38175 Carolon Blvd

Westland, MI 48185

$125,000C+

3 bd · 1.5 ba · 1,301 sqft · Built 1979 · SingleFamily · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,678/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$170
• HOA: −$280
• Vac / Maint / Mgmt: −$352
• Net cashflow: $220/mo
• Annual: $2,643/yr
• Cap rate: 8.41%
• Cash-on-cash: 7.55%
• DSCR: 1.34
• 1% rule: 1.34%
• Cash to close: $35,000

Investor read

• This is a 3-bed/1.5-bath single-family listed at $125k.
• At list price, monthly cash flow is $220 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• It's been on market 34 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#124 in MI, #3,067 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-, employment C-, crime D+.
• Wayne-Westland Community School District (suburban): math 11% / reading 27% proficiency, ranked #474 of 540 in MI (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Pd Graham Elementary School (math 12% / reading 32%, grade F, #1,035 of 1,397 statewide, top 77%, 404 students, 59% FRL); Adlai Stevenson Middle School (math 10% / reading 34%, grade F, #408 of 493 statewide, top 84%, 678 students, 55% FRL); John Glenn High School (math 21% / reading 45%, grade F, #402 of 713 statewide, top 56%, 1,542 students, 53% FRL) — zoned schools at 56% FRL track the district average.
• Market conditions: Rents flat; 163 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 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.
• 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.
• Current owner paid $48k; list at $125k implies a 160% gain — meaningful room to come down on a strong offer.
• Cap rate 8.4% vs local median 4.4% in Westland — 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.
• This rent runs 33% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Crime grade is D 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?
• 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.