268 Marston St · Detroit, MI 48202

$529,900

28 bd · 4.5 ba · 4,838 sqft · MultiFamily public records · 32 Days on market

Built 1913 5,663 sqft lot

---

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
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Rent growth +1.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Great opportunity to be the new owner of this beautiful all brick 4 unit in Detroit's historic North End - a great area with lots of rehabs and construction all around and walking distance to Woodward and Grand Blvd. Four 2 bed 1 bath units with basement including storage areas and laundry hookups and tubs for each unit. Key feature of this property is the adjacent included lot which has parking lot with security gate. Your tenants can open the gate with a door opener from their car. One unit is all remodeled. Two are partially updated and one was just vacated by the tenant and needs a full update. Each unit has its own forced air furnace and water heater. Rents for similar units in area are appoximately $1100 - $1350. Owned by same family for over 50 years. They are happy to retire and see a new entrepreneur take it over.

Key facts

• Remodeled unit
• Storage areas
• Laundry hookups

Tags

• ADJACENT INCLUDED LOT
• PARKING LOT WITH SECURITY GATE
• LAUNDRY HOOKUPS
• STORAGE AREAS
• REMODELED UNIT

Property features AI

Finance

• Other: Pets allowed; Zoned residential; Lot dimensions approximately 50 x 115 (about 0.13 acres)

Exterior

• Parking: Parking lot
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Two-story building; Brick exterior; Facing direction not specified
• Construction: Brick construction; Brick/mortar foundation; Rubber roof; Built area above grade approximately 4,838 square feet
• Exterior features: Porch; Fenced lot; Paved road access

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: 2-bedroom units (four units total)
• Bathrooms: Four full bathrooms total; Each 2-bedroom unit with 1 bathroom
• Heating & cooling: Forced air heating (natural gas); Ceiling fans; No central air
• Interior features: Gas water heater; Unfinished basement
• Laundry & utility: Washer hookup; Gas dryer hookup; Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 3×2bd/1ba + 1×1bd/1ba units multifamily listed at $530k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $549/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $530k).
• Recommended offer: $514k (3.0% below list) — sets the bar for market timing.

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 falling (-5.1%/yr); 257 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 $6,738/mo this rent would consume 185% of the median local household income ($44k/yr) (locally 1258% 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 $4k of loan paydown is wiped out by about $16k 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 $148k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($514k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 4y 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 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $514,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 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 1913 — 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 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?
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. 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: 1.27% ✓
• Cap rate: 11.26%
• Cash-on-cash: 17.75%
• DSCR: 1.79
• GRM: 6.6

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: 6.1%
• Equity multiple: 1.23×
• Total profit: $33,934
• Equity at exit: $79,010

10-year hold

• IRR: 12.8%
• Equity multiple: 1.89×
• Total profit: $132,297
• Equity at exit: $45,816

Cash invested: $148,372 (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 48202

• Rents YoY: -5.1%
• Active inventory: 257
• Price-to-rent: 25.5×

Monthly cashflow live

• Estimated rent: $6,738 high
• Mortgage (P&I): −$2,779
• Tax from tax record: −$129 /mo · $1,546/yr
• Insurance: −$221
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,415
• Net cashflow: $2,195

Break-even live

Break-even rent $3,960

Max offer price $529,900

Occupancy floor 62%

Sensitivity live

Price	-10% $2,495	-5% $2,345	+0% $2,195	+5% $2,045	+10% $1,895
Rent	-10% $1,662	-5% $1,928	+0% $2,195	+5% $2,461	+10% $2,727
Rate	-1.0pp $2,461	-0.5pp $2,329	base $2,195	+0.5pp $2,057	+1.0pp $1,918

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,199
1× unit	1	1	$1,540
Total (4 units)			$6,738

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: $132,475
• Closing costs: $15,897
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-21
   days on market $529,900 Active 32 DOM
2. 2026-06-18
   days on market $529,900 Active 29 DOM
3. 2026-06-17
   days on market $529,900 Active 28 DOM
4. 2026-06-15
   days on market $529,900 Active 26 DOM
5. 2026-06-13
   days on market $529,900 Active 24 DOM
6. 2026-06-13
   days on market $529,900 Active 23 DOM
7. 2026-06-09
   days on market $529,900 Active 20 DOM
8. 2026-06-08
   days on market $529,900 Active 19 DOM
9. 2026-06-07
   days on market $529,900 Active 18 DOM
10. 2026-06-04
    days on market $529,900 Active 15 DOM
11. 2026-06-03
    days on market $529,900 Active 14 DOM
12. 2026-06-02
    days on market $529,900 Active 13 DOM
13. 2026-06-01
    days on market $529,900 Active 12 DOM
14. 2026-05-31
    days on market $529,900 Active 11 DOM
15. 2026-05-20
    listed $529,900 Active 834-char remark

    Show marketing remark (834 chars)

    Great opportunity to be the new owner of this beautiful all brick 4 unit in Detroit's historic North End - a great area with lots of rehabs and construction all around and walking distance to Woodward and Grand Blvd. Four 2 bed 1 bath units with basement including storage areas and laundry hookups and tubs for each unit. Key feature of this property is the adjacent included lot which has parking lot with security gate. Your tenants can open the gate with a door opener from their car. One unit is all remodeled. Two are partially updated and one was just vacated by the tenant and needs a full update. Each unit has its own forced air furnace and water heater. Rents for similar units in area are appoximately $1100 - $1350. Owned by same family for over 50 years. They are happy to retire and see a new entrepreneur take it over.

16. 2026-05-20
    listed $529,900 Active

    Show marketing remark (834 chars)

    Great opportunity to be the new owner of this beautiful all brick 4 unit in Detroit's historic North End - a great area with lots of rehabs and construction all around and walking distance to Woodward and Grand Blvd. Four 2 bed 1 bath units with basement including storage areas and laundry hookups and tubs for each unit. Key feature of this property is the adjacent included lot which has parking lot with security gate. Your tenants can open the gate with a door opener from their car. One unit is all remodeled. Two are partially updated and one was just vacated by the tenant and needs a full update. Each unit has its own forced air furnace and water heater. Rents for similar units in area are appoximately $1100 - $1350. Owned by same family for over 50 years. They are happy to retire and see a new entrepreneur take it over.

17. 2023-03-31
    historical
18. 2023-03-31
    historical
19. 2023-03-06
    status Active
20. 2023-03-06
    status Active
21. 2022-11-18
    historical Accepting Backup Offers
22. 2022-11-18
    historical Accepting Backup Offers
23. 2022-10-17
    listed $475,000 Active
24. 2022-10-17
    listed $475,000 Active
25. 2022-10-16
    historical
26. 2022-10-16
    historical
27. 2022-05-16
    listed $475,000 Active
28. 2022-05-16
    listed $475,000 Active

ⓘ 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: $1,546 · $129/mo
• Projected year-2 tax: $4,853 · $404/mo
• Expected delta: +$3,307/yr (+$276/mo · 214.0%)

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

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 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $80,856
• − Mortgage interest: −$29,683
• − Property taxes: −$1,546
• − Insurance: −$2,650
• − Repairs & maintenance: −$6,468
• − Management: −$6,468
• − Depreciation: −$15,415
• Taxable income: $18,626
• Est. tax owed @ 24.0%: −$4,470
• After-tax cash flow: $21,865/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: 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): 15,780
• Household income: $43,627
• Rent vs Own: 69.1% rent · 30.9% own
• Severe rent burden: 1258.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 60% White 26% Asian 6% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 3% Slovak 1% Lithuanian 1%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 90% English-only · Other Indo-European 3% Arabic 2% Spanish 2%

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: ▼ -239.24%
• Current HPI: 145.5509
• Rent YoY: ▼ -5.13%
• 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

+11.6% since first listed

14 events — show timeline

• 2026-05-20 Listed $529,900 REALCOMP
• 2026-05-20 Listed $529,900 MiRealSource-MiMLS
• 2023-03-31 Listing Removed — MiRealSource-MiMLS
• 2023-03-31 Listing Removed — REALCOMP
• 2023-03-06 Relisted — MiRealSource-MiMLS
• 2023-03-06 Relisted — REALCOMP
• 2022-11-18 Contingent — MiRealSource-MiMLS
• 2022-11-18 Contingent — REALCOMP
• 2022-10-17 Listed $475,000 MiRealSource-MiMLS
• 2022-10-17 Listed $475,000 REALCOMP
• 2022-10-16 Listing Removed — MiRealSource-MiMLS
• 2022-10-16 Listing Removed — REALCOMP
• 2022-05-16 Listed $475,000 MiRealSource-MiMLS
• 2022-05-16 Listed $475,000 REALCOMP

Property tax history

-3.9%/yr

Latest (2025): $1,546 · -54.1% YoY. Source: county tax records.