21400 W 7 Mile Rd · Detroit, MI 48219

$3,500,000

5632 bd · 4096.0 ba · 50,478 sqft · MultiFamily · 272 Days on market

Built 1955 Fair condition 2.28 ac lot $69/sqft · 111% 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 +4.5/5.0
• Livability +3.7/5.0
• Condition / age +2.2/5.0
• 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: 64 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

64-unit brick apartment complex in 8 buildings that are connected situated on 2.28 acre site with nice curb appeal and location is 75% occupied. 24 two bedroom units and 40 one bedroom units. New electrical & plumbing have been completed to buildings of the 16 vacant units that need to be rehabbed. All other units have been remodeled! All units have individual furnaces which is paid for by tenants. Large parking lot for tenants and property management office and property manager in place. Ideal opportunity for all cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

Key facts

• 2.28 acre lot
• Built 1955
• Listed 272 days

What this means for you Summary

Snapshot

• This is a 24×2bd/1ba + 40×1bd/1ba units multifamily listed at $3.50M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $29k ($349k/yr) — positive. Per door: $455/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($67k rent vs $3.50M).
• Recommended offer: $3.08M (12.0% below list) — sets the bar for market timing.
• Cap rate 16.3% 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 (+8.0%/yr); 305 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 $67,447/mo this rent would consume 1854% of the median local household income ($44k/yr) (locally 3584% 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 $24k of loan paydown is wiped out by about $105k 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 + 8.0% rent growth), your $980k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 272 days — a 12% lower offer ($3.08M) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 3y ago; this cycle's ask has dropped $1.30M (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,080,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 272 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 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.93% ✓
• Cap rate: 16.27%
• Cash-on-cash: 35.63%
• DSCR: 2.59
• GRM: 4.3

CMA / ARV

• ARV (median comp): $1,660,871
• List price: $3,500,000
• Delta: 110.73%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 36.9%
• Equity multiple: 2.68×
• Total profit: $1,643,412
• Equity at exit: $521,861

10-year hold

• IRR: 46.0%
• Equity multiple: 6.55×
• Total profit: $5,443,667
• Equity at exit: $302,616

Cash invested: $980,000 (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 48219

• Home prices YoY: -10.3%
• Rents YoY: 8.0%
• Active inventory: 305
• Price-to-rent: 248.4×

Monthly cashflow live

• Estimated rent: $67,447 high
• Mortgage (P&I): −$18,354
• Tax est. 1.5%: −$4,375 /mo · $52,500/yr
• Insurance: −$1,458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$14,164
• Net cashflow: $29,095

Break-even live

Break-even rent $30,617

Max offer price $3,500,000

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
▸ 24× units	2	1	$28,176
▸ 40× units	1	1	$39,280
Total (64 units)			$67,447

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: $875,000
• Closing costs: $105,000
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-18
   days on market $3,500,000 Active 272 DOM
2. 2026-06-17
   days on market $3,500,000 Active 271 DOM
3. 2026-06-15
   days on market $3,500,000 Active 269 DOM
4. 2026-06-13
   days on market $3,500,000 Active 267 DOM
5. 2026-06-13
   days on market $3,500,000 Active 266 DOM
6. 2026-06-09
   days on market $3,500,000 Active 263 DOM
7. 2026-06-08
   days on market $3,500,000 Active 262 DOM
8. 2026-06-07
   days on market $3,500,000 Active 261 DOM
9. 2026-06-04
   days on market $3,500,000 Active 258 DOM
10. 2026-06-03
    days on market $3,500,000 Active 257 DOM
11. 2026-06-01
    days on market $3,500,000 Active 255 DOM
12. 2026-06-01
    price $3,500,000 Active 254 DOM
13. 2026-05-31
    days on market $4,800,000 Active 254 DOM
14. 2026-03-31
    status Active 615-char remark

    Show marketing remark (615 chars)

    64-unit brick apartment complex in 8 buildings that are connected situated on 2.28 acre site with nice curb appeal and location is 75% occupied. 24 two bedroom units and 40 one bedroom units. New electrical & plumbing have been completed to buildings of the 16 vacant units that need to be rehabbed. All other units have been remodeled! All units have individual furnaces which is paid for by tenants. Large parking lot for tenants and property management office and property manager in place. Ideal opportunity for all cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

15. 2026-03-27
    historical 615-char remark

    Show marketing remark (615 chars)

    64-unit brick apartment complex in 8 buildings that are connected situated on 2.28 acre site with nice curb appeal and location is 75% occupied. 24 two bedroom units and 40 one bedroom units. New electrical & plumbing have been completed to buildings of the 16 vacant units that need to be rehabbed. All other units have been remodeled! All units have individual furnaces which is paid for by tenants. Large parking lot for tenants and property management office and property manager in place. Ideal opportunity for all cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

16. 2026-03-10
    status Active 615-char remark

    Show marketing remark (615 chars)

    64-unit brick apartment complex in 8 buildings that are connected situated on 2.28 acre site with nice curb appeal and location is 75% occupied. 24 two bedroom units and 40 one bedroom units. New electrical & plumbing have been completed to buildings of the 16 vacant units that need to be rehabbed. All other units have been remodeled! All units have individual furnaces which is paid for by tenants. Large parking lot for tenants and property management office and property manager in place. Ideal opportunity for all cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

17. 2026-03-10
    status Active 615-char remark

    Show marketing remark (615 chars)

    64-unit brick apartment complex in 8 buildings that are connected situated on 2.28 acre site with nice curb appeal and location is 75% occupied. 24 two bedroom units and 40 one bedroom units. New electrical & plumbing have been completed to buildings of the 16 vacant units that need to be rehabbed. All other units have been remodeled! All units have individual furnaces which is paid for by tenants. Large parking lot for tenants and property management office and property manager in place. Ideal opportunity for all cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

18. 2026-03-07
    historical 615-char remark

    Show marketing remark (615 chars)

    64-unit brick apartment complex in 8 buildings that are connected situated on 2.28 acre site with nice curb appeal and location is 75% occupied. 24 two bedroom units and 40 one bedroom units. New electrical & plumbing have been completed to buildings of the 16 vacant units that need to be rehabbed. All other units have been remodeled! All units have individual furnaces which is paid for by tenants. Large parking lot for tenants and property management office and property manager in place. Ideal opportunity for all cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

19. 2026-03-07
    historical 615-char remark

    Show marketing remark (615 chars)

    64-unit brick apartment complex in 8 buildings that are connected situated on 2.28 acre site with nice curb appeal and location is 75% occupied. 24 two bedroom units and 40 one bedroom units. New electrical & plumbing have been completed to buildings of the 16 vacant units that need to be rehabbed. All other units have been remodeled! All units have individual furnaces which is paid for by tenants. Large parking lot for tenants and property management office and property manager in place. Ideal opportunity for all cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

20. 2025-09-12
    listed $4,800,000 Active 615-char remark

    Show marketing remark (615 chars)

    64-unit brick apartment complex in 8 buildings that are connected situated on 2.28 acre site with nice curb appeal and location is 75% occupied. 24 two bedroom units and 40 one bedroom units. New electrical & plumbing have been completed to buildings of the 16 vacant units that need to be rehabbed. All other units have been remodeled! All units have individual furnaces which is paid for by tenants. Large parking lot for tenants and property management office and property manager in place. Ideal opportunity for all cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

21. 2025-09-12
    listed $4,800,000 Active 615-char remark

    Show marketing remark (615 chars)

    64-unit brick apartment complex in 8 buildings that are connected situated on 2.28 acre site with nice curb appeal and location is 75% occupied. 24 two bedroom units and 40 one bedroom units. New electrical & plumbing have been completed to buildings of the 16 vacant units that need to be rehabbed. All other units have been remodeled! All units have individual furnaces which is paid for by tenants. Large parking lot for tenants and property management office and property manager in place. Ideal opportunity for all cash buyer or bank financing. Can be sold as a package with 3 other apartment complexes!

22. 2023-12-13
    historical
23. 2023-12-13
    historical
24. 2023-10-25
    status Active
25. 2023-10-25
    historical
26. 2023-09-21
    price $2,500,000
27. 2023-09-21
    status Active
28. 2023-07-15
    status Pending
29. 2023-07-14
    price $3,550,000
30. 2023-06-23
    price $2,500,000
31. 2023-04-08
    price $2,650,000
32. 2023-03-25
    price $2,850,000
33. 2023-02-25
    listed $3,200,000 Active
34. 2023-02-25
    listed $2,500,000

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 52% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 15 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: $809,364
• − Mortgage interest: −$196,054
• − Property taxes: −$52,500
• − Insurance: −$17,500
• − Repairs & maintenance: −$64,749
• − Management: −$64,749
• − Depreciation: −$101,818
• Taxable income: $311,993
• Est. tax owed @ 24.0%: −$74,878
• After-tax cash flow: $274,267/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 · 4 photos

Fair 45/100 Moderate rehab

The property is a 64-unit brick apartment complex with moderate repairs and maintenance needs. It has a fair condition score and could benefit from some cosmetic updates to increase its resale and rental value.

Repairs flagged

• Minor roof — No visible damage or wear on the roof.
• Minor exterior walls — No visible damage or wear on the exterior walls.

Value-add opportunities

• Resale Paint exterior walls — Fresh paint can enhance the curb appeal and make the property more attractive to potential buyers.
• Rental Clean and maintain gutters — Clean gutters can prevent water damage and improve the overall appearance of the property.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · No visible damage or wear on the roof.	Minor	$500–3,000
exterior walls · No visible damage or wear on the exterior walls.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale Paint exterior walls — Fresh paint can enhance the curb appeal and make the property more attractive to potential buyers. ↑
• Rental Clean and maintain gutters — Clean gutters can prevent water damage and improve the overall appearance of the property. ↑

ⓘ 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: 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): 47,208
• Household income: $43,655
• Rent vs Own: 45.1% rent · 54.9% own
• Severe rent burden: 3584.0

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 5% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% 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: ▼ -65.06%
• Current HPI: 563.3263
• Rent YoY: ▲ 8.04%
• 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

+50.0% since first listed

21 events — show timeline

• 2026-03-31 Relisted — REALCOMP
• 2026-03-27 Listing Removed — REALCOMP
• 2026-03-10 Relisted — REALCOMP
• 2026-03-10 Relisted — MiRealSource-MiMLS
• 2026-03-07 Listing Removed — REALCOMP
• 2026-03-07 Listing Removed — MiRealSource-MiMLS
• 2025-09-12 Listed $4,800,000 REALCOMP
• 2025-09-12 Listed $4,800,000 MiRealSource-MiMLS
• 2023-12-13 Listing Removed — REALCOMP
• 2023-12-13 Listing Removed — MiRealSource-MiMLS
• 2023-10-25 Relisted — MiRealSource-MiMLS
• 2023-10-25 Listing Removed — MiRealSource-MiMLS
• 2023-09-21 Price Changed $2,500,000 MiRealSource-MiMLS
• 2023-09-21 Relisted — MiRealSource-MiMLS
• 2023-07-15 Pending — MiRealSource-MiMLS
• 2023-07-14 Price Changed $3,550,000 MiRealSource-MiMLS
• 2023-06-23 Price Changed $2,500,000 MiRealSource-MiMLS
• 2023-04-08 Price Changed $2,650,000 MiRealSource-MiMLS
• 2023-03-25 Price Changed $2,850,000 MiRealSource-MiMLS
• 2023-02-25 Listed $2,500,000 REALCOMP
• 2023-02-25 Listed $3,200,000 MiRealSource-MiMLS