8360 Arlis St

Wolverine Lake, MI 48382

$325,000C+

2 bd · 2.0 ba · 2,002 sqft · Built 1987 · SingleFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,300/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$346
• HOA: −$0
• Vac / Maint / Mgmt: −$693
• Net cashflow: $557/mo
• Annual: $6,681/yr
• Cap rate: 8.35%
• Cash-on-cash: 7.34%
• DSCR: 1.33
• 1% rule: 1.02%
• Cash to close: $91,000

Investor read

• This is a 2-bed/2.0-bath single-family listed at $325k.
• At list price, monthly cash flow is $557 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $325k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#204 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Walled Lake Consolidated Schools (suburban): math 52% / reading 60% proficiency, ranked #58 of 540 in MI (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Keith Elementary School (math 55% / reading 63%, grade B-, #224 of 1,397 statewide, top 16%, 540 students, 23% FRL); Clifford H Smart Middle School (math 43% / reading 61%, grade C+, #95 of 493 statewide, top 20%, 934 students, 22% FRL); Walled Lake Northern High School (math 59% / reading 78%, grade B, #41 of 713 statewide, top 6%, 1,485 students, 19% FRL) — zoned schools at 21% FRL track the district average.
• Market conditions: 179 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 30y 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 $138k; list at $325k implies a 136% gain — meaningful room to come down on a strong offer.
• Cap rate 8.3% vs local median 3.3% in Wolverine Lake — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.