7042 Gilman St · Garden City, MI 48135

$199,900

3 bd · 1.0 ba · 910 sqft · SingleFamily public records · 8 Days on market

Built 1954 6,970 sqft lot Est $155k · 29% over

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Why this score? — see what drove the F 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 +14.4/30.0
• DSCR +4.4/10.0
• Livability +4.1/5.0
• 1% rule +3.4/10.0
• Rent growth +3.4/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this wonderfully maintained 3 bedroom, 1 bath bungalow with a finished basement and two car garage. Updates include the electrical panel being updated to 100 amp service (2026), new furnace, sewer clean out and gutters (2025), central air, plumbing, reglazed bathtub and kitchen cabinets (2024). In the last 4-5 years the roof, hot water heater and windows have been replaced. Along with all of the major updates, enjoy the beautiful hardwood floors throughout, the gorgeous eat-in-kitchen and the spacious backyard, great for entertaining. Seller to provide the Certificate of Occupancy at closing. BATVAI

Key facts

• New furnace
• New gutters
• Finished basement

Tags

• FINISHED BASEMENT
• ELECTRICAL PANEL UPDATED
• NEW FURNACE
• SEWER CLEAN OUT
• NEW GUTTERS
• CENTRAL AIR

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories; Ground-level entry with steps; Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Fenced yard; Paved road access

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fans
• Interior features: Finished full basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $41 ($489/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (15.8% below list).
• Recommended offer: $168k (15.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 82/100 on livability (#53 in MI, #1,047 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, commute A; Watch: employment C-, schools D-.
• Garden City Public Schools (suburban): math 22% / reading 36% proficiency, ranked #365 of 540 in MI (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.6%/yr); 134 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 30% of the median local income ($67k/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 $1k of loan paydown is wiped out by about $6k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $168,405 (15.8% below list)

Questions for the listing agent

1. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.84% ✗
• Cap rate: 6.54%
• Cash-on-cash: 0.87%
• DSCR: 1.04
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $154,700
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7048 Deering St	0.13mi	3/1.0	910 (0%)	7mo	$150,000	$165	88
7256 Deering St	0.17mi	3/1.0	936 (+3%)	1mo	$180,000	$192	86
7427 Arcola St	0.35mi	3/1.0	941 (+3%)	3mo	$213,000	$226	76
7606 Cavell St	0.40mi	3/1.0	900 (-1%)	7mo	$142,000	$158	74
7641 N Inkster Rd	0.48mi	3/1.0	906 (-0%)	5mo	$150,000	$166	72
7401 Floral St	0.17mi	3/1.0	1,000 (+10%)	6mo	$169,000	$169	70
28807 Block St	0.72mi	3/1.0	895 (-2%)	2mo	$163,200	$182	62
6582 Sterling Ct	0.39mi	3/1.5	1,000 (+10%)	4mo	$195,000	$195	60
28710 Cambridge St	0.36mi	3/2.0	1,030 (+13%)	5mo	$175,000	$170	53
28538 Block St	0.66mi	3/1.0	820 (-10%)	7mo	$140,000	$171	47
6141 Harrison St	0.61mi	2/1.0 (-1)	812 (-11%)	4mo	$138,000	$170	45
6018 Harrison St	0.68mi	2/1.0 (-1)	992 (+9%)	9mo	$160,000	$161	41

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 · 3.65% rent growth · sell at horizon

5-year hold

• IRR: -14.2%
• Equity multiple: 0.49×
• Total profit: $-28,719
• Equity at exit: $29,806

10-year hold

• IRR: -4.5%
• Equity multiple: 0.69×
• Total profit: $-17,182
• Equity at exit: $17,284

Cash invested: $55,972 (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 48135

• Rents YoY: 3.6%
• Active inventory: 134
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,684 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$158 /mo · $1,897/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $41

Break-even live

Break-even rent $1,632

Max offer price $199,900

Occupancy floor 93%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7048 Deering St Garden City, MI	3.0	1.0	910	$1,500	$1.65	17d	1	0.12mi
7435 Lathers St Westland, MI	3.0	1.0	1120	$1,900	$1.70	17d	1	0.26mi
7457 Harrison St Westland, MI	3.0	1.0	1120	$1,900	$1.70	2d	1	0.30mi
7484 Affeldt St Westland, MI	3.0	1.0	1120	$1,500	$1.34	24d	1	0.33mi
6954 Inkster Rd Dearborn Heights, MI	1.0–2.0	1.0–1.5	837	$1,339	$1.60	3d	9	0.36mi
5927 Lathers St Garden City, MI	3.0	1.0	1000	$1,600	$1.60	2d	1	0.69mi
5839 Helen St Garden City, MI	3.0	1.0	984	$1,500	$1.52	24d	1	0.74mi
79 3rd St Unit 79 Dearborn Heights, MI	2.0	1.0	840	$1,339	$1.59	24d	1	1.01mi
27201 Canfield St W Dearborn Heights, MI	1.0–2.0	1.0–2.0	852	$1,499	$1.76	2d	22	1.01mi
181 Terri Dr Unit 181 Dearborn Heights, MI	2.0	2.0	840	$1,119	$1.33	5d	1	1.07mi
30500 Warren Rd Westland, MI	2.0	1.0	900	$1,128	$1.25	44d	1	1.44mi

Listing history 8 events

1. 2026-06-10
   status $199,900 Pending 8 DOM
2. 2026-06-09
   days on market $199,900 Active Under Contract 8 DOM
3. 2026-06-08
   statusdays on market $199,900 Active Under Contract 7 DOM
4. 2026-06-07
   days on market $199,900 Active 6 DOM
5. 2026-06-04
   days on market $199,900 Active 3 DOM
6. 2026-06-03
   days on market $199,900 Active 2 DOM
7. 2026-06-02
   remarks 617-char remark
8. 2026-06-02
   listed $199,900 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: $1,897 · $158/mo
• Projected year-2 tax: $2,488 · $207/mo
• Expected delta: +$591/yr (+$49/mo · 31.2%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°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: $20,209
• − Mortgage interest: −$11,198
• − Property taxes: −$1,897
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,617
• − Management: −$1,617
• − Depreciation: −$5,815
• Taxable loss: −$2,934
• Est. tax savings @ 24.0%: +$704
• After-tax cash flow: $1,193/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: Garden City Public Schools
• NCES district ID: 2615540
• Math proficiency: 22% ▼ -11.00%
• Reading proficiency: 36% ▼ -13.00%
• Median HH income: $52,165
• Composite: 25.53/100
• National rank: #7433
• State rank: #365 of 540 in MI

Livability — Garden City

• Score: 82/100
• State rank: #53
• US rank: #1047

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Garden City, MI
• County: Wayne County · 1,562,939 people
• City population: 26,739
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 26,739
• Household income: $67,294
• Rent vs Own: 20.9% rent · 79.1% own
• Severe rent burden: 509.0

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 (82%)
• Race & ethnicity: White 82% Two or more races 8% Black 7% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 13% Italian 4% Slovak 3%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Arabic 3% Spanish 1% 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: ▼ -265.28%
• Current HPI: 212.5713
• Rent YoY: ▲ 3.65%
• 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

• 2026-06-01 Listed $199,900 REALCOMP
• 2026-06-01 Listed $199,900 MiRealSource-MiMLS

Property tax history

+1.9%/yr

Latest (2025): $1,897 · -10.9% YoY. Source: county tax records.