21855 Schoenherr Rd · Warren, MI 48089

$264,900

15 bd · 9.0 ba · 2,594 sqft · MultiFamily · 11 Days on market

Built 1926 0.26 ac lot $102/sqft · 126% above area ↓ 19% 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
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Step inside this beautifully renovated 3-unit multifamily offering a total of 2,594 sq. ft. of bright, open living space - ideal for owner-occupants or investors seeking strong income potential. The first-floor unit features a sun-filled, oversized living room with freshly refinished hardwood floors, one spacious bedroom, and a full bathroom. The updated kitchen is thoughtfully designed for both everyday living and entertaining. The property includes two additional units, each offering two bedrooms, while the third unit features one bedroom - all finished with sleek vinyl flooring that provides modern comfort and durability. Each unit offers a functional layout with a living room, dining area, kitchen, and full bathroom. A full common basement adds significant value, complete with a full bathroom, fresh paint, and new lighting - ideal for storage, recreation, or flexible use. The exterior is well maintained, complemented by fresh paint throughout and a convenient location near shopping, dining, and major highways. Whether you choose to live in one unit and rent the others or add this property to your investment portfolio, this home delivers flexibility, comfort, and income potential. Truly a turnkey opportunity - keys at closing. Schedule your private showing today.

Key facts

• 0.26 acre lot
• Built 1926
• Listed 10 days

Property features AI

Finance

• Financial info: Annual tax amount reported (see listing for details)

Exterior

• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Two-story building; Brick veneer exterior
• Construction: Brick veneer construction; Two levels
• Exterior features: Paved road access; Lot approximately 0.26 acres (61 x 187); Zoned residential; Pets not allowed

Interior

• Bedrooms: Two 2-bedroom units; One 1-bedroom unit
• Bathrooms: Three full bathrooms (overall); Each unit includes 1 bathroom
• Heating & cooling: Forced air heating with natural gas; No central cooling reported
• Interior features: Basement present

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/?-bath units multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $809/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $265k).
• Cap rate 17.3% vs local median 5.2% in Warren — 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 (#171 in MI, #4,491 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D, amenities D, employment D.
• Van Dyke Public Schools (urban): math 7% / reading 19% proficiency, ranked #512 of 540 in MI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.9%/yr); 168 active listings in the ZIP; 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).
• At $5,390/mo this rent would consume 124% of the median local household income ($52k/yr) (locally 1754% 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 $8k of value loss. Plan a longer hold.
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $74k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 23 sale attempts since 3y 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 $140k; list at $265k implies a 89% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $264,900

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 1926 — 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. Crime grade is D 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?
7. 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.
8. 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.
9. 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: 2.03% ✓
• Cap rate: 17.29%
• Cash-on-cash: 39.27%
• DSCR: 2.75
• GRM: 4.1

CMA / ARV

• ARV (median comp): $117,282
• List price: $264,900
• Delta: 143.00%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.94% rent growth · sell at horizon

5-year hold

• IRR: 35.5%
• Equity multiple: 2.50×
• Total profit: $111,436
• Equity at exit: $39,497

10-year hold

• IRR: 42.2%
• Equity multiple: 4.98×
• Total profit: $295,112
• Equity at exit: $22,904

Cash invested: $74,172 (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 48089

• Rents YoY: 2.9%
• Active inventory: 168
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $5,390 medium
• Mortgage (P&I): −$1,389
• Tax est. 1.5%: −$331 /mo · $3,974/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,132
• Net cashflow: $2,427

Break-even live

Break-even rent $2,317

Max offer price $264,900

Occupancy floor 50%

Sensitivity live

Price	-10% $2,611	-5% $2,519	+0% $2,427	+5% $2,336	+10% $2,244
Rent	-10% $2,002	-5% $2,215	+0% $2,427	+5% $2,640	+10% $2,853
Rate	-1.0pp $2,561	-0.5pp $2,495	base $2,427	+0.5pp $2,359	+1.0pp $2,289

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	—	$5,391
Total (3 units)			$5,390

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: $66,225
• Closing costs: $7,947
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-21
   days on market $264,900 Active 11 DOM
2. 2026-06-18
   days on market $264,900 Active 8 DOM
3. 2026-06-17
   days on market $264,900 Active 7 DOM
4. 2026-06-16
   days on market $264,900 Active 6 DOM
5. 2026-06-15
   days on market $264,900 Active 5 DOM
6. 2026-06-13
   days on market $264,900 Active 3 DOM
7. 2026-06-13
   statusdays on marketlisting id $264,900 Active 2 DOM
8. 2026-06-09
   remarks 699-char remark

   Show marketing remark (1286 chars)

   Step inside this beautifully renovated 3-unit multifamily offering a total of 2,594 sq. ft. of bright, open living space - ideal for owner-occupants or investors seeking strong income potential. The first-floor unit features a sun-filled, oversized living room with freshly refinished hardwood floors, one spacious bedroom, and a full bathroom. The updated kitchen is thoughtfully designed for both everyday living and entertaining. The property includes two additional units, each offering two bedrooms, while the third unit features one bedroom - all finished with sleek vinyl flooring that provides modern comfort and durability. Each unit offers a functional layout with a living room, dining area, kitchen, and full bathroom. A full common basement adds significant value, complete with a full bathroom, fresh paint, and new lighting - ideal for storage, recreation, or flexible use. The exterior is well maintained, complemented by fresh paint throughout and a convenient location near shopping, dining, and major highways. Whether you choose to live in one unit and rent the others or add this property to your investment portfolio, this home delivers flexibility, comfort, and income potential. Truly a turnkey opportunity - keys at closing. Schedule your private showing today.

9. 2026-06-09
   pricestatusdays on marketlisting id $264,900 Coming Soon 1 DOM

   Show marketing remark (1286 chars)

   Step inside this beautifully renovated 3-unit multifamily offering a total of 2,594 sq. ft. of bright, open living space - ideal for owner-occupants or investors seeking strong income potential. The first-floor unit features a sun-filled, oversized living room with freshly refinished hardwood floors, one spacious bedroom, and a full bathroom. The updated kitchen is thoughtfully designed for both everyday living and entertaining. The property includes two additional units, each offering two bedrooms, while the third unit features one bedroom - all finished with sleek vinyl flooring that provides modern comfort and durability. Each unit offers a functional layout with a living room, dining area, kitchen, and full bathroom. A full common basement adds significant value, complete with a full bathroom, fresh paint, and new lighting - ideal for storage, recreation, or flexible use. The exterior is well maintained, complemented by fresh paint throughout and a convenient location near shopping, dining, and major highways. Whether you choose to live in one unit and rent the others or add this property to your investment portfolio, this home delivers flexibility, comfort, and income potential. Truly a turnkey opportunity - keys at closing. Schedule your private showing today.

10. 2026-06-07
    days on market $284,999 Active 121 DOM
11. 2026-06-04
    days on market $284,999 Active 118 DOM
12. 2026-06-03
    days on market $284,999 Active 117 DOM
13. 2026-06-02
    days on market $284,999 Active 116 DOM
14. 2026-06-01
    days on market $284,999 Active 115 DOM
15. 2026-05-31
    days on market $284,999 Active 114 DOM
16. 2026-02-07
    listed $284,999 Active 1286-char remark
17. 2026-02-07
    listed $284,999 Active 1302-char remark
18. 2026-02-06
    historical $284,999 1286-char remark
19. 2026-02-04
    historical
20. 2026-02-04
    historical
21. 2026-02-01
    status Active
22. 2026-02-01
    historical
23. 2025-12-19
    listed $289,000 Active
24. 2025-12-19
    listed $289,000 Active
25. 2025-12-18
    historical
26. 2025-12-18
    historical
27. 2025-12-01
    listed $289,000 Active
28. 2025-11-30
    listed $289,000 Active
29. 2025-11-24
    historical
30. 2025-11-24
    historical
31. 2025-10-11
    listed $299,900 Active
32. 2025-10-11
    listed $299,900 Active
33. 2025-05-23
    soldstatus $139,850 Closed
34. 2025-05-23
    soldstatus $139,850 Closed
35. 2025-05-10
    status Pending
36. 2025-05-10
    status Pending
37. 2025-05-05
    listed $134,900 Active
38. 2025-05-05
    listed $134,900 Active
39. 2025-05-02
    historical $134,900
40. 2024-12-23
    historical
41. 2024-12-17
    status Pending
42. 2024-09-18
    status Pending
43. 2024-09-18
    status Pending
44. 2024-09-17
    historical
45. 2024-08-31
    price $150,000
46. 2024-08-30
    price $150,000
47. 2024-08-20
    status Active
48. 2024-08-20
    status Active
49. 2024-08-16
    historical Accepting Backup Offers
50. 2024-08-16
    historical Accepting Backup Offers

ⓘ 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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $64,680
• − Mortgage interest: −$14,839
• − Property taxes: −$3,974
• − Insurance: −$1,324
• − Repairs & maintenance: −$5,174
• − Management: −$5,174
• − Depreciation: −$7,706
• Taxable income: $26,488
• Est. tax owed @ 24.0%: −$6,357
• After-tax cash flow: $22,772/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: Van Dyke Public Schools
• NCES district ID: 2634680
• Math proficiency: 7% ▼ -11.00%
• Reading proficiency: 19% ▼ -5.00%
• Median HH income: $33,231
• Composite: 10.46/100
• National rank: #9784
• State rank: #512 of 540 in MI

Livability — Warren

• Score: 74/100
• State rank: #171
• US rank: #4491

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warren, MI
• County: Macomb County · 638,552 people
• City population: 114,937
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 31,853
• Household income: $52,366
• Rent vs Own: 43.4% rent · 56.6% own
• Severe rent burden: 1754.0

Population outlook (Macomb County) Hauer SSP2

• Today (2025): 925,296 people
• By 2030: 948,226 · +2.5%
• By 2040: 983,961 · +6.3%
• By 2050: 1,010,200 · +9.2%
• By 2075: 1,076,222 · +16.3%
• By 2100: 1,077,065 · +16.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 53% Black 31% Asian 7% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Romanian 11% Lithuanian 3% Slovak 2%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Other Asian/Pacific 3% Other Indo-European 2% Arabic 1%

Political lean MEDSL · Macomb

• 2024 margin: R (+13.7) · D 42.2% · R 55.9% · Other 1.9%
• 2008→2024 swing: -22.3pp toward R · 2008: 8.6pp · 2024: -13.7pp
• All cycles: 2024: R+13.7 2020: R+8.1 2016: R+11.6 2012: D+4.0 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -211.46%
• Current HPI: 154.8325
• Rent YoY: ▲ 2.94%
• 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

-19.5% since first listed

64 events — show timeline

• 2026-06-11 Listed $264,900 MiRealSource-MiMLS
• 2026-06-11 Listed $264,900 REALCOMP
• 2026-06-09 Coming Soon $264,900 MiRealSource-MiMLS
• 2026-06-08 Listing Removed — MiRealSource-MiMLS
• 2026-06-08 Listing Removed — REALCOMP
• 2026-02-07 Listed $284,999 MiRealSource-MiMLS
• 2026-02-07 Listed $284,999 REALCOMP
• 2026-02-06 Coming Soon — MiRealSource-MiMLS
• 2026-02-04 Listing Removed — REALCOMP
• 2026-02-04 Listing Removed — MiRealSource-MiMLS
• 2026-02-01 Relisted — MiRealSource-MiMLS
• 2026-02-01 Listing Removed — MiRealSource-MiMLS
• 2025-12-19 Listed $289,000 REALCOMP
• 2025-12-19 Listed $289,000 MiRealSource-MiMLS
• 2025-12-18 Listing Removed — REALCOMP
• 2025-12-18 Listing Removed — MiRealSource-MiMLS
• 2025-12-01 Listed $289,000 REALCOMP
• 2025-11-30 Listed $289,000 MiRealSource-MiMLS
• 2025-11-24 Listing Removed — MiRealSource-MiMLS
• 2025-11-24 Listing Removed — REALCOMP
• 2025-10-11 Listed $299,900 REALCOMP
• 2025-10-11 Listed $299,900 MiRealSource-MiMLS
• 2025-05-23 Sold (MLS) $139,850 REALCOMP
• 2025-05-23 Sold (MLS) $139,850 MiRealSource-MiMLS
• 2025-05-10 Pending — MiRealSource-MiMLS
• 2025-05-10 Pending — REALCOMP
• 2025-05-05 Listed $134,900 MiRealSource-MiMLS
• 2025-05-05 Listed $134,900 REALCOMP
• 2025-05-02 Coming Soon $134,900 MiRealSource-MiMLS
• 2024-12-23 Listing Removed — REALCOMP
• 2024-12-17 Pending — REALCOMP
• 2024-09-18 Pending — REALCOMP
• 2024-09-18 Pending — MiRealSource-MiMLS
• 2024-09-17 Listing Removed — MiRealSource-MiMLS
• 2024-08-31 Price Changed $150,000 MiRealSource-MiMLS
• 2024-08-30 Price Changed $150,000 REALCOMP
• 2024-08-20 Relisted — MiRealSource-MiMLS
• 2024-08-20 Relisted — REALCOMP
• 2024-08-16 Contingent — MiRealSource-MiMLS
• 2024-08-16 Contingent — REALCOMP
• 2024-06-03 Listed $179,000 REALCOMP
• 2024-06-03 Listed $179,000 MiRealSource-MiMLS
• 2024-01-02 Listing Removed — MiRealSource-MiMLS
• 2024-01-02 Listing Removed — MiRealSource-MiMLS
• 2024-01-01 Listing Removed — REALCOMP
• 2024-01-01 Listing Removed — REALCOMP
• 2023-12-12 Price Changed $175,000 MiRealSource-MiMLS
• 2023-12-11 Price Changed $175,000 REALCOMP
• 2023-11-07 Listed $200,000 MiRealSource-MiMLS
• 2023-11-07 Listed $200,000 REALCOMP
• 2023-10-23 Listed $200,000 MiRealSource-MiMLS
• 2023-10-23 Listed $200,000 REALCOMP
• 2023-08-28 Listing Removed — MiRealSource-MiMLS
• 2023-08-28 Listing Removed — REALCOMP
• 2023-08-22 Price Changed $225,000 MiRealSource-MiMLS
• 2023-08-21 Price Changed $225,000 REALCOMP
• 2023-07-04 Price Changed $250,000 MiRealSource-MiMLS
• 2023-07-04 Price Changed $250,000 REALCOMP
• 2023-05-25 Price Changed $275,000 MiRealSource-MiMLS
• 2023-05-25 Price Changed $275,000 REALCOMP
• 2023-04-20 Price Changed $299,000 MiRealSource-MiMLS
• 2023-04-20 Price Changed $299,000 REALCOMP
• 2023-04-05 Listed $329,000 MiRealSource-MiMLS
• 2023-04-05 Listed $329,000 REALCOMP