30925 Block St

Garden City, MI 48135

$156,000B-

4 bd · 2.0 ba · 1,933 sqft · Built 1951 · SingleFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,181/mo
• Mortgage (P&I): −$818
• Tax + insurance: −$646
• HOA: −$0
• Vac / Maint / Mgmt: −$458
• Net cashflow: $259/mo
• Annual: $3,111/yr
• Cap rate: 8.29%
• Cash-on-cash: 7.12%
• DSCR: 1.32
• 1% rule: 1.40%
• Cash to close: $43,680

Investor read

• This is a 4-bed/2.0-bath single-family listed at $156k.
• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $156k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• 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-.
• 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.
• Zoned schools: Douglas Elementary 34 Campus (math 29% / reading 32%, grade F, #858 of 1,397 statewide, top 61%, 433 students, 61% FRL); Garden City Middle School (math 20% / reading 36%, grade F, #359 of 493 statewide, top 73%, 435 students, 58% FRL); Garden City High School (math 17% / reading 42%, grade F, #441 of 713 statewide, top 64%, 846 students, 44% FRL).
• Watch-outs: property tax is 4.5% of price; built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.6%/yr); 139 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 6 sale attempts since 6y 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.
• Cap rate 8.3% vs local median 5.8% in Garden City — 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 39% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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.