2419 Damman Dr #103 · Midland, MI 48640

$91,500

2 bd · 1.0 ba · 891 sqft · Condo public records · 48 Days on market

Built 1956 $103/sqft · at area comps Est $95k · at est. $285/mo HOA · 22% 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 +19.6/30.0
• ARV discount +9.1/15.0
• 1% rule +9.0/10.0
• DSCR +6.2/10.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

First-floor condo in Green Trees Condominiums- easy, hassle-free living! Large windows fill the main living area with abundant natural light, creating a bright and welcoming space. This unit is move-in ready with fresh paint throughout and newly refinished wood floors. Stay comfortable all summer with a brand new A/C window unit, and enjoy added value with select bathroom updates already completed. The condo includes a privately owned washer and dryer in the common area, a 7x4 foot secured storage area, plus a covered carport conveniently located near the entrance. Dog-friendly (with restrictions)- perfect for pet lovers! Enjoy low-maintenance living- schedule your showing today!

Key facts

• Large windows
• Secured storage area
• First-floor condo

Tags

• FIRST-FLOOR CONDO
• LARGE WINDOWS
• NEWLY REFINISHED WOOD FLOORS
• SECURED STORAGE AREA
• COVERED CARPORT
• DOG-FRIENDLY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $92k.

Deal economics

• At list price, monthly cash flow is $105 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $92k).
• Recommended offer: $89k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 4.4% in Midland — 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 (#28 in MI, #578 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Midland Public Schools (urban): math 49% / reading 64% proficiency, ranked #62 of 540 in MI (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Northeast Middle School (math 39% / reading 62%, grade C, #110 of 493 statewide, top 23%, 856 students, 50% FRL); Midland High School (math 42% / reading 64%, grade C-, #127 of 713 statewide, top 18%, 1,156 students, 35% FRL) — zoned schools average 42% FRL vs 25% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 111 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 320 units permitted in Midland County in 2024 (204 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $633 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Midland County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $50k; list at $92k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent; built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,755 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.40% ✓
• Cap rate: 7.67%
• Cash-on-cash: 4.91%
• DSCR: 1.22
• GRM: 6.0

CMA / ARV

• ARV (median comp): $94,900
• List price: $91,500
• Delta: -3.58%
• Verdict: FAIR
• Comps: 19 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -8.4%
• Equity multiple: 0.69×
• Total profit: $-7,968
• Equity at exit: $13,643

10-year hold

• IRR: 1.3%
• Equity multiple: 1.09×
• Total profit: $2,417
• Equity at exit: $7,911

Cash invested: $25,620 (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 48640

• Home prices YoY: -21.7%
• Active inventory: 111
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,281 medium
• Mortgage (P&I): −$480
• Tax from tax record: −$104 /mo · $1,250/yr
• Insurance: −$38
• HOA: −$285
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $105

Break-even live

Break-even rent $1,148

Max offer price $91,500

Occupancy floor 87%

Sensitivity live

Price	-10% $157	-5% $131	+0% $105	+5% $79	+10% $53
Rent	-10% $4	-5% $54	+0% $105	+5% $155	+10% $206
Rate	-1.0pp $151	-0.5pp $128	base $105	+0.5pp $81	+1.0pp $57

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: $22,875
• Closing costs: $2,745
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2211 Eastlawn Dr Midland, MI	1.0–2.0	1.0	690	$880	$1.28	45d	1	1.03mi
315 McDonald St Unit 5 Midland, MI	1.0	1.0	650	$950	$1.46	45d	1	1.16mi

HOA detail condo

• Monthly dues: $285 · $3,420/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-01
   status $91,500 Pending 48 DOM
2. 2026-05-31
   days on market $91,500 Active 48 DOM
3. 2026-05-30
   days on market $91,500 Active 47 DOM
4. 2026-05-05
   price $91,500 688-char remark

   Show marketing remark (688 chars)

   First-floor condo in Green Trees Condominiums- easy, hassle-free living! Large windows fill the main living area with abundant natural light, creating a bright and welcoming space. This unit is move-in ready with fresh paint throughout and newly refinished wood floors. Stay comfortable all summer with a brand new A/C window unit, and enjoy added value with select bathroom updates already completed. The condo includes a privately owned washer and dryer in the common area, a 7x4 foot secured storage area, plus a covered carport conveniently located near the entrance. Dog-friendly (with restrictions)- perfect for pet lovers! Enjoy low-maintenance living- schedule your showing today!

5. 2026-04-13
   listed $95,000 Active 688-char remark

   Show marketing remark (688 chars)

   First-floor condo in Green Trees Condominiums- easy, hassle-free living! Large windows fill the main living area with abundant natural light, creating a bright and welcoming space. This unit is move-in ready with fresh paint throughout and newly refinished wood floors. Stay comfortable all summer with a brand new A/C window unit, and enjoy added value with select bathroom updates already completed. The condo includes a privately owned washer and dryer in the common area, a 7x4 foot secured storage area, plus a covered carport conveniently located near the entrance. Dog-friendly (with restrictions)- perfect for pet lovers! Enjoy low-maintenance living- schedule your showing today!

6. 2009-11-23
   soldstatus $50,500

ⓘ 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: $1,250 · $104/mo
• Projected year-2 tax: $1,329 · $111/mo
• Expected delta: +$80/yr (+$7/mo · 6.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,370
• − Mortgage interest: −$5,125
• − Property taxes: −$1,250
• − Insurance: −$458
• − Repairs & maintenance: −$1,230
• − Management: −$1,230
• − HOA: −$3,420
• − Depreciation: −$2,662
• Taxable loss: −$4
• Est. tax savings @ 24.0%: +$1
• After-tax cash flow: $1,258/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: Midland Public Schools
• NCES district ID: 2623820
• Math proficiency: 49% ▼ -6.00%
• Reading proficiency: 64% ▼ -3.00%
• Median HH income: $55,844
• Composite: 48.67/100
• National rank: #2105
• State rank: #62 of 540 in MI

Livability — Midland

• Score: 85/100
• State rank: #28
• US rank: #578

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, MI
• County: Midland County · 66,531 people
• City population: 66,531
• Metro: Midland, MI
• Population (ZIP): 32,492
• Household income: $80,574
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 939.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 83,968 people
• By 2030: 83,368 · -0.7%
• By 2040: 80,713 · -3.9%
• By 2050: 76,698 · -8.7%
• By 2075: 67,617 · -19.5%
• By 2100: 57,529 · -31.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 4% Asian 1% Black 1%
• Common ancestry: Romanian 7% Lithuanian 4% Italian 3%
• Foreign-born: 3% · Canada, South Korea, China
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Midland

• 2024 margin: R (+15.2) · D 41.6% · R 56.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: -3.6pp · 2024: -15.2pp
• All cycles: 2024: R+15.2 2020: R+14.6 2016: R+19.4 2012: R+15.5 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.88%
• Current HPI: 230.5702
• Rent YoY: —
• Metro: Midland, 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

+81.2% since first listed

3 events — show timeline

• 2026-05-05 Price Changed $91,500 MiRealSource-MiMLS
• 2026-04-13 Listed $95,000 MiRealSource-MiMLS
• 2009-11-23 Sold (Public Records) $50,500 Public Records

Property tax history

+3.1%/yr

Latest (2024): $1,250 · +4.9% YoY. Source: county tax records.