147 1st St

Wyandotte, MI 48192

$224,900D-

4 bd · 3.0 ba · 1,606 sqft · Built 1918 · SingleFamily · Active · 160 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,608/mo
• Mortgage (P&I): −$1,179
• Tax + insurance: −$285
• HOA: −$0
• Vac / Maint / Mgmt: −$338
• Net cashflow: $-194/mo
• Annual: $-2,330/yr
• Cap rate: 5.26%
• Cash-on-cash: -3.70%
• DSCR: 0.84
• 1% rule: 0.71%
• Cash to close: $62,972

Investor read

• This is a 4-bed/3.0-bath single-family listed at $225k.
• At list price, monthly cash flow is $-194 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (15.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (28.5% below list).
• It's been on market 160 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $161k (28.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#11 in MI, #181 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment C-.
• Wyandotte School District (suburban): math 27% / reading 45% proficiency, ranked #262 of 540 in MI (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.9%/yr); 117 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 7 sale attempts since 28y ago; this cycle's ask has dropped $55k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $225k implies a 603% gain — meaningful room to come down on a strong offer.

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 160 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.