49230 Chestnut Hill Ct · Shelby, MI 48315

$259,900

2 bd · 3.0 ba · 2,800 sqft · Condo · 17 Days on market

Built 1987 Good condition $289/mo HOA · 18% of rent ↓ 11% since listing

---

Why this score? — see what drove the F 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 +7.5/15.0
• Schools +4.1/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Cash flow +3.4/30.0
• Rent growth +2.5/5.0
• 1% rule +1.3/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Clean, move-in ready condo in desirable Shelby Township! This beautifully maintained home features 2 spacious bedrooms and 3 full bathrooms, including a fully finished lower level offering exceptional additional living space. The main floor boasts convenient first-floor laundry and a bright, open kitchen with a skylight, abundant counter space, and included stove and dishwasher. The adjoining dining area provides plenty of room for gatherings and features a door wall leading outside. The primary suite offers a private full bathroom with an easy-access shower, while the second bedroom is filled with natural light. An additional full bathroom on the main floor is perfect for guests. The finished lower level expands your living options with a huge family room, full bathroom, and a dedicated office space. It’s also prepped for a second kitchen with plumbing for a sink and natural gas lines already in place for both a stove and a gas fireplace—ideal for entertaining or multi-generational living. Additional highlights include a 2-car attached garage with ample storage space. Don’t miss this opportunity for low-maintenance living in a fantastic location!

Key facts

• First floor laundry
• Bright open kitchen
• $289 HOA

Tags

• FULLY FINISHED LOWER LEVEL
• FIRST FLOOR LAUNDRY
• BRIGHT OPEN KITCHEN
• ABUNDANT COUNTER SPACE
• DOOR WALL LEADING OUTSIDE
• PRIVATE FULL BATHROOM

Property features AI

Finance

• Other: Subdivision: HERITAGE PLACE; Cross streets: 22 Mile Road / Schoenherr
• HOA & community: Homeowners association with monthly fee of $289; Association maintains grounds

Exterior

• Parking: Attached garage with garage door opener; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Residential condominium; One level
• Construction: Brick construction
• Exterior features: Patio; Paved road access; Sidewalks and street lights in the community

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range
• Bedrooms: Total rooms: 8
• Flooring: Ceramic tile
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Entrance foyer; High-speed internet; Finished basement with concrete construction; Gas fireplace in the great room
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath condo listed at $260k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-798 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (44.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (37.3% below list).
• Recommended offer: $144k (44.5% below list) — sets the bar for cash-flow.
• Cap rate 2.6% vs local median 3.4% in Shelby — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 70/100 on livability (#324 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Utica Community Schools (suburban): math 38% / reading 53% proficiency, ranked #126 of 540 in MI (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Issac Monfort Elementary School (math 43% / reading 57%, grade D+, #371 of 1,397 statewide, top 27%, 533 students, 38% FRL); Utica High School (math 33% / reading 62%, grade D, #185 of 713 statewide, top 26%, 1,368 students, 36% FRL).
• Market conditions: 233 active listings in the ZIP; 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($256k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $144,371 (44.5% 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. 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 F-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. 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?
7. 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.
8. 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.
9. 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: 0.63% ✗
• Cap rate: 2.61%
• Cash-on-cash: -13.17%
• DSCR: 0.41
• GRM: 13.3

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: -40.8%
• Equity multiple: -0.27×
• Total profit: $-92,763
• Equity at exit: $38,752

10-year hold

• IRR: -65.6%
• Equity multiple: -1.00×
• Total profit: $-145,433
• Equity at exit: $22,471

Cash invested: $72,772 (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 48315

• Active inventory: 233
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $1,629 medium
• Mortgage (P&I): −$1,363
• Tax est. 1.5%: −$325 /mo · $3,898/yr
• Insurance: −$108
• HOA: −$289
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $-798

Break-even live

Break-even rent $2,639

Max offer price $144,371

Occupancy floor —

Sensitivity live

Price	-10% $-619	-5% $-709	+0% $-798	+5% $-888	+10% $-978
Rent	-10% $-927	-5% $-863	+0% $-798	+5% $-734	+10% $-670
Rate	-1.0pp $-668	-0.5pp $-732	base $-798	+0.5pp $-866	+1.0pp $-934

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $289 · $3,468/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-05-17
   status Pending 1165-char remark

   Show marketing remark (1183 chars)

   Clean, move-in ready condo in desirable Shelby Township! This beautifully maintained home features 2 spacious bedrooms and 3 full bathrooms, including a fully finished lower level offering exceptional additional living space. The main floor boasts convenient first-floor laundry and a bright, open kitchen with a skylight, abundant counter space, and included stove and dishwasher. The adjoining dining area provides plenty of room for gatherings and features a door wall leading outside. The primary suite offers a private full bathroom with an easy-access shower, while the second bedroom is filled with natural light. An additional full bathroom on the main floor is perfect for guests. The finished lower level expands your living options with a huge family room, full bathroom, and a dedicated office space. It’s also prepped for a second kitchen with plumbing for a sink and natural gas lines already in place for both a stove and a gas fireplace—ideal for entertaining or multi-generational living. Additional highlights include a 2-car attached garage with ample storage space. Don’t miss this opportunity for low-maintenance living in a fantastic location!

2. 2026-05-17
   status Pending 1183-char remark

   Show marketing remark (1183 chars)

   Clean, move-in ready condo in desirable Shelby Township! This beautifully maintained home features 2 spacious bedrooms and 3 full bathrooms, including a fully finished lower level offering exceptional additional living space. The main floor boasts convenient first-floor laundry and a bright, open kitchen with a skylight, abundant counter space, and included stove and dishwasher. The adjoining dining area provides plenty of room for gatherings and features a door wall leading outside. The primary suite offers a private full bathroom with an easy-access shower, while the second bedroom is filled with natural light. An additional full bathroom on the main floor is perfect for guests. The finished lower level expands your living options with a huge family room, full bathroom, and a dedicated office space. It’s also prepped for a second kitchen with plumbing for a sink and natural gas lines already in place for both a stove and a gas fireplace—ideal for entertaining or multi-generational living. Additional highlights include a 2-car attached garage with ample storage space. Don’t miss this opportunity for low-maintenance living in a fantastic location!

3. 2026-05-13
   price $259,900 1183-char remark

   Show marketing remark (1183 chars)

   Clean, move-in ready condo in desirable Shelby Township! This beautifully maintained home features 2 spacious bedrooms and 3 full bathrooms, including a fully finished lower level offering exceptional additional living space. The main floor boasts convenient first-floor laundry and a bright, open kitchen with a skylight, abundant counter space, and included stove and dishwasher. The adjoining dining area provides plenty of room for gatherings and features a door wall leading outside. The primary suite offers a private full bathroom with an easy-access shower, while the second bedroom is filled with natural light. An additional full bathroom on the main floor is perfect for guests. The finished lower level expands your living options with a huge family room, full bathroom, and a dedicated office space. It’s also prepped for a second kitchen with plumbing for a sink and natural gas lines already in place for both a stove and a gas fireplace—ideal for entertaining or multi-generational living. Additional highlights include a 2-car attached garage with ample storage space. Don’t miss this opportunity for low-maintenance living in a fantastic location!

4. 2026-05-13
   price $259,900 1165-char remark

   Show marketing remark (1183 chars)

   Clean, move-in ready condo in desirable Shelby Township! This beautifully maintained home features 2 spacious bedrooms and 3 full bathrooms, including a fully finished lower level offering exceptional additional living space. The main floor boasts convenient first-floor laundry and a bright, open kitchen with a skylight, abundant counter space, and included stove and dishwasher. The adjoining dining area provides plenty of room for gatherings and features a door wall leading outside. The primary suite offers a private full bathroom with an easy-access shower, while the second bedroom is filled with natural light. An additional full bathroom on the main floor is perfect for guests. The finished lower level expands your living options with a huge family room, full bathroom, and a dedicated office space. It’s also prepped for a second kitchen with plumbing for a sink and natural gas lines already in place for both a stove and a gas fireplace—ideal for entertaining or multi-generational living. Additional highlights include a 2-car attached garage with ample storage space. Don’t miss this opportunity for low-maintenance living in a fantastic location!

5. 2026-04-30
   listed $265,000 Active 1165-char remark

   Show marketing remark (1183 chars)

   Clean, move-in ready condo in desirable Shelby Township! This beautifully maintained home features 2 spacious bedrooms and 3 full bathrooms, including a fully finished lower level offering exceptional additional living space. The main floor boasts convenient first-floor laundry and a bright, open kitchen with a skylight, abundant counter space, and included stove and dishwasher. The adjoining dining area provides plenty of room for gatherings and features a door wall leading outside. The primary suite offers a private full bathroom with an easy-access shower, while the second bedroom is filled with natural light. An additional full bathroom on the main floor is perfect for guests. The finished lower level expands your living options with a huge family room, full bathroom, and a dedicated office space. It’s also prepped for a second kitchen with plumbing for a sink and natural gas lines already in place for both a stove and a gas fireplace—ideal for entertaining or multi-generational living. Additional highlights include a 2-car attached garage with ample storage space. Don’t miss this opportunity for low-maintenance living in a fantastic location!

6. 2026-04-30
   listed $265,000 Active 1183-char remark

   Show marketing remark (1183 chars)

   Clean, move-in ready condo in desirable Shelby Township! This beautifully maintained home features 2 spacious bedrooms and 3 full bathrooms, including a fully finished lower level offering exceptional additional living space. The main floor boasts convenient first-floor laundry and a bright, open kitchen with a skylight, abundant counter space, and included stove and dishwasher. The adjoining dining area provides plenty of room for gatherings and features a door wall leading outside. The primary suite offers a private full bathroom with an easy-access shower, while the second bedroom is filled with natural light. An additional full bathroom on the main floor is perfect for guests. The finished lower level expands your living options with a huge family room, full bathroom, and a dedicated office space. It’s also prepped for a second kitchen with plumbing for a sink and natural gas lines already in place for both a stove and a gas fireplace—ideal for entertaining or multi-generational living. Additional highlights include a 2-car attached garage with ample storage space. Don’t miss this opportunity for low-maintenance living in a fantastic location!

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

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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,545
• − Mortgage interest: −$14,558
• − Property taxes: −$3,898
• − Insurance: −$1,300
• − Repairs & maintenance: −$1,564
• − Management: −$1,564
• − HOA: −$3,468
• − Depreciation: −$7,561
• Taxable loss: −$14,367
• Est. tax savings @ 24.0%: +$3,448
• After-tax cash flow: $-6,133/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 · 6 photos

Good 75/100 Cosmetic rehab

This move-in ready condo in Shelby Township is in good condition with a clean and well-maintained interior and exterior. Minor updates to the exterior and interior can significantly enhance its value.

Value-add opportunities

• Both Paint the exterior brick and trim for a fresh look. — Enhances curb appeal and can increase both resale and rental value.
• Both Replace the front door for a more modern and secure entry. — Improves security and enhances the home's curb appeal.
• Both Install new flooring in the kitchen and bathrooms for a fresh look. — Can increase both resale and rental value by making the spaces more appealing and functional.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior brick and trim for a fresh look. — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Replace the front door for a more modern and secure entry. — Improves security and enhances the home's curb appeal. ↑
• Both Install new flooring in the kitchen and bathrooms for a fresh look. — Can increase both resale and rental value by making the spaces more appealing and functional. ↑

ⓘ 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: Utica Community Schools
• NCES district ID: 2634470
• Math proficiency: 38% ▼ -13.00%
• Reading proficiency: 53% ▼ -7.00%
• Median HH income: $65,953
• Composite: 40.52/100
• National rank: #3709
• State rank: #126 of 540 in MI

Livability — Shelby

• Score: 70/100
• State rank: #324
• US rank: #7973

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 28,428

Population outlook (Macomb County) Hauer SSP2

• Today (2025): 925,296 people
• By 2030: 948,226 · +2.5%
• By 2040: 983,961 · +6.3%
• By 2050: 1,010,200 · +9.2%
• By 2075: 1,076,222 · +16.3%
• By 2100: 1,077,065 · +16.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 4% Asian 4% Hispanic / Latino 3% Black 3%
• Common ancestry: Romanian 11% Lithuanian 4% Italian 2%
• Foreign-born: 14% · Canada, South Korea, China
• Languages at home: 81% English-only · Other Indo-European 9% Arabic 4% Spanish 2%

Political lean MEDSL · Macomb

• 2024 margin: R (+13.7) · D 42.2% · R 55.9% · Other 1.9%
• 2008→2024 swing: -22.3pp toward R · 2008: 8.6pp · 2024: -13.7pp
• All cycles: 2024: R+13.7 2020: R+8.1 2016: R+11.6 2012: D+4.0 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -173.36%
• Current HPI: 194.9368
• 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

-11.3% since first listed

8 events — show timeline

• 2026-06-03 Sold (MLS) $235,000 MiRealSource-MiMLS
• 2026-06-03 Sold (MLS) $235,000 REALCOMP
• 2026-05-17 Pending — REALCOMP
• 2026-05-17 Pending — MiRealSource-MiMLS
• 2026-05-13 Price Changed $259,900 MiRealSource-MiMLS
• 2026-05-13 Price Changed $259,900 REALCOMP
• 2026-04-30 Listed $265,000 MiRealSource-MiMLS
• 2026-04-30 Listed $265,000 REALCOMP