5434 Bowden Ct · Warren, MI 48091

$164,900

2 bd · 1.5 ba · 1,515 sqft · Condo · 73 Days on market

Built 1991 $220/mo HOA · 12% of rent

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Why this score? — see what drove the D 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 +14.3/30.0
• ARV discount +7.5/15.0
• 1% rule +5.7/10.0
• DSCR +4.4/10.0
• Livability +3.7/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this perfect ranch condo to call home! Located on a cul-de-sac. that's full of charm and modern updates 2-bedroom, 1.5-bath, large living room with a sliding door to yard area and nice deck, spacious Kitchen/ Eating space with new vinyl flooring (2024) and new appliances (2024). Primary bedroom with large sized walk-in closet. 1st floor Laundry, Full Basement and 1 car attached garage. Updates include: Furnace 6 yrs, AC unit 9 yrs, Dryer & Washer (2024), New laminate flooring (2024), New recessed lightings (2024), Fresh paint (2024). Association fee $220/ mo. , includes all water and outside maintenance. 1 dog under 40 pounds or 1 cat is allowed. Don't miss out on this turn-key gem!

Key facts

• Spacious kitchen
• Large living room
• New appliances

Tags

• CUL-DE-SAC
• LARGE LIVING ROOM
• SLIDING DOOR TO YARD
• SPACIOUS KITCHEN
• NEW VINYL FLOORING
• NEW APPLIANCES

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $165k.

Deal economics

• At list price, monthly cash flow is $-24 ($-291/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (2.1% below list).
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $155k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 5.3% in Warren — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 74/100 on livability (#171 in MI, #4,491 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D, amenities D, employment D.
• Center Line Public Schools (suburban): math 14% / reading 29% proficiency, ranked #459 of 540 in MI (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.4%/yr); 168 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).
• This rent runs 39% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 73 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $155,006 (6.0% 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. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.07% ✓
• Cap rate: 6.52%
• Cash-on-cash: 0.81%
• DSCR: 1.04
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.35% rent growth · sell at horizon

5-year hold

• IRR: -18.1%
• Equity multiple: 0.37×
• Total profit: $-29,214
• Equity at exit: $24,587

10-year hold

• IRR: -11.7%
• Equity multiple: 0.32×
• Total profit: $-31,266
• Equity at exit: $14,258

Cash invested: $46,172 (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 48091

• Rents YoY: 2.4%
• Active inventory: 168
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,761 high
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,474/yr
• Insurance: −$69
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$220
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $-24

Break-even live

Break-even rent $1,791

Max offer price $161,390

Occupancy floor 96%

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
26009 Pinehurst Dr Warren, MI	2.0	1.5	1310	$2,100	$1.60	2d	1	0.07mi
4224 Frazho Rd Warren, MI	3.0	2.0	2052	$1,823	$0.89	13d	1	0.89mi
25005 Lawrence Ave Center Line, MI	1.0–2.0	1.0–1.5	1000	$955	$0.95	44d	1	0.90mi
23378 Cunningham Ave Warren, MI	3.0	1.0	1140	$1,500	$1.32	3d	1	1.41mi
7256 Ready Ave Warren, MI	3.0	2.0	1300	$1,500	$1.15	24d	1	1.43mi

HOA detail condo

• Monthly dues: $220 · $2,640/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 35 events

1. 2026-04-27
   status Pending 708-char remark

   Show marketing remark (708 chars)

   Welcome to this perfect ranch condo to call home! Located on a cul-de-sac. that's full of charm and modern updates 2-bedroom, 1.5-bath, large living room with a sliding door to yard area and nice deck, spacious Kitchen/ Eating space with new vinyl flooring (2024) and new appliances (2024). Primary bedroom with large sized walk-in closet. 1st floor Laundry, Full Basement and 1 car attached garage. Updates include: Furnace 6 yrs, AC unit 9 yrs, Dryer & Washer (2024), New laminate flooring (2024), New recessed lightings (2024), Fresh paint (2024). Association fee $220/ mo. , includes all water and outside maintenance. 1 dog under 40 pounds or 1 cat is allowed. Don't miss out on this turn-key gem!

2. 2026-04-27
   status Pending

   Show marketing remark (708 chars)

   Welcome to this perfect ranch condo to call home! Located on a cul-de-sac. that's full of charm and modern updates 2-bedroom, 1.5-bath, large living room with a sliding door to yard area and nice deck, spacious Kitchen/ Eating space with new vinyl flooring (2024) and new appliances (2024). Primary bedroom with large sized walk-in closet. 1st floor Laundry, Full Basement and 1 car attached garage. Updates include: Furnace 6 yrs, AC unit 9 yrs, Dryer & Washer (2024), New laminate flooring (2024), New recessed lightings (2024), Fresh paint (2024). Association fee $220/ mo. , includes all water and outside maintenance. 1 dog under 40 pounds or 1 cat is allowed. Don't miss out on this turn-key gem!

3. 2026-03-30
   status Active 708-char remark

   Show marketing remark (708 chars)

   Welcome to this perfect ranch condo to call home! Located on a cul-de-sac. that's full of charm and modern updates 2-bedroom, 1.5-bath, large living room with a sliding door to yard area and nice deck, spacious Kitchen/ Eating space with new vinyl flooring (2024) and new appliances (2024). Primary bedroom with large sized walk-in closet. 1st floor Laundry, Full Basement and 1 car attached garage. Updates include: Furnace 6 yrs, AC unit 9 yrs, Dryer & Washer (2024), New laminate flooring (2024), New recessed lightings (2024), Fresh paint (2024). Association fee $220/ mo. , includes all water and outside maintenance. 1 dog under 40 pounds or 1 cat is allowed. Don't miss out on this turn-key gem!

4. 2026-03-30
   status Active

   Show marketing remark (708 chars)

   Welcome to this perfect ranch condo to call home! Located on a cul-de-sac. that's full of charm and modern updates 2-bedroom, 1.5-bath, large living room with a sliding door to yard area and nice deck, spacious Kitchen/ Eating space with new vinyl flooring (2024) and new appliances (2024). Primary bedroom with large sized walk-in closet. 1st floor Laundry, Full Basement and 1 car attached garage. Updates include: Furnace 6 yrs, AC unit 9 yrs, Dryer & Washer (2024), New laminate flooring (2024), New recessed lightings (2024), Fresh paint (2024). Association fee $220/ mo. , includes all water and outside maintenance. 1 dog under 40 pounds or 1 cat is allowed. Don't miss out on this turn-key gem!

5. 2026-03-24
   status Pending

   Show marketing remark (708 chars)

   Welcome to this perfect ranch condo to call home! Located on a cul-de-sac. that's full of charm and modern updates 2-bedroom, 1.5-bath, large living room with a sliding door to yard area and nice deck, spacious Kitchen/ Eating space with new vinyl flooring (2024) and new appliances (2024). Primary bedroom with large sized walk-in closet. 1st floor Laundry, Full Basement and 1 car attached garage. Updates include: Furnace 6 yrs, AC unit 9 yrs, Dryer & Washer (2024), New laminate flooring (2024), New recessed lightings (2024), Fresh paint (2024). Association fee $220/ mo. , includes all water and outside maintenance. 1 dog under 40 pounds or 1 cat is allowed. Don't miss out on this turn-key gem!

6. 2026-03-24
   status Pending 708-char remark

   Show marketing remark (708 chars)

   Welcome to this perfect ranch condo to call home! Located on a cul-de-sac. that's full of charm and modern updates 2-bedroom, 1.5-bath, large living room with a sliding door to yard area and nice deck, spacious Kitchen/ Eating space with new vinyl flooring (2024) and new appliances (2024). Primary bedroom with large sized walk-in closet. 1st floor Laundry, Full Basement and 1 car attached garage. Updates include: Furnace 6 yrs, AC unit 9 yrs, Dryer & Washer (2024), New laminate flooring (2024), New recessed lightings (2024), Fresh paint (2024). Association fee $220/ mo. , includes all water and outside maintenance. 1 dog under 40 pounds or 1 cat is allowed. Don't miss out on this turn-key gem!

7. 2026-03-18
   historical Accepting Backup Offers 708-char remark

   Show marketing remark (708 chars)

   Welcome to this perfect ranch condo to call home! Located on a cul-de-sac. that's full of charm and modern updates 2-bedroom, 1.5-bath, large living room with a sliding door to yard area and nice deck, spacious Kitchen/ Eating space with new vinyl flooring (2024) and new appliances (2024). Primary bedroom with large sized walk-in closet. 1st floor Laundry, Full Basement and 1 car attached garage. Updates include: Furnace 6 yrs, AC unit 9 yrs, Dryer & Washer (2024), New laminate flooring (2024), New recessed lightings (2024), Fresh paint (2024). Association fee $220/ mo. , includes all water and outside maintenance. 1 dog under 40 pounds or 1 cat is allowed. Don't miss out on this turn-key gem!

8. 2026-03-18
   historical Active Under Contract

   Show marketing remark (708 chars)

   Welcome to this perfect ranch condo to call home! Located on a cul-de-sac. that's full of charm and modern updates 2-bedroom, 1.5-bath, large living room with a sliding door to yard area and nice deck, spacious Kitchen/ Eating space with new vinyl flooring (2024) and new appliances (2024). Primary bedroom with large sized walk-in closet. 1st floor Laundry, Full Basement and 1 car attached garage. Updates include: Furnace 6 yrs, AC unit 9 yrs, Dryer & Washer (2024), New laminate flooring (2024), New recessed lightings (2024), Fresh paint (2024). Association fee $220/ mo. , includes all water and outside maintenance. 1 dog under 40 pounds or 1 cat is allowed. Don't miss out on this turn-key gem!

9. 2026-02-06
   listed $164,900 Active

   Show marketing remark (708 chars)

   Welcome to this perfect ranch condo to call home! Located on a cul-de-sac. that's full of charm and modern updates 2-bedroom, 1.5-bath, large living room with a sliding door to yard area and nice deck, spacious Kitchen/ Eating space with new vinyl flooring (2024) and new appliances (2024). Primary bedroom with large sized walk-in closet. 1st floor Laundry, Full Basement and 1 car attached garage. Updates include: Furnace 6 yrs, AC unit 9 yrs, Dryer & Washer (2024), New laminate flooring (2024), New recessed lightings (2024), Fresh paint (2024). Association fee $220/ mo. , includes all water and outside maintenance. 1 dog under 40 pounds or 1 cat is allowed. Don't miss out on this turn-key gem!

10. 2026-02-06
    listed $164,900 Active 708-char remark

    Show marketing remark (708 chars)

    Welcome to this perfect ranch condo to call home! Located on a cul-de-sac. that's full of charm and modern updates 2-bedroom, 1.5-bath, large living room with a sliding door to yard area and nice deck, spacious Kitchen/ Eating space with new vinyl flooring (2024) and new appliances (2024). Primary bedroom with large sized walk-in closet. 1st floor Laundry, Full Basement and 1 car attached garage. Updates include: Furnace 6 yrs, AC unit 9 yrs, Dryer & Washer (2024), New laminate flooring (2024), New recessed lightings (2024), Fresh paint (2024). Association fee $220/ mo. , includes all water and outside maintenance. 1 dog under 40 pounds or 1 cat is allowed. Don't miss out on this turn-key gem!

11. 2026-02-06
    historical

    Show marketing remark (708 chars)

    Welcome to this perfect ranch condo to call home! Located on a cul-de-sac. that's full of charm and modern updates 2-bedroom, 1.5-bath, large living room with a sliding door to yard area and nice deck, spacious Kitchen/ Eating space with new vinyl flooring (2024) and new appliances (2024). Primary bedroom with large sized walk-in closet. 1st floor Laundry, Full Basement and 1 car attached garage. Updates include: Furnace 6 yrs, AC unit 9 yrs, Dryer & Washer (2024), New laminate flooring (2024), New recessed lightings (2024), Fresh paint (2024). Association fee $220/ mo. , includes all water and outside maintenance. 1 dog under 40 pounds or 1 cat is allowed. Don't miss out on this turn-key gem!

12. 2026-01-27
    price $169,900
13. 2026-01-27
    status Active
14. 2026-01-27
    status Active
15. 2026-01-27
    price $169,900
16. 2025-12-08
    historical $1,500
17. 2025-12-08
    historical
18. 2025-11-05
    listed $1,500
19. 2025-11-02
    status Active
20. 2025-11-02
    status Active
21. 2025-10-19
    status Pending
22. 2025-10-19
    status Pending
23. 2025-10-19
    historical
24. 2025-09-09
    price $174,900
25. 2025-09-09
    price $174,900
26. 2025-08-14
    price $179,900
27. 2025-08-14
    price $179,900
28. 2025-08-06
    listed $184,900 Active
29. 2025-08-06
    listed $184,900 Active
30. 2025-08-02
    historical
31. 2023-07-07
    soldstatus $160,100 Closed
32. 2023-07-07
    soldstatus $160,100
33. 2023-06-11
    status Pending
34. 2023-06-09
    listed $149,900 Active
35. 2023-06-09
    listed $149,900

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 99% 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,127
• − Mortgage interest: −$9,237
• − Property taxes: −$2,474
• − Insurance: −$1,491
• − Repairs & maintenance: −$1,690
• − Management: −$1,690
• − HOA: −$2,640
• − Depreciation: −$4,797
• Taxable loss: −$2,892
• Est. tax savings @ 24.0%: +$694
• After-tax cash flow: $403/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: Center Line Public Schools
• NCES district ID: 2608580
• Math proficiency: 14% ▼ -8.00%
• Reading proficiency: 29% ▼ -3.00%
• Median HH income: $38,011
• Composite: 17.95/100
• National rank: #8992
• State rank: #459 of 540 in MI

Livability — Warren

• Score: 74/100
• State rank: #171
• US rank: #4491

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warren, MI
• County: Macomb County · 638,552 people
• City population: 114,937
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 30,696
• Household income: $54,230
• Rent vs Own: 35.1% rent · 64.9% own
• Severe rent burden: 1296.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 47% Black 25% Asian 19% Two or more races 5% Hispanic / Latino 3% Native American 2%
• Common ancestry: Romanian 7% Lithuanian 2% Slovak 1%
• Foreign-born: 16% · Canada
• Languages at home: 77% English-only · Other Indo-European 14% Other Asian/Pacific 3% Russian/Polish/Slavic 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: ▼ -199.66%
• Current HPI: 177.9273
• Rent YoY: ▲ 2.35%
• Metro: Detroit-Warren-Dearborn, 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

+10.0% since first listed

35 events — show timeline

• 2026-04-27 Pending — MiRealSource-MiMLS
• 2026-04-27 Pending — REALCOMP
• 2026-03-30 Relisted — MiRealSource-MiMLS
• 2026-03-30 Relisted — REALCOMP
• 2026-03-24 Pending — REALCOMP
• 2026-03-24 Pending — MiRealSource-MiMLS
• 2026-03-18 Contingent — MiRealSource-MiMLS
• 2026-03-18 Contingent — REALCOMP
• 2026-02-06 Listed $164,900 REALCOMP
• 2026-02-06 Listing Removed — MiRealSource-MiMLS
• 2026-02-06 Listed $164,900 MiRealSource-MiMLS
• 2026-01-27 Price Changed $169,900 MiRealSource-MiMLS
• 2026-01-27 Relisted — MiRealSource-MiMLS
• 2026-01-27 Relisted — REALCOMP
• 2026-01-27 Price Changed $169,900 REALCOMP
• 2025-12-08 Rental Removed $1,500 REALCOMP
• 2025-12-08 Listing Removed — MiRealSource-MiMLS
• 2025-11-05 Listed for Rent $1,500 REALCOMP
• 2025-11-02 Relisted — MiRealSource-MiMLS
• 2025-11-02 Relisted — REALCOMP
• 2025-10-19 Pending — MiRealSource-MiMLS
• 2025-10-19 Pending — REALCOMP
• 2025-10-19 Listing Removed — REALCOMP
• 2025-09-09 Price Changed $174,900 MiRealSource-MiMLS
• 2025-09-09 Price Changed $174,900 REALCOMP
• 2025-08-14 Price Changed $179,900 MiRealSource-MiMLS
• 2025-08-14 Price Changed $179,900 REALCOMP
• 2025-08-06 Listed $184,900 MiRealSource-MiMLS
• 2025-08-06 Listed $184,900 REALCOMP
• 2025-08-02 Coming Soon — MiRealSource-MiMLS
• 2023-07-07 Sold (MLS) $160,100 REALCOMP
• 2023-07-07 Sold (MLS) $160,100 MiRealSource-MiMLS
• 2023-06-11 Pending — MiRealSource-MiMLS
• 2023-06-09 Listed $149,900 REALCOMP
• 2023-06-09 Listed $149,900 MiRealSource-MiMLS