4873 Curtis St

Dearborn, MI 48126

$245,000F

4 bd · 1.0 ba · 1,134 sqft · Built 1928 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,670/mo
• Mortgage (P&I): −$1,285
• Tax + insurance: −$276
• HOA: −$0
• Vac / Maint / Mgmt: −$351
• Net cashflow: $-242/mo
• Annual: $-2,898/yr
• Cap rate: 5.11%
• Cash-on-cash: -4.23%
• DSCR: 0.81
• 1% rule: 0.68%
• Cash to close: $68,600

Investor read

• This is a 4-bed/1.0-bath single-family listed at $245k.
• At list price, monthly cash flow is $-242 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $202k (17.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $167k (31.8% below list).
• It's been on market 17 days — a 2% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $167k (31.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#84 in MI, #1,904 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D.
• Dearborn City School District (urban): math 26% / reading 39% proficiency, ranked #325 of 540 in MI (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Henry Ford Elementary School (math 13% / reading 17%, grade F, #1,170 of 1,397 statewide, top 84%, 726 students, 89% FRL); Woodworth Middle School (math 15% / reading 31%, grade F, #402 of 493 statewide, top 82%, 773 students, 88% FRL); Fordson High School (math 31% / reading 49%, grade F, #299 of 713 statewide, top 42%, 2,339 students, 85% FRL) — zoned schools average 87% FRL vs 66% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+13.2%/yr); 107 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 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.
• 7 sale attempts since 24y ago 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.
• Current owner paid $125k; list at $245k implies a 96% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• At $1,670/mo this rent would consume 48% of the median local household income ($42k/yr) (locally 2742% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 1928 — 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.
• 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?
• 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.