29403 Wedgewood · Flat Rock, MI 48134

$72,500

3 bd · 2.5 ba · 1,792 sqft · SingleFamily · 108 Days on market

Built 1994 Good condition 1,792 sqft lot $40/sqft · 81% below area $758/mo HOA · 44% of rent

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Why this score? — see what drove the C 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 +21.7/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this impeccably maintained 3-bedroom, 2.5-bath home situated on corner lot. This spacious home features multiple living areas including a comfortable living room and a cozy family room with a wood-burning fireplace. The large 20x12 kitchen offers ample cabinet and counter space along with a dining area, that flows into a formal dining room, and family room making it ideal for everyday living and entertaining. The home also features a designated laundry room and a convenient half bath. Pella door walls lead to the back deck, while a welcoming front deck provides another great space to relax outdoors. The large driveway offers parking for up to three vehicles. The spacious 14x12 primary bedroom is truly an oasis, offering abundant closet space. The primary bathroom features a dressing/makeup area, a beautiful custom vanity, lighting, and an updated tub/shower with ceramic tile, along with a separate stand-up shower. The second full bathroom features a contemporary design with a custom vanity along with ceramic tile flooring. Additional updates include fresh paint and new carpet throughout. The roof, furnace, and central air are approximately 11 years old and have been well maintained. Two outdoor sheds provide additional storage, and all appliances are included with the sale. This home is located in Country Meadows Manufactured Home Community on a leased lot. Purchase subject to park approval.

Key facts

• Large kitchen
• Back deck
• Corner lot

Tags

• CORNER LOT
• MULTIPLE LIVING AREAS
• WOOD BURNING FIREPLACE
• LARGE KITCHEN
• DESIGNATED LAUNDRY ROOM
• BACK DECK

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $72k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $112 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $72k).
• Recommended offer: $66k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 2.7% in Flat Rock — 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 74/100 on livability (#177 in MI, #4,594 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Flat Rock Community Schools (suburban): math 26% / reading 37% proficiency, ranked #326 of 540 in MI (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 84 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $501 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 44% of rent.

Recommended offer $65,975 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.39% ✓
• Cap rate: 8.15%
• Cash-on-cash: 6.62%
• DSCR: 1.29
• GRM: 3.5

CMA / ARV

• ARV (median comp): $379,411
• List price: $72,500
• Delta: -80.89%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2595 Will Carleton Rd	0.35mi	3/2.0	1,842 (+3%)	11mo	$483,000	$262	68
29308 Pine	0.33mi	3/2.0	1,680 (-6%)	14mo	$30,000	$18	60
28289 Spruce St	0.40mi	3/2.0	1,568 (-12%)	2mo	$45,500	$29	57
29319 Maple Dr	0.18mi	4/2.0 (+1)	1,568 (-12%)	13mo	$39,000	$25	53
3337 Will Carleton Rd	0.38mi	3/1.5	2,000 (+12%)	10mo	$275,000	$138	51
27570 Cardinal Ct	0.62mi	4/2.5 (+1)	1,841 (+3%)	16mo	$334,900	$182	49
27273 W Mockingbird Dr	0.72mi	4/3.5 (+1)	1,841 (+3%)	21mo	$389,900	$212	35

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.4%
• Equity multiple: 0.80×
• Total profit: $-4,122
• Equity at exit: $10,810

10-year hold

• IRR: 4.9%
• Equity multiple: 1.37×
• Total profit: $7,595
• Equity at exit: $6,268

Cash invested: $20,300 (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 48134

• Active inventory: 84
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,735 medium
• Mortgage (P&I): −$380
• Tax est. 1.5%: −$91 /mo · $1,088/yr
• Insurance: −$30
• HOA: −$758
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $112

Break-even live

Break-even rent $1,594

Max offer price $72,500

Occupancy floor 89%

Sensitivity live

Price	-10% $162	-5% $137	+0% $112	+5% $87	+10% $62
Rent	-10% $-25	-5% $43	+0% $112	+5% $181	+10% $249
Rate	-1.0pp $149	-0.5pp $130	base $112	+0.5pp $93	+1.0pp $74

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: $18,125
• Closing costs: $2,175
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3211 Will Carleton Rd Flat Rock, MI	2.0–3.0	2.0	1391	$1,499	$1.08	0d	1	0.29mi

HOA detail

• Monthly dues: $758 · $9,096/yr

Listing history 16 events

1. 2026-06-21
   days on market $72,500 Active 108 DOM
2. 2026-06-18
   days on market $72,500 Active 105 DOM
3. 2026-06-17
   days on market $72,500 Active 104 DOM
4. 2026-06-16
   days on market $72,500 Active 103 DOM
5. 2026-06-15
   days on market $72,500 Active 102 DOM
6. 2026-06-13
   days on market $72,500 Active 100 DOM
7. 2026-06-09
   days on market $72,500 Active 96 DOM
8. 2026-06-08
   days on market $72,500 Active 95 DOM
9. 2026-06-07
   days on market $72,500 Active 94 DOM
10. 2026-06-04
    days on market $72,500 Active 91 DOM
11. 2026-06-03
    days on market $72,500 Active 90 DOM
12. 2026-06-02
    days on market $72,500 Active 89 DOM
13. 2026-06-01
    days on market $72,500 Active 88 DOM
14. 2026-05-31
    pricedays on market $72,500 Active 87 DOM
15. 2026-03-05
    listed $77,700 Active 1425-char remark

    Show marketing remark (1425 chars)

    Welcome to this impeccably maintained 3-bedroom, 2.5-bath home situated on corner lot. This spacious home features multiple living areas including a comfortable living room and a cozy family room with a wood-burning fireplace. The large 20x12 kitchen offers ample cabinet and counter space along with a dining area, that flows into a formal dining room, and family room making it ideal for everyday living and entertaining. The home also features a designated laundry room and a convenient half bath. Pella door walls lead to the back deck, while a welcoming front deck provides another great space to relax outdoors. The large driveway offers parking for up to three vehicles. The spacious 14x12 primary bedroom is truly an oasis, offering abundant closet space. The primary bathroom features a dressing/makeup area, a beautiful custom vanity, lighting, and an updated tub/shower with ceramic tile, along with a separate stand-up shower. The second full bathroom features a contemporary design with a custom vanity along with ceramic tile flooring. Additional updates include fresh paint and new carpet throughout. The roof, furnace, and central air are approximately 11 years old and have been well maintained. Two outdoor sheds provide additional storage, and all appliances are included with the sale. This home is located in Country Meadows Manufactured Home Community on a leased lot. Purchase subject to park approval.

16. 2026-03-05
    listed $77,700 Active 1425-char remark

    Show marketing remark (1425 chars)

    Welcome to this impeccably maintained 3-bedroom, 2.5-bath home situated on corner lot. This spacious home features multiple living areas including a comfortable living room and a cozy family room with a wood-burning fireplace. The large 20x12 kitchen offers ample cabinet and counter space along with a dining area, that flows into a formal dining room, and family room making it ideal for everyday living and entertaining. The home also features a designated laundry room and a convenient half bath. Pella door walls lead to the back deck, while a welcoming front deck provides another great space to relax outdoors. The large driveway offers parking for up to three vehicles. The spacious 14x12 primary bedroom is truly an oasis, offering abundant closet space. The primary bathroom features a dressing/makeup area, a beautiful custom vanity, lighting, and an updated tub/shower with ceramic tile, along with a separate stand-up shower. The second full bathroom features a contemporary design with a custom vanity along with ceramic tile flooring. Additional updates include fresh paint and new carpet throughout. The roof, furnace, and central air are approximately 11 years old and have been well maintained. Two outdoor sheds provide additional storage, and all appliances are included with the sale. This home is located in Country Meadows Manufactured Home Community on a leased lot. Purchase subject to park approval.

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

Taxation est. · year 1

• Rental income: $20,826
• − Mortgage interest: −$4,061
• − Property taxes: −$1,088
• − Insurance: −$362
• − Repairs & maintenance: −$1,666
• − Management: −$1,666
• − HOA: −$9,096
• − Depreciation: −$2,109
• Taxable income: $778
• Est. tax owed @ 24.0%: −$187
• After-tax cash flow: $1,157/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained 3-bedroom home with 2.5 bathrooms and a spacious layout is ready for immediate move-in.

Value-add opportunities

• Resale Paint exterior — Enhances curb appeal
• Rental Replace ceiling fans — Improves comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior — Enhances curb appeal ↑
• Rental Replace ceiling fans — Improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Flat Rock Community Schools
• NCES district ID: 2607080
• Math proficiency: 26% ▼ -7.00%
• Reading proficiency: 37% ▼ -2.00%
• Median HH income: $55,015
• Composite: 27.89/100
• National rank: #6871
• State rank: #326 of 540 in MI

Livability — Flat Rock

• Score: 74/100
• State rank: #177
• US rank: #4594

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Wayne County · 1,562,939 people
• City population: 23,935
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 23,935
• Household income: $92,076
• Rent vs Own: 15.7% rent · 84.3% own
• Severe rent burden: 228.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 1,675,273 people
• By 2030: 1,620,300 · -3.3%
• By 2040: 1,502,341 · -10.3%
• By 2050: 1,384,039 · -17.4%
• By 2075: 1,124,592 · -32.9%
• By 2100: 881,193 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Two or more races 10% Hispanic / Latino 9% Black 8%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 13% Lithuanian 5% Portuguese 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Wayne

• 2024 margin: Strong D (+29.0) · D 62.7% · R 33.7% · Other 3.6%
• 2008→2024 swing: -20.5pp toward R · 2008: 49.5pp · 2024: 29.0pp
• All cycles: 2024: D+29.0 2020: D+38.1 2016: D+37.3 2012: D+46.9 2008: D+49.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -223.42%
• Current HPI: 232.7533
• Rent YoY: —
• Metro: Detroit-Warren-Dearborn, 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

• 2026-03-05 Listed $77,700 MiRealSource-MiMLS
• 2026-03-05 Listed $77,700 REALCOMP