7350 N Inkster Rd #118

Dearborn Heights, MI 48127

$75,000D

1 bd · 1.0 ba · 721 sqft · Built 1964 · Condo · Active · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,068/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$93
• HOA: −$389
• Vac / Maint / Mgmt: −$224
• Net cashflow: $-32/mo
• Annual: $-386/yr
• Cap rate: 5.78%
• Cash-on-cash: -1.84%
• DSCR: 0.92
• 1% rule: 1.42%
• Cash to close: $21,000

Investor read

• This is a 1-bed/1.0-bath condo listed at $75k.
• At list price, monthly cash flow is $-32 ($-386/yr) — negative.
• To cash-flow at today's rent, offer at most $69k (7.6% below list).
• Meets the 1% rule at list price ($1k rent vs $75k).
• It's been on market 74 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $69k (7.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#82 in MI, #1,885 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, employment D+, health & safety D+.
• Crestwood School District (suburban): math 32% / reading 43% proficiency, ranked #242 of 540 in MI (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Riverside Middle School (math 37% / reading 57%, grade D+, #143 of 493 statewide, top 30%, 1,172 students, 78% FRL); Crestwood High School (math 36% / reading 48%, grade F, #264 of 713 statewide, top 41%, 1,336 students, 72% FRL) — zoned schools average 75% FRL vs 59% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 36% of rent.
• Market conditions: Rents flat; 148 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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.
• 4 sale attempts since 20y 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.
• Current owner paid $45k; list at $75k implies a 67% 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 74 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.
• 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?