2441 Holbrook St · Hamtramck, MI 48212

$389,900

8 bd · 4.0 ba · 3,036 sqft · MultiFamily · 23 Days on market

Built 1914 Fair condition 3,485 sqft lot Est $331k · 18% over

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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 +24.2/30.0
• DSCR +7.8/10.0
• 1% rule +6.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Great investment opportunity! Conveniently located FULL BRICK structure with large basement and FULL BRICK two-car garage!!!! And, in addition to four 2-bedroom units, there is also a huge attic space that could be ideal to add more units! Don't miss this opportunity! Schedule your appointment today! One unit is currently occupied on a month-to-month lease, and the other three units are available for full viewing!

Key facts

• Huge attic space
• Full brick structure
• Large basement

Tags

• FULL BRICK STRUCTURE
• LARGE BASEMENT
• FULL BRICK TWO-CAR GARAGE
• HUGE ATTIC SPACE

Property features AI

Finance

• Other: Pets allowed — contact listing for details
• Financial info: Property listed as residential income with 4 units; Typical unit size about 725 sq ft; Reported actual rent for unit type: $1,100 (per unit)

Exterior

• Parking: Garage plus on-street parking; paved surfaces
• Utilities: Public water; Public sewer
• Home design: Multi-family residential building; Two-story; Brick construction; Asphalt roof; Brick/mortar foundation; Lot roughly 30 x 120 (0.08 acre)
• Construction: Brick exterior
• Exterior features: Paved road frontage; Fenced backyard

Interior

• Bedrooms: Four 2-bedroom units
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Forced air heating (natural gas); Separate meters; No central cooling
• Interior features: Private entrances; Balconies; Full unfinished basement

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $390k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $780 ($9k/yr) — positive. Per door: $195/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $390k).
• Recommended offer: $384k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 4.4% in Hamtramck — 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 79/100 on livability (#88 in MI, #2,005 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime D, schools D-, employment F.
• Hamtramck School District (suburban): math 9% / reading 17% proficiency, ranked #519 of 540 in MI (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 86% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 166 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 $4,398/mo this rent would consume 138% of the median local household income ($38k/yr) (locally 1175% 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 $3k of loan paydown is wiped out by about $12k 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.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($384k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $35k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $384,051 (1.5% below list)

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1914 — 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 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.13% ✓
• Cap rate: 8.69%
• Cash-on-cash: 8.57%
• DSCR: 1.38
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $330,924
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2441 Holbrook St	0.00mi	8/4.0	3,036 (0%)	17mo	$330,000	$109	86

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -3.3%
• Equity multiple: 0.88×
• Total profit: $-13,441
• Equity at exit: $58,135

10-year hold

• IRR: 6.4%
• Equity multiple: 1.48×
• Total profit: $52,527
• Equity at exit: $33,711

Cash invested: $109,172 (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 48212

• Home prices YoY: -34.2%
• Active inventory: 166
• Price-to-rent: 29.5×

Monthly cashflow live

• Estimated rent: $4,398 high
• Mortgage (P&I): −$2,045
• Tax est. 1.5%: −$487 /mo · $5,848/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$924
• Net cashflow: $780

Break-even live

Break-even rent $3,411

Max offer price $389,900

Occupancy floor 77%

Sensitivity live

Price	-10% $1,049	-5% $915	+0% $780	+5% $645	+10% $510
Rent	-10% $432	-5% $606	+0% $780	+5% $954	+10% $1,127
Rate	-1.0pp $976	-0.5pp $879	base $780	+0.5pp $679	+1.0pp $576

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,400
Total (4 units)			$4,398

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: $97,475
• Closing costs: $11,697
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $389,900 Active 23 DOM
2. 2026-06-17
   days on market $389,900 Active 22 DOM
3. 2026-06-16
   days on market $389,900 Active 21 DOM
4. 2026-06-15
   days on market $389,900 Active 20 DOM
5. 2026-06-13
   remarks 695-char remark
6. 2026-06-13
   pricedays on market $389,900 Active 18 DOM
7. 2026-06-09
   days on market $399,900 Active 14 DOM
8. 2026-06-08
   days on market $399,900 Active 13 DOM
9. 2026-06-07
   remarks 457-char remark
10. 2026-06-07
    days on market $399,900 Active 12 DOM
11. 2026-06-04
    pricedays on market $399,900 Active 9 DOM
12. 2026-06-03
    days on market $424,900 Active 8 DOM
13. 2026-06-02
    days on market $424,900 Active 7 DOM
14. 2026-06-01
    days on market $424,900 Active 6 DOM
15. 2026-05-31
    days on market $424,900 Active 5 DOM
16. 2026-05-26
    listed $424,900 Active

    Show marketing remark (417 chars)

    Great investment opportunity! Conveniently located FULL BRICK structure with large basement and FULL BRICK two-car garage!!!! And, in addition to four 2-bedroom units, there is also a huge attic space that could be ideal to add more units! Don't miss this opportunity! Schedule your appointment today! One unit is currently occupied on a month-to-month lease, and the other three units are available for full viewing!

17. 2026-05-26
    listed $424,900 Active 417-char remark

    Show marketing remark (417 chars)

    Great investment opportunity! Conveniently located FULL BRICK structure with large basement and FULL BRICK two-car garage!!!! And, in addition to four 2-bedroom units, there is also a huge attic space that could be ideal to add more units! Don't miss this opportunity! Schedule your appointment today! One unit is currently occupied on a month-to-month lease, and the other three units are available for full viewing!

ⓘ 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 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,776
• − Mortgage interest: −$21,840
• − Property taxes: −$5,848
• − Insurance: −$1,950
• − Repairs & maintenance: −$4,222
• − Management: −$4,222
• − Depreciation: −$11,343
• Taxable income: $3,351
• Est. tax owed @ 24.0%: −$804
• After-tax cash flow: $8,555/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This multi-family property presents a moderate rehab opportunity with fair current condition. Exterior updates and landscaping improvements would significantly enhance its value.

Repairs flagged

• Major Exterior siding — Significant weathering and discoloration.
• Minor Landscaping — Some overgrown areas need trimming and care.

Value-add opportunities

• Both Paint and update exterior siding — Improves curb appeal and enhances property value.
• Both Landscaping and curb appeal improvements — Enhances property value and makes it more attractive to potential buyers/tenants.
• Rental HVAC maintenance and minor repairs — Ensures comfort and reduces maintenance costs for tenants.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Significant weathering and discoloration.	Major	$15,000–50,000
Landscaping · Some overgrown areas need trimming and care.	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both Paint and update exterior siding — Improves curb appeal and enhances property value. ↑
• Both Landscaping and curb appeal improvements — Enhances property value and makes it more attractive to potential buyers/tenants. ↑
• Rental HVAC maintenance and minor repairs — Ensures comfort and reduces maintenance costs for tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hamtramck School District
• NCES district ID: 2617520
• Math proficiency: 9% ▼ -10.00%
• Reading proficiency: 17% ▼ -4.00%
• Median HH income: $24,551
• Composite: 9.65/100
• National rank: #9839
• State rank: #519 of 540 in MI

Livability — Hamtramck

• Score: 79/100
• State rank: #88
• US rank: #2005

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hamtramck, MI
• County: Wayne County · 1,562,939 people
• City population: 43,384
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 43,384
• Household income: $38,186
• Rent vs Own: 38.3% rent · 61.7% own
• Severe rent burden: 1175.0

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: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 43% Asian 29% Black 19% Two or more races 6%
• Common ancestry: Romanian 4% Subsaharan African 1% American 1%
• Foreign-born: 41%
• Languages at home: 36% English-only · Other Indo-European 28% Arabic 28% Russian/Polish/Slavic 6%

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: ▼ -152.41%
• Current HPI: 292.9126
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-26 Listed $424,900 REALCOMP
• 2026-05-26 Listed $424,900 MiRealSource-MiMLS