44683 Broadmoor Cir N

Plymouth, MI 48168

$599,900B+

3 bd · 2.5 ba · 2,730 sqft · Built 2007 · Condo · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,088/mo
• Mortgage (P&I): −$3,146
• Tax + insurance: −$1,000
• HOA: −$500
• Vac / Maint / Mgmt: −$1,909
• Net cashflow: $2,534/mo
• Annual: $30,407/yr
• Cap rate: 11.36%
• Cash-on-cash: 18.10%
• DSCR: 1.81
• 1% rule: 1.51%
• Cash to close: $167,972

Investor read

• This is a 3-bed/2.5-bath condo listed at $600k. Condition is rated good.
• At list price, monthly cash flow is $3k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $600k).
• It's been on market 67 days — a 6% lower offer ($564k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $564k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#25 in MI, #516 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute F.
• Northville Public Schools (suburban): math 68% / reading 75% proficiency, ranked #4 of 540 in MI (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 4% free/reduced lunch — higher-income household profile.
• Market conditions: 146 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $35k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $168k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.4% vs local median 3.2% in Plymouth — 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.

Questions for listing agent

• It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.