12927 Plymouth Rd · Detroit, MI 48227

$499,000

110 bd · 100.0 ba · 4,467 sqft · MultiFamily · 104 Days on market

Built 1955 0.28 ac lot $112/sqft · 126% above area

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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
• Rent growth +3.9/5.0
• Livability +3.7/5.0
• 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: 10 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

INVESTORS: Cash-flow from day one with this high-performing 10-unit apartment building at 12927 Plymouth Rd, priced to move at $550,000! Currently fully leased and generating $6,000/month in actual rent, this asset delivers an impressive 8%+ Cap Rate with additional room to grow. This rare deal also includes two adjacent vacant parking lots, 12913 Plymouth Rd and 12901 Plymouth Rd ( Fenced parking lot ), offering massive value for tenant parking or future development . The property features a low-maintenance brick exterior and gated courtyard, making it a perfect addition to any portfolio. Tenants pay their own electric bills, including for the electric baseboard heat. Please do not disturb tenants. Buyer and buyer's agent to verify all information; room measurements are approximate. Property is being sold AS-IS. No virtual showings. All buyers must be accompanied by a licensed real estate agent. A signed NDA and POF/Pre-Approval Letter are required to receive the full Rent Roll.

Key facts

• Fully leased
• Gated courtyard
• 0.28 acre lot

Tags

• 10 UNIT APARTMENT BUILDING
• FULLY LEASED
• LOW MAINTENANCE BRICK EXTERIOR
• GATED COURTYARD

What this means for you Summary

Snapshot

• This is a 10 × 1-bed/1-bath units multifamily listed at $499k.

Deal economics

• At list price, monthly cash flow is $4k ($49k/yr) — positive. Per door: $407/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $499k).
• Recommended offer: $454k (9.0% below list) — sets the bar for market timing.
• Cap rate 16.1% 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 rising fast (+5.6%/yr); 385 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 $9,515/mo this rent would consume 313% of the median local household income ($37k/yr) (locally 2371% 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 $15k 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 + 5.6% rent growth), your $140k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($454k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 20y ago; this cycle's ask has dropped $51k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $380k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $454,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% 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 1955 — 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: 1.91% ✓
• Cap rate: 16.08%
• Cash-on-cash: 34.94%
• DSCR: 2.55
• GRM: 4.4

CMA / ARV

• ARV (median comp): $220,364
• List price: $499,000
• Delta: 126.44%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.59% rent growth · sell at horizon

5-year hold

• IRR: 33.4%
• Equity multiple: 2.46×
• Total profit: $203,838
• Equity at exit: $74,403

10-year hold

• IRR: 41.7%
• Equity multiple: 5.45×
• Total profit: $621,810
• Equity at exit: $43,144

Cash invested: $139,720 (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 48227

• Rents YoY: 5.6%
• Active inventory: 385
• Price-to-rent: 43.7×

Monthly cashflow live

• Estimated rent: $9,515 medium
• Mortgage (P&I): −$2,617
• Tax est. 1.5%: −$624 /mo · $7,485/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,998
• Net cashflow: $4,068

Break-even live

Break-even rent $4,365

Max offer price $499,000

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
▸ 10× units	1	1	$9,520
Total (10 units)			$9,515

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: $124,750
• Closing costs: $14,970
• Reserves months: —
• Total cash needed: —

Listing history 49 events

1. 2026-06-18
   days on market $499,000 Active 104 DOM
2. 2026-06-17
   days on market $499,000 Active 103 DOM
3. 2026-06-15
   days on market $499,000 Active 101 DOM
4. 2026-06-13
   days on market $499,000 Active 99 DOM
5. 2026-06-13
   days on market $499,000 Active 98 DOM
6. 2026-06-09
   days on market $499,000 Active 95 DOM
7. 2026-06-08
   days on market $499,000 Active 94 DOM
8. 2026-06-07
   days on market $499,000 Active 93 DOM
9. 2026-06-04
   days on market $499,000 Active 90 DOM
10. 2026-06-03
    days on market $499,000 Active 89 DOM
11. 2026-06-01
    days on market $499,000 Active 87 DOM
12. 2026-05-31
    days on market $499,000 Active 86 DOM
13. 2026-04-29
    price $499,000 994-char remark

    Show marketing remark (994 chars)

    INVESTORS: Cash-flow from day one with this high-performing 10-unit apartment building at 12927 Plymouth Rd, priced to move at $550,000! Currently fully leased and generating $6,000/month in actual rent, this asset delivers an impressive 8%+ Cap Rate with additional room to grow. This rare deal also includes two adjacent vacant parking lots, 12913 Plymouth Rd and 12901 Plymouth Rd ( Fenced parking lot ), offering massive value for tenant parking or future development . The property features a low-maintenance brick exterior and gated courtyard, making it a perfect addition to any portfolio. Tenants pay their own electric bills, including for the electric baseboard heat. Please do not disturb tenants. Buyer and buyer's agent to verify all information; room measurements are approximate. Property is being sold AS-IS. No virtual showings. All buyers must be accompanied by a licensed real estate agent. A signed NDA and POF/Pre-Approval Letter are required to receive the full Rent Roll.

14. 2026-04-28
    price $499,000 1000-char remark

    Show marketing remark (1000 chars)

    INVESTORS: Cash-flow from day one with this high-performing 10-unit apartment building at 12927 Plymouth Rd, priced to move at $550,000! Currently fully leased and generating $6,000/month in actual rent, this asset delivers an impressive 8%+ Cap Rate with additional room to grow. This rare deal also includes two adjacent vacant parking lots, 12913 Plymouth Rd and 12901 Plymouth Rd ( Fenced parking lot ), offering massive value for tenant parking or future development . The property features a low-maintenance brick exterior and gated courtyard, making it a perfect addition to any portfolio. Tenants pay their own electric bills, including for the electric baseboard heat. Please do not disturb tenants. Buyer and buyer’s agent to verify all information; room measurements are approximate. Property is being sold AS-IS. No virtual showings. All buyers must be accompanied by a licensed real estate agent. A signed NDA and POF/Pre-Approval Letter are required to receive the full Rent Roll.

15. 2026-03-06
    listed $550,000 Active 994-char remark

    Show marketing remark (1000 chars)

    INVESTORS: Cash-flow from day one with this high-performing 10-unit apartment building at 12927 Plymouth Rd, priced to move at $550,000! Currently fully leased and generating $6,000/month in actual rent, this asset delivers an impressive 8%+ Cap Rate with additional room to grow. This rare deal also includes two adjacent vacant parking lots, 12913 Plymouth Rd and 12901 Plymouth Rd ( Fenced parking lot ), offering massive value for tenant parking or future development . The property features a low-maintenance brick exterior and gated courtyard, making it a perfect addition to any portfolio. Tenants pay their own electric bills, including for the electric baseboard heat. Please do not disturb tenants. Buyer and buyer’s agent to verify all information; room measurements are approximate. Property is being sold AS-IS. No virtual showings. All buyers must be accompanied by a licensed real estate agent. A signed NDA and POF/Pre-Approval Letter are required to receive the full Rent Roll.

16. 2026-03-06
    listed $550,000 Active 1000-char remark

    Show marketing remark (1000 chars)

    INVESTORS: Cash-flow from day one with this high-performing 10-unit apartment building at 12927 Plymouth Rd, priced to move at $550,000! Currently fully leased and generating $6,000/month in actual rent, this asset delivers an impressive 8%+ Cap Rate with additional room to grow. This rare deal also includes two adjacent vacant parking lots, 12913 Plymouth Rd and 12901 Plymouth Rd ( Fenced parking lot ), offering massive value for tenant parking or future development . The property features a low-maintenance brick exterior and gated courtyard, making it a perfect addition to any portfolio. Tenants pay their own electric bills, including for the electric baseboard heat. Please do not disturb tenants. Buyer and buyer’s agent to verify all information; room measurements are approximate. Property is being sold AS-IS. No virtual showings. All buyers must be accompanied by a licensed real estate agent. A signed NDA and POF/Pre-Approval Letter are required to receive the full Rent Roll.

17. 2022-09-17
    status Pending
18. 2022-09-17
    status Pending
19. 2022-09-16
    soldstatus $380,000 Sold
20. 2022-09-16
    soldstatus $380,000 Closed
21. 2022-09-03
    historical Accepting Backup Offers
22. 2022-09-03
    historical Accepting Backup Offers
23. 2022-07-11
    status Active
24. 2022-07-11
    status Active
25. 2022-05-02
    historical Accepting Backup Offers
26. 2022-05-02
    historical Accepting Backup Offers
27. 2022-01-18
    price $414,900
28. 2022-01-17
    price $414,900
29. 2021-12-31
    status Active
30. 2021-12-23
    historical
31. 2021-11-15
    listed $424,900 Active
32. 2021-11-15
    listed $424,900 Active
33. 2016-01-02
    soldstatus $425
34. 2015-12-11
    historical
35. 2015-12-02
    listed $425
36. 2015-09-28
    historical
37. 2015-08-05
    listed $425
38. 2015-06-26
    historical
39. 2015-03-20
    listed $400
40. 2015-02-09
    soldstatus $95,000 Sold
41. 2015-02-09
    soldstatus $95,000
42. 2015-01-08
    historical
43. 2015-01-07
    historical
44. 2014-07-03
    listed $120,000 Active
45. 2014-07-03
    listed $120,000
46. 2014-06-05
    historical
47. 2013-12-17
    listed $120,000
48. 2007-03-13
    historical
49. 2006-09-13
    listed $159,900

ⓘ 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 ≥97°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: $114,180
• − Mortgage interest: −$27,952
• − Property taxes: −$7,485
• − Insurance: −$2,495
• − Repairs & maintenance: −$9,134
• − Management: −$9,134
• − Depreciation: −$14,516
• Taxable income: $43,463
• Est. tax owed @ 24.0%: −$10,431
• After-tax cash flow: $38,389/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): 40,302
• Household income: $36,527
• Rent vs Own: 40.9% rent · 59.1% own
• Severe rent burden: 2371.0

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 (95%)
• Race & ethnicity: Black 95% Two or more races 3% White 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1% French/Haitian/Cajun 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: ▼ -125.00%
• Current HPI: 186.4158
• Rent YoY: ▲ 5.59%
• 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

+212.1% since first listed

37 events — show timeline

• 2026-04-29 Price Changed $499,000 MiRealSource-MiMLS
• 2026-04-28 Price Changed $499,000 REALCOMP
• 2026-03-06 Listed $550,000 REALCOMP
• 2026-03-06 Listed $550,000 MiRealSource-MiMLS
• 2022-09-17 Pending — MiRealSource-MiMLS
• 2022-09-17 Pending — REALCOMP
• 2022-09-16 Sold (MLS) $380,000 MiRealSource-MiMLS
• 2022-09-16 Sold (MLS) $380,000 REALCOMP
• 2022-09-03 Contingent — MiRealSource-MiMLS
• 2022-09-03 Contingent — REALCOMP
• 2022-07-11 Relisted — MiRealSource-MiMLS
• 2022-07-11 Relisted — REALCOMP
• 2022-05-02 Contingent — MiRealSource-MiMLS
• 2022-05-02 Contingent — REALCOMP
• 2022-01-18 Price Changed $414,900 MiRealSource-MiMLS
• 2022-01-17 Price Changed $414,900 REALCOMP
• 2021-12-31 Relisted — MiRealSource-MiMLS
• 2021-12-23 Listing Removed — MiRealSource-MiMLS
• 2021-11-15 Listed $424,900 MiRealSource-MiMLS
• 2021-11-15 Listed $424,900 REALCOMP
• 2016-01-02 Sold (MLS) $425 MiRealSource-MiMLS
• 2015-12-11 Listing Removed — MiRealSource-MiMLS
• 2015-12-02 Listed $425 MiRealSource-MiMLS
• 2015-09-28 Listing Removed — MiRealSource-MiMLS
• 2015-08-05 Listed $425 MiRealSource-MiMLS
• 2015-06-26 Listing Removed — MiRealSource-MiMLS
• 2015-03-20 Listed $400 MiRealSource-MiMLS
• 2015-02-09 Sold (MLS) $95,000 MiRealSource-MiMLS
• 2015-02-09 Sold (MLS) $95,000 REALCOMP
• 2015-01-08 Listing Removed — REALCOMP
• 2015-01-07 Listing Removed — MiRealSource-MiMLS
• 2014-07-03 Listed $120,000 MiRealSource-MiMLS
• 2014-07-03 Listed $120,000 REALCOMP
• 2014-06-05 Listing Removed — MiRealSource-MiMLS
• 2013-12-17 Listed $120,000 MiRealSource-MiMLS
• 2007-03-13 Listing Removed — MiRealSource-MiMLS
• 2006-09-13 Listed $159,900 MiRealSource-MiMLS