4144 Airport Rd · Village of Clarkston, MI 48329

$2,200,000

400 bd · 400.0 ba · 5,628 sqft · MultiFamily public records · 19 Days on market

Built 1954 1.54 ac lot

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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 +28.3/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• 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: 20 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

Airport Road Apartments is a 20-unit multifamily community situated on Airport Road in Waterford, Michigan - a stable, in-demand submarket within Oakland County. The property consists of two single-story buildings totaling 11,500 square feet, originally constructed in 1954. All 20 units are one-bedroom, one-bathroom floor plans, offering a consistent and easily managed unit mix that appeals to a broad renter demographic. The property is currently operating at 90% occupancy with gross rental revenue exceeding $17,000 per month, reflecting strong baseline demand. Current rents range from $925 to $975 per month, while market comparables suggest rents of $995 to $1,095 per month are achievable - representing meaningful upside for a new owner willing to execute modest lease-up and repositioning. The current NOI stands at $169,594, supporting a 7.71% cap rate at the asking price of $2,200,000 ($110,000/unit). Tenants are responsible for gas and electric, while the landlord covers water and trash - a utility structure that keeps operating expenses predictable and limits exposure to utility inflation. Notably, each unit features its own individual furnace and air conditioning condenser, providing forced heat and central AC - a rare amenity in a property of this vintage and price point. This setup gives residents full control over their own comfort while eliminating the common landlord headache of shared HVAC systems, and serves as a genuine differentiator in lease-up and tenant retention. The construction is block framing on a slab foundation with wood frame exterior, providing a durable and low-maintenance building envelope.

Key facts

• Wood frame exterior
• 1.54 acre lot
• 30 parking spots

Tags

• 20 UNIT MULTIFAMILY COMMUNITY
• TWO SINGLE STORY BUILDINGS
• WOOD FRAME EXTERIOR

Property features AI

Finance

• Other: Zoned for multi-family; Lot approximately 1.54 acres (dimensions approx. 249.58 x 243.77); Subdivision: SUPRVRS 19 - WATERFORD TOWNSHIP; Cross street: Airport Rd
• Financial info: Annual tax amount reported (verify with listing)

Exterior

• Parking: 30 parking spaces
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Single-story building; Faces unspecified
• Construction: Wood siding; Slab foundation; Built area above grade approximately 11,500 square feet
• Exterior features: Paved road access; Pets allowed (contact for details)

Interior

• Bathrooms: 20 full bathrooms
• Heating & cooling: Forced air heating; Natural gas; Separate meters; No cooling
• Interior features: Forced air heating with natural gas and separate meters; No central cooling

What this means for you Summary

Snapshot

• This is a 20 × 1-bed/1-bath units multifamily listed at $2.20M.

Deal economics

• At list price, monthly cash flow is $7k ($85k/yr) — positive. Per door: $353/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($28k rent vs $2.20M).
• Recommended offer: $2.17M (1.5% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 3.3% in Village of Clarkston — 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 (#98 in MI, #2,255 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• Waterford School District (suburban): math 26% / reading 42% proficiency, ranked #285 of 540 in MI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 137 active listings in the ZIP; solid renter incomes; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• At $28,153/mo this rent would consume 394% of the median local household income ($86k/yr) (locally 330% 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 $15k of loan paydown is wiped out by about $66k 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 + 3.0% rent growth), your $616k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($2.17M) is reasonable based on typical stale-listing flexibility.
• 16 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.
• Current owner paid $115k; list at $2.20M implies a 1813% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $2,167,000 (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. Built in 1954 — 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 A-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?
6. 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.
7. 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.
8. 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: 1.28% ✓
• Cap rate: 10.14%
• Cash-on-cash: 13.74%
• DSCR: 1.61
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 3.9%
• Equity multiple: 1.15×
• Total profit: $93,142
• Equity at exit: $328,027

10-year hold

• IRR: 13.4%
• Equity multiple: 2.07×
• Total profit: $661,237
• Equity at exit: $190,216

Cash invested: $616,000 (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 48329

• Active inventory: 137
• Price-to-rent: 130.2×

Monthly cashflow live

• Estimated rent: $28,153 medium
• Mortgage (P&I): −$11,537
• Tax from tax record: −$2,734 /mo · $32,808/yr
• Insurance: −$917
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,912
• Net cashflow: $7,053

Break-even live

Break-even rent $19,225

Max offer price $2,200,000

Occupancy floor 70%

Sensitivity live

Price	-10% $8,299	-5% $7,676	+0% $7,053	+5% $6,431	+10% $5,808
Rent	-10% $4,829	-5% $5,941	+0% $7,053	+5% $8,165	+10% $9,277
Rate	-1.0pp $8,161	-0.5pp $7,613	base $7,053	+0.5pp $6,483	+1.0pp $5,903

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

Units	Beds	Baths	Est. rent
▸ 20× units	1	1	$28,160
Total (20 units)			$28,153

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: $550,000
• Closing costs: $66,000
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   days on market $2,200,000 Active 19 DOM
2. 2026-06-18
   days on market $2,200,000 Active 16 DOM
3. 2026-06-17
   days on market $2,200,000 Active 15 DOM
4. 2026-06-16
   days on market $2,200,000 Active 14 DOM
5. 2026-06-15
   days on market $2,200,000 Active 13 DOM
6. 2026-06-13
   days on market $2,200,000 Active 11 DOM
7. 2026-06-09
   days on market $2,200,000 Active 7 DOM
8. 2026-06-08
   days on market $2,200,000 Active 6 DOM
9. 2026-06-07
   days on market $2,200,000 Active 5 DOM
10. 2026-06-04
    days on market $2,200,000 Active 2 DOM
11. 2026-06-02
    remarks 693-char remark

    Show marketing remark (1653 chars)

    Airport Road Apartments is a 20-unit multifamily community situated on Airport Road in Waterford, Michigan - a stable, in-demand submarket within Oakland County. The property consists of two single-story buildings totaling 11,500 square feet, originally constructed in 1954. All 20 units are one-bedroom, one-bathroom floor plans, offering a consistent and easily managed unit mix that appeals to a broad renter demographic. The property is currently operating at 90% occupancy with gross rental revenue exceeding $17,000 per month, reflecting strong baseline demand. Current rents range from $925 to $975 per month, while market comparables suggest rents of $995 to $1,095 per month are achievable - representing meaningful upside for a new owner willing to execute modest lease-up and repositioning. The current NOI stands at $169,594, supporting a 7.71% cap rate at the asking price of $2,200,000 ($110,000/unit). Tenants are responsible for gas and electric, while the landlord covers water and trash - a utility structure that keeps operating expenses predictable and limits exposure to utility inflation. Notably, each unit features its own individual furnace and air conditioning condenser, providing forced heat and central AC - a rare amenity in a property of this vintage and price point. This setup gives residents full control over their own comfort while eliminating the common landlord headache of shared HVAC systems, and serves as a genuine differentiator in lease-up and tenant retention. The construction is block framing on a slab foundation with wood frame exterior, providing a durable and low-maintenance building envelope.

12. 2026-06-02
    listed $2,200,000 Active 1 DOM

    Show marketing remark (1653 chars)

    Airport Road Apartments is a 20-unit multifamily community situated on Airport Road in Waterford, Michigan - a stable, in-demand submarket within Oakland County. The property consists of two single-story buildings totaling 11,500 square feet, originally constructed in 1954. All 20 units are one-bedroom, one-bathroom floor plans, offering a consistent and easily managed unit mix that appeals to a broad renter demographic. The property is currently operating at 90% occupancy with gross rental revenue exceeding $17,000 per month, reflecting strong baseline demand. Current rents range from $925 to $975 per month, while market comparables suggest rents of $995 to $1,095 per month are achievable - representing meaningful upside for a new owner willing to execute modest lease-up and repositioning. The current NOI stands at $169,594, supporting a 7.71% cap rate at the asking price of $2,200,000 ($110,000/unit). Tenants are responsible for gas and electric, while the landlord covers water and trash - a utility structure that keeps operating expenses predictable and limits exposure to utility inflation. Notably, each unit features its own individual furnace and air conditioning condenser, providing forced heat and central AC - a rare amenity in a property of this vintage and price point. This setup gives residents full control over their own comfort while eliminating the common landlord headache of shared HVAC systems, and serves as a genuine differentiator in lease-up and tenant retention. The construction is block framing on a slab foundation with wood frame exterior, providing a durable and low-maintenance building envelope.

ⓘ 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: $32,808 · $2,734/mo
• Projected year-2 tax: $33,344 · $2,779/mo
• Expected delta: +$536/yr (+$45/mo · 1.6%)

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

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 ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $337,836
• − Mortgage interest: −$123,234
• − Property taxes: −$32,808
• − Insurance: −$11,000
• − Repairs & maintenance: −$27,027
• − Management: −$27,027
• − Depreciation: −$64,000
• Taxable income: $52,740
• Est. tax owed @ 24.0%: −$12,658
• After-tax cash flow: $71,981/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: Waterford School District
• NCES district ID: 2635310
• Math proficiency: 26% ▼ -5.00%
• Reading proficiency: 42% ▼ -1.00%
• Median HH income: $55,581
• Composite: 29.99/100
• National rank: #6364
• State rank: #285 of 540 in MI

Livability — Village of Clarkston

• Score: 79/100
• State rank: #98
• US rank: #2255

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Oakland County · 1,009,092 people
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 24,715
• Household income: $85,709
• Rent vs Own: 10.6% rent · 89.4% own
• Severe rent burden: 330.0

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 (86%)
• Race & ethnicity: White 86% Two or more races 7% Hispanic / Latino 6% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 8% Slovak 4% Serbian 3%
• Foreign-born: 4% · China, Canada
• Languages at home: 94% English-only · Spanish 2% Chinese 1% Arabic 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: ▼ -292.54%
• Current HPI: 204.9674
• 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

+1813.0% since first listed

32 events — show timeline

• 2026-06-02 Listed $2,200,000 MiRealSource-MiMLS
• 2026-06-02 Listed $2,200,000 REALCOMP
• 2026-05-21 Listed for Rent $950 APPFOLIO
• 2026-05-09 Rental Removed $950 APPFOLIO
• 2026-02-26 Listed for Rent $950 APPFOLIO
• 2026-02-04 Rental Removed $950 APPFOLIO
• 2026-01-19 Listed for Rent $950 APPFOLIO
• 2025-08-03 Rental Removed $875 APPFOLIO
• 2025-07-31 Listed for Rent $875 APPFOLIO
• 2024-07-03 Rental Removed $875 APPFOLIO
• 2024-06-29 Listed for Rent $875 APPFOLIO
• 2024-06-28 Rental Removed $875 APPFOLIO
• 2024-06-22 Listed for Rent $875 APPFOLIO
• 2024-06-22 Rental Removed $875 APPFOLIO
• 2024-06-22 Listed for Rent $875 APPFOLIO
• 2024-06-03 Rental Removed $875 APPFOLIO
• 2024-05-14 Listed for Rent $875 APPFOLIO
• 2024-05-04 Rental Removed $975 APPFOLIO
• 2024-04-16 Rental Removed $975 APPFOLIO
• 2024-04-13 Listed for Rent $975 APPFOLIO
• 2024-04-10 Listed for Rent $900 APPFOLIO
• 2024-04-10 Rental Removed $900 APPFOLIO
• 2024-03-14 Rental Removed $900 APPFOLIO
• 2024-03-14 Listed for Rent $900 APPFOLIO
• 2024-03-13 Listed for Rent $900 APPFOLIO
• 2024-01-13 Rental Removed $875 APPFOLIO
• 2023-12-15 Listed for Rent $875 APPFOLIO
• 2023-09-09 Rental Removed $975 APPFOLIO
• 2023-08-02 Price Changed $975 APPFOLIO
• 2023-07-27 Price Changed $925 APPFOLIO
• 2023-07-16 Listed for Rent $900 APPFOLIO
• 1976-09-01 Sold (Public Records) $115,000 Public Records

Property tax history

+7.6%/yr

Latest (2025): $32,808 · +3.3% YoY. Source: county tax records.