29019 Sheeks Blvd S

Flat Rock, MI 48134

$359,000C+

16 bd · 16.0 ba · — sqft · Built — · MultiFamily · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,423/mo
• Mortgage (P&I): −$1,883
• Tax + insurance: −$598
• HOA: −$0
• Vac / Maint / Mgmt: −$929
• Net cashflow: $1,013/mo
• Annual: $12,158/yr
• Cap rate: 9.68%
• Cash-on-cash: 12.10%
• DSCR: 1.54
• 1% rule: 1.23%
• Cash to close: $100,520

Investor read

• This is a 4 × 1-bed/1-bath units multifamily listed at $359k.
• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $253/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $359k).
• It's been on market 25 days — a 2% lower offer ($354k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $354k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#177 in MI, #4,594 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Flat Rock Community Schools (suburban): math 26% / reading 37% proficiency, ranked #326 of 540 in MI (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 84 active listings in the ZIP; solid renter incomes; 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 28y 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 $245k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $101k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.7% vs local median 2.7% in Flat Rock — 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.
• At $4,423/mo this rent would consume 58% of the median local household income ($92k/yr) (locally 228% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.