3957 13th St

Ecorse, MI 48229

$80,000B

2 bd · 1.0 ba · 720 sqft · Built 1972 · SingleFamily · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,050/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$602
• HOA: −$0
• Vac / Maint / Mgmt: −$220
• Net cashflow: $-192/mo
• Annual: $-2,303/yr
• Cap rate: 9.81%
• Cash-on-cash: 12.57%
• DSCR: 1.56
• 1% rule: 1.31%
• Cash to close: $22,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $-192 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $46k (42.4% below list).
• Meets the 1% rule at list price ($1k rent vs $80k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $46k (42.4% below list) — sets the bar for cash-flow.
• In year one you build about $9k of equity ($553 loan paydown + $8k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#348 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety D+, crime F, amenities F.
• Ecorse Public Schools (suburban): math 3% / reading 7% proficiency, ranked #536 of 540 in MI (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ralph J Bunche Academy (math 10% / reading 10%, grade F, #1,230 of 1,397 statewide, top 91%, 318 students, 90% FRL); Grandport Elementary Academy (math 2% / reading 8%, grade F, #488 of 493 statewide, top 100%, 335 students, 89% FRL); Ecorse Community High School (math 5% / reading 15%, grade F, #659 of 713 statewide, top 97%, 296 students, 81% FRL).
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 61 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 12 sale attempts since 26y 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.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.