21800 Morley Ave #209 · Dearborn, MI 48124

$98,900

2 bd · 1.0 ba · 975 sqft · Condo · 34 Days on market

Built 1973 Fair condition $653/mo HOA · 37% 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 +16.7/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Schools +2.8/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Morley Manor , 2 bedroom , 1 bath condo , located on the east side of the building on the 2nd floor, overlooking the ball field at Dearborn Ford field. This 2nd floor unit is great for those who don't like being up high with easy access to the stairway. The laundry room and elevator are a few steps down from the unit. If you like convenience this is the place to live, $653 covers everything , heat, a/c , water , taxes , building insurance gas & electric. This building is located within walking distance to downtown dearborn, many restaurants and shopping. This unit is priced to sell and needs a little TLC. This is a 55 plus senior living community. Cash only , no smokers or pets! Buyer pays 1.5 % of sales price at closing a one time membership fee. BATVAD

Key facts

• $653 HOA
• Built 1973
• Listed 33 days

Tags

• OVERLOOKING THE BALL FIELD

Property features AI

Finance

• Other: Condominium in WAYNE COUNTY CONDO PLAN 592
• HOA & community: Homeowners association with monthly fee of $653; HOA fee includes electricity, gas, grounds and structure maintenance, pest control, sewer, snow removal, trash, utilities and water

Exterior

• Parking: No garage
• Security: Building security
• Utilities: Public water; Public sewer
• Home design: Condominium (residential); One story; Ground-level entry
• Construction: Brick construction; Slab foundation; Built with one-level layout
• Exterior features: Paved, privately maintained road; Private road frontage; Pets not allowed

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating (natural gas); No central air conditioning
• Interior features: Elevator; Building has security
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $99k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $61 ($735/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 4.3% in Dearborn — 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 80/100 on livability (#84 in MI, #1,904 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D, schools D-.
• Dearborn City School District (urban): math 26% / reading 39% proficiency, ranked #325 of 540 in MI (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.6%/yr); 152 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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.
• Current owner paid $70k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 37% of rent.

Recommended offer $95,933 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.79% ✓
• Cap rate: 7.04%
• Cash-on-cash: 2.66%
• DSCR: 1.12
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.57% rent growth · sell at horizon

5-year hold

• IRR: -10.4%
• Equity multiple: 0.61×
• Total profit: $-10,675
• Equity at exit: $14,746

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $1,705
• Equity at exit: $8,551

Cash invested: $27,692 (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 48124

• Rents YoY: 3.6%
• Active inventory: 152
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,769 high
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,484/yr
• Insurance: −$41
• HOA: −$653
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $61

Break-even live

Break-even rent $1,692

Max offer price $98,900

Occupancy floor 92%

Sensitivity live

Price	-10% $130	-5% $95	+0% $61	+5% $27	+10% $-7
Rent	-10% $-78	-5% $-9	+0% $61	+5% $131	+10% $201
Rate	-1.0pp $111	-0.5pp $86	base $61	+0.5pp $36	+1.0pp $10

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: $24,725
• Closing costs: $2,967
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21954 Morley Ave #108 Dearborn, MI	2.0	1.0	1000	$1,750	$1.75	25d	1	0.03mi
1265 Monroe St Dearborn, MI	1.0	1.0	725	$1,200	$1.66	45d	1	0.39mi
1312 Porter St Unit 62 Dearborn, MI	1.0	1.0	800	$2,700	$3.38	45d	1	0.40mi
22340 Park St Dearborn, MI	2.0	1.0	1056	$1,350	$1.28	6d	1	0.50mi
22700 Garrison St Dearborn, MI	1.0–2.0	1.0	780	$1,550	$1.99	45d	2	0.69mi
21337 Audette St Dearborn, MI	3.0	1.0	964	$1,850	$1.92	45d	1	1.21mi
1174 Smart Town Dr Dearborn, MI	1.0	1.5	1000	$2,200	$2.20	45d	1	1.25mi
1441 S Telegraph Rd Dearborn, MI	1.0	1.0	608	$900	$1.48	5d	1	1.48mi
5521 Fairlane Woods Dr Dearborn, MI	1.0–3.0	1.0–2.0	1164	$2,061	$1.77	0d	10	1.49mi

HOA detail condo

• Monthly dues: $653 · $7,836/yr
• Likely covers: watergaselectricinsurance
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-21
   days on market $98,900 Active 34 DOM
2. 2026-06-18
   days on market $98,900 Active 31 DOM
3. 2026-06-17
   days on market $98,900 Active 30 DOM
4. 2026-06-16
   days on market $98,900 Active 29 DOM
5. 2026-06-15
   days on market $98,900 Active 28 DOM
6. 2026-06-13
   days on market $98,900 Active 26 DOM
7. 2026-06-09
   days on market $98,900 Active 22 DOM
8. 2026-06-08
   days on market $98,900 Active 21 DOM
9. 2026-06-07
   days on market $98,900 Active 20 DOM
10. 2026-06-04
    days on market $98,900 Active 17 DOM
11. 2026-06-03
    days on market $98,900 Active 16 DOM
12. 2026-06-02
    days on market $98,900 Active 15 DOM
13. 2026-06-01
    days on market $98,900 Active 14 DOM
14. 2026-05-31
    days on market $98,900 Active 13 DOM
15. 2026-05-18
    listed $98,900 Active

    Show marketing remark (781 chars)

    Welcome to Morley Manor , 2 bedroom , 1 bath condo , located on the east side of the building on the 2nd floor, overlooking the ball field at Dearborn Ford field. This 2nd floor unit is great for those who don't like being up high with easy access to the stairway. The laundry room and elevator are a few steps down from the unit. If you like convenience this is the place to live, $653 covers everything , heat, a/c , water , taxes , building insurance gas & electric. This building is located within walking distance to downtown dearborn, many restaurants and shopping. This unit is priced to sell and needs a little TLC. This is a 55 plus senior living community. Cash only , no smokers or pets! Buyer pays 1.5 % of sales price at closing a one time membership fee. BATVAD

16. 2026-05-18
    listed $98,900 Active 781-char remark

    Show marketing remark (781 chars)

    Welcome to Morley Manor , 2 bedroom , 1 bath condo , located on the east side of the building on the 2nd floor, overlooking the ball field at Dearborn Ford field. This 2nd floor unit is great for those who don't like being up high with easy access to the stairway. The laundry room and elevator are a few steps down from the unit. If you like convenience this is the place to live, $653 covers everything , heat, a/c , water , taxes , building insurance gas & electric. This building is located within walking distance to downtown dearborn, many restaurants and shopping. This unit is priced to sell and needs a little TLC. This is a 55 plus senior living community. Cash only , no smokers or pets! Buyer pays 1.5 % of sales price at closing a one time membership fee. BATVAD

17. 2021-08-10
    soldstatus $70,000 Sold 412-char remark

    Show marketing remark (412 chars)

    Enjoy this senior community 55 plus. This two bedroom unit is located on the second level. Updated bath and kitchen (2002). Association fee includes gas, electric, water, grounds, snow removal, trash, and utilities. Laundry room on every floor. Many commons area to enjoy- game room, exercise room, library, T. V. room. Close to shopping , restaurants and more! Offers must be on Morley Manor purchase agreement.

18. 2021-08-10
    soldstatus $70,000 Closed

    Show marketing remark (412 chars)

    Enjoy this senior community 55 plus. This two bedroom unit is located on the second level. Updated bath and kitchen (2002). Association fee includes gas, electric, water, grounds, snow removal, trash, and utilities. Laundry room on every floor. Many commons area to enjoy- game room, exercise room, library, T. V. room. Close to shopping , restaurants and more! Offers must be on Morley Manor purchase agreement.

19. 2021-06-29
    status Pending

    Show marketing remark (412 chars)

    Enjoy this senior community 55 plus. This two bedroom unit is located on the second level. Updated bath and kitchen (2002). Association fee includes gas, electric, water, grounds, snow removal, trash, and utilities. Laundry room on every floor. Many commons area to enjoy- game room, exercise room, library, T. V. room. Close to shopping , restaurants and more! Offers must be on Morley Manor purchase agreement.

20. 2021-06-29
    status Pending 412-char remark

    Show marketing remark (412 chars)

    Enjoy this senior community 55 plus. This two bedroom unit is located on the second level. Updated bath and kitchen (2002). Association fee includes gas, electric, water, grounds, snow removal, trash, and utilities. Laundry room on every floor. Many commons area to enjoy- game room, exercise room, library, T. V. room. Close to shopping , restaurants and more! Offers must be on Morley Manor purchase agreement.

21. 2021-06-23
    listed $74,900 Active 412-char remark

    Show marketing remark (412 chars)

    Enjoy this senior community 55 plus. This two bedroom unit is located on the second level. Updated bath and kitchen (2002). Association fee includes gas, electric, water, grounds, snow removal, trash, and utilities. Laundry room on every floor. Many commons area to enjoy- game room, exercise room, library, T. V. room. Close to shopping , restaurants and more! Offers must be on Morley Manor purchase agreement.

22. 2021-06-23
    listed $74,900 Active

    Show marketing remark (412 chars)

    Enjoy this senior community 55 plus. This two bedroom unit is located on the second level. Updated bath and kitchen (2002). Association fee includes gas, electric, water, grounds, snow removal, trash, and utilities. Laundry room on every floor. Many commons area to enjoy- game room, exercise room, library, T. V. room. Close to shopping , restaurants and more! Offers must be on Morley Manor purchase agreement.

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

Taxation est. · year 1

• Rental income: $21,232
• − Mortgage interest: −$5,540
• − Property taxes: −$1,484
• − Insurance: −$494
• − Repairs & maintenance: −$1,699
• − Management: −$1,699
• − HOA: −$7,836
• − Depreciation: −$2,877
• Taxable loss: −$396
• Est. tax savings @ 24.0%: +$95
• After-tax cash flow: $830/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 · 12 photos

Fair 45/100 Moderate rehab

This 2-bedroom condo requires moderate repairs and updates to improve its condition and value. The kitchen and bathroom need updates, and the exterior paint and sliding glass doors could use some attention.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom fixtures — dated and worn
• Minor exterior paint — some wear

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizing the kitchen would appeal to both buyers and renters
• Both paint interior walls — fresh paint would improve the overall appearance and appeal
• Both repair and replace sliding glass doors — new doors would improve functionality and curb appeal
• Both repair and replace carpet — new carpet would improve comfort and appearance
• Both repair sidewalk cracks — repairing cracks would improve curb appeal and prevent further damage

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · dated and worn	Moderate	$3,000–15,000
exterior paint · some wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both update kitchen cabinets and fixtures — modernizing the kitchen would appeal to both buyers and renters ↑
• Both paint interior walls — fresh paint would improve the overall appearance and appeal ↑
• Both repair and replace sliding glass doors — new doors would improve functionality and curb appeal ↑
• Both repair and replace carpet — new carpet would improve comfort and appearance ↑
• Both repair sidewalk cracks — repairing cracks would improve curb appeal and prevent further damage ↑

ⓘ 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: Dearborn City School District
• NCES district ID: 2611600
• Math proficiency: 26% ▼ -14.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $46,884
• Composite: 27.93/100
• National rank: #6864
• State rank: #325 of 540 in MI

Livability — Dearborn

• Score: 80/100
• State rank: #84
• US rank: #1904

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dearborn, MI
• County: Wayne County · 1,562,939 people
• City population: 86,476
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 34,479
• Household income: $81,796
• Rent vs Own: 18.1% rent · 81.9% own
• Severe rent burden: 444.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 1,675,273 people
• By 2030: 1,620,300 · -3.3%
• By 2040: 1,502,341 · -10.3%
• By 2050: 1,384,039 · -17.4%
• By 2075: 1,124,592 · -32.9%
• By 2100: 881,193 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 7% Hispanic / Latino 5% Black 4%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 12% Lithuanian 4% Slovak 3%
• Foreign-born: 10% · Canada
• Languages at home: 82% English-only · Arabic 12% Spanish 2% Other Indo-European 2%

Political lean MEDSL · Wayne

• 2024 margin: Strong D (+29.0) · D 62.7% · R 33.7% · Other 3.6%
• 2008→2024 swing: -20.5pp toward R · 2008: 49.5pp · 2024: 29.0pp
• All cycles: 2024: D+29.0 2020: D+38.1 2016: D+37.3 2012: D+46.9 2008: D+49.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -278.39%
• Current HPI: 204.5229
• Rent YoY: ▲ 3.57%
• 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

+32.0% since first listed

8 events — show timeline

• 2026-05-18 Listed $98,900 MiRealSource-MiMLS
• 2026-05-18 Listed $98,900 REALCOMP
• 2021-08-10 Sold (MLS) $70,000 MiRealSource-MiMLS
• 2021-08-10 Sold (MLS) $70,000 REALCOMP
• 2021-06-29 Pending — MiRealSource-MiMLS
• 2021-06-29 Pending — REALCOMP
• 2021-06-23 Listed $74,900 MiRealSource-MiMLS
• 2021-06-23 Listed $74,900 REALCOMP