828 Short St · Ypsilanti, MI 48197

$77,500

4 bd · 3.0 ba · 1,592 sqft · Manufactured public records · 17 Days on market

Built 1939 6,098 sqft lot Est $140k · 45% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special in a desirable area of Ypsilanti! This spacious 4-bedroom, 3-bath cinder block home was previously configured as a 2-unit property, offering excellent potential for a renovation, rental investment, or possible conversion back to multifamily use (subject to local approvals). The property features generous living space, a cellar area for additional storage, and sits on a strong block with solid surrounding homes. The home will require a full rehabilitation and presents an opportunity for experienced investors to add significant value. Electrical and plumbing systems are in need of updates, and several rear windows would benefit from replacement, though many windows throughout the home remain in serviceable condition. Bring your vision and unlock the potential of this large property in a sought-after Ypsilanti location. Listing broker holds contractual equitable interest in the property and may receive consideration from the transaction. Property is being marketed pursuant to a purchase agreement with the seller. Closing will be conducted via contract assignment or double closing, with preference given to assignment. Seller to provide marketable title at closing. Title commitment available. Seller pays ALL: water bills owed, taxes owed, blight tickets or anything else. Buyer to pay closing costs, including transfer taxes, title insurance, closing fees. Sold AS IS - Buyer to verify all information listed. Room dimensions are just estimates.

Key facts

• Full rehabilitation
• 6,098 sq ft lot
• Built 1939

Tags

• GENEROUS LIVING SPACE
• FULL REHABILITATION

Property features AI

Finance

• Other: Lot approximately 0.14 acres (50 x 122); Subdivision: WORDEN GARDENS; Directions: N of Heritage Park / E of 1st Ave

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One level; Ground-level entry with steps; Block construction
• Construction: Block foundation; Asphalt roof
• Exterior features: Porch; Back yard fencing; Paved road access

Interior

• Kitchen: No kitchen appliance list provided
• Bedrooms: 4 total rooms (includes bedrooms and living spaces)
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Gas water heater; Unfinished basement; Lighting
• Laundry & utility: Washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath manufactured listed at $78k.

Deal economics

• At list price, monthly cash flow is $895 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $78k).
• Recommended offer: $76k (1.5% below list) — sets the bar for market timing.
• Cap rate 20.2% vs local median 4.0% in Ypsilanti — 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.

Location & tenants

• Location reads 81/100 on livability (#71 in MI, #1,539 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment D-.
• Ypsilanti Community Schools (suburban): math 11% / reading 20% proficiency, ranked #501 of 540 in MI (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.4%/yr); 239 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).
• This rent runs 33% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $536 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Washtenaw County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($76k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $8k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.8% of price; built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $76,337 (1.5% below list)

Questions for the listing agent

1. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 2.58% ✓
• Cap rate: 20.16%
• Cash-on-cash: 49.51%
• DSCR: 3.20
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $140,096
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
845 Frederick St	0.09mi	3/2.0 (-1)	1,809 (+14%)	10mo	$159,000	$88	56

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.36% rent growth · sell at horizon

5-year hold

• IRR: 47.7%
• Equity multiple: 3.09×
• Total profit: $45,311
• Equity at exit: $11,556

10-year hold

• IRR: 53.5%
• Equity multiple: 6.36×
• Total profit: $116,377
• Equity at exit: $6,701

Cash invested: $21,700 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 48197

• Rents YoY: 3.4%
• Active inventory: 239
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,999 high
• Mortgage (P&I): −$406
• Tax from tax record: −$245 /mo · $2,943/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $895

Break-even live

Break-even rent $866

Max offer price $77,500

Occupancy floor 50%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $19,375
• Closing costs: $2,325
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
138 Hawkins St Ypsilanti, MI	4.0	2.0	1500	$1,950	$1.30	17d	1	0.16mi
303 W Ainsworth St Ypsilanti, MI	3.0	1.0	1221	$1,900	$1.56	43d	1	0.22mi
804 W Michigan Ave Ypsilanti, MI	3.0	1.0	1375	$1,650	$1.20	1d	1	0.27mi
701 Washtenaw Ave Unit 1 Ypsilanti, MI	3.0	1.0	1350	$2,400	$1.78	11d	1	0.64mi
701 Washtenaw Ave Unit : 2 Ypsilanti, MI	3.0	1.0	1350	$2,400	$1.78	2d	1	0.64mi
701 Washtenaw Ave Unit 1 Ypsilanti, MI	3.0	1.0	1350	$2,500	$1.85	24d	1	0.64mi
222 N Summit St Ypsilanti, MI	4.0	2.0	1650	$2,400	$1.45	17d	1	0.66mi
410 Washtenaw Ave Unit 1 Ypsilanti, MI	3.0	1.0	1200	$695	$0.58	43d	1	0.70mi
312 Ballard St Ypsilanti, MI	4.0	3.0	1390	$1,699	$1.22	12d	1	0.78mi
434 N Hamilton St Ypsilanti, MI	4.0	1.0	1228	$1,700	$1.38	17d	1	0.94mi
2417 Harding Ave Ypsilanti, MI	3.0	2.5	1850	$2,950	$1.59	24d	1	1.34mi
1000 N Huron River Dr Ypsilanti, MI	1.0–4.0	1.0–4.0	937	$2,616	$2.79	1d	1	1.43mi
669 Woburn Dr Ypsilanti, MI	1.0–3.0	1.0–2.0	911	$1,600	$1.76	43d	1	1.49mi

Listing history 13 events

1. 2026-06-18
   days on market $77,500 Active 17 DOM
2. 2026-06-17
   days on market $77,500 Active 16 DOM
3. 2026-06-16
   days on market $77,500 Active 15 DOM
4. 2026-06-15
   days on market $77,500 Active 14 DOM
5. 2026-06-13
   days on market $77,500 Active 12 DOM
6. 2026-06-10
   price $77,500 Active 8 DOM
7. 2026-06-09
   days on market $85,000 Active 8 DOM
8. 2026-06-08
   days on market $85,000 Active 7 DOM
9. 2026-06-07
   days on market $85,000 Active 6 DOM
10. 2026-06-04
    days on market $85,000 Active 3 DOM
11. 2026-06-03
    days on market $85,000 Active 2 DOM
12. 2026-06-02
    remarks 699-char remark
13. 2026-06-02
    listed $85,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $2,943 · $245/mo
• Projected year-2 tax: $2,943 · $245/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,989
• − Mortgage interest: −$4,341
• − Property taxes: −$2,943
• − Insurance: −$388
• − Repairs & maintenance: −$1,919
• − Management: −$1,919
• − Depreciation: −$2,255
• Taxable income: $10,224
• Est. tax owed @ 24.0%: −$2,454
• After-tax cash flow: $8,290/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Ypsilanti Community Schools
• NCES district ID: 2636630
• Math proficiency: 11% ▼ -8.00%
• Reading proficiency: 20% ▼ -3.00%
• Median HH income: $37,759
• Composite: 12.98/100
• National rank: #9572
• State rank: #501 of 540 in MI

Livability — Ypsilanti

• Score: 81/100
• State rank: #71
• US rank: #1539

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment D- Housing A Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ypsilanti, MI
• County: Washtenaw County · 306,860 people
• City population: 105,769
• Metro: Ann Arbor, MI
• Population (ZIP): 66,525
• Household income: $73,737
• Rent vs Own: 46.1% rent · 53.9% own
• Severe rent burden: 3134.0

Population outlook (Washtenaw County) Hauer SSP2

• Today (2025): 402,878 people
• By 2030: 424,104 · +5.3%
• By 2040: 464,633 · +15.3%
• By 2050: 504,728 · +25.3%
• By 2075: 614,463 · +52.5%
• By 2100: 676,181 · +67.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 57% Black 23% Two or more races 9% Hispanic / Latino 8% Asian 6%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 5% Slovak 3% Lithuanian 3%
• Foreign-born: 12% · Canada, China, Vietnam
• Languages at home: 84% English-only · Spanish 4% Other Indo-European 3% Arabic 3%

Political lean MEDSL · Washtenaw

• 2024 margin: Solid D (+44.4) · D 71.0% · R 26.6% · Other 2.4%
• 2008→2024 swing: +3.5pp toward D · 2008: 41.0pp · 2024: 44.4pp
• All cycles: 2024: D+44.4 2020: D+46.6 2016: D+41.5 2012: D+36.0 2008: D+41.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -223.94%
• Current HPI: 217.0173
• Rent YoY: ▲ 3.36%
• Metro: Ann Arbor, MI
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

+0.0% since first listed

2 events — show timeline

• 2026-06-01 Listed $85,000 MiRealSource-MiMLS
• 2026-06-01 Listed $85,000 REALCOMP

Property tax history

+5.4%/yr

Latest (2025): $2,943 · +16.5% YoY. Source: county tax records.