1908 Abels St

Milford, MI 48381

$64,000B

3 bd · 2.0 ba · 1,450 sqft · Built 1989 · SingleFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,373/mo
• Mortgage (P&I): −$336
• Tax + insurance: −$107
• HOA: −$0
• Vac / Maint / Mgmt: −$288
• Net cashflow: $642/mo
• Annual: $7,705/yr
• Cap rate: 18.33%
• Cash-on-cash: 43.00%
• DSCR: 2.91
• 1% rule: 2.14%
• Cash to close: $17,920

Investor read

• This is a 3-bed/2.0-bath single-family listed at $64k. Condition is rated fair.
• At list price, monthly cash flow is $642 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $64k).
• It's been on market 16 days — a 2% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $63k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $442 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#17 in MI, #275 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute F.
• Huron Valley Schools (suburban): math 42% / reading 56% proficiency, ranked #87 of 540 in MI (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 180 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 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 18.3% vs local median 2.1% in Milford — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant wear and potential leaks.
• Major: siding — Old and weathered, indicating a need for repainting or replacement.
• Major: exterior paint — Significant discoloration and wear, indicating a need for repainting or replacement.
• Moderate: HVAC/mechanicals — No specific photos, but the condition of the exterior suggests they may also be in need of updates.
• Major: interior paint — No specific photos, but the condition of the exterior suggests the interior may also be in need of updates.
• Minor: landscaping — No specific photos, but the overall condition of the home suggests it may need some exterior updates to improve curb appeal.