34460 Van Born Rd

Wayne, MI 48184

$170,000C-

4 bd · 2.5 ba · 1,597 sqft · Built 2002 · SingleFamily · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,924/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$458
• HOA: −$0
• Vac / Maint / Mgmt: −$404
• Net cashflow: $171/mo
• Annual: $2,052/yr
• Cap rate: 7.50%
• Cash-on-cash: 4.31%
• DSCR: 1.19
• 1% rule: 1.13%
• Cash to close: $47,600

Investor read

• This is a 4-bed/2.5-bath single-family listed at $170k.
• At list price, monthly cash flow is $171 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• It's been on market 19 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $167k (1.5% below list) — sets the bar for market timing.
• 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 72/100 on livability (#252 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools F, crime F, employment 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.
• Watch-outs: property tax is 2.7% of price.
• Market conditions: 56 active listings in the ZIP; 2 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.
• 10 sale attempts since 25y ago; this cycle's ask has dropped $80k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $170k implies a 278% gain — meaningful room to come down on a strong offer.
• Cap rate 7.5% vs local median 5.5% in Wayne — 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 ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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 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?
• 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.