2987 Gladstone St · Detroit, MI 48206

$175,000

1564 bd · 1156.0 ba · 28,696 sqft · MultiFamily · 81 Days on market

Built 1925 0.29 ac lot

---

Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 34 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

Rare opportunity to own a 34 unit apartment building on Detroit's West Side in the Jamison Neighborhood. Surrounded by Wildemere Park, Boston Edison, Henry Ford Hospital, New Center, etc. Short ride to The Downtown and Midtown area. Features 26 one bed units, 4 two bed units and 4 three bed units. Potential to acquire more lots and land surrounding the building and on the block through the city. BUYER TO SUBMIT DEMO DEFERRAL APPLICATION AFTER CLOSING WITH CITY OF DETROIT.

Key facts

• 0.29 acre lot
• Built 1925
• Listed 81 days

What this means for you Summary

Snapshot

• This is a 34 × 46-bed/34.0-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $45k ($538k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($58k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 313.7% 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: Rents rising fast (+5.2%/yr); 273 active listings in the ZIP; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $58,275/mo this rent would consume 1552% of the median local household income ($45k/yr) (locally 646% 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 $1k of loan paydown is wiped out by about $5k 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 + 5.2% rent growth), your $49k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 11 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.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% 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. 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 33.30% ✓
• Cap rate: 313.68%
• Cash-on-cash: 1097.83%
• DSCR: 49.85
• GRM: 0.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.2% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 61.40×
• Total profit: $2,959,454
• Equity at exit: $26,093

10-year hold

• IRR: —
• Equity multiple: 140.24×
• Total profit: $6,822,880
• Equity at exit: $15,131

Cash invested: $49,000 (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 48206

• Rents YoY: 5.2%
• Active inventory: 273
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $58,275 medium
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$12,238
• Net cashflow: $44,828

Break-even live

Break-even rent $1,531

Max offer price $175,000

Occupancy floor 18%

Sensitivity live

Price	-10% $44,949	-5% $44,888	+0% $44,828	+5% $44,767	+10% $44,707
Rent	-10% $40,224	-5% $42,526	+0% $44,828	+5% $47,130	+10% $49,432
Rate	-1.0pp $44,916	-0.5pp $44,872	base $44,828	+0.5pp $44,783	+1.0pp $44,736

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

Units	Beds	Baths	Est. rent
▸ 34× units	46	34	$58,276
Total (34 units)			$58,275

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2024-12-17
   status Pending
2. 2024-08-26
   status Pending 476-char remark

   Show marketing remark (476 chars)

   Rare opportunity to own a 34 unit apartment building on Detroit's West Side in the Jamison Neighborhood. Surrounded by Wildemere Park, Boston Edison, Henry Ford Hospital, New Center, etc. Short ride to The Downtown and Midtown area. Features 26 one bed units, 4 two bed units and 4 three bed units. Potential to acquire more lots and land surrounding the building and on the block through the city. BUYER TO SUBMIT DEMO DEFERRAL APPLICATION AFTER CLOSING WITH CITY OF DETROIT.

3. 2024-08-26
   status Pending

   Show marketing remark (476 chars)

   Rare opportunity to own a 34 unit apartment building on Detroit's West Side in the Jamison Neighborhood. Surrounded by Wildemere Park, Boston Edison, Henry Ford Hospital, New Center, etc. Short ride to The Downtown and Midtown area. Features 26 one bed units, 4 two bed units and 4 three bed units. Potential to acquire more lots and land surrounding the building and on the block through the city. BUYER TO SUBMIT DEMO DEFERRAL APPLICATION AFTER CLOSING WITH CITY OF DETROIT.

4. 2024-06-06
   historical

   Show marketing remark (476 chars)

   Rare opportunity to own a 34 unit apartment building on Detroit's West Side in the Jamison Neighborhood. Surrounded by Wildemere Park, Boston Edison, Henry Ford Hospital, New Center, etc. Short ride to The Downtown and Midtown area. Features 26 one bed units, 4 two bed units and 4 three bed units. Potential to acquire more lots and land surrounding the building and on the block through the city. BUYER TO SUBMIT DEMO DEFERRAL APPLICATION AFTER CLOSING WITH CITY OF DETROIT.

5. 2024-06-06
   listed $175,000 Active

   Show marketing remark (476 chars)

   Rare opportunity to own a 34 unit apartment building on Detroit's West Side in the Jamison Neighborhood. Surrounded by Wildemere Park, Boston Edison, Henry Ford Hospital, New Center, etc. Short ride to The Downtown and Midtown area. Features 26 one bed units, 4 two bed units and 4 three bed units. Potential to acquire more lots and land surrounding the building and on the block through the city. BUYER TO SUBMIT DEMO DEFERRAL APPLICATION AFTER CLOSING WITH CITY OF DETROIT.

6. 2024-06-06
   listed $175,000 Active 476-char remark

   Show marketing remark (476 chars)

   Rare opportunity to own a 34 unit apartment building on Detroit's West Side in the Jamison Neighborhood. Surrounded by Wildemere Park, Boston Edison, Henry Ford Hospital, New Center, etc. Short ride to The Downtown and Midtown area. Features 26 one bed units, 4 two bed units and 4 three bed units. Potential to acquire more lots and land surrounding the building and on the block through the city. BUYER TO SUBMIT DEMO DEFERRAL APPLICATION AFTER CLOSING WITH CITY OF DETROIT.

7. 2024-06-06
   historical

   Show marketing remark (476 chars)

   Rare opportunity to own a 34 unit apartment building on Detroit's West Side in the Jamison Neighborhood. Surrounded by Wildemere Park, Boston Edison, Henry Ford Hospital, New Center, etc. Short ride to The Downtown and Midtown area. Features 26 one bed units, 4 two bed units and 4 three bed units. Potential to acquire more lots and land surrounding the building and on the block through the city. BUYER TO SUBMIT DEMO DEFERRAL APPLICATION AFTER CLOSING WITH CITY OF DETROIT.

8. 2024-06-04
   status Active
9. 2024-06-04
   status Active
10. 2024-04-01
    historical Accepting Backup Offers
11. 2024-04-01
    historical Accepting Backup Offers
12. 2024-02-19
    historical
13. 2024-02-19
    listed $195,000 Active
14. 2024-02-19
    listed $195,000 Active
15. 2024-02-19
    historical
16. 2023-12-14
    historical
17. 2023-12-13
    listed $389,000 Active
18. 2023-12-13
    listed $389,000 Active
19. 2023-12-13
    listed $389,000 Active
20. 2023-12-12
    historical
21. 2023-12-12
    historical
22. 2023-07-26
    listed $570,000 Active
23. 2023-07-26
    listed $570,000 Active

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

Taxation est. · year 1

• Rental income: $699,300
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$55,944
• − Management: −$55,944
• − Depreciation: −$5,091
• Taxable income: $569,018
• Est. tax owed @ 24.0%: −$136,564
• After-tax cash flow: $401,370/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): 15,227
• Household income: $45,046
• Rent vs Own: 46.4% rent · 53.6% own
• Severe rent burden: 646.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 3% Romanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 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: ▼ -139.60%
• Current HPI: 130.9545
• Rent YoY: ▲ 5.20%
• 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

-69.3% since first listed

23 events — show timeline

• 2024-12-17 Pending — REALCOMP
• 2024-08-26 Pending — MiRealSource-MiMLS
• 2024-08-26 Pending — REALCOMP
• 2024-06-06 Listing Removed — MiRealSource-MiMLS
• 2024-06-06 Listed $175,000 MiRealSource-MiMLS
• 2024-06-06 Listed $175,000 REALCOMP
• 2024-06-06 Listing Removed — REALCOMP
• 2024-06-04 Relisted — MiRealSource-MiMLS
• 2024-06-04 Relisted — REALCOMP
• 2024-04-01 Contingent — MiRealSource-MiMLS
• 2024-04-01 Contingent — REALCOMP
• 2024-02-19 Listing Removed — MiRealSource-MiMLS
• 2024-02-19 Listed $195,000 MiRealSource-MiMLS
• 2024-02-19 Listed $195,000 REALCOMP
• 2024-02-19 Listing Removed — REALCOMP
• 2023-12-14 Listing Removed — MiRealSource-MiMLS
• 2023-12-13 Listed $389,000 MiRealSource-MiMLS
• 2023-12-13 Listed $389,000 MiRealSource-MiMLS
• 2023-12-13 Listed $389,000 REALCOMP
• 2023-12-12 Listing Removed — MiRealSource-MiMLS
• 2023-12-12 Listing Removed — REALCOMP
• 2023-07-26 Listed $570,000 MiRealSource-MiMLS
• 2023-07-26 Listed $570,000 REALCOMP