28 Salliotte Rd

Ecorse, MI 48229

$35,000A-

2 bd · 1.0 ba · 816 sqft · Built 1910 · SingleFamily · Active · 254 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,185/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$146
• HOA: −$0
• Vac / Maint / Mgmt: −$249
• Net cashflow: $607/mo
• Annual: $7,278/yr
• Cap rate: 27.09%
• Cash-on-cash: 74.27%
• DSCR: 4.30
• 1% rule: 3.39%
• Cash to close: $9,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $35k. Condition is rated fair.
• At list price, monthly cash flow is $607 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• It's been on market 254 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($242 loan paydown + $4k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#348 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety D+, crime F, amenities F.
• Ecorse Public Schools (suburban): math 3% / reading 7% proficiency, ranked #536 of 540 in MI (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ralph J Bunche Academy (math 10% / reading 10%, grade F, #1,230 of 1,397 statewide, top 91%, 318 students, 90% FRL); Grandport Elementary Academy (math 2% / reading 8%, grade F, #488 of 493 statewide, top 100%, 335 students, 89% FRL); Ecorse Community High School (math 5% / reading 15%, grade F, #659 of 713 statewide, top 97%, 296 students, 81% FRL).
• Watch-outs: property tax is 4.5% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 67 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 90d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 2 sale attempts; this cycle's ask has dropped $35k (50%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $35k implies a 94% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 27.1% vs local median 9.4% in Ecorse — 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 254 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 1910 — 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?
• 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 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?

Repairs flagged (vision-AI assessment)

• Major: Roof — Signs of aging and potential leaks
• Moderate: Siding — Wear and tear visible
• Minor: Landscaping — Overgrown and needs trimming