3537 16th St

Wyandotte, MI 48192

$173,000D+

6 bd · 2.0 ba · 1,239 sqft · Built 1928 · SingleFamily · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,898/mo
• Mortgage (P&I): −$907
• Tax + insurance: −$514
• HOA: −$0
• Vac / Maint / Mgmt: −$399
• Net cashflow: $78/mo
• Annual: $934/yr
• Cap rate: 6.83%
• Cash-on-cash: 1.93%
• DSCR: 1.09
• 1% rule: 1.10%
• Cash to close: $48,440

Investor read

• This is a 6-bed/2.0-bath single-family listed at $173k.
• At list price, monthly cash flow is $78 ($934/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $173k).
• It's been on market 35 days — a 3% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $168k (3.0% 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 $5k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#11 in MI, #181 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment C-.
• Wyandotte School District (suburban): math 27% / reading 45% proficiency, ranked #262 of 540 in MI (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Monroe Elementary School (math 22% / reading 37%, grade F, #866 of 1,397 statewide, top 65%, 383 students, 67% FRL); Woodrow Wilson School (math 20% / reading 40%, grade F, #337 of 493 statewide, top 69%, 889 students, 60% FRL); Roosevelt High School (math 27% / reading 52%, grade F, #304 of 713 statewide, top 46%, 1,232 students, 54% FRL).
• Watch-outs: property tax is 3.1% of price; built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.9%/yr); 123 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.
• 7 sale attempts since 26y 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 $139k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $48k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 6.8% vs local median 4.7% in Wyandotte — 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 32% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.