29200 Gloede Dr

Warren, MI 48088 4031

$62,500B

1 bd · 1.0 ba · 1,392 sqft · Built 1968 · Townhouse · Active · 143 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,439/mo
• Mortgage (P&I): −$328
• Tax + insurance: −$104
• HOA: −$340
• Vac / Maint / Mgmt: −$302
• Net cashflow: $365/mo
• Annual: $4,375/yr
• Cap rate: 13.29%
• Cash-on-cash: 25.00%
• DSCR: 2.11
• 1% rule: 2.30%
• Cash to close: $17,500

Investor read

• This is a 1-bed/1.0-bath townhouse listed at $62k. Condition is rated fair.
• At list price, monthly cash flow is $365 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• It's been on market 143 days — a 12% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $55k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($432 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 74/100 on livability (#171 in MI, #4,491 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D, employment D, crime D-.
• Warren Woods Public Schools (urban): math 23% / reading 40% proficiency, ranked #336 of 540 in MI (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pinewood Elementary School (math 22% / reading 32%, grade F, #923 of 1,397 statewide, top 69%, 396 students, 68% FRL); Warren Woods Middle School (math 22% / reading 41%, grade F, #323 of 493 statewide, top 66%, 707 students, 67% FRL); Warren Woods Tower High School (math 26% / reading 50%, grade F, #331 of 713 statewide, top 46%, 1,047 students, 59% FRL) — zoned schools average 65% FRL vs 43% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 24% of rent.
• Market conditions: 1 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 55d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 39 sale attempts since 20y ago; this cycle's ask has dropped $8k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $44k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 13.3% vs local median 4.9% in Warren — 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

• It's been on market 143 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?

Repairs flagged (vision-AI assessment)

• Minor: exterior siding — Weathered brick siding
• Minor: interior paint — Slight wear on paint
• Minor: flooring — Carpeted floors show some wear