4847 Baldwin St · Detroit, MI 48214

$449,900

21 bd · 28.0 ba · 15,837 sqft · MultiFamily · 80 Days on market

Built 1925 7,405 sqft 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• 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: 7 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

Located at 4847 Baldwin Street, Detroit, MI, just north of The Villages neighborhood, The Balren apartment is a four-story brick apartment building offering a strong value-add investment opportunity with close proximity to Downtown Detroit and convenient access to all major highways. Built in 1925, the property had undergone renovations and has the potential to generate over $300,000 in gross annual income once stabilized. Previously approved and permitted improvements through BSEED include in-wall and underground plumbing, mechanical and electrical upgrades, newly installed split HVAC units, and new framing completed in 13 of the 26 units. The building features a total of 26 apartments consisting of 6 studios, 18 one-bedroom units, and 2 two-bedroom units, with projected monthly rents ranging from $1,250 to $1,500. A previously constructed basement laundry room with a new concrete slab is in place.

Key facts

• New framing
• New concrete slab
• 7,405 sq ft lot

Tags

• NEW FRAMING
• BASEMENT LAUNDRY ROOM
• NEW CONCRETE SLAB

What this means for you Summary

Snapshot

• This is a 7 × 3-bed/4.0-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $5k ($63k/yr) — positive. Per door: $747/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $450k).
• Recommended offer: $423k (6.0% below list) — sets the bar for market timing.
• Cap rate 20.2% 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: 298 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 $10,559/mo this rent would consume 378% of the median local household income ($34k/yr) (locally 1364% 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 $13k 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 + 3.0% rent growth), your $126k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($423k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 10y ago; this cycle's ask has dropped $100k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $300k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $422,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% 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. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 2.35% ✓
• Cap rate: 20.25%
• Cash-on-cash: 49.84%
• DSCR: 3.22
• GRM: 3.6

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: 47.5%
• Equity multiple: 3.07×
• Total profit: $260,514
• Equity at exit: $67,082

10-year hold

• IRR: 53.2%
• Equity multiple: 6.21×
• Total profit: $656,621
• Equity at exit: $38,899

Cash invested: $125,972 (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 48214

• Active inventory: 298
• Price-to-rent: 24.9×

Monthly cashflow live

• Estimated rent: $10,559 medium
• Mortgage (P&I): −$2,359
• Tax est. 1.5%: −$562 /mo · $6,748/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,217
• Net cashflow: $5,232

Break-even live

Break-even rent $3,936

Max offer price $449,900

Occupancy floor 45%

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

Units	Beds	Baths	Est. rent
▸ 7× units	3	4	$10,556
Total (7 units)			$10,559

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: $112,475
• Closing costs: $13,497
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-04-10
   status Pending 912-char remark

   Show marketing remark (912 chars)

   Located at 4847 Baldwin Street, Detroit, MI, just north of The Villages neighborhood, The Balren apartment is a four-story brick apartment building offering a strong value-add investment opportunity with close proximity to Downtown Detroit and convenient access to all major highways. Built in 1925, the property had undergone renovations and has the potential to generate over $300,000 in gross annual income once stabilized. Previously approved and permitted improvements through BSEED include in-wall and underground plumbing, mechanical and electrical upgrades, newly installed split HVAC units, and new framing completed in 13 of the 26 units. The building features a total of 26 apartments consisting of 6 studios, 18 one-bedroom units, and 2 two-bedroom units, with projected monthly rents ranging from $1,250 to $1,500. A previously constructed basement laundry room with a new concrete slab is in place.

2. 2026-04-10
   status Pending

   Show marketing remark (912 chars)

   Located at 4847 Baldwin Street, Detroit, MI, just north of The Villages neighborhood, The Balren apartment is a four-story brick apartment building offering a strong value-add investment opportunity with close proximity to Downtown Detroit and convenient access to all major highways. Built in 1925, the property had undergone renovations and has the potential to generate over $300,000 in gross annual income once stabilized. Previously approved and permitted improvements through BSEED include in-wall and underground plumbing, mechanical and electrical upgrades, newly installed split HVAC units, and new framing completed in 13 of the 26 units. The building features a total of 26 apartments consisting of 6 studios, 18 one-bedroom units, and 2 two-bedroom units, with projected monthly rents ranging from $1,250 to $1,500. A previously constructed basement laundry room with a new concrete slab is in place.

3. 2026-04-02
   price $449,900 912-char remark

   Show marketing remark (912 chars)

   Located at 4847 Baldwin Street, Detroit, MI, just north of The Villages neighborhood, The Balren apartment is a four-story brick apartment building offering a strong value-add investment opportunity with close proximity to Downtown Detroit and convenient access to all major highways. Built in 1925, the property had undergone renovations and has the potential to generate over $300,000 in gross annual income once stabilized. Previously approved and permitted improvements through BSEED include in-wall and underground plumbing, mechanical and electrical upgrades, newly installed split HVAC units, and new framing completed in 13 of the 26 units. The building features a total of 26 apartments consisting of 6 studios, 18 one-bedroom units, and 2 two-bedroom units, with projected monthly rents ranging from $1,250 to $1,500. A previously constructed basement laundry room with a new concrete slab is in place.

4. 2026-04-01
   price $449,900
5. 2026-02-26
   price $499,900 912-char remark

   Show marketing remark (912 chars)

   Located at 4847 Baldwin Street, Detroit, MI, just north of The Villages neighborhood, The Balren apartment is a four-story brick apartment building offering a strong value-add investment opportunity with close proximity to Downtown Detroit and convenient access to all major highways. Built in 1925, the property had undergone renovations and has the potential to generate over $300,000 in gross annual income once stabilized. Previously approved and permitted improvements through BSEED include in-wall and underground plumbing, mechanical and electrical upgrades, newly installed split HVAC units, and new framing completed in 13 of the 26 units. The building features a total of 26 apartments consisting of 6 studios, 18 one-bedroom units, and 2 two-bedroom units, with projected monthly rents ranging from $1,250 to $1,500. A previously constructed basement laundry room with a new concrete slab is in place.

6. 2026-02-25
   price $499,900
7. 2026-01-21
   listed $549,900 Active
8. 2026-01-20
   listed $549,900 Active 912-char remark

   Show marketing remark (912 chars)

   Located at 4847 Baldwin Street, Detroit, MI, just north of The Villages neighborhood, The Balren apartment is a four-story brick apartment building offering a strong value-add investment opportunity with close proximity to Downtown Detroit and convenient access to all major highways. Built in 1925, the property had undergone renovations and has the potential to generate over $300,000 in gross annual income once stabilized. Previously approved and permitted improvements through BSEED include in-wall and underground plumbing, mechanical and electrical upgrades, newly installed split HVAC units, and new framing completed in 13 of the 26 units. The building features a total of 26 apartments consisting of 6 studios, 18 one-bedroom units, and 2 two-bedroom units, with projected monthly rents ranging from $1,250 to $1,500. A previously constructed basement laundry room with a new concrete slab is in place.

9. 2025-03-20
   historical
10. 2025-03-20
    historical
11. 2025-02-17
    listed $975,000 Active
12. 2025-02-17
    listed $975,000 Active
13. 2025-02-02
    historical
14. 2025-02-02
    historical
15. 2024-09-12
    listed $1,150,000 Active
16. 2024-09-12
    listed $1,150,000 Active
17. 2019-05-28
    soldstatus $300,000 Sold
18. 2019-05-28
    soldstatus $300,000 Closed
19. 2019-04-22
    status Pending
20. 2019-04-22
    historical
21. 2019-04-08
    historical
22. 2019-04-08
    historical
23. 2019-02-13
    listed $350,000 Active
24. 2019-02-13
    listed $350,000
25. 2019-02-13
    listed $350,000 Active
26. 2019-02-13
    listed $350,000 Active
27. 2017-10-12
    historical
28. 2017-06-01
    listed $529,000
29. 2016-11-21
    soldstatus $300,000 Closed
30. 2016-11-21
    historical
31. 2016-11-01
    soldstatus $300,000
32. 2016-09-01
    historical
33. 2016-02-23
    listed $325,000 Active
34. 2016-01-29
    listed $325,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $126,708
• − Mortgage interest: −$25,201
• − Property taxes: −$6,748
• − Insurance: −$2,250
• − Repairs & maintenance: −$10,137
• − Management: −$10,137
• − Depreciation: −$13,088
• Taxable income: $59,147
• Est. tax owed @ 24.0%: −$14,195
• After-tax cash flow: $48,594/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): 18,595
• Household income: $33,544
• Rent vs Own: 59.0% rent · 41.0% own
• Severe rent burden: 1364.0

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 (79%)
• Race & ethnicity: Black 79% White 16% Two or more races 4%
• Common ancestry: Romanian 1% Iranian 1% Lithuanian 1%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 98% English-only · Spanish 1%

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: ▼ -367.43%
• Current HPI: 102.0969
• 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

+38.4% since first listed

34 events — show timeline

• 2026-04-10 Pending — MiRealSource-MiMLS
• 2026-04-10 Pending — REALCOMP
• 2026-04-02 Price Changed $449,900 MiRealSource-MiMLS
• 2026-04-01 Price Changed $449,900 REALCOMP
• 2026-02-26 Price Changed $499,900 MiRealSource-MiMLS
• 2026-02-25 Price Changed $499,900 REALCOMP
• 2026-01-21 Listed $549,900 REALCOMP
• 2026-01-20 Listed $549,900 MiRealSource-MiMLS
• 2025-03-20 Listing Removed — REALCOMP
• 2025-03-20 Listing Removed — MiRealSource-MiMLS
• 2025-02-17 Listed $975,000 REALCOMP
• 2025-02-17 Listed $975,000 MiRealSource-MiMLS
• 2025-02-02 Listing Removed — MiRealSource-MiMLS
• 2025-02-02 Listing Removed — REALCOMP
• 2024-09-12 Listed $1,150,000 REALCOMP
• 2024-09-12 Listed $1,150,000 MiRealSource-MiMLS
• 2019-05-28 Sold (MLS) $300,000 MiRealSource-MiMLS
• 2019-05-28 Sold (MLS) $300,000 REALCOMP
• 2019-04-22 Pending — REALCOMP
• 2019-04-22 Listing Removed — MiRealSource-MiMLS
• 2019-04-08 Listing Removed — MiRealSource-MiMLS
• 2019-04-08 Listing Removed — REALCOMP
• 2019-02-13 Listed $350,000 REALCOMP
• 2019-02-13 Listed $350,000 MiRealSource-MiMLS
• 2019-02-13 Listed $350,000 MiRealSource-MiMLS
• 2019-02-13 Listed $350,000 REALCOMP
• 2017-10-12 Listing Removed — MiRealSource-MiMLS
• 2017-06-01 Listed $529,000 MiRealSource-MiMLS
• 2016-11-21 Sold (MLS) $300,000 MiRealSource-MiMLS
• 2016-11-21 Listing Removed — MiRealSource-MiMLS
• 2016-11-01 Sold (MLS) $300,000 REALCOMP
• 2016-09-01 Listing Removed — REALCOMP
• 2016-02-23 Listed $325,000 MiRealSource-MiMLS
• 2016-01-29 Listed $325,000 REALCOMP