344 N Mill St · Plymouth, MI 48170

$299,900

2 bd · 3.0 ba · 1,632 sqft · Condo · 80 Days on market

Built 1980 Good condition $184/sqft · 42% below area Est $518k · 42% under $300/mo HOA · 10% of rent

---

Why this score? — see what drove the C- 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).

• ARV discount +15.0/15.0
• Cash flow +13.1/30.0
• Schools +5.6/10.0
• 1% rule +5.0/10.0
• Livability +4.2/5.0
• DSCR +3.9/10.0
• Condition / age +3.8/5.0
• Rent growth +3.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Plymouth! This condo's amazing location is just steps away from all the vibrant Plymouth has to offer. Spacious condo with 2 bedrooms 2 full baths and 2 half baths. The second floor features a primary bedroom with full bath, walk in closet and access to an attic for additional storage. Second bedroom has a large closet and detached full bath. Main floor where the front entry is off a brick porch. The kitchen includes stainless steel appliances and open concept to dining room/living room and a counter top half wall between the kitchen and dining area. Beautiful crown molding and abundant light finishes the room. Lower level features a spacious room with wet bar and half bath. French double doors open to the outside patio and private pathway that leads to an assigned covered parking space. There is also a separate utility room and extra space for a washer and dryer and storage.

Key facts

• $300 HOA
• Built 1980
• Listed 79 days

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath condo listed at $300k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-14 ($-163/yr) — negative.
• To cash-flow at today's rent, offer at most $298k (0.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $299k (0.4% below list).
• Recommended offer: $282k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.2% vs local median 3.2% in Plymouth — 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 85/100 on livability (#25 in MI, #516 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute F.
• Plymouth-Canton Community Schools (suburban): math 58% / reading 66% proficiency, ranked #27 of 540 in MI (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.4%/yr); 238 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 31% of the median local income ($114k/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 $2k of loan paydown is wiped out by about $9k 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

• It's been on market 80 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y ago 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.

Recommended offer $281,906 (6.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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?
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: 1.00% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.19%
• DSCR: 0.99
• GRM: 8.4

CMA / ARV

• ARV (median comp): $517,710
• List price: $299,900
• Delta: -42.07%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.38% rent growth · sell at horizon

5-year hold

• IRR: -16.0%
• Equity multiple: 0.43×
• Total profit: $-48,085
• Equity at exit: $44,716

10-year hold

• IRR: -6.8%
• Equity multiple: 0.56×
• Total profit: $-37,313
• Equity at exit: $25,930

Cash invested: $83,972 (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 48170

• Rents YoY: 3.4%
• Active inventory: 238
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,986 high
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,498/yr
• Insurance: −$125
• HOA: −$300
• Vacancy / Maint / Mgmt: −$627
• Net cashflow: $-14

Break-even live

Break-even rent $3,003

Max offer price $297,938

Occupancy floor 95%

Sensitivity live

Price	-10% $194	-5% $90	+0% $-14	+5% $-117	+10% $-221
Rent	-10% $-249	-5% $-132	+0% $-14	+5% $104	+10% $222
Rate	-1.0pp $137	-0.5pp $63	base $-14	+0.5pp $-91	+1.0pp $-170

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
301 Plymouth Rd Plymouth, MI	1.0–2.0	1.0–2.0	1119	$2,830	$2.53	0d	6	0.08mi
270 S Mill St Plymouth, MI	3.0	3.5	2060	$5,000	$2.43	5d	1	0.23mi
40826 Gilbert St Plymouth, MI	3.0	1.0	1192	$3,150	$2.64	14d	1	0.95mi
10703 Barrett Plymouth, MI	3.0	2.5	1917	$3,100	$1.62	45d	1	1.03mi
10633 Barrett Plymouth, MI	3.0	3.5	2047	$4,000	$1.95	45d	1	1.05mi
760 S Evergreen St Plymouth, MI	3.0	1.5	1808	$3,000	$1.66	5d	1	1.24mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-21
   days on market $299,900 Active 80 DOM
2. 2026-06-18
   days on market $299,900 Active 77 DOM
3. 2026-06-17
   days on market $299,900 Active 76 DOM
4. 2026-06-16
   days on market $299,900 Active 75 DOM
5. 2026-06-15
   days on market $299,900 Active 74 DOM
6. 2026-06-13
   days on market $299,900 Active 72 DOM
7. 2026-06-09
   days on market $299,900 Active 68 DOM
8. 2026-06-08
   days on market $299,900 Active 67 DOM
9. 2026-06-07
   days on market $299,900 Active 66 DOM
10. 2026-06-04
    days on market $299,900 Active 63 DOM
11. 2026-06-03
    days on market $299,900 Active 62 DOM
12. 2026-06-02
    days on market $299,900 Active 61 DOM
13. 2026-06-01
    days on market $299,900 Active 60 DOM
14. 2026-05-31
    days on market $299,900 Active 59 DOM
15. 2026-04-02
    listed $299,900 Active 899-char remark

    Show marketing remark (899 chars)

    Welcome to Plymouth! This condo's amazing location is just steps away from all the vibrant Plymouth has to offer. Spacious condo with 2 bedrooms 2 full baths and 2 half baths. The second floor features a primary bedroom with full bath, walk in closet and access to an attic for additional storage. Second bedroom has a large closet and detached full bath. Main floor where the front entry is off a brick porch. The kitchen includes stainless steel appliances and open concept to dining room/living room and a counter top half wall between the kitchen and dining area. Beautiful crown molding and abundant light finishes the room. Lower level features a spacious room with wet bar and half bath. French double doors open to the outside patio and private pathway that leads to an assigned covered parking space. There is also a separate utility room and extra space for a washer and dryer and storage.

16. 2026-04-02
    listed $299,900 Active 899-char remark

    Show marketing remark (899 chars)

    Welcome to Plymouth! This condo's amazing location is just steps away from all the vibrant Plymouth has to offer. Spacious condo with 2 bedrooms 2 full baths and 2 half baths. The second floor features a primary bedroom with full bath, walk in closet and access to an attic for additional storage. Second bedroom has a large closet and detached full bath. Main floor where the front entry is off a brick porch. The kitchen includes stainless steel appliances and open concept to dining room/living room and a counter top half wall between the kitchen and dining area. Beautiful crown molding and abundant light finishes the room. Lower level features a spacious room with wet bar and half bath. French double doors open to the outside patio and private pathway that leads to an assigned covered parking space. There is also a separate utility room and extra space for a washer and dryer and storage.

17. 2011-05-20
    historical
18. 2010-11-19
    listed $116,000
19. 2010-11-01
    historical
20. 2010-05-06
    listed $122,000
21. 2009-03-09
    historical
22. 2008-08-01
    listed $139,900

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

Taxation est. · year 1

• Rental income: $35,833
• − Mortgage interest: −$16,799
• − Property taxes: −$4,498
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,867
• − Management: −$2,867
• − HOA: −$3,600
• − Depreciation: −$8,724
• Taxable loss: −$5,022
• Est. tax savings @ 24.0%: +$1,205
• After-tax cash flow: $1,043/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained two-bedroom condo is in good condition with good curb appeal. It has a good layout and potential for updates to increase its value.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value.
• Both Clean gutters — Improves drainage and property value.
• Both Replace carpet with hardwood flooring — Increases resale value and rental appeal.
• Both Update kitchen backsplash — Modernizes kitchen and adds value.
• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value. ↑
• Both Clean gutters — Improves drainage and property value. ↑
• Both Replace carpet with hardwood flooring — Increases resale value and rental appeal. ↑
• Both Update kitchen backsplash — Modernizes kitchen and adds value. ↑
• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Plymouth-Canton Community Schools
• NCES district ID: 2628560
• Math proficiency: 58% ▼ -5.00%
• Reading proficiency: 66% ▼ -1.00%
• Median HH income: $82,996
• Composite: 55.86/100
• National rank: #1204
• State rank: #27 of 540 in MI

Livability — Plymouth

• Score: 85/100
• State rank: #25
• US rank: #516

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Plymouth, MI
• County: Wayne County · 1,562,939 people
• City population: 40,076
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 40,076
• Household income: $114,278
• Rent vs Own: 20.4% rent · 79.6% own
• Severe rent burden: 790.0

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: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Asian 3% Hispanic / Latino 3% Black 2%
• Common ancestry: Romanian 12% Italian 4% Lithuanian 4%
• Foreign-born: 7% · Canada, China, South Korea
• Languages at home: 93% English-only · Other Indo-European 2% Spanish 1% Other Asian/Pacific 1%

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: ▼ -336.77%
• Current HPI: 208.6713
• Rent YoY: ▲ 3.38%
• 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

+114.4% since first listed

8 events — show timeline

• 2026-04-02 Listed $299,900 MiRealSource-MiMLS
• 2026-04-02 Listed $299,900 REALCOMP
• 2011-05-20 Listing Removed — REALCOMP
• 2010-11-19 Listed $116,000 REALCOMP
• 2010-11-01 Listing Removed — REALCOMP
• 2010-05-06 Listed $122,000 REALCOMP
• 2009-03-09 Listing Removed — REALCOMP
• 2008-08-01 Listed $139,900 REALCOMP