922 S Park St · Kalamazoo, MI 49001

$375,000

36 bd · 36.0 ba · — sqft · MultiFamily · 73 Days on market

Built 1905 10,019 sqft lot

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 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

This well-maintained 6-unit apartment building presents a solid opportunity for both seasoned investors and those looking to expand their portfolio. The property offers consistent rental income with a current gross monthly rent of $5,350.Tenants benefit from on-site laundry facilities located in the basement, enhancing convenience and retention. The rear parking lot provides ample off-street parking, a highly desirable feature that supports tenant satisfaction and occupancy stability.

Key facts

• 0.23 acre lot
• 7 parking spots
• Built 1905

Property features AI

Finance

• Financial info: Rents by unit: $1,000; $950; $950; $850; $850; $800

Exterior

• Parking: Total of 7 parking spaces; Gravel/unpaved parking with a shared driveway
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected
• Home design: Residential income property — multi-family
• Construction: Wood siding construction; Composition roof
• Exterior features: Flag lot; Paved road access; Publicly maintained road

Interior

• Bedrooms: Six 1-bedroom units (Unit 1, Unit 2, Unit 3, Unit 4, Unit 6, and 2N)
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Basement present
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 6 × 6-bed/6.0-bath units multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $10k ($122k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $375k).
• Recommended offer: $352k (6.0% below list) — sets the bar for market timing.
• Cap rate 38.9% 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 rising fast (+6.4%/yr); 109 active listings in the ZIP; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• At $16,078/mo this rent would consume 342% of the median local household income ($56k/yr) (locally 1184% 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 $11k 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 + 6.4% rent growth), your $105k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($352k) is reasonable based on typical stale-listing flexibility.
• 27 sale attempts since 41y 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.
• Current owner paid $220k; list at $375k implies a 70% 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 $352,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 4.29% ✓
• Cap rate: 38.94%
• Cash-on-cash: 116.59%
• DSCR: 6.19
• GRM: 1.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.41% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.15×
• Total profit: $646,240
• Equity at exit: $55,914

10-year hold

• IRR: —
• Equity multiple: 16.73×
• Total profit: $1,651,295
• Equity at exit: $32,423

Cash invested: $105,000 (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 49001

• Rents YoY: 6.4%
• Active inventory: 109
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $16,078 medium
• Mortgage (P&I): −$1,967
• Tax from tax record: −$377 /mo · $4,522/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,376
• Net cashflow: $10,202

Break-even live

Break-even rent $3,164

Max offer price $375,000

Occupancy floor 32%

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

Units	Beds	Baths	Est. rent
▸ 6× units	6	6	$16,080
Total (6 units)			$16,078

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $375,000 Active 73 DOM
2. 2026-06-17
   days on market $375,000 Active 72 DOM
3. 2026-06-16
   days on market $375,000 Active 71 DOM
4. 2026-06-15
   days on market $375,000 Active 70 DOM
5. 2026-06-14
   days on market $375,000 Active 68 DOM
6. 2026-06-13
   days on market $375,000 Active 67 DOM
7. 2026-06-10
   days on market $375,000 Active 65 DOM
8. 2026-06-09
   days on market $375,000 Active 64 DOM
9. 2026-06-08
   days on market $375,000 Active 63 DOM
10. 2026-06-07
    days on market $375,000 Active 62 DOM
11. 2026-06-05
    days on market $375,000 Active 59 DOM
12. 2026-06-03
    days on market $375,000 Active 58 DOM
13. 2026-06-02
    days on market $375,000 Active 57 DOM
14. 2026-06-01
    days on market $375,000 Active 56 DOM
15. 2026-05-31
    days on market $375,000 Active 55 DOM
16. 2026-05-30
    days on market $375,000 Active 54 DOM
17. 2026-04-06
    listed $375,000 Active

    Show marketing remark (489 chars)

    This well-maintained 6-unit apartment building presents a solid opportunity for both seasoned investors and those looking to expand their portfolio. The property offers consistent rental income with a current gross monthly rent of $5,350.Tenants benefit from on-site laundry facilities located in the basement, enhancing convenience and retention. The rear parking lot provides ample off-street parking, a highly desirable feature that supports tenant satisfaction and occupancy stability.

18. 2026-04-06
    listed $375,000 Active 489-char remark

    Show marketing remark (489 chars)

    This well-maintained 6-unit apartment building presents a solid opportunity for both seasoned investors and those looking to expand their portfolio. The property offers consistent rental income with a current gross monthly rent of $5,350.Tenants benefit from on-site laundry facilities located in the basement, enhancing convenience and retention. The rear parking lot provides ample off-street parking, a highly desirable feature that supports tenant satisfaction and occupancy stability.

19. 2026-02-09
    historical
20. 2026-02-08
    historical
21. 2026-01-15
    status Active
22. 2026-01-14
    historical
23. 2025-08-08
    listed $400,000 Active
24. 2025-08-08
    listed $400,000 Active
25. 2025-05-05
    historical
26. 2025-05-04
    historical
27. 2024-11-04
    listed $420,000 Active
28. 2024-11-04
    listed $420,000 Active
29. 2024-08-05
    historical
30. 2024-08-05
    historical
31. 2024-06-14
    status Active
32. 2024-06-14
    status Active
33. 2024-06-08
    status Pending
34. 2024-06-08
    status Pending
35. 2024-05-15
    status Active
36. 2024-05-15
    status Active
37. 2024-05-08
    historical
38. 2024-05-08
    historical
39. 2024-04-08
    listed $400,000 Active
40. 2024-04-08
    listed $400,000 Active
41. 2024-03-15
    historical
42. 2024-03-15
    historical
43. 2024-01-15
    listed $420,000 Active
44. 2024-01-15
    listed $420,000
45. 2023-12-29
    historical
46. 2023-12-29
    historical
47. 2023-11-21
    listed $420,000 Active
48. 2023-11-21
    listed $420,000 Active
49. 2023-11-04
    historical $900
50. 2023-10-27
    price $900

ⓘ 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: $4,522 · $377/mo
• Projected year-2 tax: $5,148 · $429/mo
• Expected delta: +$627/yr (+$52/mo · 13.9%)

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

Taxation est. · year 1

• Rental income: $192,936
• − Mortgage interest: −$21,006
• − Property taxes: −$4,522
• − Insurance: −$1,875
• − Repairs & maintenance: −$15,435
• − Management: −$15,435
• − Depreciation: −$10,909
• Taxable income: $123,755
• Est. tax owed @ 24.0%: −$29,701
• After-tax cash flow: $92,723/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): 20,946
• Household income: $56,432
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 1184.0

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 0.59)
• Race & ethnicity: White 58% Black 22% Hispanic / Latino 15% Two or more races 5% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Romanian 6% Iranian 4% Slovak 3%
• Foreign-born: 9% · Canada
• Languages at home: 84% English-only · Spanish 11% Arabic 2% Other Indo-European 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: ▼ -264.90%
• Current HPI: 206.9355
• Rent YoY: ▲ 6.41%
• 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

+444.3% since first listed

58 events — show timeline

• 2026-04-06 Listed $375,000 REALCOMP
• 2026-04-06 Listed $375,000 MiRealSource-MiMLS
• 2026-02-09 Listing Removed — MiRealSource-MiMLS
• 2026-02-08 Listing Removed — REALCOMP
• 2026-01-15 Relisted — REALCOMP
• 2026-01-14 Listing Removed — REALCOMP
• 2025-08-08 Listed $400,000 REALCOMP
• 2025-08-08 Listed $400,000 MiRealSource-MiMLS
• 2025-05-05 Listing Removed — MiRealSource-MiMLS
• 2025-05-04 Listing Removed — REALCOMP
• 2024-11-04 Listed $420,000 REALCOMP
• 2024-11-04 Listed $420,000 MiRealSource-MiMLS
• 2024-08-05 Listing Removed — MiRealSource-MiMLS
• 2024-08-05 Listing Removed — REALCOMP
• 2024-06-14 Relisted — REALCOMP
• 2024-06-14 Relisted — MiRealSource-MiMLS
• 2024-06-08 Pending — REALCOMP
• 2024-06-08 Pending — MiRealSource-MiMLS
• 2024-05-15 Relisted — REALCOMP
• 2024-05-15 Relisted — MiRealSource-MiMLS
• 2024-05-08 Listing Removed — MiRealSource-MiMLS
• 2024-05-08 Listing Removed — REALCOMP
• 2024-04-08 Listed $400,000 MiRealSource-MiMLS
• 2024-04-08 Listed $400,000 REALCOMP
• 2024-03-15 Listing Removed — MiRealSource-MiMLS
• 2024-03-15 Listing Removed — REALCOMP
• 2024-01-15 Listed $420,000 MiRealSource-MiMLS
• 2024-01-15 Listed $420,000 REALCOMP
• 2023-12-29 Listing Removed — MiRealSource-MiMLS
• 2023-12-29 Listing Removed — REALCOMP
• 2023-11-21 Listed $420,000 MiRealSource-MiMLS
• 2023-11-21 Listed $420,000 REALCOMP
• 2023-11-04 Rental Removed $900 APPFOLIO
• 2023-10-27 Price Changed $900 APPFOLIO
• 2023-10-13 Listed for Rent $950 APPFOLIO
• 2023-10-08 Rental Removed $950 APPFOLIO
• 2023-10-07 Listed for Rent $950 APPFOLIO
• 2023-04-24 Sold (Public Records) $220,000 Public Records
• 2023-04-05 Sold (MLS) $220,000 SW Michigan MLS
• 2023-04-05 Sold (MLS) $220,000 MiRealSource-MiMLS
• 2023-04-05 Sold (MLS) $220,000 REALCOMP
• 2023-02-21 Pending — SW Michigan MLS
• 2023-02-21 Listed $224,900 SW Michigan MLS
• 2023-02-21 Listing Removed — MiRealSource-MiMLS
• 2023-02-21 Listed $224,900 MiRealSource-MiMLS
• 2023-02-21 Listed $224,900 REALCOMP
• 2023-02-21 Listing Removed — REALCOMP
• 2017-12-14 Sold (Public Records) $120,000 Public Records
• 2015-12-18 Listing Removed — SW Michigan MLS
• 2015-12-18 Listing Removed — REALCOMP
• 2015-09-05 Listed $129,900 SW Michigan MLS
• 2015-05-11 Listed $129,900 REALCOMP
• 2014-10-17 Listing Removed — SW Michigan MLS
• 2009-08-06 Sold (Public Records) $85,000 Public Records
• 2009-07-09 Sold (MLS) $85,000 SW Michigan MLS
• 2008-01-24 Listed $99,900 SW Michigan MLS
• 2007-06-17 Listed $149,900 SW Michigan MLS
• 1985-05-06 Listed $68,900 SW Michigan MLS

Property tax history

+1.1%/yr

Latest (2023): $4,522 · -6.8% YoY. Source: county tax records.