6003 Esther Not Applicable

Romulus, MI 48174

$41,100B-

3 bd · 1.0 ba · 1,680 sqft · Built 2024 · Manufactured · Active · 785 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,565/mo
• Mortgage (P&I): −$216
• Tax + insurance: −$68
• HOA: −$0
• Vac / Maint / Mgmt: −$329
• Net cashflow: $952/mo
• Annual: $11,424/yr
• Cap rate: 34.09%
• Cash-on-cash: 99.27%
• DSCR: 5.42
• 1% rule: 3.81%
• Cash to close: $11,508

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $41k. Condition is rated poor.
• At list price, monthly cash flow is $952 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $41k).
• It's been on market 785 days — a 12% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $36k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $284 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#593 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: commute D+, schools F, crime F.
• Romulus Community Schools (suburban): math 9% / reading 21% proficiency, ranked #498 of 540 in MI (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 218 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.
• 18 sale attempts since 2y 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 34.1% vs local median 3.8% in Romulus — 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 785 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear
• Major: roof — No visible damage, but may need inspection
• Major: interior walls/paint — No visible walls/paint, but may need inspection
• Major: windows — No visible windows, but may need inspection
• Major: foundation/structure — No visible foundation/structure, but may need inspection
• Major: HVAC/mechanicals — No visible HVAC/mechanicals, but may need inspection