18250 Weaver St · Detroit, MI 48228

$2,650,000

1360 bd · 1600.0 ba · 19,557 sqft · MultiFamily · 254 Days on market

Built 1969 Poor condition 0.89 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
• Livability +3.7/5.0
• Rent growth +1.9/5.0
• Schools +1.3/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 40 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

EXCEPTIONAL INVESTMENT Turnkey 40-Unit Multifamily . .. FULLY OCCUPIED Opportunity | TOP Cap Rate Potential | Prime Detroit Location Fully remodeled 40-unit multifamily asset ideally located in the heart of Detroit, just minutes from major shopping districts and directly adjacent to the highly sought-after Dearborn Heights community. This property has undergone a full transformation—modernized units, updated mechanicals, and refreshed common areas—making it a truly turnkey opportunity. Seller is ready to hand off this high-yield investment to a new owner ready to capitalize on rising demand and long-term wealth creation through lease-up and management.

Key facts

• Fully remodeled
• Modernized units
• Updated mechanicals

Tags

• PRIME DETROIT LOCATION
• FULLY REMODELED
• MODERNIZED UNITS
• UPDATED MECHANICALS
• REFRESHED COMMON AREAS

What this means for you Summary

Snapshot

• This is a 40 × 34-bed/40.0-bath units multifamily listed at $2.65M. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $28k ($339k/yr) — positive. Per door: $707/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($59k rent vs $2.65M).
• Recommended offer: $2.33M (12.0% below list) — sets the bar for market timing.
• Cap rate 19.1% vs local median 10.2% in Detroit — 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 73/100 on livability (#218 in MI) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools F, crime F, employment F.
• Detroit Public Schools Community District (urban): math 10% / reading 24% proficiency, ranked #499 of 540 in MI (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 90% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-2.3%/yr); 363 active listings in the ZIP; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $58,992/mo this rent would consume 2307% of the median local household income ($31k/yr) (locally 4144% 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 $18k of loan paydown is wiped out by about $80k of value loss. Plan a longer hold.
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $742k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 254 days — a 12% lower offer ($2.33M) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 8y ago; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $500k; list at $2.65M implies a 430% gain — meaningful room to come down on a strong offer.

Recommended offer $2,332,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 254 days. Have you received any prior offers? Is the seller open to a 12% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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?
10. 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.
11. 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.
12. 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: 2.23% ✓
• Cap rate: 19.10%
• Cash-on-cash: 45.75%
• DSCR: 3.04
• GRM: 3.7

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: 39.5%
• Equity multiple: 2.62×
• Total profit: $1,200,407
• Equity at exit: $395,124

10-year hold

• IRR: 44.4%
• Equity multiple: 4.64×
• Total profit: $2,700,909
• Equity at exit: $229,124

Cash invested: $742,000 (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 48228

• Rents YoY: -2.3%
• Active inventory: 363
• Price-to-rent: 149.7×

Monthly cashflow live

• Estimated rent: $58,992 medium
• Mortgage (P&I): −$13,897
• Tax est. 1.5%: −$3,312 /mo · $39,750/yr
• Insurance: −$1,104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$12,388
• Net cashflow: $28,290

Break-even live

Break-even rent $23,182

Max offer price $2,650,000

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
▸ 40× units	34	40	$59,000
Total (40 units)			$58,992

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: $662,500
• Closing costs: $79,500
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-03-27
   status Active 675-char remark

   Show marketing remark (675 chars)

   EXCEPTIONAL INVESTMENT Turnkey 40-Unit Multifamily . .. FULLY OCCUPIED Opportunity | TOP Cap Rate Potential | Prime Detroit Location Fully remodeled 40-unit multifamily asset ideally located in the heart of Detroit, just minutes from major shopping districts and directly adjacent to the highly sought-after Dearborn Heights community. This property has undergone a full transformation—modernized units, updated mechanicals, and refreshed common areas—making it a truly turnkey opportunity. Seller is ready to hand off this high-yield investment to a new owner ready to capitalize on rising demand and long-term wealth creation through lease-up and management.

2. 2026-03-27
   historical 675-char remark

   Show marketing remark (675 chars)

   EXCEPTIONAL INVESTMENT Turnkey 40-Unit Multifamily . .. FULLY OCCUPIED Opportunity | TOP Cap Rate Potential | Prime Detroit Location Fully remodeled 40-unit multifamily asset ideally located in the heart of Detroit, just minutes from major shopping districts and directly adjacent to the highly sought-after Dearborn Heights community. This property has undergone a full transformation—modernized units, updated mechanicals, and refreshed common areas—making it a truly turnkey opportunity. Seller is ready to hand off this high-yield investment to a new owner ready to capitalize on rising demand and long-term wealth creation through lease-up and management.

3. 2025-10-06
   price $2,650,000 664-char remark

   Show marketing remark (664 chars)

   EXCEPTIONAL INVESTMENT Turnkey 40-Unit Multifamily . .. FULLY OCCUPIED Opportunity | TOP Cap Rate Potential | Prime Detroit Location Fully remodeled 40-unit multifamily asset ideally located in the heart of Detroit, just minutes from major shopping districts and directly adjacent to the highly sought-after Dearborn Heights community. This property has undergone a full transformation - modernized units, updated mechanicals, and refreshed common areas - making it a truly turnkey opportunity. Seller is ready to hand off this high-yield investment to a new owner ready to capitalize on rising demand and long-term wealth creation through lease-up and management.

4. 2025-10-05
   status Active 664-char remark

   Show marketing remark (675 chars)

   EXCEPTIONAL INVESTMENT Turnkey 40-Unit Multifamily . .. FULLY OCCUPIED Opportunity | TOP Cap Rate Potential | Prime Detroit Location Fully remodeled 40-unit multifamily asset ideally located in the heart of Detroit, just minutes from major shopping districts and directly adjacent to the highly sought-after Dearborn Heights community. This property has undergone a full transformation—modernized units, updated mechanicals, and refreshed common areas—making it a truly turnkey opportunity. Seller is ready to hand off this high-yield investment to a new owner ready to capitalize on rising demand and long-term wealth creation through lease-up and management.

5. 2025-10-05
   status Active 675-char remark

   Show marketing remark (675 chars)

   EXCEPTIONAL INVESTMENT Turnkey 40-Unit Multifamily . .. FULLY OCCUPIED Opportunity | TOP Cap Rate Potential | Prime Detroit Location Fully remodeled 40-unit multifamily asset ideally located in the heart of Detroit, just minutes from major shopping districts and directly adjacent to the highly sought-after Dearborn Heights community. This property has undergone a full transformation—modernized units, updated mechanicals, and refreshed common areas—making it a truly turnkey opportunity. Seller is ready to hand off this high-yield investment to a new owner ready to capitalize on rising demand and long-term wealth creation through lease-up and management.

6. 2025-10-05
   price $2,650,000 675-char remark

   Show marketing remark (675 chars)

   EXCEPTIONAL INVESTMENT Turnkey 40-Unit Multifamily . .. FULLY OCCUPIED Opportunity | TOP Cap Rate Potential | Prime Detroit Location Fully remodeled 40-unit multifamily asset ideally located in the heart of Detroit, just minutes from major shopping districts and directly adjacent to the highly sought-after Dearborn Heights community. This property has undergone a full transformation—modernized units, updated mechanicals, and refreshed common areas—making it a truly turnkey opportunity. Seller is ready to hand off this high-yield investment to a new owner ready to capitalize on rising demand and long-term wealth creation through lease-up and management.

7. 2025-05-31
   historical 664-char remark

   Show marketing remark (664 chars)

   EXCEPTIONAL INVESTMENT Turnkey 40-Unit Multifamily . .. FULLY OCCUPIED Opportunity | TOP Cap Rate Potential | Prime Detroit Location Fully remodeled 40-unit multifamily asset ideally located in the heart of Detroit, just minutes from major shopping districts and directly adjacent to the highly sought-after Dearborn Heights community. This property has undergone a full transformation - modernized units, updated mechanicals, and refreshed common areas - making it a truly turnkey opportunity. Seller is ready to hand off this high-yield investment to a new owner ready to capitalize on rising demand and long-term wealth creation through lease-up and management.

8. 2025-05-09
   listed $2,499,000 Active 675-char remark

   Show marketing remark (664 chars)

   EXCEPTIONAL INVESTMENT Turnkey 40-Unit Multifamily . .. FULLY OCCUPIED Opportunity | TOP Cap Rate Potential | Prime Detroit Location Fully remodeled 40-unit multifamily asset ideally located in the heart of Detroit, just minutes from major shopping districts and directly adjacent to the highly sought-after Dearborn Heights community. This property has undergone a full transformation - modernized units, updated mechanicals, and refreshed common areas - making it a truly turnkey opportunity. Seller is ready to hand off this high-yield investment to a new owner ready to capitalize on rising demand and long-term wealth creation through lease-up and management.

9. 2025-05-09
   listed $2,499,000 Active 664-char remark

   Show marketing remark (664 chars)

   EXCEPTIONAL INVESTMENT Turnkey 40-Unit Multifamily . .. FULLY OCCUPIED Opportunity | TOP Cap Rate Potential | Prime Detroit Location Fully remodeled 40-unit multifamily asset ideally located in the heart of Detroit, just minutes from major shopping districts and directly adjacent to the highly sought-after Dearborn Heights community. This property has undergone a full transformation - modernized units, updated mechanicals, and refreshed common areas - making it a truly turnkey opportunity. Seller is ready to hand off this high-yield investment to a new owner ready to capitalize on rising demand and long-term wealth creation through lease-up and management.

10. 2025-04-15
    historical
11. 2025-04-15
    status Active
12. 2025-04-15
    price $2,490,000
13. 2025-03-04
    historical
14. 2025-02-28
    status Active
15. 2025-02-06
    historical
16. 2025-02-06
    status Active
17. 2024-12-11
    historical
18. 2024-12-10
    status Active
19. 2024-11-30
    historical
20. 2024-11-30
    status Active
21. 2024-11-29
    historical
22. 2024-11-27
    listed $2,499,000 Active
23. 2023-06-19
    soldstatus $500,000
24. 2023-06-19
    soldstatus $500,000 Closed
25. 2023-04-25
    status Pending
26. 2023-04-08
    listed $650,000
27. 2023-04-08
    listed $650,000 Active
28. 2019-09-26
    historical
29. 2018-05-18
    listed $599,000

ⓘ 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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $707,904
• − Mortgage interest: −$148,441
• − Property taxes: −$39,750
• − Insurance: −$13,250
• − Repairs & maintenance: −$56,632
• − Management: −$56,632
• − Depreciation: −$77,091
• Taxable income: $316,107
• Est. tax owed @ 24.0%: −$75,866
• After-tax cash flow: $263,616/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This 40-unit multifamily property requires extensive repairs and updates to its exterior, interior, and HVAC systems, as well as landscaping improvements. Significant investment is needed to bring the property up to a livable and marketable condition.

Repairs flagged

• Major roof — No photos of roof
• Major exterior siding — No photos of exterior siding
• Major interior walls/paint — No photos of interior walls/paint
• Major windows — No photos of windows
• Major HVAC/mechanicals — No photos of HVAC/mechanicals
• Major landscaping — No photos of landscaping/curb appeal

Value-add opportunities

• Both exterior painting — Fresh paint can improve curb appeal and property value
• Both HVAC upgrade — Modern HVAC can improve comfort and energy efficiency
• Both landscaping — Well-maintained landscaping can enhance curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · No photos of roof	Major	$15,000–50,000
exterior siding · No photos of exterior siding	Major	$15,000–50,000
interior walls/paint · No photos of interior walls/paint	Major	$15,000–50,000
windows · No photos of windows	Major	$15,000–50,000
HVAC/mechanicals · No photos of HVAC/mechanicals	Major	$15,000–50,000
landscaping · No photos of landscaping/curb appeal	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both exterior painting — Fresh paint can improve curb appeal and property value ↑
• Both HVAC upgrade — Modern HVAC can improve comfort and energy efficiency ↑
• Both landscaping — Well-maintained landscaping can enhance curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Detroit Public Schools Community District
• NCES district ID: 2601103
• Math proficiency: 10% ▼ -2.00%
• Reading proficiency: 24% ▲ 6.00%
• Median HH income: $25,815
• Composite: 13.06/100
• National rank: #9564
• State rank: #499 of 540 in MI

Livability — Detroit

• Score: 73/100
• State rank: #218
• US rank: #5427

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Detroit, MI
• County: Wayne County · 1,562,939 people
• City population: 572,865
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 50,117
• Household income: $30,680
• Rent vs Own: 50.7% rent · 49.3% own
• Severe rent burden: 4144.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 1,675,273 people
• By 2030: 1,620,300 · -3.3%
• By 2040: 1,502,341 · -10.3%
• By 2050: 1,384,039 · -17.4%
• By 2075: 1,124,592 · -32.9%
• By 2100: 881,193 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (71%)
• Race & ethnicity: Black 71% White 16% Two or more races 7% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Arab 2% Romanian 2% Lithuanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 82% English-only · Arabic 11% Spanish 5%

Political lean MEDSL · Wayne

• 2024 margin: Strong D (+29.0) · D 62.7% · R 33.7% · Other 3.6%
• 2008→2024 swing: -20.5pp toward R · 2008: 49.5pp · 2024: 29.0pp
• All cycles: 2024: D+29.0 2020: D+38.1 2016: D+37.3 2012: D+46.9 2008: D+49.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -160.81%
• Current HPI: 168.6843
• Rent YoY: ▼ -2.30%
• 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

+342.4% since first listed

29 events — show timeline

• 2026-03-27 Relisted — REALCOMP
• 2026-03-27 Listing Removed — REALCOMP
• 2025-10-06 Price Changed $2,650,000 MiRealSource-MiMLS
• 2025-10-05 Relisted — MiRealSource-MiMLS
• 2025-10-05 Relisted — REALCOMP
• 2025-10-05 Price Changed $2,650,000 REALCOMP
• 2025-05-31 Listing Removed — MiRealSource-MiMLS
• 2025-05-09 Listed $2,499,000 MiRealSource-MiMLS
• 2025-05-09 Listed $2,499,000 REALCOMP
• 2025-04-15 Listing Removed — MiRealSource-MiMLS
• 2025-04-15 Relisted — MiRealSource-MiMLS
• 2025-04-15 Price Changed $2,490,000 MiRealSource-MiMLS
• 2025-03-04 Listing Removed — MiRealSource-MiMLS
• 2025-02-28 Relisted — MiRealSource-MiMLS
• 2025-02-06 Listing Removed — MiRealSource-MiMLS
• 2025-02-06 Relisted — MiRealSource-MiMLS
• 2024-12-11 Listing Removed — MiRealSource-MiMLS
• 2024-12-10 Relisted — MiRealSource-MiMLS
• 2024-11-30 Listing Removed — MiRealSource-MiMLS
• 2024-11-30 Relisted — MiRealSource-MiMLS
• 2024-11-29 Listing Removed — MiRealSource-MiMLS
• 2024-11-27 Listed $2,499,000 MiRealSource-MiMLS
• 2023-06-19 Sold (MLS) $500,000 MiRealSource-MiMLS
• 2023-06-19 Sold (MLS) $500,000 REALCOMP
• 2023-04-25 Pending — MiRealSource-MiMLS
• 2023-04-08 Listed $650,000 MiRealSource-MiMLS
• 2023-04-08 Listed $650,000 REALCOMP
• 2019-09-26 Listing Removed — MiRealSource-MiMLS
• 2018-05-18 Listed $599,000 MiRealSource-MiMLS