1124 Mckinstry St · Detroit, MI 48209

$229,000

5 bd · 2.5 ba · 2,798 sqft · MultiFamily public records · 26 Days on market

Built 1910 4,792 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 +29.5/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.6/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

A historic building built in 1890 as a storefront with a second floor apartment, 1124 McKinstry was later converted to 2 residential units and could be used as live/work space with a storefront or office on the ground floor. The first floor currently offers a partially renovated 2-bedroom, 1-bathroom apartment providing an opportunity for further improvements to enhance value and rental potential. The second floor is a newly renovated 3-bedroom, 1-bathroom with an in unit washer and dryer. Both units have separately metered utilities and a new roof was installed in 2023. The property is situated near Clark Park, Hubbard Farms, and Corktown in Detroit.

Key facts

• Historic building
• New roof
• 4,792 sq ft lot

Tags

• HISTORIC BUILDING
• PARTIALLY RENOVATED APARTMENT
• IN UNIT WASHER AND DRYER
• SEPARATELY METERED UTILITIES
• NEW ROOF

Property features AI

Finance

• Other: Lot approximately 0.11 acres (29.34 x 159.8); Zoned for multi-family

Exterior

• Utilities: Public water; Public sewer
• Home design: Multi-family residential property; Two stories
• Construction: Brick construction
• Exterior features: Paved road access; Pets allowed with size limit

Interior

• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Hot water heating; Natural gas heating; No central cooling
• Interior features: Basement present

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath multifamily listed at $229k.

Deal economics

• At list price, monthly cash flow is $816 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $229k).
• Recommended offer: $226k (1.5% below list) — sets the bar for market timing.

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: 69 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 $3,117/mo this rent would consume 87% of the median local household income ($43k/yr) (locally 831% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 6y ago 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.
• Current owner paid $125k; list at $229k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $225,565 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.36% ✓
• Cap rate: 10.57%
• Cash-on-cash: 15.28%
• DSCR: 1.68
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 35.6%
• Equity multiple: 3.76×
• Total profit: $176,805
• Equity at exit: $206,301

10-year hold

• IRR: 30.7%
• Equity multiple: 8.49×
• Total profit: $479,940
• Equity at exit: $444,897

Cash invested: $64,120 (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 48209

• Home prices YoY: 21.8%
• Active inventory: 69
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $3,117 high
• Mortgage (P&I): −$1,201
• Tax from tax record: −$350 /mo · $4,196/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$655
• Net cashflow: $816

Break-even live

Break-even rent $2,084

Max offer price $229,000

Occupancy floor 69%

Sensitivity live

Price	-10% $946	-5% $881	+0% $816	+5% $752	+10% $687
Rent	-10% $570	-5% $693	+0% $816	+5% $940	+10% $1,063
Rate	-1.0pp $932	-0.5pp $875	base $816	+0.5pp $757	+1.0pp $697

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,554
1× unit	3	1	$1,563
Total (2 units)			$3,117

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-21
   days on market $229,000 Active 26 DOM
2. 2026-06-18
   days on market $229,000 Active 23 DOM
3. 2026-06-17
   days on market $229,000 Active 22 DOM
4. 2026-06-15
   days on market $229,000 Active 20 DOM
5. 2026-06-13
   days on market $229,000 Active 18 DOM
6. 2026-06-13
   days on market $229,000 Active 17 DOM
7. 2026-06-09
   days on market $229,000 Active 14 DOM
8. 2026-06-08
   days on market $229,000 Active 13 DOM
9. 2026-06-07
   days on market $229,000 Active 12 DOM
10. 2026-06-04
    days on market $229,000 Active 9 DOM
11. 2026-06-03
    days on market $229,000 Active 8 DOM
12. 2026-06-02
    days on market $229,000 Active 7 DOM
13. 2026-06-01
    days on market $229,000 Active 6 DOM
14. 2026-05-31
    days on market $229,000 Active 5 DOM
15. 2026-05-26
    listed $229,000 Active

    Show marketing remark (659 chars)

    A historic building built in 1890 as a storefront with a second floor apartment, 1124 McKinstry was later converted to 2 residential units and could be used as live/work space with a storefront or office on the ground floor. The first floor currently offers a partially renovated 2-bedroom, 1-bathroom apartment providing an opportunity for further improvements to enhance value and rental potential. The second floor is a newly renovated 3-bedroom, 1-bathroom with an in unit washer and dryer. Both units have separately metered utilities and a new roof was installed in 2023. The property is situated near Clark Park, Hubbard Farms, and Corktown in Detroit.

16. 2026-05-26
    listed $229,000 Active 659-char remark

    Show marketing remark (659 chars)

    A historic building built in 1890 as a storefront with a second floor apartment, 1124 McKinstry was later converted to 2 residential units and could be used as live/work space with a storefront or office on the ground floor. The first floor currently offers a partially renovated 2-bedroom, 1-bathroom apartment providing an opportunity for further improvements to enhance value and rental potential. The second floor is a newly renovated 3-bedroom, 1-bathroom with an in unit washer and dryer. Both units have separately metered utilities and a new roof was installed in 2023. The property is situated near Clark Park, Hubbard Farms, and Corktown in Detroit.

17. 2025-06-01
    historical
18. 2025-06-01
    historical
19. 2025-04-01
    listed $290,000 Active
20. 2025-04-01
    listed $290,000 Active
21. 2024-02-19
    historical
22. 2024-02-19
    historical
23. 2023-12-06
    listed $315,000 Active
24. 2023-12-06
    listed $315,000 Active
25. 2022-04-11
    soldstatus $125,000
26. 2022-04-05
    soldstatus $125,000 Closed
27. 2022-01-08
    status Pending
28. 2022-01-07
    historical Accepting Backup Offers
29. 2022-01-07
    listed $140,000 Active
30. 2022-01-06
    historical $140,000
31. 2020-07-02
    historical
32. 2020-06-26
    listed $119,900 Active
33. 2017-10-11
    soldstatus $39,000

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

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $4,196 · $350/mo
• Projected year-2 tax: $4,196 · $350/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,404
• − Mortgage interest: −$12,828
• − Property taxes: −$4,196
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,992
• − Management: −$2,992
• − Depreciation: −$6,662
• Taxable income: $6,589
• Est. tax owed @ 24.0%: −$1,581
• After-tax cash flow: $8,216/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): 27,184
• Household income: $43,161
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 831.0

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 Hispanic (76%)
• Race & ethnicity: Hispanic / Latino 76% White 17% Two or more races 14% Black 6% Native American 2%
• Hispanic origin (detail): Mexican 58% Puerto Rican 7% Cuban 1%
• Common ancestry: Romanian 2% Lithuanian 0%
• Foreign-born: 26% · Canada
• Languages at home: 38% English-only · Spanish 62%

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: ▲ 73.77%
• Current HPI: 412.9753
• 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

+487.2% since first listed

19 events — show timeline

• 2026-05-26 Listed $229,000 REALCOMP
• 2026-05-26 Listed $229,000 MiRealSource-MiMLS
• 2025-06-01 Listing Removed — REALCOMP
• 2025-06-01 Listing Removed — MiRealSource-MiMLS
• 2025-04-01 Listed $290,000 REALCOMP
• 2025-04-01 Listed $290,000 MiRealSource-MiMLS
• 2024-02-19 Listing Removed — MiRealSource-MiMLS
• 2024-02-19 Listing Removed — REALCOMP
• 2023-12-06 Listed $315,000 MiRealSource-MiMLS
• 2023-12-06 Listed $315,000 REALCOMP
• 2022-04-11 Sold (Public Records) $125,000 Public Records
• 2022-04-05 Sold (MLS) $125,000 MiRealSource-MiMLS
• 2022-01-08 Pending — MiRealSource-MiMLS
• 2022-01-07 Contingent — MiRealSource-MiMLS
• 2022-01-07 Listed $140,000 MiRealSource-MiMLS
• 2022-01-06 Coming Soon $140,000 MiRealSource-MiMLS
• 2020-07-02 Listing Removed — MiRealSource-MiMLS
• 2020-06-26 Listed $119,900 MiRealSource-MiMLS
• 2017-10-11 Sold (Public Records) $39,000 Public Records

Property tax history

+13.4%/yr

Latest (2025): $4,196 · -36.9% YoY. Source: county tax records.