6037 Appoline St · Dearborn, MI 48126

$465,000

30 bd · 25.0 ba · 2,214 sqft · MultiFamily · 4 Days on market

Built 1930 4,356 sqft 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 +27.5/30.0
• DSCR +9.7/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• 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: 5 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

HEART OF EAST DEARBORN MULTI-FAMILY INVESTMENT OPPORTUNITY PRIME APPOLINE MULTI-FAMILY OPPORTUNITY LOCATED IN THE HEART OF EAST DEARBORN, OFFERING TWO WELL-LOCATED OCCUPIED PROPERTIES WITH STRONG TENANCY, RECENT CAPITAL IMPROVEMENTS, AND MEANINGFUL RENT UPSIDE. THE OFFERING INCLUDES 6022-6028 APPOLINE, A FULLY OCCUPIED 4-UNIT PROPERTY WITH ALL 1-BEDROOM / 1-BATH UNITS, CURRENTLY PRODUCING $3,515/MONTH GROSS INCOME. THE PROPERTY HAS LONG-TERM TENANTS IN PLACE, ZERO MOVE-OUTS SINCE 2023, AND SEVERAL RECENT IMPROVEMENTS INCLUDING HVAC REPLACEMENT WORK, MAJOR PLUMBING UPGRADES, FRONT PORCH MASONRY, EXTERIOR C OF O REPAIRS, AND APPLIANCES REPLACED ON TURNOVER. THREE OF THE FOUR UNITS ARE CONVENTIONAL MONTH-TO-MONTH AND MAY BE DELIVERABLE TO AN OWNER-OCCUPANT, MAKING THIS AN EXCELLENT OPPORTUNITY FOR AN FHA BUYER, HOUSE-HACKER, OR INVESTOR SEEKING STABLE INCOME WITH UPSIDE. UNIT 6028 #4 IS A SECTION 8 VOUCHER TENANCY, WITH APPROXIMATELY $595 OF THE $875 RENT PAID DIRECTLY BY THE HOUSING AUTHORITY SINCE 2019. 6037 APPOLINE, A 5-UNIT MULTI-FAMILY PROPERTY WITH ALL 1-BEDROOM / 1-BATH UNITS. ONCE UNIT 4 IS LEASED AT THE CURRENT ASKING RANGE OF $925-$950/MONTH, THE STABILIZED GROSS INCOME IS PROJECTED AT APPROXIMATELY $4,485/MONTH, OR ROUGHLY $53,800 ANNUALLY. CURRENT IN-PLACE GROSS INCOME IS $3,550/MONTH WITH FOUR OF FIVE UNITS OCCUPIED. THE PROPERTY FEATURES STRONG TENANCY, COMMITTED LEASES THROUGH 2026 AND 2027, ON-SITE LAUNDRY, AND RECENT IMPROVEMENTS INCLUDING BOILER/MECHANICAL WORK BY DETROIT FURNACE, UNIT RENOVATIONS, FLOORING UPDATES, EMERGENCY AND EXIT LIGHTING FOR C OF O, AND APPLIANCES REPLACED ON TURNOVER. BOTH PROPERTIES OFFER A RARE OPPORTUNITY TO ACQUIRE INCOME-PRODUCING MULTI-FAMILY ASSETS IN ONE OF EAST DEARBORN'S MOST ACTIVE RENTAL MARKETS, WITH STABLE IN-PLACE INCOME AND ROOM TO INCREASE RENTS OVER TIME. FINANCIALS AND ADDITIONAL PROPERTY DETAILS AVAILABLE UPON REQUEST.

Key facts

• Front porch masonry
• Strong tenancy
• 4,356 sq ft lot

Tags

• RECENT CAPITAL IMPROVEMENTS
• STRONG TENANCY
• HVAC REPLACEMENT WORK
• MAJOR PLUMBING UPGRADES
• FRONT PORCH MASONRY
• EXTERIOR C OF O REPAIRS

Property features AI

Finance

• Other: Zoned for multifamily/residential

Exterior

• Utilities: Public water; Public sewer
• Home design: Multi-family residential property; Two-story building
• Construction: Brick construction; Block foundation
• Exterior features: Paved road access; Cats allowed

Interior

• Bathrooms: 5 full bathrooms
• Heating & cooling: Baseboard heating; Natural gas heating; No central cooling
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 4×1bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $465k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $276/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $465k).
• Cap rate 9.9% vs local median 4.3% in Dearborn — 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 80/100 on livability (#84 in MI, #1,904 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D, schools D-.
• Dearborn City School District (urban): math 26% / reading 39% proficiency, ranked #325 of 540 in MI (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+13.2%/yr); 107 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 $5,813/mo this rent would consume 166% of the median local household income ($42k/yr) (locally 2742% 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 $3k of loan paydown is wiped out by about $14k 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 + 8.0% rent growth), your $130k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 11y 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 $180k; list at $465k implies a 158% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $465,000

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. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 1.25% ✓
• Cap rate: 9.85%
• Cash-on-cash: 12.71%
• DSCR: 1.57
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 8.0%
• Equity multiple: 1.33×
• Total profit: $43,272
• Equity at exit: $69,333

10-year hold

• IRR: 21.2%
• Equity multiple: 3.23×
• Total profit: $290,932
• Equity at exit: $40,205

Cash invested: $130,200 (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 48126

• Rents YoY: 13.2%
• Active inventory: 107
• Price-to-rent: 34.4×

Monthly cashflow live

• Estimated rent: $5,813 medium
• Mortgage (P&I): −$2,439
• Tax est. 1.5%: −$581 /mo · $6,975/yr
• Insurance: −$194
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,221
• Net cashflow: $1,379

Break-even live

Break-even rent $4,068

Max offer price $465,000

Occupancy floor 71%

Sensitivity live

Price	-10% $1,700	-5% $1,539	+0% $1,379	+5% $1,218	+10% $1,057
Rent	-10% $920	-5% $1,149	+0% $1,379	+5% $1,608	+10% $1,838
Rate	-1.0pp $1,613	-0.5pp $1,497	base $1,379	+0.5pp $1,258	+1.0pp $1,136

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,504
1× unit	2	1	$1,311
Total (5 units)			$5,813

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: $116,250
• Closing costs: $13,950
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-21
   days on market $465,000 Active 4 DOM
2. 2026-06-17
   remarks 699-char remark

   Show marketing remark (1910 chars)

   HEART OF EAST DEARBORN MULTI-FAMILY INVESTMENT OPPORTUNITY PRIME APPOLINE MULTI-FAMILY OPPORTUNITY LOCATED IN THE HEART OF EAST DEARBORN, OFFERING TWO WELL-LOCATED OCCUPIED PROPERTIES WITH STRONG TENANCY, RECENT CAPITAL IMPROVEMENTS, AND MEANINGFUL RENT UPSIDE. THE OFFERING INCLUDES 6022-6028 APPOLINE, A FULLY OCCUPIED 4-UNIT PROPERTY WITH ALL 1-BEDROOM / 1-BATH UNITS, CURRENTLY PRODUCING $3,515/MONTH GROSS INCOME. THE PROPERTY HAS LONG-TERM TENANTS IN PLACE, ZERO MOVE-OUTS SINCE 2023, AND SEVERAL RECENT IMPROVEMENTS INCLUDING HVAC REPLACEMENT WORK, MAJOR PLUMBING UPGRADES, FRONT PORCH MASONRY, EXTERIOR C OF O REPAIRS, AND APPLIANCES REPLACED ON TURNOVER. THREE OF THE FOUR UNITS ARE CONVENTIONAL MONTH-TO-MONTH AND MAY BE DELIVERABLE TO AN OWNER-OCCUPANT, MAKING THIS AN EXCELLENT OPPORTUNITY FOR AN FHA BUYER, HOUSE-HACKER, OR INVESTOR SEEKING STABLE INCOME WITH UPSIDE. UNIT 6028 #4 IS A SECTION 8 VOUCHER TENANCY, WITH APPROXIMATELY $595 OF THE $875 RENT PAID DIRECTLY BY THE HOUSING AUTHORITY SINCE 2019. 6037 APPOLINE, A 5-UNIT MULTI-FAMILY PROPERTY WITH ALL 1-BEDROOM / 1-BATH UNITS. ONCE UNIT 4 IS LEASED AT THE CURRENT ASKING RANGE OF $925-$950/MONTH, THE STABILIZED GROSS INCOME IS PROJECTED AT APPROXIMATELY $4,485/MONTH, OR ROUGHLY $53,800 ANNUALLY. CURRENT IN-PLACE GROSS INCOME IS $3,550/MONTH WITH FOUR OF FIVE UNITS OCCUPIED. THE PROPERTY FEATURES STRONG TENANCY, COMMITTED LEASES THROUGH 2026 AND 2027, ON-SITE LAUNDRY, AND RECENT IMPROVEMENTS INCLUDING BOILER/MECHANICAL WORK BY DETROIT FURNACE, UNIT RENOVATIONS, FLOORING UPDATES, EMERGENCY AND EXIT LIGHTING FOR C OF O, AND APPLIANCES REPLACED ON TURNOVER. BOTH PROPERTIES OFFER A RARE OPPORTUNITY TO ACQUIRE INCOME-PRODUCING MULTI-FAMILY ASSETS IN ONE OF EAST DEARBORN'S MOST ACTIVE RENTAL MARKETS, WITH STABLE IN-PLACE INCOME AND ROOM TO INCREASE RENTS OVER TIME. FINANCIALS AND ADDITIONAL PROPERTY DETAILS AVAILABLE UPON REQUEST.

3. 2026-06-17
   listed $465,000 Active 1 DOM

   Show marketing remark (1910 chars)

   HEART OF EAST DEARBORN MULTI-FAMILY INVESTMENT OPPORTUNITY PRIME APPOLINE MULTI-FAMILY OPPORTUNITY LOCATED IN THE HEART OF EAST DEARBORN, OFFERING TWO WELL-LOCATED OCCUPIED PROPERTIES WITH STRONG TENANCY, RECENT CAPITAL IMPROVEMENTS, AND MEANINGFUL RENT UPSIDE. THE OFFERING INCLUDES 6022-6028 APPOLINE, A FULLY OCCUPIED 4-UNIT PROPERTY WITH ALL 1-BEDROOM / 1-BATH UNITS, CURRENTLY PRODUCING $3,515/MONTH GROSS INCOME. THE PROPERTY HAS LONG-TERM TENANTS IN PLACE, ZERO MOVE-OUTS SINCE 2023, AND SEVERAL RECENT IMPROVEMENTS INCLUDING HVAC REPLACEMENT WORK, MAJOR PLUMBING UPGRADES, FRONT PORCH MASONRY, EXTERIOR C OF O REPAIRS, AND APPLIANCES REPLACED ON TURNOVER. THREE OF THE FOUR UNITS ARE CONVENTIONAL MONTH-TO-MONTH AND MAY BE DELIVERABLE TO AN OWNER-OCCUPANT, MAKING THIS AN EXCELLENT OPPORTUNITY FOR AN FHA BUYER, HOUSE-HACKER, OR INVESTOR SEEKING STABLE INCOME WITH UPSIDE. UNIT 6028 #4 IS A SECTION 8 VOUCHER TENANCY, WITH APPROXIMATELY $595 OF THE $875 RENT PAID DIRECTLY BY THE HOUSING AUTHORITY SINCE 2019. 6037 APPOLINE, A 5-UNIT MULTI-FAMILY PROPERTY WITH ALL 1-BEDROOM / 1-BATH UNITS. ONCE UNIT 4 IS LEASED AT THE CURRENT ASKING RANGE OF $925-$950/MONTH, THE STABILIZED GROSS INCOME IS PROJECTED AT APPROXIMATELY $4,485/MONTH, OR ROUGHLY $53,800 ANNUALLY. CURRENT IN-PLACE GROSS INCOME IS $3,550/MONTH WITH FOUR OF FIVE UNITS OCCUPIED. THE PROPERTY FEATURES STRONG TENANCY, COMMITTED LEASES THROUGH 2026 AND 2027, ON-SITE LAUNDRY, AND RECENT IMPROVEMENTS INCLUDING BOILER/MECHANICAL WORK BY DETROIT FURNACE, UNIT RENOVATIONS, FLOORING UPDATES, EMERGENCY AND EXIT LIGHTING FOR C OF O, AND APPLIANCES REPLACED ON TURNOVER. BOTH PROPERTIES OFFER A RARE OPPORTUNITY TO ACQUIRE INCOME-PRODUCING MULTI-FAMILY ASSETS IN ONE OF EAST DEARBORN'S MOST ACTIVE RENTAL MARKETS, WITH STABLE IN-PLACE INCOME AND ROOM TO INCREASE RENTS OVER TIME. FINANCIALS AND ADDITIONAL PROPERTY DETAILS AVAILABLE UPON REQUEST.

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 20% 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 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $69,756
• − Mortgage interest: −$26,047
• − Property taxes: −$6,975
• − Insurance: −$2,325
• − Repairs & maintenance: −$5,580
• − Management: −$5,580
• − Depreciation: −$13,527
• Taxable income: $9,721
• Est. tax owed @ 24.0%: −$2,333
• After-tax cash flow: $14,212/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: Dearborn City School District
• NCES district ID: 2611600
• Math proficiency: 26% ▼ -14.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $46,884
• Composite: 27.93/100
• National rank: #6864
• State rank: #325 of 540 in MI

Livability — Dearborn

• Score: 80/100
• State rank: #84
• US rank: #1904

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dearborn, MI
• County: Wayne County · 1,562,939 people
• City population: 86,476
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 51,997
• Household income: $42,140
• Rent vs Own: 43.4% rent · 56.6% own
• Severe rent burden: 2742.0

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 (90%)
• Race & ethnicity: White 90% Two or more races 4% Black 3% Asian 2% Hispanic / Latino 1%
• Common ancestry: Arab 8% Romanian 2% Armenian 1%
• Foreign-born: 43% · Canada, South Korea
• Languages at home: 26% English-only · Arabic 70% Other Indo-European 2% Spanish 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: ▼ -266.09%
• Current HPI: 241.0732
• Rent YoY: ▲ 13.15%
• 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

+111.5% since first listed

25 events — show timeline

• 2026-06-17 Listed $465,000 REALCOMP
• 2026-06-17 Listed $465,000 MiRealSource-MiMLS
• 2025-05-22 Rental Removed $875 REALCOMP
• 2025-04-22 Listed for Rent $875 REALCOMP
• 2025-03-03 Rental Removed $875 REALCOMP
• 2024-12-18 Listed for Rent $875 REALCOMP
• 2024-12-18 Rental Removed $875 REALCOMP
• 2024-12-05 Listed for Rent $875 REALCOMP
• 2024-12-05 Rental Removed $875 REALSOURCE
• 2024-12-03 Listed for Rent $875 REALSOURCE
• 2024-08-08 Rental Removed $900 REALSOURCE
• 2024-07-12 Listed for Rent $900 REALSOURCE
• 2023-08-17 Rental Removed $850 REALSOURCE
• 2023-07-28 Listed for Rent $850 REALSOURCE
• 2016-03-15 Sold (MLS) $180,000 MiRealSource-MiMLS
• 2016-03-15 Sold (MLS) $180,000 MiRealSource-MiMLS
• 2016-03-15 Sold (MLS) $180,000 REALCOMP
• 2016-01-14 Listing Removed — MiRealSource-MiMLS
• 2016-01-14 Pending — REALCOMP
• 2015-12-23 Price Changed $119,900 REALCOMP
• 2015-12-23 Price Changed $219,900 REALCOMP
• 2015-12-11 Price Changed $229,000 REALCOMP
• 2015-11-21 Listed $219,900 MiRealSource-MiMLS
• 2015-11-20 Listed $239,900 REALCOMP
• 2015-11-20 Listed $219,900 MiRealSource-MiMLS