28366 Brookfield Ct

Gibraltar, MI 48183

$169,000F

3 bd · 1.5 ba · 1,200 sqft · Built — · Condo · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,513/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$282
• HOA: −$212
• Vac / Maint / Mgmt: −$318
• Net cashflow: $-185/mo
• Annual: $-2,220/yr
• Cap rate: 4.98%
• Cash-on-cash: -4.69%
• DSCR: 0.79
• 1% rule: 0.89%
• Cash to close: $47,320

Investor read

• This is a 3-bed/1.5-bath condo listed at $169k. Condition is rated good.
• At list price, monthly cash flow is $-185 ($-2k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (10.5% below list).
• It's been on market 36 days — a 3% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $151k (10.5% 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 $5k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#133 in MI, #3,254 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, 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: Hunter Elementary School (math 22% / reading 42%, grade F, #814 of 1,397 statewide, top 61%, 393 students, 43% 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).
• 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.
• Cap rate 5.0% vs local median 3.7% in Gibraltar — 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

• 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?
• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 11% 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?
• 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?
• 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.