24494 Edwin

Brownstown, MI 48134

$88,000C

3 bd · 2.0 ba · 1,568 sqft · Built 2015 · SingleFamily · Active · 114 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,753/mo
• Mortgage (P&I): −$461
• Tax + insurance: −$147
• HOA: −$653
• Vac / Maint / Mgmt: −$368
• Net cashflow: $124/mo
• Annual: $1,487/yr
• Cap rate: 7.98%
• Cash-on-cash: 6.03%
• DSCR: 1.27
• 1% rule: 1.99%
• Cash to close: $24,640

Investor read

• This is a 3-bed/2.0-bath single-family listed at $88k. Condition is rated good.
• At list price, monthly cash flow is $124 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $88k).
• It's been on market 114 days — a 9% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $80k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $608 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Woodhaven-Brownstown School District (suburban): math 32% / reading 49% proficiency, ranked #189 of 540 in MI (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Erving Elementary School (math 22% / reading 37%, grade F, #866 of 1,397 statewide, top 65%, 496 students, 54% FRL); Brownstown Middle School (math 30% / reading 45%, grade F, #243 of 493 statewide, top 50%, 815 students, 53% FRL); Woodhaven High School (math 33% / reading 61%, grade D-, #187 of 713 statewide, top 29%, 1,203 students, 41% FRL) — zoned schools average 49% FRL vs 34% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 37% of rent.
• Market conditions: 161 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 69d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 6 sale attempts; this cycle's ask has dropped $8k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 8.0% vs local median 3.3% in Brownstown — 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 114 days. Have you received any prior offers? Is the seller open to a 9% 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Worn appearance
• Minor: Bathroom fixtures — Dated appearance