Can you clarify this? Did you apply to Ross this year? Are you saying that students admitted to LSA from the wait list who had applied to Ross are permitted to reapply? I’m not familiar with that policy. If so, is it because Ross did not have the opportunity to review your application?
As for your chances, there’s no way to tell. You’d pretty much have to get not much less than a 4.0 freshman year and write a killer essay. Are you familiar with the prerequisites? You’d have to take calculus and econ (unless you got a 5 on the AP calc AB test or a 4 on AP calc BC). Do you think you can ace those courses?