2380 Wiltshire Rd Rd

Berkley, MI 48072

$165,000B-

3 bd · 1.0 ba · 945 sqft · Built 1947 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,848/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$282
• HOA: −$0
• Vac / Maint / Mgmt: −$388
• Net cashflow: $312/mo
• Annual: $3,746/yr
• Cap rate: 8.56%
• Cash-on-cash: 8.11%
• DSCR: 1.36
• 1% rule: 1.12%
• Cash to close: $46,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $165k.
• At list price, monthly cash flow is $312 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Only 1 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 92/100 on livability (#1 in MI, #33 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+.
• Berkley School District (suburban): math 47% / reading 62% proficiency, ranked #64 of 540 in MI (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Anderson Middle School (math 30% / reading 57%, grade D, #178 of 493 statewide, top 36%, 479 students, 20% FRL); Berkley High School (math 53% / reading 74%, grade B-, #55 of 713 statewide, top 8%, 1,210 students, 17% FRL) — zoned schools at 19% FRL track the district average.
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 89 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts 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 $41k; list at $165k implies a 302% gain — meaningful room to come down on a strong offer.
• Cap rate 8.6% vs local median 3.9% in Berkley — 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

• Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.