10101 Cadieux Rd · Detroit, MI 48224

$1,100,000

208 bd · 256.0 ba · 16,158 sqft · MultiFamily · 108 Days on market

Built 1965 0.25 ac lot $68/sqft · 36% above area Est $808k · 36% over

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Why this score? — see what drove the C+ 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
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 16 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

This 16-unit apartment complex, which has been fully updated, is situated in a central area with direct access to major roads and established retail centers. Immediate Investor Upside: The asset is currently vacant, presenting a rare, turn-key opportunity for a new owner to implement their own leasing strategy, secure tenants at market rates, and immediately stabilize cash flow. showings by appointment only

Key facts

• Central area
• Direct access
• Fully updated

Tags

• FULLY UPDATED
• CENTRAL AREA
• DIRECT ACCESS
• ESTABLISHED RETAIL CENTERS
• TURN-KEY OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 16 × 1-bed/1-bath units multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $7k ($87k/yr) — positive. Per door: $453/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.10M).
• Recommended offer: $1.00M (9.0% below list) — sets the bar for market timing.
• Cap rate 14.2% 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: 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 $18,801/mo this rent would consume 503% 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 $8k of loan paydown is wiped out by about $33k 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 $308k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($1.00M) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 8y ago; this cycle's ask is 122122% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $1,001,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 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 1965 — 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: 1.71% ✓
• Cap rate: 14.20%
• Cash-on-cash: 28.25%
• DSCR: 2.26
• GRM: 4.9

CMA / ARV

• ARV (median comp): $808,234
• List price: $1,100,000
• Delta: 36.10%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 19.9%
• Equity multiple: 1.79×
• Total profit: $241,860
• Equity at exit: $164,014

10-year hold

• IRR: 26.5%
• Equity multiple: 3.08×
• Total profit: $641,780
• Equity at exit: $95,108

Cash invested: $308,000 (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: 78.0×

Monthly cashflow live

• Estimated rent: $18,801 high
• Mortgage (P&I): −$5,769
• Tax est. 1.5%: −$1,375 /mo · $16,500/yr
• Insurance: −$458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,948
• Net cashflow: $7,251

Break-even live

Break-even rent $9,623

Max offer price $1,100,000

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 16× units	1	1	$18,800
Total (16 units)			$18,801

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-18
   days on market $1,100,000 Active 108 DOM
2. 2026-06-17
   days on market $1,100,000 Active 107 DOM
3. 2026-06-15
   days on market $1,100,000 Active 105 DOM
4. 2026-06-13
   days on market $1,100,000 Active 103 DOM
5. 2026-06-13
   days on market $1,100,000 Active 102 DOM
6. 2026-06-10
   price $1,100,000 Active 99 DOM
7. 2026-06-09
   days on market $1,150,000 Active 99 DOM
8. 2026-06-08
   days on market $1,150,000 Active 98 DOM
9. 2026-06-07
   days on market $1,150,000 Active 97 DOM
10. 2026-06-04
    days on market $1,150,000 Active 94 DOM
11. 2026-06-03
    days on market $1,150,000 Active 93 DOM
12. 2026-06-01
    days on market $1,150,000 Active 91 DOM
13. 2026-05-31
    days on market $1,150,000 Active 90 DOM
14. 2026-03-09
    price $1,150,000 410-char remark

    Show marketing remark (410 chars)

    This 16-unit apartment complex, which has been fully updated, is situated in a central area with direct access to major roads and established retail centers. Immediate Investor Upside: The asset is currently vacant, presenting a rare, turn-key opportunity for a new owner to implement their own leasing strategy, secure tenants at market rates, and immediately stabilize cash flow. showings by appointment only

15. 2026-03-09
    price $1,150,000 410-char remark

    Show marketing remark (410 chars)

    This 16-unit apartment complex, which has been fully updated, is situated in a central area with direct access to major roads and established retail centers. Immediate Investor Upside: The asset is currently vacant, presenting a rare, turn-key opportunity for a new owner to implement their own leasing strategy, secure tenants at market rates, and immediately stabilize cash flow. showings by appointment only

16. 2026-03-06
    listed $900
17. 2026-03-02
    listed $1,175,000 Active 410-char remark

    Show marketing remark (410 chars)

    This 16-unit apartment complex, which has been fully updated, is situated in a central area with direct access to major roads and established retail centers. Immediate Investor Upside: The asset is currently vacant, presenting a rare, turn-key opportunity for a new owner to implement their own leasing strategy, secure tenants at market rates, and immediately stabilize cash flow. showings by appointment only

18. 2026-03-02
    listed $1,175,000 Active 410-char remark

    Show marketing remark (410 chars)

    This 16-unit apartment complex, which has been fully updated, is situated in a central area with direct access to major roads and established retail centers. Immediate Investor Upside: The asset is currently vacant, presenting a rare, turn-key opportunity for a new owner to implement their own leasing strategy, secure tenants at market rates, and immediately stabilize cash flow. showings by appointment only

19. 2019-11-14
    historical
20. 2019-11-14
    historical
21. 2019-08-26
    status Active
22. 2019-08-26
    historical
23. 2019-03-25
    listed $600,000 Active
24. 2019-03-25
    listed $600,000
25. 2018-11-01
    historical
26. 2018-11-01
    historical
27. 2018-09-14
    price $599,900
28. 2018-05-27
    price $660,000
29. 2018-04-20
    listed $715,000 Active
30. 2018-04-20
    listed $599,900

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $225,612
• − Mortgage interest: −$61,617
• − Property taxes: −$16,500
• − Insurance: −$5,500
• − Repairs & maintenance: −$18,049
• − Management: −$18,049
• − Depreciation: −$32,000
• Taxable income: $73,897
• Est. tax owed @ 24.0%: −$17,735
• After-tax cash flow: $69,276/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

+60.8% since first listed

17 events — show timeline

• 2026-03-09 Price Changed $1,150,000 MiRealSource-MiMLS
• 2026-03-09 Price Changed $1,150,000 REALCOMP
• 2026-03-06 Listed for Rent $900 REALSOURCE
• 2026-03-02 Listed $1,175,000 REALCOMP
• 2026-03-02 Listed $1,175,000 MiRealSource-MiMLS
• 2019-11-14 Listing Removed — REALCOMP
• 2019-11-14 Listing Removed — MiRealSource-MiMLS
• 2019-08-26 Relisted — MiRealSource-MiMLS
• 2019-08-26 Listing Removed — MiRealSource-MiMLS
• 2019-03-25 Listed $600,000 REALCOMP
• 2019-03-25 Listed $600,000 MiRealSource-MiMLS
• 2018-11-01 Listing Removed — REALCOMP
• 2018-11-01 Listing Removed — MiRealSource-MiMLS
• 2018-09-14 Price Changed $599,900 MiRealSource-MiMLS
• 2018-05-27 Price Changed $660,000 MiRealSource-MiMLS
• 2018-04-20 Listed $599,900 REALCOMP
• 2018-04-20 Listed $715,000 MiRealSource-MiMLS