232 S Wildwood St

Westland, MI 48186

$200,000D

5 bd · 2.0 ba · 1,463 sqft · Built 1962 · SingleFamily · Pending · 192 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,926/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$409
• HOA: −$0
• Vac / Maint / Mgmt: −$404
• Net cashflow: $64/mo
• Annual: $764/yr
• Cap rate: 6.68%
• Cash-on-cash: 1.37%
• DSCR: 1.06
• 1% rule: 0.96%
• Cash to close: $56,000

Investor read

• This is a 5-bed/2.0-bath single-family listed at $200k.
• At list price, monthly cash flow is $64 ($764/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (3.7% below list).
• It's been on market 192 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#124 in MI, #3,067 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-, employment C-, crime 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.
• Zoned schools: Wildwood Elementary School (math 12% / reading 22%, grade F, #1,149 of 1,397 statewide, top 84%, 531 students, 55% FRL); Adlai Stevenson Middle School (math 10% / reading 34%, grade F, #408 of 493 statewide, top 84%, 678 students, 55% FRL); John Glenn High School (math 21% / reading 45%, grade F, #402 of 713 statewide, top 56%, 1,542 students, 53% FRL) — zoned schools at 54% FRL track the district average.
• Market conditions: Rents rising (+3.3%/yr); 152 active listings in the ZIP; 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.
• 10 sale attempts since 18y ago; this cycle's ask has dropped $35k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; list at $200k implies a 166% gain — meaningful room to come down on a strong offer.
• Cap rate 6.7% vs local median 4.4% in Westland — 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 runs 35% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 192 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-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 D 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.