13205 La Salle Blvd · Detroit, MI 48238

$950,000

304 bd · 361.0 ba · 10,686 sqft · MultiFamily · 129 Days on market

Built 1927 Fair condition 8,712 sqft lot $89/sqft · 465% above area ↓ 24% 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
• Rent growth +4.0/5.0
• Livability +3.7/5.0
• Condition / age +2.2/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 19 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

Beautiful 19-unit brick multifamily investment opportunity now available in the rapidly appreciating Dexter/Linwood area. This high-performing asset is currently 95% occupied, offering immediate cash flow with strong upside potential. The property consists of 16 one-bedroom, one-bath units and 3 studio units, providing a desirable and efficient unit mix in a high-demand rental corridor. This is a true value-add opportunity with the ability to strategically increase rents over time. Major capital improvements have already been completed, including a newer boiler, updated vinyl windows, newer electrical panel, and renovated common areas featuring new flooring, fresh paint, and modern lighting. The building is solid brick construction with a strong foundation and minimal deferred maintenance. Located in one of Detroit’s most active and improving rental markets, this property offers both stability and appreciation potential. Ideal for investors seeking strong in-place income with clear room to force value and maximize returns. Serious inquiries only.

Key facts

• Newer boiler
• 95 percent occupied
• 8,712 sq ft lot

Tags

• 19 UNIT BRICK MULTIFAMILY
• 95 PERCENT OCCUPIED
• NEWER BOILER
• UPDATED VINYL WINDOWS
• NEWER ELECTRICAL PANEL
• RENOVATED COMMON AREAS

What this means for you Summary

Snapshot

• This is a 16×16bd/1ba + 3×1bd/1ba units multifamily listed at $950k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $14k ($167k/yr) — positive. Per door: $733/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($26k rent vs $950k).
• Recommended offer: $836k (12.0% below list) — sets the bar for market timing.
• Cap rate 23.9% vs local median 10.1% 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 rising fast (+6.1%/yr); 348 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 $25,931/mo this rent would consume 934% of the median local household income ($33k/yr) (locally 2172% 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 $28k 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 + 6.1% rent growth), your $266k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($836k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $300k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $836,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 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 1927 — 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: 2.73% ✓
• Cap rate: 23.88%
• Cash-on-cash: 62.80%
• DSCR: 3.79
• GRM: 3.1

CMA / ARV

• ARV (median comp): $168,097
• List price: $950,000
• Delta: 465.15%
• Verdict: OVERPRICED
• Comps: 5 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.14% rent growth · sell at horizon

5-year hold

• IRR: 65.3%
• Equity multiple: 4.07×
• Total profit: $817,538
• Equity at exit: $141,648

10-year hold

• IRR: 70.7%
• Equity multiple: 9.36×
• Total profit: $2,224,976
• Equity at exit: $82,139

Cash invested: $266,000 (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 48238

• Home prices YoY: -14.4%
• Rents YoY: 6.1%
• Active inventory: 348
• Price-to-rent: 54.6×

Monthly cashflow live

• Estimated rent: $25,931 medium
• Mortgage (P&I): −$4,982
• Tax est. 1.5%: −$1,188 /mo · $14,250/yr
• Insurance: −$396
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,446
• Net cashflow: $13,920

Break-even live

Break-even rent $8,310

Max offer price $950,000

Occupancy floor 41%

Sensitivity live

Price	-10% $14,577	-5% $14,249	+0% $13,920	+5% $13,592	+10% $13,264
Rent	-10% $11,872	-5% $12,896	+0% $13,920	+5% $14,945	+10% $15,969
Rate	-1.0pp $14,399	-0.5pp $14,162	base $13,920	+0.5pp $13,674	+1.0pp $13,424

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

Units	Beds	Baths	Est. rent
▸ 16× units	16	1	$23,216
▸ 3× units	1	1	$2,715
Total (19 units)			$25,931

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: $237,500
• Closing costs: $28,500
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $950,000 Active 129 DOM
2. 2026-06-18
   days on market $950,000 Active 126 DOM
3. 2026-06-17
   days on market $950,000 Active 125 DOM
4. 2026-06-15
   days on market $950,000 Active 123 DOM
5. 2026-06-13
   days on market $950,000 Active 121 DOM
6. 2026-06-13
   days on market $950,000 Active 120 DOM
7. 2026-06-09
   days on market $950,000 Active 117 DOM
8. 2026-06-08
   days on market $950,000 Active 116 DOM
9. 2026-06-07
   days on market $950,000 Active 115 DOM
10. 2026-06-04
    days on market $950,000 Active 112 DOM
11. 2026-06-03
    days on market $950,000 Active 111 DOM
12. 2026-06-01
    days on market $950,000 Active 109 DOM
13. 2026-05-31
    days on market $950,000 Active 108 DOM
14. 2026-04-14
    price $950,000 1068-char remark

    Show marketing remark (1062 chars)

    Beautiful 19-unit brick multifamily investment opportunity now available in the rapidly appreciating Dexter/Linwood area. This high-performing asset is currently 95% occupied, offering immediate cash flow with strong upside potential. The property consists of 16 one-bedroom, one-bath units and 3 studio units, providing a desirable and efficient unit mix in a high-demand rental corridor. This is a true value-add opportunity with the ability to strategically increase rents over time. Major capital improvements have already been completed, including a newer boiler, updated vinyl windows, newer electrical panel, and renovated common areas featuring new flooring, fresh paint, and modern lighting. The building is solid brick construction with a strong foundation and minimal deferred maintenance. Located in one of Detroit's most active and improving rental markets, this property offers both stability and appreciation potential. Ideal for investors seeking strong in-place income with clear room to force value and maximize returns. Serious inquiries only.

15. 2026-04-14
    price $950,000 1062-char remark

    Show marketing remark (1062 chars)

    Beautiful 19-unit brick multifamily investment opportunity now available in the rapidly appreciating Dexter/Linwood area. This high-performing asset is currently 95% occupied, offering immediate cash flow with strong upside potential. The property consists of 16 one-bedroom, one-bath units and 3 studio units, providing a desirable and efficient unit mix in a high-demand rental corridor. This is a true value-add opportunity with the ability to strategically increase rents over time. Major capital improvements have already been completed, including a newer boiler, updated vinyl windows, newer electrical panel, and renovated common areas featuring new flooring, fresh paint, and modern lighting. The building is solid brick construction with a strong foundation and minimal deferred maintenance. Located in one of Detroit's most active and improving rental markets, this property offers both stability and appreciation potential. Ideal for investors seeking strong in-place income with clear room to force value and maximize returns. Serious inquiries only.

16. 2026-02-12
    listed $1,250,000 Active 1068-char remark

    Show marketing remark (1062 chars)

    Beautiful 19-unit brick multifamily investment opportunity now available in the rapidly appreciating Dexter/Linwood area. This high-performing asset is currently 95% occupied, offering immediate cash flow with strong upside potential. The property consists of 16 one-bedroom, one-bath units and 3 studio units, providing a desirable and efficient unit mix in a high-demand rental corridor. This is a true value-add opportunity with the ability to strategically increase rents over time. Major capital improvements have already been completed, including a newer boiler, updated vinyl windows, newer electrical panel, and renovated common areas featuring new flooring, fresh paint, and modern lighting. The building is solid brick construction with a strong foundation and minimal deferred maintenance. Located in one of Detroit's most active and improving rental markets, this property offers both stability and appreciation potential. Ideal for investors seeking strong in-place income with clear room to force value and maximize returns. Serious inquiries only.

17. 2026-02-12
    listed $1,250,000 Active 1062-char remark

    Show marketing remark (1062 chars)

    Beautiful 19-unit brick multifamily investment opportunity now available in the rapidly appreciating Dexter/Linwood area. This high-performing asset is currently 95% occupied, offering immediate cash flow with strong upside potential. The property consists of 16 one-bedroom, one-bath units and 3 studio units, providing a desirable and efficient unit mix in a high-demand rental corridor. This is a true value-add opportunity with the ability to strategically increase rents over time. Major capital improvements have already been completed, including a newer boiler, updated vinyl windows, newer electrical panel, and renovated common areas featuring new flooring, fresh paint, and modern lighting. The building is solid brick construction with a strong foundation and minimal deferred maintenance. Located in one of Detroit's most active and improving rental markets, this property offers both stability and appreciation potential. Ideal for investors seeking strong in-place income with clear room to force value and maximize returns. Serious inquiries only.

ⓘ 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 ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $311,172
• − Mortgage interest: −$53,215
• − Property taxes: −$14,250
• − Insurance: −$4,750
• − Repairs & maintenance: −$24,894
• − Management: −$24,894
• − Depreciation: −$27,636
• Taxable income: $161,533
• Est. tax owed @ 24.0%: −$38,768
• After-tax cash flow: $128,275/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 · 11 photos

Fair 45/100 Moderate rehab

This 19-unit multifamily property offers a fair condition with moderate rehab needs, including updating the interior, flooring, and appliances to enhance its resale and rental value.

Repairs flagged

• Major ceiling texture — Popcorn texture is dated and may need removal
• Major flooring — Worn carpet in common areas needs replacement
• Minor kitchen appliances — Dated appliances may need updating

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace carpet with hardwood or tile flooring — New flooring improves aesthetics and is easier to maintain
• Both Update kitchen appliances — Modern appliances increase appeal and functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
ceiling texture · Popcorn texture is dated and may need removal	Major	$15,000–50,000
flooring · Worn carpet in common areas needs replacement	Major	$15,000–50,000
kitchen appliances · Dated appliances may need updating	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace carpet with hardwood or tile flooring — New flooring improves aesthetics and is easier to maintain ↑
• Both Update kitchen appliances — Modern appliances increase appeal and functionality ↑

ⓘ 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): 24,731
• Household income: $33,315
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 2172.0

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 (94%)
• Race & ethnicity: Black 94% Two or more races 3% White 1%
• Foreign-born: 1%

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: ▼ -31.96%
• Current HPI: 189.6227
• Rent YoY: ▲ 6.14%
• 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

-24.0% since first listed

4 events — show timeline

• 2026-04-14 Price Changed $950,000 MiRealSource-MiMLS
• 2026-04-14 Price Changed $950,000 REALCOMP
• 2026-02-12 Listed $1,250,000 REALCOMP
• 2026-02-12 Listed $1,250,000 MiRealSource-MiMLS