6306 Schaefer Rd · Dearborn, MI 48126

$129,900

2 bd · 1.5 ba · 1,008 sqft · Condo public records · 23 Days on market

Built 1931

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +18.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +5.0/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover a piece of Dearborn's rich history with this charming condominium, located at 6306 Schaefer RD. Built in 1931, remodeled in 2015, this property offers a unique opportunity to experience classic design with the conveniences of modern living. This condominium features two comfortable bedrooms, providing inviting spaces for rest and rejuvenation. Embrace the opportunity to own a distinctive piece of Dearborn's architectural heritage. Property is being sold in an as is condition. Buyer to assume city inspection repairs.

Key facts

• Built 1931
• Listed 23 days

Property features AI

Finance

• Financial info: $1,869 annual tax amount

Exterior

• Parking: Driveway only (no garage)
• Utilities: Public water; Public sewer
• Home design: Condominium; Two levels; Ground-level entry
• Construction: Brick construction; Block foundation; Finished area above grade and below grade (two levels)
• Exterior features: Paved road access; Pets allowed

Interior

• Bedrooms: Total of 2 rooms (includes bedrooms and living areas)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Finished basement with walk-out access and daylight windows

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $130k.

Deal economics

• At list price, monthly cash flow is $134 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (0.1% below list).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 4.3% in Dearborn — 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.

Location & tenants

• Location reads 80/100 on livability (#84 in MI, #1,904 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D, schools D-.
• Dearborn City School District (urban): math 26% / reading 39% proficiency, ranked #325 of 540 in MI (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+13.2%/yr); 102 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 37% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $36k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 23y ago; this cycle's ask is 8% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,951 (1.5% below list)

Questions for the listing agent

1. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.00% ✗
• Cap rate: 7.53%
• Cash-on-cash: 4.41%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -4.0%
• Equity multiple: 0.84×
• Total profit: $-5,664
• Equity at exit: $19,369

10-year hold

• IRR: 10.7%
• Equity multiple: 2.03×
• Total profit: $37,304
• Equity at exit: $11,231

Cash invested: $36,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 48126

• Rents YoY: 13.2%
• Active inventory: 102
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,298 high
• Mortgage (P&I): −$681
• Tax from tax record: −$156 /mo · $1,874/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $134

Break-even live

Break-even rent $1,128

Max offer price $129,900

Occupancy floor 85%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6225 Middlesex St Unit 5 Dearborn, MI	2.0	1.0	700	$950	$1.36	12d	1	0.29mi
6225 Middlesex St Unit 5 Dearborn, MI	2.0	1.0	700	$950	$1.36	4d	1	0.29mi
5250 Calhoun St Dearborn, MI	3.0	1.0	1400	$1,300	$0.93	24d	1	0.67mi
6406 Mead St Dearborn, MI	2.0	1.0	904	$1,100	$1.22	24d	1	0.74mi
7100 Freda St Dearborn, MI	1.0	1.0	900	$895	$0.99	43d	3	1.01mi
4810 Ternes St Dearborn, MI	2.0	1.0	720	$1,350	$1.88	17d	1	1.13mi
4326 Maple St Dearborn, MI	2.0	1.5	873	$1,695	$1.94	24d	1	1.14mi
4240 Maple St Dearborn, MI	2.0	2.0	1500	$2,300	$1.53	43d	1	1.18mi
4819 Woodworth St Dearborn, MI	2.0	1.0	800	$1,700	$2.12	12d	1	1.20mi
8114 Marlowe St Unit home Detroit, MI	3.0	1.0	985	$1,350	$1.37	43d	1	1.30mi
8047 Robson St Detroit, MI	3.0	2.0	1184	$1,200	$1.01	43d	1	1.35mi
8212 Lauder St Detroit, MI	3.0	1.0	1026	$1,150	$1.12	43d	1	1.40mi
6474 Saint Marys St Detroit, MI	3.0	1.0	1237	$1,350	$1.09	43d	1	1.40mi
14500 Prospect St Dearborn, MI	1.0	1.0	745	$1,145	$1.54	43d	1	1.41mi
8283 Pinehurst St Unit 2 Detroit, MI	2.0	1.0	1000	$900	$0.90	43d	1	1.43mi
7419 Rutherford St Detroit, MI	2.0	1.0	981	$1,150	$1.17	15d	1	1.50mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-05-31
   days on market $129,900 Active 23 DOM
2. 2026-05-08
   listed $129,900 Active 530-char remark
3. 2026-05-08
   listed $129,900 Active 530-char remark
4. 2010-12-02
   historical
5. 2009-04-15
   listed $24,900
6. 2004-06-29
   soldstatus $76,500
7. 2004-05-07
   soldstatus $76,500
8. 2004-02-13
   soldstatus $57,000
9. 2003-12-22
   listed $82,900
10. 2003-12-08
    soldstatus $57,000
11. 2003-12-08
    soldstatus $57,000
12. 2003-09-10
    historical
13. 2003-08-22
    listed $63,000
14. 2003-08-22
    listed $63,000
15. 2001-02-05
    soldstatus $75,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $1,874 · $156/mo
• Projected year-2 tax: $1,937 · $161/mo
• Expected delta: +$63/yr (+$5/mo · 3.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,572
• − Mortgage interest: −$7,276
• − Property taxes: −$1,874
• − Insurance: −$650
• − Repairs & maintenance: −$1,246
• − Management: −$1,246
• − Depreciation: −$3,779
• Taxable loss: −$499
• Est. tax savings @ 24.0%: +$120
• After-tax cash flow: $1,723/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Dearborn City School District
• NCES district ID: 2611600
• Math proficiency: 26% ▼ -14.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $46,884
• Composite: 27.93/100
• National rank: #6864
• State rank: #325 of 540 in MI

Livability — Dearborn

• Score: 80/100
• State rank: #84
• US rank: #1904

Category grades

Amenities D Commute A+ Cost of living A+ Crime C Employment C Housing A+ Health & safety C User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dearborn, MI
• County: Wayne County · 1,562,939 people
• City population: 86,476
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 51,997
• Household income: $42,140
• Rent vs Own: 43.4% rent · 56.6% own
• Severe rent burden: 2742.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 1,675,273 people
• By 2030: 1,620,300 · -3.3%
• By 2040: 1,502,341 · -10.3%
• By 2050: 1,384,039 · -17.4%
• By 2075: 1,124,592 · -32.9%
• By 2100: 881,193 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Black 3% Asian 2% Hispanic / Latino 1%
• Common ancestry: Arab 8% Romanian 2% Armenian 1%
• Foreign-born: 43% · Canada, South Korea
• Languages at home: 26% English-only · Arabic 70% Other Indo-European 2% Spanish 1%

Political lean MEDSL · Wayne

• 2024 margin: Strong D (+29.0) · D 62.7% · R 33.7% · Other 3.6%
• 2008→2024 swing: -20.5pp toward R · 2008: 49.5pp · 2024: 29.0pp
• All cycles: 2024: D+29.0 2020: D+38.1 2016: D+37.3 2012: D+46.9 2008: D+49.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -266.09%
• Current HPI: 241.0732
• Rent YoY: ▲ 13.15%
• Metro: Detroit-Warren-Dearborn, MI
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

+59.9% since first listed

19 events — show timeline

• 2026-06-16 Listed $119,900 MiRealSource-MiMLS
• 2026-06-16 Sold (MLS) $119,000 MiRealSource-MiMLS
• 2026-06-16 Sold (MLS) $119,000 REALCOMP
• 2026-06-01 Listing Removed — REALCOMP
• 2026-06-01 Listing Removed — MiRealSource-MiMLS
• 2026-05-08 Listed $129,900 REALCOMP
• 2026-05-08 Listed $129,900 MiRealSource-MiMLS
• 2010-12-02 Listing Removed — REALCOMP
• 2009-04-15 Listed $24,900 REALCOMP
• 2004-06-29 Sold (Public Records) $76,500 Public Records
• 2004-05-07 Sold (MLS) $76,500 REALCOMP
• 2004-02-13 Sold (Public Records) $57,000 Public Records
• 2003-12-22 Listed $82,900 REALCOMP
• 2003-12-08 Sold (MLS) $57,000 MiRealSource-MiMLS
• 2003-12-08 Sold (MLS) $57,000 REALCOMP
• 2003-09-10 Listing Removed — MiRealSource-MiMLS
• 2003-08-22 Listed $63,000 MiRealSource-MiMLS
• 2003-08-22 Listed $63,000 REALCOMP
• 2001-02-05 Sold (Public Records) $75,000 Public Records

Property tax history

-3.0%/yr

Latest (2025): $1,874 · -0.3% YoY. Source: county tax records.