12660 Grafton Rd · Ash, MI 48117

$399,900

12 bd · 8.0 ba · 3,007 sqft · MultiFamily · 51 Days on market

Built 1936 Fair condition 9,148 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 +13.5/30.0
• ARV discount +7.5/15.0
• DSCR +4.1/10.0
• 1% rule +3.8/10.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0
• 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

Carleton-Mechanics dream!! Corner lot. Four unit Quad-Plex & 25 x 50 POLE BARN with a huge, vinyl fenced backyard. The pole barn has dirt floors & a separate parcel-it is included with the sale. Additional RV/boat black-topped parking on the North side of the house (enter from Grafton) & more between the pole barn (enter from Virginia) & the attached garage (which has a 10 car storage capability with 10 ft automatic doors & I-beam)! Unit A is a ~200 sq ft studio (was an office-currently used for a sauna) & Unit B is an ~800 sq ft studio apartment (currently leased to long term tenant who wants to stay). Both A & B are zoned Commercial. Unit C is owner occupied & zoned Residential. It is a 3 bedroom, 1 bath, upper ~1,000 sq ft unit with a Trex deck down to the yard & Jacuzzi. There is a fenced dog run with a bougie dog house/shed (electricity is hard-wired). Unit D is unfinished & zoned Residential. It is ~1,000 sq ft. Do not let this great opportunity pass you by! Clean & Move-In ready! Possession is negotiable. FHA available at no cost to the owner. * * Owner & Tenant Occupied - 24 hour notice requested, but there is flexibility * * BATVAI

Key facts

• Pole barn
• Fenced dog run
• Rv boat parking

Tags

• CORNER LOT
• POLE BARN
• VINYL FENCED BACKYARD
• RV BOAT PARKING
• FENCED DOG RUN
• JACUZZI

Property features AI

Finance

• Other: Zoning allows commercial and residential uses; Lot size approximately 0.21 acres (dimensions: 80 x 166.6 x IRR)
• Financial info: No financial details provided
• HOA & community: No HOA information provided

Exterior

• Parking: Oversized garage; Total of 10 parking spaces
• Security: No security features provided
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Two stories
• Construction: Vinyl siding; Slab foundation; Building contains approximately 3,007 above-grade finished square feet
• Exterior features: Fenced backyard; Paved road access; Corner lot (cross streets: Grafton & Virginia)

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: One 3-bedroom unit
• Flooring: No flooring details provided
• Bathrooms: Total of 2 full bathrooms (building-level count) — each unit includes 1 bathroom
• Heating & cooling: Central air; Wall unit(s); Forced air heating; Natural gas; Radiant heating; Steam heating
• Interior features: Gas water heater; Pets allowed
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $400k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $13 ($159/yr) — positive. Per door: $3/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $352k (12.1% below list).
• Recommended offer: $352k (12.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Airport Community Schools (rural): math 38% / reading 46% proficiency, ranked #170 of 540 in MI (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 40 active listings in the ZIP; 264 units permitted in Monroe County in 2024 (40 in 5+ unit buildings).

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.
• Monroe County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($388k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1936 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $351,500 (12.1% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 12% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.88% ✗
• Cap rate: 6.33%
• Cash-on-cash: 0.14%
• DSCR: 1.01
• GRM: 9.5

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: -16.1%
• Equity multiple: 0.43×
• Total profit: $-63,905
• Equity at exit: $59,626

10-year hold

• IRR: -7.7%
• Equity multiple: 0.51×
• Total profit: $-54,347
• Equity at exit: $34,576

Cash invested: $111,972 (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 48117

• Active inventory: 40
• Price-to-rent: 37.9×

Monthly cashflow live

• Estimated rent: $3,515 medium
• Mortgage (P&I): −$2,097
• Tax est. 1.5%: −$500 /mo · $5,998/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$738
• Net cashflow: $13

Break-even live

Break-even rent $3,498

Max offer price $399,900

Occupancy floor 95%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,516
Total (4 units)			$3,515

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $399,900 Active 51 DOM
2. 2026-06-17
   days on market $399,900 Active 50 DOM
3. 2026-06-16
   days on market $399,900 Active 49 DOM
4. 2026-06-15
   days on market $399,900 Active 48 DOM
5. 2026-06-13
   days on market $399,900 Active 46 DOM
6. 2026-06-13
   days on market $399,900 Active 45 DOM
7. 2026-06-09
   days on market $399,900 Active 42 DOM
8. 2026-06-08
   days on market $399,900 Active 41 DOM
9. 2026-06-07
   days on market $399,900 Active 40 DOM
10. 2026-06-04
    days on market $399,900 Active 37 DOM
11. 2026-06-03
    days on market $399,900 Active 36 DOM
12. 2026-06-02
    days on market $399,900 Active 35 DOM
13. 2026-06-01
    days on market $399,900 Active 34 DOM
14. 2026-05-31
    days on market $399,900 Active 33 DOM
15. 2026-04-28
    listed $399,900 Active

    Show marketing remark (1233 chars)

    Carleton-Mechanics dream!! Corner lot. Four unit Quad-Plex & 25 x 50 POLE BARN with a huge, vinyl fenced backyard. The pole barn has dirt floors & a separate parcel-it is included with the sale. Additional RV/boat black-topped parking on the North side of the house (enter from Grafton) & more between the pole barn (enter from Virginia) & the attached garage (which has a 10 car storage capability with 10 ft automatic doors & I-beam)! Unit A is a ~200 sq ft studio (was an office-currently used for a sauna) & Unit B is an ~800 sq ft studio apartment (currently leased to long term tenant who wants to stay). Both A & B are zoned Commercial. Unit C is owner occupied & zoned Residential. It is a 3 bedroom, 1 bath, upper ~1,000 sq ft unit with a Trex deck down to the yard & Jacuzzi. There is a fenced dog run with a bougie dog house/shed (electricity is hard-wired). Unit D is unfinished & zoned Residential. It is ~1,000 sq ft. Do not let this great opportunity pass you by! Clean & Move-In ready! Possession is negotiable. FHA available at no cost to the owner. * * Owner & Tenant Occupied - 24 hour notice requested, but there is flexibility * * BATVAI

16. 2026-04-28
    listed $399,900 Active 1233-char remark

    Show marketing remark (1233 chars)

    Carleton-Mechanics dream!! Corner lot. Four unit Quad-Plex & 25 x 50 POLE BARN with a huge, vinyl fenced backyard. The pole barn has dirt floors & a separate parcel-it is included with the sale. Additional RV/boat black-topped parking on the North side of the house (enter from Grafton) & more between the pole barn (enter from Virginia) & the attached garage (which has a 10 car storage capability with 10 ft automatic doors & I-beam)! Unit A is a ~200 sq ft studio (was an office-currently used for a sauna) & Unit B is an ~800 sq ft studio apartment (currently leased to long term tenant who wants to stay). Both A & B are zoned Commercial. Unit C is owner occupied & zoned Residential. It is a 3 bedroom, 1 bath, upper ~1,000 sq ft unit with a Trex deck down to the yard & Jacuzzi. There is a fenced dog run with a bougie dog house/shed (electricity is hard-wired). Unit D is unfinished & zoned Residential. It is ~1,000 sq ft. Do not let this great opportunity pass you by! Clean & Move-In ready! Possession is negotiable. FHA available at no cost to the owner. * * Owner & Tenant Occupied - 24 hour notice requested, but there is flexibility * * BATVAI

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,180
• − Mortgage interest: −$22,401
• − Property taxes: −$5,998
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,374
• − Management: −$3,374
• − Depreciation: −$11,633
• Taxable loss: −$6,601
• Est. tax savings @ 24.0%: +$1,584
• After-tax cash flow: $1,743/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 · 13 photos

Fair 45/100 Moderate rehab

The property is in fair condition with moderate repairs needed, including roof and exterior siding repairs. Painting the interior walls and repairing the roof and exterior siding would significantly increase its value.

Repairs flagged

• Major roof — visible wear
• Major exterior siding — gray siding with discoloration
• Major interior walls — paint appears worn

Value-add opportunities

• Both paint interior walls — Fresh paint can improve the home's appearance and appeal to potential buyers or renters
• Both repair roof — A new roof can significantly increase the home's value and reduce maintenance costs
• Both repair exterior siding — A new exterior siding can enhance the home's curb appeal and increase its value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · visible wear	Major	$15,000–50,000
exterior siding · gray siding with discoloration	Major	$15,000–50,000
interior walls · paint appears worn	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both paint interior walls — Fresh paint can improve the home's appearance and appeal to potential buyers or renters ↑
• Both repair roof — A new roof can significantly increase the home's value and reduce maintenance costs ↑
• Both repair exterior siding — A new exterior siding can enhance the home's curb appeal and increase its value ↑

ⓘ 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: Airport Community Schools
• NCES district ID: 2601980
• Math proficiency: 38% ▼ -1.00%
• Reading proficiency: 46% ▼ -4.00%
• Median HH income: $55,881
• Composite: 36.69/100
• National rank: #4601
• State rank: #170 of 540 in MI

Livability — Ash

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 10,199

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 144,439 people
• By 2030: 140,033 · -3.1%
• By 2040: 128,408 · -11.1%
• By 2050: 115,024 · -20.4%
• By 2075: 87,273 · -39.6%
• By 2100: 63,110 · -56.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3% Black 2%
• Common ancestry: Romanian 10% Lithuanian 6% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Monroe

• 2024 margin: Strong R (+27.1) · D 35.7% · R 62.9% · Other 1.4%
• 2008→2024 swing: -31.5pp toward R · 2008: 4.3pp · 2024: -27.1pp
• All cycles: 2024: R+27.1 2020: R+22.6 2016: R+22.1 2012: D+1.0 2008: D+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -150.05%
• Current HPI: 172.9092
• Rent YoY: —
• Metro: —
• 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

• 2026-04-28 Listed $399,900 MiRealSource-MiMLS
• 2026-04-28 Listed $399,900 REALCOMP