41275 Old Michigan Ave #15

Wayne, MI 48188

$20,400D

2 bd · 1.0 ba · 840 sqft · Built 2026 · Manufactured · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,602/mo
• Mortgage (P&I): −$107
• Tax + insurance: −$34
• HOA: −$0
• Vac / Maint / Mgmt: −$337
• Net cashflow: $1,125/mo
• Annual: $13,500/yr
• Cap rate: 72.47%
• Cash-on-cash: 236.34%
• DSCR: 11.52
• 1% rule: 7.86%
• Cash to close: $5,712

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $20k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $20k).
• It's been on market 57 days — a 3% lower offer ($20k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $20k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $141 of loan paydown is wiped out by about $612 of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#252 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools F, crime F, employment D-.
• Wayne-Westland Community School District (suburban): math 11% / reading 27% proficiency, ranked #474 of 540 in MI (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents flat; 245 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 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.
• At projected returns (-3.0% appreciation + 0.5% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 72.5% vs local median 5.5% in Wayne — 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.
• This rent is only 16% of the median local income ($123k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.