29019 Sheeks Blvd S · Flat Rock, MI 48134

$359,000

16 bd · 16.0 ba · — sqft · MultiFamily · 25 Days on market

5,663 sqft lot

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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 +27.1/30.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Livability +3.7/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• 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: 4 units. estimate disagrees with records

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 4-unit multi-family, fully-leased investment opportunity is now available in Flat Rock! The property is walking distance to downtown Flat Rock with easy access to shopping, dining and parks. I-75 and I-275 are just minutes away. Each unit has 1 bedroom and 1 bathroom. 3 of the 4 units have been recently remodeled with new paint, flooring, kitchens, bathrooms, light fixtures and insulation. An estimated $50,000 worth of improvements have been put into the property within the past year, including a new furnace on one of the units. Gas and electric are separately metered and paid by the tenants. Common area expenses and water are paid by the landlord. CALL MIKE OR OWEN AT 248-242-6766

Key facts

• Recently remodeled
• New paint
• Easy access to parks

Tags

• WALKING DISTANCE TO DOWNTOWN
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO DINING
• EASY ACCESS TO PARKS
• RECENTLY REMODELED
• NEW PAINT

Property features AI

Exterior

• Parking: 5 total parking spaces
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected
• Home design: Multi-family residential income property
• Construction: Shingle siding exterior; Tile roof
• Exterior features: Paved road access

Interior

• Bedrooms: Four 1-bedroom units
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Forced air heating (natural gas); Window cooling units
• Interior features: Basement present

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $359k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $253/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $359k).
• Recommended offer: $354k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 2.7% in Flat Rock — 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 74/100 on livability (#177 in MI, #4,594 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Flat Rock Community Schools (suburban): math 26% / reading 37% proficiency, ranked #326 of 540 in MI (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 84 active listings in the ZIP; solid renter incomes; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $4,423/mo this rent would consume 58% of the median local household income ($92k/yr) (locally 228% 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 $2k of loan paydown is wiped out by about $11k 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 + 3.0% rent growth), your $101k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($354k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 28y 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 $245k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $353,615 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.23% ✓
• Cap rate: 9.68%
• Cash-on-cash: 12.10%
• DSCR: 1.54
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 1.7%
• Equity multiple: 1.06×
• Total profit: $6,425
• Equity at exit: $53,528

10-year hold

• IRR: 11.3%
• Equity multiple: 1.88×
• Total profit: $88,960
• Equity at exit: $31,040

Cash invested: $100,520 (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 48134

• Active inventory: 84
• Price-to-rent: 27.1×

Monthly cashflow live

• Estimated rent: $4,423 high
• Mortgage (P&I): −$1,883
• Tax est. 1.5%: −$449 /mo · $5,385/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$929
• Net cashflow: $1,013

Break-even live

Break-even rent $3,140

Max offer price $359,000

Occupancy floor 72%

Sensitivity live

Price	-10% $1,261	-5% $1,137	+0% $1,013	+5% $889	+10% $765
Rent	-10% $664	-5% $838	+0% $1,013	+5% $1,188	+10% $1,363
Rate	-1.0pp $1,194	-0.5pp $1,105	base $1,013	+0.5pp $920	+1.0pp $826

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,424
Total (4 units)			$4,423

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: $89,750
• Closing costs: $10,770
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-21
   days on market $359,000 Active 25 DOM
2. 2026-06-18
   days on market $359,000 Active 22 DOM
3. 2026-06-17
   days on market $359,000 Active 21 DOM
4. 2026-06-16
   days on market $359,000 Active 20 DOM
5. 2026-06-15
   days on market $359,000 Active 19 DOM
6. 2026-06-13
   days on market $359,000 Active 17 DOM
7. 2026-06-10
   price $359,000 Active 13 DOM
8. 2026-06-09
   days on market $369,000 Active 13 DOM
9. 2026-06-08
   days on market $369,000 Active 12 DOM
10. 2026-06-07
    days on market $369,000 Active 11 DOM
11. 2026-06-04
    days on market $369,000 Active 8 DOM
12. 2026-06-03
    days on market $369,000 Active 7 DOM
13. 2026-06-02
    days on market $369,000 Active 6 DOM
14. 2026-06-01
    days on market $369,000 Active 5 DOM
15. 2026-05-31
    days on market $369,000 Active 4 DOM
16. 2026-05-27
    listed $369,000 Active

    Show marketing remark (695 chars)

    This 4-unit multi-family, fully-leased investment opportunity is now available in Flat Rock! The property is walking distance to downtown Flat Rock with easy access to shopping, dining and parks. I-75 and I-275 are just minutes away. Each unit has 1 bedroom and 1 bathroom. 3 of the 4 units have been recently remodeled with new paint, flooring, kitchens, bathrooms, light fixtures and insulation. An estimated $50,000 worth of improvements have been put into the property within the past year, including a new furnace on one of the units. Gas and electric are separately metered and paid by the tenants. Common area expenses and water are paid by the landlord. CALL MIKE OR OWEN AT 248-242-6766

17. 2026-05-27
    listed $369,000 Active 695-char remark

    Show marketing remark (695 chars)

    This 4-unit multi-family, fully-leased investment opportunity is now available in Flat Rock! The property is walking distance to downtown Flat Rock with easy access to shopping, dining and parks. I-75 and I-275 are just minutes away. Each unit has 1 bedroom and 1 bathroom. 3 of the 4 units have been recently remodeled with new paint, flooring, kitchens, bathrooms, light fixtures and insulation. An estimated $50,000 worth of improvements have been put into the property within the past year, including a new furnace on one of the units. Gas and electric are separately metered and paid by the tenants. Common area expenses and water are paid by the landlord. CALL MIKE OR OWEN AT 248-242-6766

18. 2025-02-21
    soldstatus $245,000 Closed 638-char remark

    Show marketing remark (638 chars)

    Welcome to 29019 Sheeks Blvd S, Flat Rock, MI! This 4-unit building offers a fantastic investment opportunity, with three units currently leased and one vacant unit available. All occupied units are under lease, ensuring reliable income potential. Situated on a large lot, which is included in the sale, this property provides ample space and added value. Nestled in a quiet neighborhood in Wayne County, it is conveniently located near Telegraph Rd and Vreeland Rd, with easy access to shopping, dining, and major highways. Don't miss out--schedule your showing today through ShowingTime or email [email protected] for more information!

19. 2025-02-21
    soldstatus $245,000 Closed

    Show marketing remark (638 chars)

    Welcome to 29019 Sheeks Blvd S, Flat Rock, MI! This 4-unit building offers a fantastic investment opportunity, with three units currently leased and one vacant unit available. All occupied units are under lease, ensuring reliable income potential. Situated on a large lot, which is included in the sale, this property provides ample space and added value. Nestled in a quiet neighborhood in Wayne County, it is conveniently located near Telegraph Rd and Vreeland Rd, with easy access to shopping, dining, and major highways. Don't miss out--schedule your showing today through ShowingTime or email [email protected] for more information!

20. 2025-01-14
    status Pending

    Show marketing remark (638 chars)

    Welcome to 29019 Sheeks Blvd S, Flat Rock, MI! This 4-unit building offers a fantastic investment opportunity, with three units currently leased and one vacant unit available. All occupied units are under lease, ensuring reliable income potential. Situated on a large lot, which is included in the sale, this property provides ample space and added value. Nestled in a quiet neighborhood in Wayne County, it is conveniently located near Telegraph Rd and Vreeland Rd, with easy access to shopping, dining, and major highways. Don't miss out--schedule your showing today through ShowingTime or email [email protected] for more information!

21. 2025-01-14
    status Pending 638-char remark

    Show marketing remark (638 chars)

    Welcome to 29019 Sheeks Blvd S, Flat Rock, MI! This 4-unit building offers a fantastic investment opportunity, with three units currently leased and one vacant unit available. All occupied units are under lease, ensuring reliable income potential. Situated on a large lot, which is included in the sale, this property provides ample space and added value. Nestled in a quiet neighborhood in Wayne County, it is conveniently located near Telegraph Rd and Vreeland Rd, with easy access to shopping, dining, and major highways. Don't miss out--schedule your showing today through ShowingTime or email [email protected] for more information!

22. 2024-11-20
    listed $260,000 Active 638-char remark

    Show marketing remark (638 chars)

    Welcome to 29019 Sheeks Blvd S, Flat Rock, MI! This 4-unit building offers a fantastic investment opportunity, with three units currently leased and one vacant unit available. All occupied units are under lease, ensuring reliable income potential. Situated on a large lot, which is included in the sale, this property provides ample space and added value. Nestled in a quiet neighborhood in Wayne County, it is conveniently located near Telegraph Rd and Vreeland Rd, with easy access to shopping, dining, and major highways. Don't miss out--schedule your showing today through ShowingTime or email [email protected] for more information!

23. 2024-11-20
    listed $260,000 Active

    Show marketing remark (638 chars)

    Welcome to 29019 Sheeks Blvd S, Flat Rock, MI! This 4-unit building offers a fantastic investment opportunity, with three units currently leased and one vacant unit available. All occupied units are under lease, ensuring reliable income potential. Situated on a large lot, which is included in the sale, this property provides ample space and added value. Nestled in a quiet neighborhood in Wayne County, it is conveniently located near Telegraph Rd and Vreeland Rd, with easy access to shopping, dining, and major highways. Don't miss out--schedule your showing today through ShowingTime or email [email protected] for more information!

24. 2024-10-27
    historical
25. 2024-10-26
    historical
26. 2024-10-23
    listed $240,000 Active
27. 2024-10-23
    listed $240,000 Active
28. 2023-10-20
    historical $750
29. 2023-08-31
    listed $750
30. 2019-11-15
    soldstatus $138,600 Sold
31. 2019-11-15
    soldstatus $138,600 Closed
32. 2019-09-19
    status Pending
33. 2019-09-19
    status Pending
34. 2019-09-14
    listed $155,500 Active
35. 2019-09-14
    listed $155,500 Active
36. 1999-02-25
    soldstatus $72,000
37. 1998-12-28
    listed $79,900

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°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: $53,076
• − Mortgage interest: −$20,110
• − Property taxes: −$5,385
• − Insurance: −$1,795
• − Repairs & maintenance: −$4,246
• − Management: −$4,246
• − Depreciation: −$10,444
• Taxable income: $6,851
• Est. tax owed @ 24.0%: −$1,644
• After-tax cash flow: $10,514/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: Flat Rock Community Schools
• NCES district ID: 2607080
• Math proficiency: 26% ▼ -7.00%
• Reading proficiency: 37% ▼ -2.00%
• Median HH income: $55,015
• Composite: 27.89/100
• National rank: #6871
• State rank: #326 of 540 in MI

Livability — Flat Rock

• Score: 74/100
• State rank: #177
• US rank: #4594

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Flat Rock, MI
• County: Wayne County · 1,562,939 people
• City population: 23,935
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 23,935
• Household income: $92,076
• Rent vs Own: 15.7% rent · 84.3% own
• Severe rent burden: 228.0

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 White (77%)
• Race & ethnicity: White 77% Two or more races 10% Hispanic / Latino 9% Black 8%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 13% Lithuanian 5% Portuguese 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 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: ▼ -223.42%
• Current HPI: 232.7533
• Rent YoY: —
• 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

+361.8% since first listed

22 events — show timeline

• 2026-05-27 Listed $369,000 REALCOMP
• 2026-05-27 Listed $369,000 MiRealSource-MiMLS
• 2025-02-21 Sold (MLS) $245,000 REALCOMP
• 2025-02-21 Sold (MLS) $245,000 MiRealSource-MiMLS
• 2025-01-14 Pending — REALCOMP
• 2025-01-14 Pending — MiRealSource-MiMLS
• 2024-11-20 Listed $260,000 REALCOMP
• 2024-11-20 Listed $260,000 MiRealSource-MiMLS
• 2024-10-27 Listing Removed — MiRealSource-MiMLS
• 2024-10-26 Listing Removed — REALCOMP
• 2024-10-23 Listed $240,000 MiRealSource-MiMLS
• 2024-10-23 Listed $240,000 REALCOMP
• 2023-10-20 Rental Removed $750 APPFOLIO
• 2023-08-31 Listed for Rent $750 APPFOLIO
• 2019-11-15 Sold (MLS) $138,600 MiRealSource-MiMLS
• 2019-11-15 Sold (MLS) $138,600 REALCOMP
• 2019-09-19 Pending — MiRealSource-MiMLS
• 2019-09-19 Pending — REALCOMP
• 2019-09-14 Listed $155,500 MiRealSource-MiMLS
• 2019-09-14 Listed $155,500 REALCOMP
• 1999-02-25 Sold (MLS) $72,000 MiRealSource-MiMLS
• 1998-12-28 Listed $79,900 MiRealSource-MiMLS