed — REALCOMP
• 2017-12-06 Listing Removed — SW Michigan MLS
• 2017-12-06 Pending — SW Michigan MLS
• 2017-11-13 Listed $230,000 SW Michigan MLS
• 2017-11-13 Listed $230,000 REALCOMP
• 2017-01-18 Listing Removed — SW Michigan MLS
• 2017-01-17 Listing Removed — REALCOMP
• 2016-10-05 Listed $95,000 SW Michigan MLS
• 2016-10-05 Listing Removed — SW Michigan MLS
• 2016-10-05 Listed $95,000 REALCOMP
• 2016-10-04 Listing Removed — REALCOMP
• 2016-09-02 Listed $95,000 SW Michigan MLS
• 2016-09-02 Listed $95,000 REALCOMP
• 2016-09-01 Listing Removed — SW Michigan MLS
• 2016-08-31 Listing Removed — REALCOMP
• 2015-09-05 Listed $95,000 SW Michigan MLS
• 2015-07-31 Listed $95,000 REALCOMP
• 2014-12-23 Listing Removed — SW Michigan MLS
• 2014-10-17 Listing Removed — SW Michigan MLS
• 2009-09-14 Listed $169,900 SW Michigan MLS
• 2008-08-02 Listed $169,500 SW Michigan MLS
• 1986-10-14 Listed $69,900 SW Michigan MLS