2835 S Wagner Rd #177 · Lodi, MI 48103

$80,000

3 bd · 1.0 ba · 1,716 sqft · Other public records · 107 Days on market

Built 1998 $47/sqft · at area comps Est $81k · at est. ↓ 22% since listing

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.9/15.0
• Schools +6.5/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Massive rooms! Nice and move-in ready home for sale in Orchard Grove Village on Wagner Rd. This home with 1700+ sq. ft. features an updated kitchen w/ quartz counters and stainless steel appliances, fireplace, additional living room, updated primary bath with soaking tub, 3 bedrooms and 2 full baths. Also features a large deck, ramp, shed and parking for 3 vehicles. Lot rent is $821/mo.

Key facts

• Large deck
• Living area
• Open kitchen

Tags

• OPEN KITCHEN
• LIVING AREA
• FIREPLACE
• LARGE DECK
• PARKING FOR 3 VEHICLES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $80k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $80k).
• Recommended offer: $73k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Ann Arbor Public Schools (urban): math 71% / reading 81% proficiency, ranked #6 of 540 in MI (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents flat; 228 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 0.1% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $29k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $72,800 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 3.60% ✓
• Cap rate: 32.12%
• Cash-on-cash: 92.25%
• DSCR: 5.10
• GRM: 2.3

CMA / ARV

• ARV (median comp): $80,769
• List price: $80,000
• Delta: -0.95%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.12% rent growth · sell at horizon

5-year hold

• IRR: 89.7%
• Equity multiple: 4.96×
• Total profit: $88,639
• Equity at exit: $11,928

10-year hold

• IRR: 92.1%
• Equity multiple: 9.36×
• Total profit: $187,160
• Equity at exit: $6,917

Cash invested: $22,400 (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 48103

• Rents YoY: 0.1%
• Active inventory: 228
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $2,879 medium
• Mortgage (P&I): −$420
• Tax est. 1.5%: −$100 /mo · $1,200/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$605
• Net cashflow: $1,722

Break-even live

Break-even rent $700

Max offer price $80,000

Occupancy floor 35%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3035 Hydrangea Ln Ann Arbor, MI	2.0	2.5	1618	$3,100	$1.92	13d	1	1.21mi
3300 Ann Arbor Saline Rd Ann Arbor, MI	1.0–3.0	1.0–2.0	1156	$3,137	$2.71	13d	5	1.31mi
2555 Oak Valley Dr Ann Arbor, MI	1.0–2.0	1.5–2.0	1232	$2,810	$2.28	13d	1	1.35mi
2074 Bent Trail Ct Unit 1 Ann Arbor, MI	2.0	2.0	1200	$2,400	$2.00	43d	1	1.40mi

Listing history 23 events

1. 2026-06-18
   days on market $80,000 Active 107 DOM
2. 2026-06-17
   days on market $80,000 Active 106 DOM
3. 2026-06-16
   days on market $80,000 Active 105 DOM
4. 2026-06-15
   days on market $80,000 Active 104 DOM
5. 2026-06-14
   pricedays on market $80,000 Active 102 DOM
6. 2026-06-10
   days on market $85,000 Active 99 DOM
7. 2026-06-09
   days on market $85,000 Active 98 DOM
8. 2026-06-08
   days on market $85,000 Active 97 DOM
9. 2026-06-07
   days on market $85,000 Active 96 DOM
10. 2026-06-03
    days on market $85,000 Active 92 DOM
11. 2026-06-02
    days on market $85,000 Active 91 DOM
12. 2026-06-01
    days on market $85,000 Active 90 DOM
13. 2026-05-31
    days on market $85,000 Active 89 DOM
14. 2026-05-30
    days on market $85,000 Active 88 DOM
15. 2026-05-09
    price $85,000 389-char remark

    Show marketing remark (389 chars)

    Massive rooms! Nice and move-in ready home for sale in Orchard Grove Village on Wagner Rd. This home with 1700+ sq. ft. features an updated kitchen w/ quartz counters and stainless steel appliances, fireplace, additional living room, updated primary bath with soaking tub, 3 bedrooms and 2 full baths. Also features a large deck, ramp, shed and parking for 3 vehicles. Lot rent is $821/mo.

16. 2026-05-08
    price $85,000 389-char remark

    Show marketing remark (389 chars)

    Massive rooms! Nice and move-in ready home for sale in Orchard Grove Village on Wagner Rd. This home with 1700+ sq. ft. features an updated kitchen w/ quartz counters and stainless steel appliances, fireplace, additional living room, updated primary bath with soaking tub, 3 bedrooms and 2 full baths. Also features a large deck, ramp, shed and parking for 3 vehicles. Lot rent is $821/mo.

17. 2026-05-08
    price $85,000

    Show marketing remark (389 chars)

    Massive rooms! Nice and move-in ready home for sale in Orchard Grove Village on Wagner Rd. This home with 1700+ sq. ft. features an updated kitchen w/ quartz counters and stainless steel appliances, fireplace, additional living room, updated primary bath with soaking tub, 3 bedrooms and 2 full baths. Also features a large deck, ramp, shed and parking for 3 vehicles. Lot rent is $821/mo.

18. 2026-03-17
    price $95,000 389-char remark

    Show marketing remark (389 chars)

    Massive rooms! Nice and move-in ready home for sale in Orchard Grove Village on Wagner Rd. This home with 1700+ sq. ft. features an updated kitchen w/ quartz counters and stainless steel appliances, fireplace, additional living room, updated primary bath with soaking tub, 3 bedrooms and 2 full baths. Also features a large deck, ramp, shed and parking for 3 vehicles. Lot rent is $821/mo.

19. 2026-03-16
    price $95,000 389-char remark

    Show marketing remark (389 chars)

    Massive rooms! Nice and move-in ready home for sale in Orchard Grove Village on Wagner Rd. This home with 1700+ sq. ft. features an updated kitchen w/ quartz counters and stainless steel appliances, fireplace, additional living room, updated primary bath with soaking tub, 3 bedrooms and 2 full baths. Also features a large deck, ramp, shed and parking for 3 vehicles. Lot rent is $821/mo.

20. 2026-03-16
    price $95,000

    Show marketing remark (389 chars)

    Massive rooms! Nice and move-in ready home for sale in Orchard Grove Village on Wagner Rd. This home with 1700+ sq. ft. features an updated kitchen w/ quartz counters and stainless steel appliances, fireplace, additional living room, updated primary bath with soaking tub, 3 bedrooms and 2 full baths. Also features a large deck, ramp, shed and parking for 3 vehicles. Lot rent is $821/mo.

21. 2026-03-03
    listed $109,000 Active 389-char remark

    Show marketing remark (389 chars)

    Massive rooms! Nice and move-in ready home for sale in Orchard Grove Village on Wagner Rd. This home with 1700+ sq. ft. features an updated kitchen w/ quartz counters and stainless steel appliances, fireplace, additional living room, updated primary bath with soaking tub, 3 bedrooms and 2 full baths. Also features a large deck, ramp, shed and parking for 3 vehicles. Lot rent is $821/mo.

22. 2026-03-03
    listed $109,000 Active 389-char remark

    Show marketing remark (389 chars)

    Massive rooms! Nice and move-in ready home for sale in Orchard Grove Village on Wagner Rd. This home with 1700+ sq. ft. features an updated kitchen w/ quartz counters and stainless steel appliances, fireplace, additional living room, updated primary bath with soaking tub, 3 bedrooms and 2 full baths. Also features a large deck, ramp, shed and parking for 3 vehicles. Lot rent is $821/mo.

23. 2026-03-03
    listed $109,000 Active

    Show marketing remark (389 chars)

    Massive rooms! Nice and move-in ready home for sale in Orchard Grove Village on Wagner Rd. This home with 1700+ sq. ft. features an updated kitchen w/ quartz counters and stainless steel appliances, fireplace, additional living room, updated primary bath with soaking tub, 3 bedrooms and 2 full baths. Also features a large deck, ramp, shed and parking for 3 vehicles. Lot rent is $821/mo.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $34,554
• − Mortgage interest: −$4,481
• − Property taxes: −$1,200
• − Insurance: −$400
• − Repairs & maintenance: −$2,764
• − Management: −$2,764
• − Depreciation: −$2,327
• Taxable income: $20,616
• Est. tax owed @ 24.0%: −$4,948
• After-tax cash flow: $15,715/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: Ann Arbor Public Schools
• NCES district ID: 2602820
• Math proficiency: 71% ▲ 5.00%
• Reading proficiency: 81% ▲ 11.00%
• Median HH income: $60,768
• Composite: 65.34/100
• National rank: #487
• State rank: #6 of 540 in MI

Livability — Lodi

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Washtenaw County · 306,860 people
• Metro: Ann Arbor, MI
• Population (ZIP): 55,054
• Household income: $116,194
• Rent vs Own: 33.5% rent · 66.5% own
• Severe rent burden: 2033.0

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: Predominantly White (70%)
• Race & ethnicity: White 70% Asian 10% Two or more races 9% Hispanic / Latino 6% Black 6%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 6% Slovak 3% Iranian 3%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 83% English-only · Spanish 4% Chinese 3% Other Indo-European 2%

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: ▼ -472.49%
• Current HPI: 244.6891
• Rent YoY: ▲ 0.12%
• 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

-22.0% since first listed

9 events — show timeline

• 2026-05-09 Price Changed $85,000 MiRealSource-MiMLS
• 2026-05-08 Price Changed $85,000 REALCOMP
• 2026-05-08 Price Changed $85,000 SW Michigan MLS
• 2026-03-17 Price Changed $95,000 MiRealSource-MiMLS
• 2026-03-16 Price Changed $95,000 REALCOMP
• 2026-03-16 Price Changed $95,000 SW Michigan MLS
• 2026-03-03 Listed $109,000 SW Michigan MLS
• 2026-03-03 Listed $109,000 REALCOMP
• 2026-03-03 Listed $109,000 MiRealSource-MiMLS

Property tax history

+0.9%/yr

Latest (2015): $27 · +28.6% YoY. Source: county tax records.