2972 E Textile Rd

Pittsfield, MI 48108

$175,000B-

2 bd · 1.5 ba · 1,296 sqft · Built 1945 · SingleFamily · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,040/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$549
• HOA: −$0
• Vac / Maint / Mgmt: −$428
• Net cashflow: $146/mo
• Annual: $1,746/yr
• Cap rate: 8.15%
• Cash-on-cash: 6.63%
• DSCR: 1.29
• 1% rule: 1.17%
• Cash to close: $49,000

Investor read

• This is a 2-bed/1.5-bath single-family listed at $175k.
• At list price, monthly cash flow is $146 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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.
• Zoned schools: Ann Arbor Open At Mack School (math 74% / reading 84%, grade A, #21 of 1,397 statewide, top 2%, 517 students, 11% FRL); Scarlett Middle School (math 37% / reading 57%, grade D+, #143 of 493 statewide, top 30%, 615 students, 53% FRL); Huron High School (math 66% / reading 79%, grade B+, #25 of 713 statewide, top 4%, 1,635 students, 31% FRL).
• Watch-outs: flood insurance adds $125/mo; built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.7%/yr); 148 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).
• Washtenaw County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 12y 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 $25k; list at $175k implies a 600% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1945 — 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.
• 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.
• 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.