26654 Kirkway Cir

Woodhaven, MI 48183

$184,900F

2 bd · 1.5 ba · 1,332 sqft · Built 2005 · Condo · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,514/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$308
• HOA: −$327
• Vac / Maint / Mgmt: −$318
• Net cashflow: $-409/mo
• Annual: $-4,904/yr
• Cap rate: 3.64%
• Cash-on-cash: -9.47%
• DSCR: 0.58
• 1% rule: 0.82%
• Cash to close: $51,772

Investor read

• This is a 2-bed/1.5-bath condo listed at $185k. Condition is rated good.
• At list price, monthly cash flow is $-409 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (6.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (18.1% below list).
• It's been on market 17 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $151k (18.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#49 in MI, #1,017 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Gibraltar School District (suburban): math 29% / reading 46% proficiency, ranked #219 of 540 in MI (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Frank E Weiss Elem School (math 27% / reading 42%, grade F, #744 of 1,397 statewide, top 57%, 303 students, 51% FRL); Shumate Middle School (math 32% / reading 47%, grade F, #215 of 493 statewide, top 45%, 795 students, 34% FRL); Oscar A Carlson High School (math 23% / reading 50%, grade F, #364 of 713 statewide, top 51%, 1,165 students, 31% FRL).
• Watch-outs: HOA is 22% of rent.
• Market conditions: 181 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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 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?
• 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.
• 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?
• 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 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen countertops — Worn appearance
• Minor: Kitchen cabinets — Signs of wear