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23740 Fenkell St 138-Plex
B- Composite 68.71
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
  • Condition / age +3.8/5.0
  • Livability +3.7/5.0
  • Rent growth +2.5/5.0
  • Schools +1.3/10.0
  • Appreciation +0.0/10.0

$6,750,000

23740 Fenkell St · Detroit, MI 48223
None bd · 19044.0 ba · 67,608 sqft · MultiFamily · 142 Days on market
Built 1967 Good condition 2.34 ac lot ↓ 4% since listing

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 138 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

Pilot Program accepted through the City of Detroit!! Well-maintained 138-unit brick apartment community located in a highly desirable area of Detroit, just off Telegraph Road on Fenkell Road. This stabilized asset consists of three buildings and is currently 98% occupied, offering strong in-place cash flow. The property operates at an attractive 10% cap rate with additional upside through modest rent increases. Seller has done numerous amounts of upgrades and remodeling to the property in the past couple of years. The community is gated and features laundry facilities in each building. Hallways and a majority of units have been updated, contributing to tenant appeal and reduced turnover costs. Major systems have been well cared for, including boilers in excellent condition and a brand-new flat roof. With no immediate capital expenditures required, this is a turnkey investment ideal for both first-time multifamily investors and seasoned buyers looking to expand their portfolio. Property has Certificate of Compliance good through 2027

Key facts

  • Gated community
  • Laundry facilities
  • Updated units

Tags

GATED COMMUNITYLAUNDRY FACILITIESUPDATED HALLWAYSUPDATED UNITSBOILERS IN EXCELLENT CONDITIONBRAND-NEW FLAT ROOF

Neighborhood map

Property Rental comp Retail Transit Schools Stadiums Fortune 500 · Circle radius: 3.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 138 × 1-bed/1-bath units multifamily listed at $6.75M. Condition is rated good.

Deal economics

  • At list price, monthly cash flow is $50k ($600k/yr) — positive. Per door: $362/mo.
  • The deal already cash-flows at list — no discount required.
  • Meets the 1% rule at list price ($122k rent vs $6.75M).
  • Recommended offer: $5.94M (12.0% below list) — sets the bar for market timing.
  • Cap rate 15.2% vs local median 10.0% 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: 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.
  • Zoned schools: Emerson Elementarymiddle School (519 students, 90% FRL); Henry Ford High School (math 24% / reading 24%, grade F, #481 of 713 statewide, top 81%, 712 students, 86% FRL) — zoned schools at 88% FRL track the district average.
  • Market conditions: 161 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 $122,355/mo this rent would consume 3299% of the median local household income ($45k/yr) (locally 1151% 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 $47k of loan paydown is wiped out by about $202k 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 $1.89M cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

  • It's been on market 142 days — a 12% lower offer ($5.94M) is reasonable based on typical stale-listing flexibility.
  • 26 sale attempts since 2y 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.
Recommended offer $5,940,000 (12.0% below list)

Questions for the listing agent

  1. It's been on market 142 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. Built in 1967 — 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. 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?
  8. 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?
  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
1.81%
Cap rate
15.18%
Cash-on-cash
31.75%
DSCR
2.41
GRM
4.6

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
26.7%
Equity multiple
2.11×
Total profit
$2,093,393
Equity at exit
$1,006,447
10-year hold
IRR
34.3%
Equity multiple
4.14×
Total profit
$5,932,020
Equity at exit
$583,617

Cash invested: $1,890,000 (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.

ZIP-level market 48223

Active inventory
161
Price-to-rent
634.4×

Monthly cashflow live

Estimated rent
$122,355 medium interval (Pro) →
Mortgage (P&I)
$35,398
Tax est. 1.5%
$8,438 /mo · $101,250/yr
Insurance
$2,812
HOA
$0
Vacancy / Maint / Mgmt
$25,695
Net cashflow
$50,013

Break-even live

Break-even rent $59,048
Max offer price $6,750,000
Occupancy floor 54%

Sensitivity live

Price -10% $54,677 -5% $52,345 +0% $50,013 +5% $47,680 +10% $45,348
Rent -10% $40,347 -5% $45,180 +0% $50,013 +5% $54,846 +10% $59,679
Rate -1.0pp $53,412 -0.5pp $51,730 base $50,013 +0.5pp $48,264 +1.0pp $46,484

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

UnitsBedsBathsEst. rent
Total (138 units) $122,355

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
$1,687,500
Closing costs
$202,500
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Down + closing
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Down + closing
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Down + closing
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Listing history 50 events

  1. 2026-06-18
    days on market $6,750,000 Active 142 DOM
  2. 2026-06-17
    days on market $6,750,000 Active 141 DOM
  3. 2026-06-15
    days on market $6,750,000 Active 139 DOM
  4. 2026-06-13
    days on market $6,750,000 Active 137 DOM
  5. 2026-06-13
    days on market $6,750,000 Active 136 DOM
  6. 2026-06-09
    days on market $6,750,000 Active 133 DOM
  7. 2026-06-08
    days on market $6,750,000 Active 132 DOM
  8. 2026-06-07
    days on market $6,750,000 Active 131 DOM
  9. 2026-06-04
    days on market $6,750,000 Active 128 DOM
  10. 2026-06-03
    days on market $6,750,000 Active 127 DOM
  11. 2026-06-01
    days on market $6,750,000 Active 125 DOM
  12. 2026-05-31
    days on market $6,750,000 Active 124 DOM
  13. 2026-03-06
    price $6,750,000 1048-char remark
    Show marketing remark (1048 chars)

    Pilot Program accepted through the City of Detroit!! Well-maintained 138-unit brick apartment community located in a highly desirable area of Detroit, just off Telegraph Road on Fenkell Road. This stabilized asset consists of three buildings and is currently 98% occupied, offering strong in-place cash flow. The property operates at an attractive 10% cap rate with additional upside through modest rent increases. Seller has done numerous amounts of upgrades and remodeling to the property in the past couple of years. The community is gated and features laundry facilities in each building. Hallways and a majority of units have been updated, contributing to tenant appeal and reduced turnover costs. Major systems have been well cared for, including boilers in excellent condition and a brand-new flat roof. With no immediate capital expenditures required, this is a turnkey investment ideal for both first-time multifamily investors and seasoned buyers looking to expand their portfolio. Property has Certificate of Compliance good through 2027

  14. 2026-03-05
    price $6,750,000 1048-char remark
    Show marketing remark (1048 chars)

    Pilot Program accepted through the City of Detroit!! Well-maintained 138-unit brick apartment community located in a highly desirable area of Detroit, just off Telegraph Road on Fenkell Road. This stabilized asset consists of three buildings and is currently 98% occupied, offering strong in-place cash flow. The property operates at an attractive 10% cap rate with additional upside through modest rent increases. Seller has done numerous amounts of upgrades and remodeling to the property in the past couple of years. The community is gated and features laundry facilities in each building. Hallways and a majority of units have been updated, contributing to tenant appeal and reduced turnover costs. Major systems have been well cared for, including boilers in excellent condition and a brand-new flat roof. With no immediate capital expenditures required, this is a turnkey investment ideal for both first-time multifamily investors and seasoned buyers looking to expand their portfolio. Property has Certificate of Compliance good through 2027

  15. 2026-01-27
    listed $7,000,000 Active 1048-char remark
    Show marketing remark (1048 chars)

    Pilot Program accepted through the City of Detroit!! Well-maintained 138-unit brick apartment community located in a highly desirable area of Detroit, just off Telegraph Road on Fenkell Road. This stabilized asset consists of three buildings and is currently 98% occupied, offering strong in-place cash flow. The property operates at an attractive 10% cap rate with additional upside through modest rent increases. Seller has done numerous amounts of upgrades and remodeling to the property in the past couple of years. The community is gated and features laundry facilities in each building. Hallways and a majority of units have been updated, contributing to tenant appeal and reduced turnover costs. Major systems have been well cared for, including boilers in excellent condition and a brand-new flat roof. With no immediate capital expenditures required, this is a turnkey investment ideal for both first-time multifamily investors and seasoned buyers looking to expand their portfolio. Property has Certificate of Compliance good through 2027

  16. 2026-01-27
    listed $7,000,000 Active 1048-char remark
    Show marketing remark (1048 chars)

    Pilot Program accepted through the City of Detroit!! Well-maintained 138-unit brick apartment community located in a highly desirable area of Detroit, just off Telegraph Road on Fenkell Road. This stabilized asset consists of three buildings and is currently 98% occupied, offering strong in-place cash flow. The property operates at an attractive 10% cap rate with additional upside through modest rent increases. Seller has done numerous amounts of upgrades and remodeling to the property in the past couple of years. The community is gated and features laundry facilities in each building. Hallways and a majority of units have been updated, contributing to tenant appeal and reduced turnover costs. Major systems have been well cared for, including boilers in excellent condition and a brand-new flat roof. With no immediate capital expenditures required, this is a turnkey investment ideal for both first-time multifamily investors and seasoned buyers looking to expand their portfolio. Property has Certificate of Compliance good through 2027

  17. 2025-04-04
    historical $850
  18. 2025-04-04
    historical $850
  19. 2025-04-02
    listed $850
  20. 2025-04-02
    listed $850
  21. 2025-03-04
    historical $850
  22. 2025-03-04
    historical $850
  23. 2025-03-01
    listed $850
  24. 2025-03-01
    listed $850
  25. 2025-02-05
    historical $850
  26. 2025-02-05
    historical $850
  27. 2025-02-02
    listed $850
  28. 2025-02-02
    listed $850
  29. 2024-12-09
    historical $850
  30. 2024-11-24
    listed $850
  31. 2024-11-06
    historical $850
  32. 2024-11-06
    historical $850
  33. 2024-11-06
    listed $850
  34. 2024-10-09
    listed $750
  35. 2024-10-03
    historical $750
  36. 2024-09-21
    listed $750
  37. 2024-09-05
    historical $750
  38. 2024-09-05
    historical $750
  39. 2024-09-04
    listed $750
  40. 2024-09-04
    listed $750
  41. 2024-08-05
    historical $750
  42. 2024-08-05
    historical $750
  43. 2024-08-04
    listed $750
  44. 2024-08-04
    listed $750
  45. 2024-07-28
    historical $750
  46. 2024-07-28
    historical $750
  47. 2024-07-28
    listed $750
  48. 2024-07-28
    listed $750
  49. 2024-07-02
    historical $750
  50. 2024-07-02
    historical $750

ⓘ 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 · 3 by 30 yrs out

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$1,468,260
− Mortgage interest
−$378,105
− Property taxes
−$101,250
− Insurance
−$33,750
− Repairs & maintenance
−$117,461
− Management
−$117,461
− Depreciation
−$196,364
Taxable income
$523,870
combined federal + state — saved on this device
Est. tax owed @ 24.0%
−$125,729
After-tax cash flow
$474,424/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 · 13 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with a good condition score of 75. It has a cosmetic rehab level and requires minor maintenance and repairs. The highest-ROI updates would be painting the exterior, cleaning gutters, replacing HVAC units, and landscaping improvements.

Value-add opportunities

  • Both Paint exterior — Enhances curb appeal and property value
  • Both Clean gutters — Improves drainage and property value
  • Both Replace HVAC units — Improves comfort and energy efficiency
  • Both Landscaping improvements — Enhances curb appeal and property value

Renovation cost estimate screening

Value-add ROI direction

  • Both Paint exterior — Enhances curb appeal and property value
  • Both Clean gutters — Improves drainage and property value
  • Both Replace HVAC units — Improves comfort and energy efficiency
  • Both Landscaping improvements — Enhances 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)
22,622
Household income
$44,512
Rent vs Own
43.8% rent · 56.2% own
Severe rent burden
1151.0

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 (86%)
Race & ethnicity
Black 86% White 7% Two or more races 5% Hispanic / Latino 2%
Common ancestry
Romanian 1% Iranian 1%
Foreign-born
1% · Canada
Languages at home
97% English-only · 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
▼ -303.41%
Current HPI
138.2779
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

Price history

-3.6% since first listed
52 events — show timeline
  • 2026-03-06 Price Changed $6,750,000 MiRealSource-MiMLS
  • 2026-03-05 Price Changed $6,750,000 REALCOMP
  • 2026-01-27 Listed $7,000,000 REALCOMP
  • 2026-01-27 Listed $7,000,000 MiRealSource-MiMLS
  • 2025-04-04 Rental Removed $850 APPFOLIO
  • 2025-04-04 Rental Removed $850 APPFOLIO
  • 2025-04-02 Listed for Rent $850 APPFOLIO
  • 2025-04-02 Listed for Rent $850 APPFOLIO
  • 2025-03-04 Rental Removed $850 APPFOLIO
  • 2025-03-04 Rental Removed $850 APPFOLIO
  • 2025-03-01 Listed for Rent $850 APPFOLIO
  • 2025-03-01 Listed for Rent $850 APPFOLIO
  • 2025-02-05 Rental Removed $850 APPFOLIO
  • 2025-02-05 Rental Removed $850 APPFOLIO
  • 2025-02-02 Listed for Rent $850 APPFOLIO
  • 2025-02-02 Listed for Rent $850 APPFOLIO
  • 2024-12-09 Rental Removed $850 APPFOLIO
  • 2024-11-24 Listed for Rent $850 APPFOLIO
  • 2024-11-06 Rental Removed $850 APPFOLIO
  • 2024-11-06 Rental Removed $850 APPFOLIO
  • 2024-11-06 Listed for Rent $850 APPFOLIO
  • 2024-10-09 Listed for Rent $750 APPFOLIO
  • 2024-10-03 Rental Removed $750 APPFOLIO
  • 2024-09-21 Listed for Rent $750 APPFOLIO
  • 2024-09-05 Rental Removed $750 APPFOLIO
  • 2024-09-05 Rental Removed $750 APPFOLIO
  • 2024-09-04 Listed for Rent $750 APPFOLIO
  • 2024-09-04 Listed for Rent $750 APPFOLIO
  • 2024-08-05 Rental Removed $750 APPFOLIO
  • 2024-08-05 Rental Removed $750 APPFOLIO
  • 2024-08-04 Listed for Rent $750 APPFOLIO
  • 2024-08-04 Listed for Rent $750 APPFOLIO
  • 2024-07-28 Rental Removed $750 APPFOLIO
  • 2024-07-28 Rental Removed $750 APPFOLIO
  • 2024-07-28 Listed for Rent $750 APPFOLIO
  • 2024-07-28 Listed for Rent $750 APPFOLIO
  • 2024-07-02 Rental Removed $750 APPFOLIO
  • 2024-07-02 Rental Removed $750 APPFOLIO
  • 2024-07-02 Listed for Rent $750 APPFOLIO
  • 2024-07-02 Listed for Rent $750 APPFOLIO
  • 2024-06-22 Rental Removed $750 APPFOLIO
  • 2024-06-22 Rental Removed $750 APPFOLIO
  • 2024-06-22 Listed for Rent $750 APPFOLIO
  • 2024-06-19 Listed for Rent $750 APPFOLIO
  • 2024-05-25 Rental Removed $750 APPFOLIO
  • 2024-05-25 Rental Removed $750 APPFOLIO
  • 2024-05-25 Listed for Rent $750 APPFOLIO
  • 2024-05-12 Listed for Rent $750 APPFOLIO
  • 2024-05-10 Rental Removed $600 APPFOLIO
  • 2024-05-07 Listed for Rent $600 APPFOLIO
  • 2024-05-02 Rental Removed $600 APPFOLIO
  • 2024-04-24 Listed for Rent $600 APPFOLIO

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…