2635 Greenstone Blvd #501 · Auburn Hills, MI 48326 3762

$134,900

2 bd · 1.0 ba · 792 sqft · Condo public records · 9 Days on market

Built 2007 $180/mo HOA · 12% of rent

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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).

• Cash flow +18.5/30.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• DSCR +5.8/10.0
• Appreciation +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0

Listing remarks

Exceptional find in Auburn Hills within walking distance to Oakland University. Ideal condo for an OU student, or first-time home buyer. Large open concept living room and dining room with access to the large eat in kitchen. In unit washer/dryer included in the laundry room for convenience. Living room door wall leads out to a covered patio with a storage closet. Updated bathroom May 2026 and new A/C unit installed June 2026. Enjoy the community amenities: outdoor swimming pool, fitness center and tennis courts. Located close to The Village of Rochester Hills, Trader Joe's, Busch's, Whole Foods, restaurants and major freeways. BATVAI Buyers must be accompanied by a licensed Michigan Real Es

Key facts

• Fitness center
• Tennis courts
• Covered patio

Tags

• IN UNIT WASHER DRYER
• COVERED PATIO
• OUTDOOR SWIMMING POOL
• FITNESS CENTER
• TENNIS COURTS

Property features AI

Finance

• Other: Pets allowed (cats and dogs) with number limits
• HOA & community: Monthly association fee of $180; Association covers lawn maintenance, snow removal, trash removal, water/sewer, exterior maintenance; clubhouse included; Community amenities include clubhouse and laundry facility; Association contact available

Exterior

• Parking: Carport
• Utilities: Public water; Gas water heater; Natural gas; Public sewer (included with association)
• Home design: Condominium unit; One-story structure; Unit number 501; Built in 2007
• Construction: Slab foundation
• Exterior features: Brick and other exterior construction; In-ground pool; Patio; Tennis court(s); Paved street and private road access

Interior

• Kitchen: Kitchen on entry level (approx. 9 x 12); Dishwasher; Disposal; Microwave; Range/Oven; Refrigerator
• Bedrooms: Primary bedroom located on the entry level (approx. 12 x 14)
• Flooring: Ceramic in bathroom; Linoleum in laundry room
• Bathrooms: One full bathroom with ceramic floor (bathroom approx. 5 x 8, entry level)
• Heating & cooling: Forced air heating; Natural gas heat/fuel; Central A/C; Ceiling fans
• Interior features: Total of 6 rooms
• Laundry & utility: Washer and Dryer included; Laundry room on entry level (linoleum floor, approx. 5 x 9)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $135k.

Deal economics

• At list price, monthly cash flow is $129 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Cap rate 7.4% vs local median 4.3% in Auburn Hills — 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 76/100 on livability (#151 in MI, #3,766 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, schools D, amenities F.
• Pontiac City School District (urban): math 8% / reading 17% proficiency, ranked #514 of 540 in MI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 1 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($933 loan paydown + $4k appreciation (3.0% local appreciation)).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $95k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $134,900

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.12% ✓
• Cap rate: 7.44%
• Cash-on-cash: 4.10%
• DSCR: 1.18
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 11.4%
• Equity multiple: 1.65×
• Total profit: $24,581
• Equity at exit: $60,657

10-year hold

• IRR: 13.6%
• Equity multiple: 3.02×
• Total profit: $76,143
• Equity at exit: $93,479

Cash invested: $37,772 (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 48326 3762

• Active inventory: 1
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,513 high
• Mortgage (P&I): −$707
• Tax from tax record: −$122 /mo · $1,468/yr
• Insurance: −$56
• HOA: −$180
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $129

Break-even live

Break-even rent $1,349

Max offer price $134,900

Occupancy floor 86%

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2635 Greenstone Blvd Auburn Hills, MI	1.0	1.0	792	$1,322	$1.67	43d	2	0.01mi
2651 Greenstone Blvd Auburn Hills, MI	1.0–2.0	1.0–2.0	1013	$1,660	$1.64	1d	3	0.08mi
2605 Greenstone Blvd Auburn Hills, MI	1.0–2.0	1.0–2.0	792	$1,575	$1.99	4d	3	0.11mi
2770 Pine Knoll Dr Auburn Hills, MI	1.0	1.0	780	$1,300	$1.67	2d	1	0.41mi
2644 N Squirrel Rd Auburn Hills, MI	1.0	1.0	933	$1,595	$1.71	1d	2	0.42mi
2796 Barrington Sq Auburn Hills, MI	1.0	1.0	933	$1,595	$1.71	5d	1	0.42mi
3474 Brookshear Cir Auburn Hills, MI	1.0–3.0	1.0–1.5	800	$1,263	$1.58	1d	1	0.55mi
3300 5 Points Dr Auburn Hills, MI	1.0–3.0	1.0–2.0	1095	$2,122	$1.94	1d	16	0.71mi
3131 N Squirrel Rd Unit 1-126 Auburn Hills, MI	2.0	1.0	800	$1,317	$1.65	24d	1	0.73mi
2798 Patrick Henry Rd Auburn Hills, MI	1.0	1.0	700	$2,100	$3.00	3d	1	0.82mi
2610 Davison Ave Auburn Hills, MI	2.0	2.0	1050	$1,675	$1.60	22d	1	0.96mi
2610 Davison Ave Unit *06-2868 Auburn Hills, MI	1.0	1.0	950	$1,225	$1.29	20d	1	0.96mi
2610 Davison Ave Unit *02-2946 Auburn Hills, MI	1.0	1.0	950	$1,425	$1.50	14d	1	0.96mi
2610 Davison Ave Auburn Hills, MI	2.0	2.0	1050	$1,450	$1.38	3d	1	0.96mi
2610 Davison Ave Unit *17-2763 Auburn Hills, MI	2.0	2.0	1100	$1,725	$1.57	43d	1	0.96mi
2610 Davison Ave Unit *17-2773 Auburn Hills, MI	2.0	2.0	1050	$1,475	$1.40	43d	1	0.96mi
2610 Davison Ave Unit 22954 Auburn Hills, MI	1.0	1.0	950	$1,225	$1.29	43d	1	0.96mi
2610 Davison Ave Unit *22-2582 Auburn Hills, MI	2.0	2.0	1100	$2,050	$1.86	22d	1	0.96mi
2610 Davison Ave Unit *20-2624 Auburn Hills, MI	1.0	1.0	950	$1,399	$1.47	22d	1	0.96mi
2610 Davison Ave Auburn Hills, MI	1.0	1.0	950	$1,399	$1.47	43d	1	0.96mi
2610 Davison Ave Unit 92808 Auburn Hills, MI	1.0	1.0	950	$1,425	$1.50	24d	1	0.96mi
2610 Davison Ave Unit 20-2628 Auburn Hills, MI	2.0	2.0	1050	$1,650	$1.57	43d	1	0.96mi
2891 Olden Oak Ln Auburn Hills, MI	1.0–2.0	1.0	900	$1,350	$1.50	1d	9	1.02mi
6 Roanoke Ln Rochester Hills, MI	1.0–2.0	1.0–2.0	750	$1,635	$2.18	43d	3	1.36mi

HOA detail condo

• Monthly dues: $180 · $2,160/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-06-19
   listing id $134,900 Active 9 DOM
2. 2026-06-18
   days on market $134,900 Active 9 DOM
3. 2026-06-17
   days on market $134,900 Active 8 DOM
4. 2026-06-16
   days on market $134,900 Active 7 DOM
5. 2026-06-15
   days on market $134,900 Active 6 DOM
6. 2026-06-13
   days on market $134,900 Active 4 DOM
7. 2026-06-13
   statusdays on marketlisting id $134,900 Active 3 DOM
8. 2026-06-10
   remarks 699-char remark
9. 2026-06-10
   listed $134,900 Coming Soon 1 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: $1,468 · $122/mo
• Projected year-2 tax: $1,772 · $148/mo
• Expected delta: +$305/yr (+$25/mo · 20.8%)

ⓘ 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 2/10 Low 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,153
• − Mortgage interest: −$7,556
• − Property taxes: −$1,468
• − Insurance: −$674
• − Repairs & maintenance: −$1,452
• − Management: −$1,452
• − HOA: −$2,160
• − Depreciation: −$3,924
• Taxable loss: −$534
• Est. tax savings @ 24.0%: +$128
• After-tax cash flow: $1,678/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: Pontiac City School District
• NCES district ID: 2628740
• Math proficiency: 8% ▼ -5.00%
• Reading proficiency: 17% ▼ -3.00%
• Median HH income: $33,888
• Composite: 10.12/100
• National rank: #9802
• State rank: #514 of 540 in MI

Livability — Auburn Hills

• Score: 76/100
• State rank: #151
• US rank: #3766

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn Hills, MI

Population outlook (Oakland County) Hauer SSP2

• Today (2025): 1,335,747 people
• By 2030: 1,375,100 · +2.9%
• By 2040: 1,435,385 · +7.5%
• By 2050: 1,469,250 · +10.0%
• By 2075: 1,531,946 · +14.7%
• By 2100: 1,450,485 · +8.6%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

+42.0% since first listed

3 events — show timeline

• 2026-06-10 Listed $134,900 MiRealSource-MiMLS
• 2026-06-09 Coming Soon $134,900 MiRealSource-MiMLS
• 2018-10-18 Sold (Public Records) $95,000 Public Records

Property tax history

-0.5%/yr

Latest (2025): $1,468 · +2.9% YoY. Source: county tax records.