1822 4th St

Wyandotte, MI 48192

$222,500B-

6 bd · 4.0 ba · — sqft · Built 1907 · MultiFamily · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,974/mo
• Mortgage (P&I): −$1,167
• Tax + insurance: −$371
• HOA: −$0
• Vac / Maint / Mgmt: −$625
• Net cashflow: $812/mo
• Annual: $9,742/yr
• Cap rate: 10.67%
• Cash-on-cash: 15.64%
• DSCR: 1.70
• 1% rule: 1.34%
• Cash to close: $62,300

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $222k. Condition is rated fair.
• At list price, monthly cash flow is $812 ($10k/yr) — positive. Per door: $406/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $222k).
• It's been on market 45 days — a 3% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $216k (3.0% below list) — sets the bar for market timing.
• 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 1907 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.9%/yr); 121 active listings in the ZIP; 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.
• 2 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.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $62k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 10.7% vs local median 4.9% in Wyandotte — 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.
• At $2,974/mo this rent would consume 50% of the median local household income ($72k/yr) (locally 570% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen clutter — Cluttered countertops and cabinets
• Minor: Bathroom fixtures — Outdated pink tile and fixtures