8847 Woodbine

Redford, MI 48239

$199,900D-

3 bd · 1.0 ba · 981 sqft · Built 1959 · SingleFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,707/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$425
• HOA: −$0
• Vac / Maint / Mgmt: −$358
• Net cashflow: $-125/mo
• Annual: $-1,496/yr
• Cap rate: 5.54%
• Cash-on-cash: -2.67%
• DSCR: 0.88
• 1% rule: 0.85%
• Cash to close: $55,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $200k.
• At list price, monthly cash flow is $-125 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (11.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $171k (14.6% below list).
• It's been on market 15 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $171k (14.6% below list) — sets the bar for 1% rule.
• 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.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• South Redford School District (suburban): math 11% / reading 29% proficiency, ranked #455 of 540 in MI (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.2%/yr); 188 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 10 sale attempts since 5y ago; this cycle's ask is 12394% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $158k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.