3633 Oakman Blvd · Detroit, MI 48204

$350,000

81 bd · 81.0 ba · 5,752 sqft · MultiFamily · 45 Days on market

Built 1925 5,663 sqft lot ↓ 22% 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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 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

Excellent investment opportunity! This fully occupied 9-unit apartment building offers strong, consistent cash flow with each unit featuring 1 bedroom and 1 bathroom. Rental income varies, with some units leased at $700 per month and others at $750 per month, providing immediate returns for both new and experienced investors. Each unit offers a comfortable layout designed for everyday convenience, and tenants benefit from a coin operated community washer and dryer on site, adding extra value and additional income potential. This is a fantastic opportunity to generate steady rental income while building long term equity. Whether you're expanding your portfolio or entering the multifamily market, this property checks all the boxes. Don't miss out!

Key facts

• 5,663 sq ft lot
• Built 1925
• Listed 44 days

What this means for you Summary

Snapshot

• This is a 9 × 1-bed/1.0-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $3k ($40k/yr) — positive. Per door: $371/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $350k).
• Recommended offer: $340k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.7% 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: 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: 248 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 $7,283/mo this rent would consume 254% of the median local household income ($34k/yr) (locally 1418% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $37k of equity ($2k loan paydown + $35k appreciation (10.0% local appreciation)).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• 37 sale attempts since 6y 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 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $339,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 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 1925 — 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: 2.08% ✓
• Cap rate: 17.73%
• Cash-on-cash: 40.83%
• DSCR: 2.82
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 55.9%
• Equity multiple: 5.11×
• Total profit: $403,124
• Equity at exit: $315,308

10-year hold

• IRR: 49.4%
• Equity multiple: 11.41×
• Total profit: $1,020,327
• Equity at exit: $679,973

Cash invested: $98,000 (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 48204

• Home prices YoY: 18.5%
• Active inventory: 248
• Price-to-rent: 36.0×

Monthly cashflow live

• Estimated rent: $7,283 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,529
• Net cashflow: $3,335

Break-even live

Break-even rent $3,062

Max offer price $350,000

Occupancy floor 49%

Sensitivity live

Price	-10% $3,577	-5% $3,456	+0% $3,335	+5% $3,214	+10% $3,093
Rent	-10% $2,759	-5% $3,047	+0% $3,335	+5% $3,622	+10% $3,910
Rate	-1.0pp $3,511	-0.5pp $3,424	base $3,335	+0.5pp $3,244	+1.0pp $3,152

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

Units	Beds	Baths	Est. rent
▸ 9× units	1	1	$7,281
Total (9 units)			$7,283

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-21
   days on market $350,000 Active 45 DOM
2. 2026-06-18
   days on market $350,000 Active 42 DOM
3. 2026-06-17
   days on market $350,000 Active 41 DOM
4. 2026-06-15
   days on market $350,000 Active 39 DOM
5. 2026-06-13
   days on market $350,000 Active 37 DOM
6. 2026-06-13
   days on market $350,000 Active 36 DOM
7. 2026-06-09
   days on market $350,000 Active 33 DOM
8. 2026-06-08
   days on market $350,000 Active 32 DOM
9. 2026-06-07
   days on market $350,000 Active 31 DOM
10. 2026-06-04
    days on market $350,000 Active 28 DOM
11. 2026-06-03
    days on market $350,000 Active 27 DOM
12. 2026-06-02
    days on market $350,000 Active 26 DOM
13. 2026-06-01
    days on market $350,000 Active 25 DOM
14. 2026-05-31
    days on market $350,000 Active 24 DOM
15. 2026-03-11
    status Pending 755-char remark

    Show marketing remark (755 chars)

    Excellent investment opportunity! This fully occupied 9-unit apartment building offers strong, consistent cash flow with each unit featuring 1 bedroom and 1 bathroom. Rental income varies, with some units leased at $700 per month and others at $750 per month, providing immediate returns for both new and experienced investors. Each unit offers a comfortable layout designed for everyday convenience, and tenants benefit from a coin operated community washer and dryer on site, adding extra value and additional income potential. This is a fantastic opportunity to generate steady rental income while building long term equity. Whether you're expanding your portfolio or entering the multifamily market, this property checks all the boxes. Don't miss out!

16. 2026-03-11
    status Pending

    Show marketing remark (755 chars)

    Excellent investment opportunity! This fully occupied 9-unit apartment building offers strong, consistent cash flow with each unit featuring 1 bedroom and 1 bathroom. Rental income varies, with some units leased at $700 per month and others at $750 per month, providing immediate returns for both new and experienced investors. Each unit offers a comfortable layout designed for everyday convenience, and tenants benefit from a coin operated community washer and dryer on site, adding extra value and additional income potential. This is a fantastic opportunity to generate steady rental income while building long term equity. Whether you're expanding your portfolio or entering the multifamily market, this property checks all the boxes. Don't miss out!

17. 2026-02-17
    listed $350,000 Active

    Show marketing remark (755 chars)

    Excellent investment opportunity! This fully occupied 9-unit apartment building offers strong, consistent cash flow with each unit featuring 1 bedroom and 1 bathroom. Rental income varies, with some units leased at $700 per month and others at $750 per month, providing immediate returns for both new and experienced investors. Each unit offers a comfortable layout designed for everyday convenience, and tenants benefit from a coin operated community washer and dryer on site, adding extra value and additional income potential. This is a fantastic opportunity to generate steady rental income while building long term equity. Whether you're expanding your portfolio or entering the multifamily market, this property checks all the boxes. Don't miss out!

18. 2026-02-17
    listed $350,000 Active 755-char remark

    Show marketing remark (755 chars)

    Excellent investment opportunity! This fully occupied 9-unit apartment building offers strong, consistent cash flow with each unit featuring 1 bedroom and 1 bathroom. Rental income varies, with some units leased at $700 per month and others at $750 per month, providing immediate returns for both new and experienced investors. Each unit offers a comfortable layout designed for everyday convenience, and tenants benefit from a coin operated community washer and dryer on site, adding extra value and additional income potential. This is a fantastic opportunity to generate steady rental income while building long term equity. Whether you're expanding your portfolio or entering the multifamily market, this property checks all the boxes. Don't miss out!

19. 2025-03-05
    historical
20. 2025-03-04
    historical
21. 2025-01-24
    historical
22. 2025-01-24
    historical
23. 2025-01-24
    status Active
24. 2025-01-24
    status Active
25. 2025-01-23
    status Active
26. 2025-01-23
    status Active
27. 2025-01-20
    historical
28. 2025-01-20
    historical Accepting Backup Offers
29. 2025-01-19
    historical
30. 2025-01-19
    historical
31. 2025-01-19
    historical Accepting Backup Offers
32. 2025-01-19
    historical Accepting Backup Offers
33. 2025-01-17
    historical
34. 2025-01-17
    historical
35. 2025-01-17
    historical Accepting Backup Offers
36. 2025-01-17
    historical Accepting Backup Offers
37. 2025-01-17
    historical Active Under Contract
38. 2025-01-17
    historical Accepting Backup Offers
39. 2025-01-09
    historical
40. 2025-01-09
    historical
41. 2025-01-09
    status Active
42. 2025-01-09
    status Active
43. 2024-12-17
    historical
44. 2024-12-17
    historical
45. 2024-12-17
    status Active
46. 2024-12-17
    status Active
47. 2024-12-13
    historical
48. 2024-12-13
    historical
49. 2024-12-12
    listed $400,000 Active
50. 2024-12-12
    listed $400,000 Active

ⓘ 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 · 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: $87,396
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$6,992
• − Management: −$6,992
• − Depreciation: −$10,182
• Taxable income: $36,625
• Est. tax owed @ 24.0%: −$8,790
• After-tax cash flow: $31,227/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): 20,696
• Household income: $34,468
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 1418.0

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% Two or more races 7% Hispanic / Latino 5% White 4% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Hispanic 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 36.51%
• Current HPI: 234.0465
• 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

-22.2% since first listed

89 events — show timeline

• 2026-03-11 Pending — MiRealSource-MiMLS
• 2026-03-11 Pending — REALCOMP
• 2026-02-17 Listed $350,000 REALCOMP
• 2026-02-17 Listed $350,000 MiRealSource-MiMLS
• 2025-03-05 Listing Removed — REALCOMP
• 2025-03-04 Listing Removed — MiRealSource-MiMLS
• 2025-01-24 Listing Removed — MiRealSource-MiMLS
• 2025-01-24 Listing Removed — MiRealSource-MiMLS
• 2025-01-24 Relisted — MiRealSource-MiMLS
• 2025-01-24 Relisted — MiRealSource-MiMLS
• 2025-01-23 Relisted — REALCOMP
• 2025-01-23 Relisted — MiRealSource-MiMLS
• 2025-01-20 Listing Removed — MiRealSource-MiMLS
• 2025-01-20 Contingent — MiRealSource-MiMLS
• 2025-01-19 Listing Removed — MiRealSource-MiMLS
• 2025-01-19 Listing Removed — MiRealSource-MiMLS
• 2025-01-19 Contingent — MiRealSource-MiMLS
• 2025-01-19 Contingent — MiRealSource-MiMLS
• 2025-01-17 Listing Removed — MiRealSource-MiMLS
• 2025-01-17 Listing Removed — MiRealSource-MiMLS
• 2025-01-17 Contingent — MiRealSource-MiMLS
• 2025-01-17 Contingent — MiRealSource-MiMLS
• 2025-01-17 Contingent — REALCOMP
• 2025-01-17 Contingent — MiRealSource-MiMLS
• 2025-01-09 Listing Removed — MiRealSource-MiMLS
• 2025-01-09 Listing Removed — MiRealSource-MiMLS
• 2025-01-09 Relisted — MiRealSource-MiMLS
• 2025-01-09 Relisted — MiRealSource-MiMLS
• 2024-12-17 Listing Removed — MiRealSource-MiMLS
• 2024-12-17 Listing Removed — MiRealSource-MiMLS
• 2024-12-17 Relisted — MiRealSource-MiMLS
• 2024-12-17 Relisted — MiRealSource-MiMLS
• 2024-12-13 Listing Removed — MiRealSource-MiMLS
• 2024-12-13 Listing Removed — MiRealSource-MiMLS
• 2024-12-12 Listed $400,000 REALCOMP
• 2024-12-12 Listed $400,000 MiRealSource-MiMLS
• 2024-12-12 Listed $400,000 MiRealSource-MiMLS
• 2024-12-12 Listed $400,000 MiRealSource-MiMLS
• 2024-08-27 Rental Removed $700 SWMMLS
• 2024-06-06 Listed for Rent $700 SWMMLS
• 2024-06-06 Rental Removed $700 REALCOMP
• 2024-05-29 Rental Removed $700 AAMLS
• 2024-05-29 Listed for Rent $700 REALCOMP
• 2024-05-29 Listed for Rent $700 AAMLS
• 2023-01-09 Listing Removed — MiRealSource-MiMLS
• 2023-01-09 Listing Removed — REALCOMP
• 2023-01-05 Relisted — MiRealSource-MiMLS
• 2023-01-05 Relisted — REALCOMP
• 2022-12-23 Pending — MiRealSource-MiMLS
• 2022-12-23 Pending — REALCOMP
• 2022-11-22 Price Changed $415,000 MiRealSource-MiMLS
• 2022-11-21 Price Changed $415,000 REALCOMP
• 2022-10-31 Listing Removed — MiRealSource-MiMLS
• 2022-10-12 Listed $425,000 MiRealSource-MiMLS
• 2022-10-12 Listed $425,000 REALCOMP
• 2022-03-14 Listing Removed — REALCOMP
• 2022-03-14 Listing Removed — MiRealSource-MiMLS
• 2022-03-10 Listed $450,000 MiRealSource-MiMLS
• 2022-03-10 Listed $450,000 MiRealSource-MiMLS
• 2022-03-10 Listed $450,000 REALCOMP
• 2022-03-01 Listing Removed — MiRealSource-MiMLS
• 2022-03-01 Listing Removed — REALCOMP
• 2022-02-28 Listing Removed — MiRealSource-MiMLS
• 2021-12-31 Relisted — MiRealSource-MiMLS
• 2021-12-23 Listing Removed — MiRealSource-MiMLS
• 2021-12-10 Relisted — REALCOMP
• 2021-12-06 Listing Removed — REALCOMP
• 2021-11-16 Price Changed $470,000 MiRealSource-MiMLS
• 2021-11-15 Price Changed $470,000 REALCOMP
• 2021-10-04 Listed $470,000 MiRealSource-MiMLS
• 2021-10-04 Listed $550,000 MiRealSource-MiMLS
• 2021-10-04 Listed $550,000 REALCOMP
• 2021-08-25 Listing Removed — REALCOMP
• 2021-08-25 Listing Removed — MiRealSource-MiMLS
• 2021-08-25 Listing Removed — MiRealSource-MiMLS
• 2021-08-05 Relisted — MiRealSource-MiMLS
• 2021-08-05 Relisted — REALCOMP
• 2021-07-21 Pending — MiRealSource-MiMLS
• 2021-07-21 Pending — REALCOMP
• 2021-07-16 Relisted — REALCOMP
• 2021-07-13 Listing Removed — REALCOMP
• 2021-07-09 Listed $450,000 MiRealSource-MiMLS
• 2021-07-08 Listed $450,000 MiRealSource-MiMLS
• 2021-07-08 Listed $450,000 REALCOMP
• 2020-07-26 Listing Removed — REALCOMP
• 2020-07-26 Relisted — REALCOMP
• 2020-07-24 Listing Removed — REALCOMP
• 2020-07-24 Listing Removed — MiRealSource-MiMLS
• 2020-06-29 Relisted — MiRealSource-MiMLS