8542 Spinnaker Way · Ypsilanti, MI 48197

$179,000

3 bd · 1.5 ba · 1,747 sqft · Condo · 4 Days on market

Built 1975 $205/mo HOA · 11% 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 +18.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +5.8/10.0
• 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

WELCOME TO THIS BEAUTIFUL TOWNHOUSE LOCATED IN THE DESIRABLE PORTS OF SCHOONER COVE. 3 SPACIOUS BEDROOMS 1.5 BATHROOMS WITH AN OPEN FLOOR PLAN. REMODELED WITH NEW KITCHEN, FLOORS, FRESH PAINT, AND BATHROOMS. VERY CLOSE TO FORD LAKE, FORD LAKE PARK, SHOPPING, ENTERTAINMENT, AND MORE! DONT MISS THIS OPPORTUNITY!!

Key facts

• Open floor plan
• Remodeled
• Close to ford lake

Tags

• OPEN FLOOR PLAN
• REMODELED
• NEW KITCHEN
• CLOSE TO FORD LAKE
• CLOSE TO SHOPPING
• CLOSE TO ENTERTAINMENT

Property features AI

Finance

• Other: Pet restrictions — call for details
• Financial info: Property has a current lease
• HOA & community: Monthly association fee of $205; Association fee applies

Exterior

• Parking:
• Security:
• Utilities: Public water; Natural gas; Forced air heating
• Home design: Condominium; 2-story structure; Built in 1975; Basement present
• Construction: Vinyl siding exterior; Basement foundation
• Exterior features: Vinyl siding; Paved street access

Interior

• Kitchen: Kitchen on entry level (approx. 10 x 10); Kitchen floor with other (non-specified) covering
• Bedrooms: Three bedrooms located on the second floor (approx. 10 x 10, 10 x 10, and 10 wide); Carpet in one bedroom, other bedrooms with other flooring
• Flooring: Carpet in at least one bedroom; Other/non-specified flooring in kitchen, bedrooms, bathroom, and laundry
• Bathrooms: One full bathroom; Two lavatories total; Main bathroom on second floor (approx. 10 x 8)
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: 7 total rooms; Partially finished basement
• Laundry & utility: Laundry room in basement (approx. 8 x 10); Laundry room floor with other (non-specified) covering

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $179k.

Deal economics

• At list price, monthly cash flow is $185 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Cap rate 7.5% vs local median 4.0% 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); 239 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).
• This rent runs 32% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 5y 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 $150k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $179,000

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.08% ✓
• Cap rate: 7.53%
• Cash-on-cash: 4.42%
• DSCR: 1.20
• GRM: 7.7

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: -8.9%
• Equity multiple: 0.67×
• Total profit: $-16,444
• Equity at exit: $26,689

10-year hold

• IRR: 1.1%
• Equity multiple: 1.08×
• Total profit: $4,126
• Equity at exit: $15,477

Cash invested: $50,120 (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 48197

• Rents YoY: 3.4%
• Active inventory: 239
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,936 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$127 /mo · $1,522/yr
• Insurance: −$75
• HOA: −$205
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $185

Break-even live

Break-even rent $1,703

Max offer price $179,000

Occupancy floor 85%

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8753 Spinnaker Way Ypsilanti, MI	3.0	1.0–2.0	893	$2,010	$2.25	10d	16	0.19mi
1428 Village Ln Ypsilanti, MI	1.0–2.0	1.0	860	$1,550	$1.80	43d	1	1.23mi
9226 White Wing Dr Ypsilanti Charter Twp, MI	2.0	2.0	1500	$2,726	$1.82	1d	2	1.25mi

HOA detail condo

• Monthly dues: $205 · $2,460/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-18
   days on market $179,000 Active 4 DOM
2. 2026-06-17
   days on market $179,000 Active 3 DOM
3. 2026-06-16
   days on market $179,000 Active 2 DOM
4. 2026-06-15
   days on marketlisting id $179,000 Active 1 DOM
5. 2026-06-15
   days on market $179,000 Active 3 DOM
6. 2026-06-14
   remarks 312-char remark
7. 2026-06-14
   listed $179,000 Active 1 DOM

ⓘ 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: $1,522 · $127/mo
• Projected year-2 tax: $2,139 · $178/mo
• Expected delta: +$617/yr (+$51/mo · 40.6%)

ⓘ 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 ≥97°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: $23,237
• − Mortgage interest: −$10,027
• − Property taxes: −$1,522
• − Insurance: −$895
• − Repairs & maintenance: −$1,859
• − Management: −$1,859
• − HOA: −$2,460
• − Depreciation: −$5,207
• Taxable loss: −$592
• Est. tax savings @ 24.0%: +$142
• After-tax cash flow: $2,358/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

+113.1% since first listed

15 events — show timeline

• 2026-06-12 Listed $179,000 MiRealSource-MiMLS
• 2023-10-30 Sold (Public Records) $150,000 Public Records
• 2021-11-01 Listing Removed — REALCOMP
• 2021-11-01 Listing Removed — MiRealSource-MiMLS
• 2021-10-26 Listed $100,000 MiRealSource-MiMLS
• 2021-10-26 Listed $100,000 REALCOMP
• 2021-10-01 Listing Removed — REALCOMP
• 2021-09-30 Listing Removed — MiRealSource-MiMLS
• 2021-07-09 Listed $159,900 MiRealSource-MiMLS
• 2021-07-09 Listed $159,900 REALCOMP
• 2021-07-08 Coming Soon — MiRealSource-MiMLS
• 2021-07-08 Coming Soon — REALCOMP
• 2005-01-10 Sold (Public Records) $134,000 Public Records
• 2002-04-18 Sold (Public Records) $110,000 Public Records
• 1999-08-10 Sold (Public Records) $84,000 Public Records

Property tax history

+11.1%/yr

Latest (2016): $1,522 · +4.7% YoY. Source: county tax records.