38142 Greenwood St · Westland, MI 48185

$164,900

3 bd · 1.0 ba · 1,003 sqft · Condo public records · 8 Days on market

Built 1972

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +14.7/30.0
• ARV discount +7.5/15.0
• 1% rule +4.7/10.0
• DSCR +4.5/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully refreshed 3 bedroom, 1.5 bath end unit condo tucked away on a peaceful dead end street in Willow Creek Estates. Located within a small, private community, this home offers a quiet setting with the added bonus of wildlife sightings from the adjoining wooded property, where deer and other native wildlife are often seen passing through. Step inside to discover a home that feels fresh, bright, and move in ready. Brand new luxury vinyl plank flooring and carpeting extend throughout the entire home, complemented by freshly painted walls in every room. Best of all, these improvements have never been lived in, allowing the next owner to enjoy them from day one. The kitch

Key facts

• New carpeting
• Full basement
• Private community

Tags

• END UNIT CONDO
• FULL BASEMENT
• PRIVATE COMMUNITY
• NEW CARPETING
• FRESHLY PAINTED WALLS
• FULLY EQUIPPED KITCHEN

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $165k.

Deal economics

• At list price, monthly cash flow is $42 ($502/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (2.9% below list).
• Recommended offer: $160k (2.9% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.4% in Westland — 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.

Location & tenants

• Location reads 77/100 on livability (#124 in MI, #3,067 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-, employment C-, crime D+.
• Wayne-Westland Community School District (suburban): math 11% / reading 27% proficiency, ranked #474 of 540 in MI (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents flat; 166 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 32% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $55k; list at $165k implies a 200% gain — meaningful room to come down on a strong offer.

Recommended offer $160,177 (2.9% below list)

Questions for the listing agent

1. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 6.60%
• Cash-on-cash: 1.09%
• DSCR: 1.05
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.17% rent growth · sell at horizon

5-year hold

• IRR: -18.0%
• Equity multiple: 0.38×
• Total profit: $-28,417
• Equity at exit: $24,587

10-year hold

• IRR: -17.5%
• Equity multiple: 0.17×
• Total profit: $-38,207
• Equity at exit: $14,258

Cash invested: $46,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 48185

• Rents YoY: 0.2%
• Active inventory: 166
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,602 high
• Mortgage (P&I): −$865
• Tax from tax record: −$104 /mo · $1,249/yr
• Insurance: −$69
• HOA est. from 1 same-building comp: −$186
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $42

Break-even live

Break-even rent $1,549

Max offer price $164,900

Occupancy floor 92%

Sensitivity live

Price	-10% $135	-5% $88	+0% $42	+5% $-5	+10% $-52
Rent	-10% $-85	-5% $-21	+0% $42	+5% $105	+10% $168
Rate	-1.0pp $125	-0.5pp $84	base $42	+0.5pp $-1	+1.0pp $-44

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
467 S Marie St Westland, MI	3.0	1.5	1060	$1,950	$1.84	45d	1	1.20mi
5955 Edinburgh St Canton, MI	1.0–2.0	1.0	800	$1,265	$1.58	25d	8	1.22mi
5955 Edinburgh St Canton, MI	1.0–2.0	1.0	800	$1,460	$1.82	0d	10	1.22mi
7000 Lakeview Blvd Westland, MI	1.0–2.0	1.0	752	$1,299	$1.73	0d	61	1.33mi
7500 N Newburgh Rd Westland, MI	1.0–2.0	1.0–2.0	843	$1,868	$2.21	0d	7	1.41mi
201 Cassia Ct Canton, MI	2.0–3.0	2.0–2.5	1112	$2,094	$1.88	0d	2	1.42mi
7344 Drew Cir Westland, MI	2.0	1.0	900	$1,375	$1.53	0d	9	1.48mi
6501 Yale St Westland, MI	1.0–2.0	1.0	746	$1,129	$1.51	6d	5	1.49mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-21
   days on market $164,900 Active 8 DOM
2. 2026-06-18
   days on market $164,900 Active 5 DOM
3. 2026-06-17
   days on market $164,900 Active 4 DOM
4. 2026-06-16
   days on market $164,900 Active 3 DOM
5. 2026-06-15
   remarks 699-char remark
6. 2026-06-15
   listed $164,900 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $1,249 · $104/mo
• Projected year-2 tax: $1,894 · $158/mo
• Expected delta: +$645/yr (+$54/mo · 51.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,221
• − Mortgage interest: −$9,237
• − Property taxes: −$1,249
• − Insurance: −$824
• − Repairs & maintenance: −$1,538
• − Management: −$1,538
• − HOA: −$2,232
• − Depreciation: −$4,797
• Taxable loss: −$2,194
• Est. tax savings @ 24.0%: +$527
• After-tax cash flow: $1,028/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Wayne-Westland Community School District
• NCES district ID: 2600015
• Math proficiency: 11% ▼ -6.00%
• Reading proficiency: 27% ▼ -2.00%
• Median HH income: $43,524
• Composite: 16.4/100
• National rank: #9195
• State rank: #474 of 540 in MI

Livability — Westland

• Score: 77/100
• State rank: #124
• US rank: #3067

Category grades

Amenities C- Commute A+ Cost of living A+ Crime D+ Employment C- Housing A+ Health & safety D+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Westland, MI
• County: Wayne County · 1,562,939 people
• City population: 83,633
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 48,530
• Household income: $60,854
• Rent vs Own: 43.2% rent · 56.8% own
• Severe rent burden: 2263.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 1,675,273 people
• By 2030: 1,620,300 · -3.3%
• By 2040: 1,502,341 · -10.3%
• By 2050: 1,384,039 · -17.4%
• By 2075: 1,124,592 · -32.9%
• By 2100: 881,193 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 63% Black 22% Two or more races 7% Asian 5% Hispanic / Latino 5%
• Common ancestry: Romanian 11% Lithuanian 3% Italian 2%
• Foreign-born: 11% · Canada, China
• Languages at home: 87% English-only · Other Indo-European 5% Arabic 2% Spanish 2%

Political lean MEDSL · Wayne

• 2024 margin: Strong D (+29.0) · D 62.7% · R 33.7% · Other 3.6%
• 2008→2024 swing: -20.5pp toward R · 2008: 49.5pp · 2024: 29.0pp
• All cycles: 2024: D+29.0 2020: D+38.1 2016: D+37.3 2012: D+46.9 2008: D+49.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -265.65%
• Current HPI: 237.7594
• Rent YoY: ▲ 0.17%
• Metro: Detroit-Warren-Dearborn, MI
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

+199.8% since first listed

2 events — show timeline

• 2026-06-14 Listed $164,900 FSBO.com
• 1994-04-15 Sold (Public Records) $55,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $1,249 · +1.6% YoY. Source: county tax records.