14440 Frankfort St · Detroit, MI 48224

$800,000

None bd · 1024.0 ba · 32,934 sqft · MultiFamily · 3 Days on market

Built 1958 0.75 ac 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
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• 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: 32 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

32 unit apartment building with strong value add potential located in Chandler Park. This property offers a total of 32,934 square feet, with a unit mix of 20 one-bedroom units and 12 two-bedroom units. The seller has already completed major capital improvements in 2021, including new windows, a new roof, and new siding, along with plumbing and electrical updates. The sale also includes 12 newly renovated kitchens, reducing upfront renovation work for the next owner. A recent after-repair value appraisal comes in at 1.9 million. This is an excellent 1031 exchange opportunity with significant upside potential for investors looking to expand or reposition a multifamily asset in a growing area. Call now to schedule a tour!

Key facts

• Plumbing updates
• New siding
• Value-add potential

Tags

• VALUE-ADD POTENTIAL
• MAJOR CAPITAL IMPROVEMENTS
• NEW WINDOWS
• NEW ROOF
• NEW SIDING
• PLUMBING UPDATES

What this means for you Summary

Snapshot

• This is a 20×1bd/1ba + 12×2bd/1ba units multifamily listed at $800k.

Deal economics

• At list price, monthly cash flow is $23k ($281k/yr) — positive. Per door: $730/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($37k rent vs $800k).
• Cap rate 41.4% vs local median 10.2% 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 flat; 484 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 $36,588/mo this rent would consume 979% of the median local household income ($45k/yr) (locally 2515% 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 $6k of loan paydown is wiped out by about $24k 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 + 0.7% rent growth), your $224k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 7y 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 $190k; list at $800k implies a 321% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $800,000

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 1958 — 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 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?
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. 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?
8. 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.
9. 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.
10. 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: 4.57% ✓
• Cap rate: 41.36%
• Cash-on-cash: 125.23%
• DSCR: 6.57
• GRM: 1.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.73% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.71×
• Total profit: $1,278,022
• Equity at exit: $119,283

10-year hold

• IRR: —
• Equity multiple: 13.11×
• Total profit: $2,711,815
• Equity at exit: $69,169

Cash invested: $224,000 (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 48224

• Rents YoY: 0.7%
• Active inventory: 484
• Price-to-rent: 61.8×

Monthly cashflow live

• Estimated rent: $36,588 high
• Mortgage (P&I): −$4,195
• Tax est. 1.5%: −$1,000 /mo · $12,000/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,683
• Net cashflow: $23,376

Break-even live

Break-even rent $6,998

Max offer price $800,000

Occupancy floor 31%

Sensitivity live

Price	-10% $23,929	-5% $23,652	+0% $23,376	+5% $23,099	+10% $22,823
Rent	-10% $20,485	-5% $21,931	+0% $23,376	+5% $24,821	+10% $26,266
Rate	-1.0pp $23,779	-0.5pp $23,579	base $23,376	+0.5pp $23,169	+1.0pp $22,958

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

Units	Beds	Baths	Est. rent
▸ 20× units	1	1	$21,600
▸ 12× units	2	1	$15,000
Total (32 units)			$36,588

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: $200,000
• Closing costs: $24,000
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $800,000 Coming Soon 3 DOM
2. 2026-06-17
   days on market $800,000 Coming Soon 2 DOM
3. 2026-06-15
   statusdays on marketlisting id $800,000 Coming Soon 1 DOM
4. 2026-04-23
   listed $800,000 Active 729-char remark

   Show marketing remark (729 chars)

   32 unit apartment building with strong value add potential located in Chandler Park. This property offers a total of 32,934 square feet, with a unit mix of 20 one-bedroom units and 12 two-bedroom units. The seller has already completed major capital improvements in 2021, including new windows, a new roof, and new siding, along with plumbing and electrical updates. The sale also includes 12 newly renovated kitchens, reducing upfront renovation work for the next owner. A recent after-repair value appraisal comes in at 1.9 million. This is an excellent 1031 exchange opportunity with significant upside potential for investors looking to expand or reposition a multifamily asset in a growing area. Call now to schedule a tour!

5. 2026-04-23
   listed $800,000 Active 729-char remark

   Show marketing remark (729 chars)

   32 unit apartment building with strong value add potential located in Chandler Park. This property offers a total of 32,934 square feet, with a unit mix of 20 one-bedroom units and 12 two-bedroom units. The seller has already completed major capital improvements in 2021, including new windows, a new roof, and new siding, along with plumbing and electrical updates. The sale also includes 12 newly renovated kitchens, reducing upfront renovation work for the next owner. A recent after-repair value appraisal comes in at 1.9 million. This is an excellent 1031 exchange opportunity with significant upside potential for investors looking to expand or reposition a multifamily asset in a growing area. Call now to schedule a tour!

6. 2026-04-22
   historical $800,000 729-char remark

   Show marketing remark (729 chars)

   32 unit apartment building with strong value add potential located in Chandler Park. This property offers a total of 32,934 square feet, with a unit mix of 20 one-bedroom units and 12 two-bedroom units. The seller has already completed major capital improvements in 2021, including new windows, a new roof, and new siding, along with plumbing and electrical updates. The sale also includes 12 newly renovated kitchens, reducing upfront renovation work for the next owner. A recent after-repair value appraisal comes in at 1.9 million. This is an excellent 1031 exchange opportunity with significant upside potential for investors looking to expand or reposition a multifamily asset in a growing area. Call now to schedule a tour!

7. 2021-10-18
   historical
8. 2021-10-18
   historical
9. 2021-09-30
   historical Accepting Backup Offers
10. 2021-09-30
    historical Accepting Backup Offers
11. 2021-09-21
    listed $975,000 Active
12. 2021-09-21
    listed $975,000 Active
13. 2020-04-20
    soldstatus $190,000 Sold
14. 2020-04-20
    soldstatus $190,000 Closed
15. 2020-03-27
    status Pending
16. 2020-03-27
    status Pending
17. 2020-02-04
    status Active
18. 2020-02-04
    status Active
19. 2019-12-21
    status Pending
20. 2019-12-21
    status Pending
21. 2019-11-18
    listed $400,000 Active
22. 2019-11-18
    listed $400,000 Active

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $439,056
• − Mortgage interest: −$44,812
• − Property taxes: −$12,000
• − Insurance: −$4,000
• − Repairs & maintenance: −$35,124
• − Management: −$35,124
• − Depreciation: −$23,273
• Taxable income: $284,722
• Est. tax owed @ 24.0%: −$68,333
• After-tax cash flow: $212,178/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): 39,668
• Household income: $44,856
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 2515.0

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 (88%)
• Race & ethnicity: Black 88% White 8% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Iranian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -226.38%
• Current HPI: 161.886
• Rent YoY: ▲ 0.73%
• 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

+100.0% since first listed

19 events — show timeline

• 2026-04-23 Listed $800,000 MiRealSource-MiMLS
• 2026-04-23 Listed $800,000 REALCOMP
• 2026-04-22 Coming Soon $800,000 MiRealSource-MiMLS
• 2021-10-18 Listing Removed — REALCOMP
• 2021-10-18 Listing Removed — MiRealSource-MiMLS
• 2021-09-30 Contingent — MiRealSource-MiMLS
• 2021-09-30 Contingent — REALCOMP
• 2021-09-21 Listed $975,000 MiRealSource-MiMLS
• 2021-09-21 Listed $975,000 REALCOMP
• 2020-04-20 Sold (MLS) $190,000 MiRealSource-MiMLS
• 2020-04-20 Sold (MLS) $190,000 REALCOMP
• 2020-03-27 Pending — MiRealSource-MiMLS
• 2020-03-27 Pending — REALCOMP
• 2020-02-04 Relisted — MiRealSource-MiMLS
• 2020-02-04 Relisted — REALCOMP
• 2019-12-21 Pending — MiRealSource-MiMLS
• 2019-12-21 Pending — REALCOMP
• 2019-11-18 Listed $400,000 MiRealSource-MiMLS
• 2019-11-18 Listed $400,000 REALCOMP