45042 Broadmoor Cir S

Plymouth, MI 48168

$675,000C+

3 bd · 3.5 ba · 2,819 sqft · Built 2006 · Condo · Active · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,130/mo
• Mortgage (P&I): −$3,540
• Tax + insurance: −$793
• HOA: −$500
• Vac / Maint / Mgmt: −$1,707
• Net cashflow: $1,589/mo
• Annual: $19,069/yr
• Cap rate: 9.12%
• Cash-on-cash: 10.09%
• DSCR: 1.45
• 1% rule: 1.20%
• Cash to close: $189,000

Investor read

• This is a 3-bed/3.5-bath condo listed at $675k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $675k).
• It's been on market 78 days — a 6% lower offer ($634k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $634k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#25 in MI, #516 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute F.
• Northville Public Schools (suburban): math 68% / reading 75% proficiency, ranked #4 of 540 in MI (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 4% free/reduced lunch — higher-income household profile.
• Zoned schools: Winchester Elementary School (math 67% / reading 72%, grade A-, #74 of 1,397 statewide, top 7%, 476 students, 6% FRL); Meads Mill Middle School (math 65% / reading 74%, grade A, #28 of 493 statewide, top 6%, 671 students, 9% FRL); Northville High School (math 68% / reading 86%, grade A-, #11 of 713 statewide, top 2%, 2,499 students, 7% FRL) — zoned schools at 7% FRL track the district average.
• Market conditions: 146 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 12d 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.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $53k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $451k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 9.1% vs local median 3.2% in Plymouth — 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.

Questions for listing agent

• It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.