7442 Spy Glass Ln · Ypsilanti, MI 48197

$350,000

4 bd · 2.5 ba · 1,892 sqft · Condo · 19 Days on market

Built 1999 $33/mo HOA · 1% of rent

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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 +23.3/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful 4-bedroom, 2.5-bath home in Amberly Grove subdivision with newer windows and roof! The inviting layout offers a comfortable flow, perfect for everyday living and entertaining. Upstairs, you’ll find four spacious bedrooms, including a primary suite with a private ensuite bath. Enjoy the deck overlooking the pond—ideal for pets or outdoor gatherings. Recently replaced roof! Conveniently located near schools, restaurants, shopping, and expressways, making commuting and errands a breeze.

Key facts

• 8,276 sq ft lot
• 2 garage spots
• Built 1999

Property features AI

Finance

• Other: Located in Amberly Grove Condo in Ypsilanti Township (city mailing: Ypsilanti)
• HOA & community: Homeowners association with a $100 quarterly fee; Association phone available

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Natural gas heating fuel
• Home design: Residential property; 2-story structure; Entry-level kitchen and living areas; Built in 1999
• Construction: Vinyl siding construction; Basement foundation; Built in 1999
• Exterior features: Vinyl siding; Paved street access; Frontage approximately 59 feet; Approximately 0.19 acres

Interior

• Kitchen: Kitchen on entry level, approximately 21 x 9
• Bedrooms: All bedrooms on the second floor; Bedroom sizes include 15 x 15, 12 x 10, 12 x 9, and 11 (width listed)
• Bathrooms: 2 full bathrooms and 1 lavatory (3 total fixtures); Bathrooms and lavatory on the second floor
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: 10 total rooms; Unfinished basement
• Laundry & utility: Basement present (unfinished)

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath condo listed at $350k.

Deal economics

• At list price, monthly cash flow is $641 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $345k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.8% in Ypsilanti — 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 81/100 on livability (#71 in MI, #1,539 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment D-.
• Lincoln Consolidated School District (rural): math 17% / reading 33% proficiency, ranked #393 of 540 in MI (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.4%/yr); 242 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).
• At $3,642/mo this rent would consume 59% of the median local household income ($74k/yr) (locally 3134% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Washtenaw County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $208k; list at $350k implies a 68% gain — meaningful room to come down on a strong offer.

Recommended offer $344,750 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.04% ✓
• Cap rate: 8.49%
• Cash-on-cash: 7.85%
• DSCR: 1.35
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.36% rent growth · sell at horizon

5-year hold

• IRR: -4.0%
• Equity multiple: 0.85×
• Total profit: $-14,600
• Equity at exit: $52,186

10-year hold

• IRR: 6.1%
• Equity multiple: 1.46×
• Total profit: $45,123
• Equity at exit: $30,262

Cash invested: $98,000 (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 48197

• Rents YoY: 3.4%
• Active inventory: 242
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $3,642 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$221 /mo · $2,655/yr
• Insurance: −$146
• HOA: −$33
• Vacancy / Maint / Mgmt: −$765
• Net cashflow: $641

Break-even live

Break-even rent $2,830

Max offer price $350,000

Occupancy floor 77%

Sensitivity live

Price	-10% $839	-5% $740	+0% $641	+5% $542	+10% $443
Rent	-10% $354	-5% $498	+0% $641	+5% $785	+10% $929
Rate	-1.0pp $818	-0.5pp $730	base $641	+0.5pp $551	+1.0pp $458

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7274 Rachel Dr Ypsilanti, MI	4.0	2.5	1746	$4,950	$2.84	13d	1	0.16mi
7740 Pioneer Dr Ypsilanti, MI	5.0	2.5	2146	$2,700	$1.26	45d	1	0.65mi
7995 Stony Creek Rd Unit 1 Ypsilanti, MI	3.0	1.0	1300	$2,300	$1.77	15d	1	1.48mi

HOA detail condo

• Monthly dues: $33 · $396/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $350,000 Active 19 DOM
2. 2026-06-17
   days on market $350,000 Active 18 DOM
3. 2026-06-16
   pricedays on market $350,000 Active 17 DOM
4. 2026-06-15
   days on market $360,000 Active 16 DOM
5. 2026-06-14
   days on market $360,000 Active 14 DOM
6. 2026-06-10
   days on market $360,000 Active 11 DOM
7. 2026-06-09
   days on market $360,000 Active 10 DOM
8. 2026-06-08
   days on market $360,000 Active 9 DOM
9. 2026-06-07
   days on market $360,000 Active 8 DOM
10. 2026-06-05
    days on market $360,000 Active 5 DOM
11. 2026-06-03
    days on market $360,000 Active 4 DOM
12. 2026-06-02
    days on market $360,000 Active 3 DOM
13. 2026-06-01
    days on market $360,000 Active 2 DOM
14. 2026-06-01
    price $360,000 Active 1 DOM
15. 2026-05-31
    remarks 498-char remark
16. 2026-05-31
    statusdays on marketlisting id $350,000 Active 1 DOM
17. 2026-05-30
    days on market $350,000 Coming Soon 3 DOM
18. 2026-05-28
    historical $350,000
19. 2004-05-11
    soldstatus $208,000
20. 2001-01-17
    soldstatus $180,000
21. 1999-07-23
    soldstatus $35,000

ⓘ 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: $2,655 · $221/mo
• Projected year-2 tax: $4,022 · $335/mo
• Expected delta: +$1,368/yr (+$114/mo · 51.5%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,699
• − Mortgage interest: −$19,605
• − Property taxes: −$2,655
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,496
• − Management: −$3,496
• − HOA: −$396
• − Depreciation: −$10,182
• Taxable income: $2,119
• Est. tax owed @ 24.0%: −$509
• After-tax cash flow: $7,188/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: Lincoln Consolidated School District
• NCES district ID: 2621570
• Math proficiency: 17% ▼ -7.00%
• Reading proficiency: 33% ▼ -3.00%
• Median HH income: $68,001
• Composite: 23.72/100
• National rank: #7827
• State rank: #393 of 540 in MI

Livability — Ypsilanti

• Score: 81/100
• State rank: #71
• US rank: #1539

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment D- Housing A Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Washtenaw County · 306,860 people
• City population: 105,769
• Metro: Ann Arbor, MI
• Population (ZIP): 66,525
• Household income: $73,737
• Rent vs Own: 46.1% rent · 53.9% own
• Severe rent burden: 3134.0

Population outlook (Washtenaw County) Hauer SSP2

• Today (2025): 402,878 people
• By 2030: 424,104 · +5.3%
• By 2040: 464,633 · +15.3%
• By 2050: 504,728 · +25.3%
• By 2075: 614,463 · +52.5%
• By 2100: 676,181 · +67.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 57% Black 23% Two or more races 9% Hispanic / Latino 8% Asian 6%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 5% Slovak 3% Lithuanian 3%
• Foreign-born: 12% · Canada, China, Vietnam
• Languages at home: 84% English-only · Spanish 4% Other Indo-European 3% Arabic 3%

Political lean MEDSL · Washtenaw

• 2024 margin: Solid D (+44.4) · D 71.0% · R 26.6% · Other 2.4%
• 2008→2024 swing: +3.5pp toward D · 2008: 41.0pp · 2024: 44.4pp
• All cycles: 2024: D+44.4 2020: D+46.6 2016: D+41.5 2012: D+36.0 2008: D+41.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -223.94%
• Current HPI: 217.0173
• Rent YoY: ▲ 3.36%
• Metro: Ann Arbor, 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

+900.0% since first listed

4 events — show timeline

• 2026-05-28 Coming Soon $350,000 MiRealSource-MiMLS
• 2004-05-11 Sold (Public Records) $208,000 Public Records
• 2001-01-17 Sold (Public Records) $180,000 Public Records
• 1999-07-23 Sold (Public Records) $35,000 Public Records

Property tax history

-1.1%/yr

Latest (2025): $2,655 · -34.4% YoY. Source: county tax records.