326 Catalpa Dr · Royal Oak, MI 48067

$1,550

2 bd · 1.5 ba · 1,080 sqft · MultiFamily · 8 Days on market

Built 1953 4,792 sqft lot

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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
• Schools +4.4/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Solid Brick multi-family with large, spacious rooms and hardwood floors throughout. Upper and lower flats share a common basement with separate laundry facilities. Great location on a corner lot, very close to downtown Royal Oak.

Key facts

• Common basement
• Hardwood floors
• Corner lot

Tags

• HARDWOOD FLOORS
• COMMON BASEMENT
• SEPARATE LAUNDRY FACILITIES
• CORNER LOT
• CLOSE TO DOWNTOWN

Property features AI

Finance

• Other: Listing broker: Professional Leasing & Sales LLC; Listing agent: Sheila Mazzoline

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Two-story multi-family residential income property; Above-grade finished area approximately 1,080 square feet; Subdivision: EVANS HIGHLAND 2
• Exterior features: Lot dimensions approximately 38 x 128; Lot area about 0.11 acres

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Separate meters for heating; No central cooling
• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath multifamily listed at $2k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $2k).
• Cap rate 2005.3% vs local median 3.8% in Royal Oak — 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 83/100 on livability (#50 in MI, #1,020 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities D+.
• Royal Oak Schools (suburban): math 41% / reading 59% proficiency, ranked #89 of 540 in MI (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+4.7%/yr); 209 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent runs 35% of the median local income ($113k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10 of loan paydown is wiped out by about $46 of value loss. Plan a longer hold.
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $434 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,550

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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?
5. 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.
6. 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.
7. 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: 211.74% ✓
• Cap rate: 2005.31%
• Cash-on-cash: 7139.36%
• DSCR: 318.66
• GRM: 0.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.72% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 392.77×
• Total profit: $170,029
• Equity at exit: $231

10-year hold

• IRR: —
• Equity multiple: 887.11×
• Total profit: $384,573
• Equity at exit: $134

Cash invested: $434 (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 48067

• Rents YoY: 4.7%
• Active inventory: 209
• Price-to-rent: 0.1×

Monthly cashflow live

• Estimated rent: $3,282 high
• Mortgage (P&I): −$8
• Tax est. 1.5%: −$2 /mo · $23/yr
• Insurance: −$1
• HOA: −$0
• Vacancy / Maint / Mgmt: −$689
• Net cashflow: $2,582

Break-even live

Break-even rent $14

Max offer price $1,550

Occupancy floor 16%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,282
Total (2 units)			$3,282

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: $388
• Closing costs: $46
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 Austin Ave Royal Oak, MI	3.0	1.0	946	$2,200	$2.33	3d	1	0.17mi
1414 Crooks Rd Unit 2 Royal Oak, MI	3.0	2.0	1400	$1,800	$1.29	24d	1	0.22mi
430 N Washington Ave Unit A Royal Oak, MI	2.0	1.0	1150	$1,895	$1.65	24d	1	0.36mi
480 N Main St Royal Oak, MI	1.0–2.0	1.0–2.0	1045	$4,645	$4.44	1d	7	0.43mi
314 Oakland Ave Royal Oak, MI	1.0	1.0	700	$1,750	$2.50	24d	1	0.43mi
1723 Edgewood Dr Unit Labs Royal Oak, MI	3.0	3.0	1451	$3,000	$2.07	5d	1	0.44mi
308 W Twelve Mile Rd Unit 4/D Royal Oak, MI	3.0	1.0	1000	$2,200	$2.20	19d	1	0.45mi
1814 N Center St Royal Oak, MI	3.0	1.5	1072	$1,790	$1.67	3d	1	0.49mi
201 N Lafayette Ave Royal Oak, MI	1.0–2.0	1.0	755	$1,587	$2.10	1d	6	0.50mi
350 N Main St #806 Royal Oak, MI	2.0	2.0	1100	$2,400	$2.18	24d	1	0.52mi
350 N Main St Unit 608 Royal Oak, MI	2.0	2.0	1137	$2,500	$2.20	24d	1	0.52mi
118 N Main St Royal Oak, MI	3.0	1.0–3.0	1432	$4,848	$3.38	1d	4	0.57mi
1923 Crooks Rd Unit 1923-18 Royal Oak, MI	2.0	1.0	1000	$1,350	$1.35	24d	1	0.58mi
1880 Rochester Rd Royal Oak, MI	1.0–2.0	1.0	900	$1,550	$1.72	21d	1	0.60mi
1125 N Sherman Dr Apt 36 Royal Oak, MI	1.0	1.0	800	$1,150	$1.44	14d	1	0.62mi
1031 N Sherman Dr Unit A Royal Oak, MI	3.0	2.5	1500	$3,000	$2.00	1d	1	0.62mi
122 W Houstonia Ave Unit B Royal Oak, MI	2.0	1.0	800	$1,350	$1.69	20d	1	0.67mi
122 W Houstonia Ave Royal Oak, MI	2.0	1.0	800	$1,350	$1.69	24d	1	0.67mi
1607 Catalpa Dr Unit 1607 Catalpa Royal Oak, MI	2.0	1.0	950	$2,100	$2.21	24d	1	0.72mi
609 E Eleven Mile Rd Royal Oak, MI	1.0–2.0	1.0	925	$1,375	$1.49	24d	1	0.76mi
1007 Gardenia Ave Unit 1009 Royal Oak, MI	2.0	1.0	1000	$1,400	$1.40	24d	1	0.79mi
432 S Washington Ave #1506 Royal Oak, MI	1.0	1.5	1004	$3,400	$3.39	21d	1	0.80mi
100 W 5th St Royal Oak, MI	2.0	2.0	1119	$3,200	$2.86	24d	2	0.81mi
100 W 5th St Royal Oak, MI	2.0	2.0	1283	$3,015	$2.35	5d	2	0.81mi
310 W 6th St Unit 310-309 Royal Oak, MI	1.0	1.0	700	$1,495	$2.14	24d	1	0.85mi
325 E 6th St Unit 325-05 Royal Oak, MI	1.0	1.0	1000	$1,795	$1.79	21d	1	0.91mi
325 E 6th St Unit 325-08 Royal Oak, MI	1.0	1.0	1000	$1,725	$1.73	17d	1	0.91mi
325 E 6th St Unit 325-10 Royal Oak, MI	2.0	1.5	1400	$1,895	$1.35	5d	1	0.91mi
409 E 6th St Unit 2 Royal Oak, MI	1.0	1.0	850	$1,355	$1.59	24d	1	0.93mi
1079 Larkmoor Blvd Berkley, MI	3.0	1.5	1152	$2,350	$2.04	24d	1	0.98mi
855 S Main St Royal Oak, MI	1.0	1.0	1003	$2,508	$2.50	1d	1	1.06mi
2540 Rochester Rd Royal Oak, MI	1.0	1.0	700	$1,040	$1.49	24d	1	1.10mi
2702 N Main St Royal Oak, MI	3.0	1.5	1500	$2,350	$1.57	2d	1	1.12mi
1100 S Main St Royal Oak, MI	1.0–2.0	1.0–2.0	1179	$6,000	$5.09	1d	3	1.23mi
739 S Alexander Ave Unit Top Level Royal Oak, MI	1.0	1.0	900	$1,200	$1.33	17d	1	1.23mi
429 Linden Ave Royal Oak, MI	3.0	1.0	909	$1,995	$2.19	24d	1	1.24mi
1725 Gardenia Ave Royal Oak, MI	2.0	1.0	900	$1,350	$1.50	24d	1	1.25mi
1132 N Campbell Rd Royal Oak, MI	1.0–3.0	1.0–1.5	1050	$1,722	$1.64	1d	7	1.28mi
1674 Eaton Rd Berkley, MI	3.0	2.0	1500	$2,975	$1.98	43d	1	1.31mi
1230 Diamond Ct Unit E Royal Oak, MI	2.0	2.0	1212	$2,800	$2.31	24d	1	1.36mi

Listing history 6 events

1. 2026-06-18
   days on market $1,550 Active 8 DOM
2. 2026-06-17
   days on market $1,550 Active 7 DOM
3. 2026-06-16
   days on market $1,550 Active 6 DOM
4. 2026-06-15
   days on market $1,550 Active 5 DOM
5. 2026-06-13
   remarks 229-char remark
6. 2026-06-13
   listed $1,550 Active 3 DOM

ⓘ 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 2/10 Low 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,384
• − Mortgage interest: −$87
• − Property taxes: −$23
• − Insurance: −$8
• − Repairs & maintenance: −$3,151
• − Management: −$3,151
• − Depreciation: −$45
• Taxable income: $32,920
• Est. tax owed @ 24.0%: −$7,901
• After-tax cash flow: $23,084/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: Royal Oak Schools
• NCES district ID: 2630300
• Math proficiency: 41% ▼ -10.00%
• Reading proficiency: 59% ▼ -3.00%
• Median HH income: $65,456
• Composite: 44.19/100
• National rank: #2853
• State rank: #89 of 540 in MI

Livability — Royal Oak

• Score: 83/100
• State rank: #50
• US rank: #1020

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Royal Oak, MI
• County: Oakland County · 1,009,092 people
• City population: 57,974
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 24,868
• Household income: $112,840
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 625.0

Population outlook (Oakland County) Hauer SSP2

• Today (2025): 1,335,747 people
• By 2030: 1,375,100 · +2.9%
• By 2040: 1,435,385 · +7.5%
• By 2050: 1,469,250 · +10.0%
• By 2075: 1,531,946 · +14.7%
• By 2100: 1,450,485 · +8.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Two or more races 7% Black 3% Asian 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 12% Lithuanian 4% Slovak 4%
• Foreign-born: 7% · Canada, China, South Korea
• Languages at home: 92% English-only · Spanish 2% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Oakland

• 2024 margin: D (+10.6) · D 54.4% · R 43.8% · Other 1.9%
• 2008→2024 swing: -3.9pp toward R · 2008: 14.5pp · 2024: 10.6pp
• All cycles: 2024: D+10.6 2020: D+14.1 2016: D+8.1 2012: D+8.1 2008: D+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -571.62%
• Current HPI: 224.5887
• Rent YoY: ▲ 4.72%
• 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

1 event — show timeline

• 2026-06-11 Listed $1,550 REALCOMP