9700 Pine St

Taylor, MI 48180

$57,500D-

1 bd · 1.0 ba · 604 sqft · Built 2009 · Condo · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,209/mo
• Mortgage (P&I): −$302
• Tax + insurance: −$96
• HOA: −$615
• Vac / Maint / Mgmt: −$254
• Net cashflow: $-58/mo
• Annual: $-692/yr
• Cap rate: 5.09%
• Cash-on-cash: -4.30%
• DSCR: 0.81
• 1% rule: 2.10%
• Cash to close: $16,100

Investor read

• This is a 1-bed/1.0-bath condo listed at $58k. Condition is rated fair.
• At list price, monthly cash flow is $-58 ($-692/yr) — negative.
• To cash-flow at today's rent, offer at most $49k (14.5% below list).
• Meets the 1% rule at list price ($1k rent vs $58k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $49k (14.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $398 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#144 in MI, #3,684 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, crime F.
• Taylor School District (urban): math 14% / reading 27% proficiency, ranked #462 of 540 in MI (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Kinyon Elementary School (math 15% / reading 24%, grade F, #1,091 of 1,397 statewide, top 79%, 411 students, 82% FRL); Robert J West Middle School (math 12% / reading 32%, grade F, #408 of 493 statewide, top 84%, 641 students, 68% FRL); Taylor High School (math 37% / reading 52%, grade F, #214 of 713 statewide, top 36%, 1,394 students, 66% FRL) — zoned schools at 72% FRL track the district average.
• Watch-outs: HOA is 51% of rent.
• Market conditions: Rents rising fast (+4.9%/yr); 289 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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.

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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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 F 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?
• 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?

Repairs flagged (vision-AI assessment)

• Moderate: Exterior siding — Weathered appearance
• Moderate: Kitchen cabinets — Appears dated
• Moderate: Bathroom fixtures — Appears dated
• Moderate: Paint — Faded in some areas