2907 S Burdick St · Kalamazoo, MI 49001

$2,900,000

759 bd · 1.0 ba · — sqft · MultiFamily public records · 52 Days on market

Built 1964 2.10 ac lot ↓ 1% 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
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• 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: 33 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

MOXIE is pleased to exclusively offer Ridgewood Apartments for sale. This well-maintained all brick 33 unit property boasts an attractive unit mix, consisting of a 25 unit and 8 unit building. Rents are low and should be increased to market. This could be a great opportunity for your next cost segregation study or 1031 exchange. Many capital improvements have been completed, featuring new boilers, unit renovations, and HW heaters. There are two additional parcels of land included in the sale, the buyer may be able to add additional units or parking with proper city approvals. Don't miss this great addition to your rental portfolio.

Key facts

• New boilers
• Unit renovations
• All brick

Tags

• WELL MAINTAINED
• ALL BRICK
• CAPITAL IMPROVEMENTS
• NEW BOILERS
• UNIT RENOVATIONS
• HW HEATERS

Property features AI

Finance

• Financial info: Individual unit rents listed (examples): many 2-bedroom units shown at $950/month and one 2-bedroom shown at $895/month

Exterior

• Parking: Approximately 75 parking spaces; Asphalt parking; Carports available
• Utilities: Public water; Public sewer; Cable connected; Electricity connected; Natural gas connected; Phone available and connected; Sewer available
• Home design: Multi-family residential income property
• Construction: Brick construction; Other type foundation
• Exterior features: Composition roof; Lot approximately 2.1 acres; Zoned Light Industry

Interior

• Bedrooms: Multiple unit types: several 2-bedroom units and one 1-bedroom unit
• Bathrooms: Each listed unit has 1 bathroom
• Heating & cooling: Hot water heating; Natural gas heating; Radiant heating; Wall air-conditioning units
• Interior features: Residential income multi-family property

What this means for you Summary

Snapshot

• This is a 33 × 23-bed/12.0-bath units multifamily listed at $2.90M.

Deal economics

• At list price, monthly cash flow is $28k ($335k/yr) — positive. Per door: $845/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($61k rent vs $2.90M).
• Recommended offer: $2.81M (3.0% below list) — sets the bar for market timing.
• Cap rate 17.8% vs local median 4.1% in Kalamazoo — 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 76/100 on livability (#141 in MI, #3,492 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Kalamazoo Public Schools (urban): math 43% / reading 72% proficiency, ranked #71 of 540 in MI (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.4%/yr); 109 active listings in the ZIP; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• At $61,361/mo this rent would consume 1305% of the median local household income ($56k/yr) (locally 1184% 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 $20k of loan paydown is wiped out by about $87k of value loss. Plan a longer hold.
• Kalamazoo County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $812k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($2.81M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $2,813,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 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 1964 — 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. 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?
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: 2.12% ✓
• Cap rate: 17.83%
• Cash-on-cash: 41.19%
• DSCR: 2.83
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.41% rent growth · sell at horizon

5-year hold

• IRR: 41.6%
• Equity multiple: 2.88×
• Total profit: $1,524,458
• Equity at exit: $432,399

10-year hold

• IRR: 49.4%
• Equity multiple: 6.64×
• Total profit: $4,577,113
• Equity at exit: $250,739

Cash invested: $812,000 (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 49001

• Rents YoY: 6.4%
• Active inventory: 109
• Price-to-rent: 130.0×

Monthly cashflow live

• Estimated rent: $61,361 medium
• Mortgage (P&I): −$15,208
• Tax from tax record: −$4,184 /mo · $50,204/yr
• Insurance: −$1,208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$12,886
• Net cashflow: $27,875

Break-even live

Break-even rent $26,076

Max offer price $2,900,000

Occupancy floor 50%

Sensitivity live

Price	-10% $29,517	-5% $28,696	+0% $27,875	+5% $27,054	+10% $26,234
Rent	-10% $23,028	-5% $25,452	+0% $27,875	+5% $30,299	+10% $32,723
Rate	-1.0pp $29,336	-0.5pp $28,613	base $27,875	+0.5pp $27,124	+1.0pp $26,359

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

Units	Beds	Baths	Est. rent
▸ 33× units	23	12	$61,347
Total (33 units)			$61,361

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: $725,000
• Closing costs: $87,000
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $2,900,000 Active 52 DOM
2. 2026-06-17
   days on market $2,900,000 Active 51 DOM
3. 2026-06-16
   days on market $2,900,000 Active 50 DOM
4. 2026-06-15
   days on market $2,900,000 Active 49 DOM
5. 2026-06-14
   days on market $2,900,000 Active 47 DOM
6. 2026-06-13
   days on market $2,900,000 Active 46 DOM
7. 2026-06-10
   days on market $2,900,000 Active 44 DOM
8. 2026-06-09
   days on market $2,900,000 Active 43 DOM
9. 2026-06-08
   days on market $2,900,000 Active 42 DOM
10. 2026-06-07
    days on market $2,900,000 Active 41 DOM
11. 2026-06-05
    days on market $2,900,000 Active 38 DOM
12. 2026-06-03
    days on market $2,900,000 Active 37 DOM
13. 2026-06-02
    days on market $2,900,000 Active 36 DOM
14. 2026-06-01
    days on market $2,900,000 Active 35 DOM
15. 2026-05-31
    days on market $2,900,000 Active 34 DOM
16. 2026-05-30
    days on market $2,900,000 Active 33 DOM
17. 2026-04-27
    listed $2,900,000 Active

    Show marketing remark (639 chars)

    MOXIE is pleased to exclusively offer Ridgewood Apartments for sale. This well-maintained all brick 33 unit property boasts an attractive unit mix, consisting of a 25 unit and 8 unit building. Rents are low and should be increased to market. This could be a great opportunity for your next cost segregation study or 1031 exchange. Many capital improvements have been completed, featuring new boilers, unit renovations, and HW heaters. There are two additional parcels of land included in the sale, the buyer may be able to add additional units or parking with proper city approvals. Don't miss this great addition to your rental portfolio.

18. 2026-04-27
    listed $2,900,000 Active 639-char remark

    Show marketing remark (639 chars)

    MOXIE is pleased to exclusively offer Ridgewood Apartments for sale. This well-maintained all brick 33 unit property boasts an attractive unit mix, consisting of a 25 unit and 8 unit building. Rents are low and should be increased to market. This could be a great opportunity for your next cost segregation study or 1031 exchange. Many capital improvements have been completed, featuring new boilers, unit renovations, and HW heaters. There are two additional parcels of land included in the sale, the buyer may be able to add additional units or parking with proper city approvals. Don't miss this great addition to your rental portfolio.

19. 2025-01-16
    soldstatus $2,936,429

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $50,204 · $4,184/mo
• Projected year-2 tax: $50,204 · $4,184/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $736,332
• − Mortgage interest: −$162,445
• − Property taxes: −$50,204
• − Insurance: −$14,500
• − Repairs & maintenance: −$58,907
• − Management: −$58,907
• − Depreciation: −$84,364
• Taxable income: $307,006
• Est. tax owed @ 24.0%: −$73,681
• After-tax cash flow: $260,822/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: Kalamazoo Public Schools
• NCES district ID: 2619950
• Math proficiency: 43% ▲ 13.00%
• Reading proficiency: 72% ▲ 33.00%
• Median HH income: $35,291
• Composite: 47.48/100
• National rank: #2275
• State rank: #71 of 540 in MI

Livability — Kalamazoo

• Score: 76/100
• State rank: #141
• US rank: #3492

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kalamazoo, MI
• County: Kalamazoo County · 224,317 people
• City population: 121,397
• Metro: Kalamazoo-Portage, MI
• Population (ZIP): 20,946
• Household income: $56,432
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 1184.0

Population outlook (Kalamazoo County) Hauer SSP2

• Today (2025): 280,982 people
• By 2030: 292,068 · +3.9%
• By 2040: 312,191 · +11.1%
• By 2050: 331,196 · +17.9%
• By 2075: 379,021 · +34.9%
• By 2100: 396,579 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 58% Black 22% Hispanic / Latino 15% Two or more races 5% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Romanian 6% Iranian 4% Slovak 3%
• Foreign-born: 9% · Canada
• Languages at home: 84% English-only · Spanish 11% Arabic 2% Other Indo-European 1%

Political lean MEDSL · Kalamazoo

• 2024 margin: D (+17.7) · D 58.0% · R 40.3% · Other 1.7%
• 2008→2024 swing: -1.8pp toward R · 2008: 19.5pp · 2024: 17.7pp
• All cycles: 2024: D+17.7 2020: D+18.7 2016: D+12.8 2012: D+13.3 2008: D+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -264.90%
• Current HPI: 206.9355
• Rent YoY: ▲ 6.41%
• Metro: Kalamazoo-Portage, 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

-1.2% since first listed

3 events — show timeline

• 2026-04-27 Listed $2,900,000 REALCOMP
• 2026-04-27 Listed $2,900,000 MiRealSource-MiMLS
• 2025-01-16 Sold (Public Records) $2,936,429 Public Records

Property tax history

+12.1%/yr

Latest (2025): $50,204 · +64.3% YoY. Source: county tax records.