19648 Fleetwood Dr · Harper Woods, MI 48225

$94,900

1 bd · 1.0 ba · 878 sqft · Condo public records · 118 Days on market

Built 1964 $108/sqft · 33% above area Est $71k · 33% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• Schools +5.7/10.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this meticulously maintained first floor condo in Balfour Square. It features kitchen with granite counters and stainless steel appliances, Ceramic tile bathroom, and beautifully finished hardwood floors. Enjoy the natural sunlight from the multitude of windows in the living room / dining room. The rear patio is perfect for enjoying your morning coffee or afternoon barbecue. The furnace and HWT are less than 2 years old. It is conveniently located near the old Eastland Center South of Vernier and N of I-94 freeway.

Key facts

• Built 1964
• Listed 117 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $95k.

Deal economics

• At list price, monthly cash flow is $365 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $86k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 7.7% in Harper Woods — 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 73/100 on livability (#199 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, health & safety D+, crime F.
• Grosse Pointe Public Schools (suburban): math 56% / reading 68% proficiency, ranked #24 of 540 in MI (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Zoned schools: Parcells Middle School (math 43% / reading 56%, grade C, #127 of 493 statewide, top 26%, 677 students, 36% FRL); Grosse Pointe North High School (math 45% / reading 73%, grade C+, #87 of 713 statewide, top 12%, 1,081 students, 31% FRL) — zoned schools average 33% FRL vs 13% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.1%/yr); 134 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $656 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.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $27k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 23y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $95k implies a 90% gain — meaningful room to come down on a strong offer.

Recommended offer $86,359 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is F 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?
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: 1.25% ✓
• Cap rate: 10.91%
• Cash-on-cash: 16.49%
• DSCR: 1.73
• GRM: 6.6

CMA / ARV

• ARV (median comp): $71,211
• List price: $94,900
• Delta: 33.27%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.1% rent growth · sell at horizon

5-year hold

• IRR: 9.7%
• Equity multiple: 1.39×
• Total profit: $10,415
• Equity at exit: $14,150

10-year hold

• IRR: 20.4%
• Equity multiple: 2.88×
• Total profit: $49,890
• Equity at exit: $8,205

Cash invested: $26,572 (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 48225

• Rents YoY: 5.1%
• Active inventory: 134
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,191 high
• Mortgage (P&I): −$498
• Tax from tax record: −$38 /mo · $458/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $365

Break-even live

Break-even rent $728

Max offer price $94,900

Occupancy floor 64%

Sensitivity live

Price	-10% $419	-5% $392	+0% $365	+5% $338	+10% $311
Rent	-10% $271	-5% $318	+0% $365	+5% $412	+10% $459
Rate	-1.0pp $413	-0.5pp $389	base $365	+0.5pp $341	+1.0pp $316

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20600 Balfour St Harper Woods, MI	1.0–2.0	1.0–2.0	971	$1,353	$1.39	0d	14	0.23mi
2175 Ridgemont Rd Grosse Pointe Woods, MI	2.0	1.0	1100	$1,300	$1.18	45d	1	0.99mi
2037 Vernier Rd Grosse Pointe Woods, MI	2.0	1.0	850	$1,350	$1.59	45d	1	1.01mi
19639 Moross Rd Unit 1 Detroit, MI	2.0	1.0	900	$1,100	$1.22	45d	1	1.18mi
19144 Moross Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.26mi
16241 Seven Mile E Unit 4 Detroit, MI	1.0	1.0	650	$650	$1.00	45d	1	1.31mi
16212 Maddelein St Detroit, MI	2.0	1.0	800	$1,200	$1.50	14d	1	1.32mi
19203 Edgefield St Harper Woods, MI	2.0	1.0	1100	$1,100	$1.00	26d	1	1.39mi
21633 Greater Mack Ave St Clair Shores, MI	1.0	1.0	990	$1,212	$1.22	0d	1	1.44mi
21301 Kingsville St Apt 108 Harper Woods, MI	1.0	1.0	700	$900	$1.29	5d	1	1.48mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 38 events

1. 2026-06-21
   days on market $94,900 Active 118 DOM
2. 2026-06-18
   days on market $94,900 Active 115 DOM
3. 2026-06-17
   days on market $94,900 Active 114 DOM
4. 2026-06-16
   days on market $94,900 Active 113 DOM
5. 2026-06-15
   days on market $94,900 Active 112 DOM
6. 2026-06-13
   days on market $94,900 Active 110 DOM
7. 2026-06-13
   days on market $94,900 Active 109 DOM
8. 2026-06-09
   days on market $94,900 Active 106 DOM
9. 2026-06-08
   days on market $94,900 Active 105 DOM
10. 2026-06-07
    days on market $94,900 Active 104 DOM
11. 2026-06-04
    days on market $94,900 Active 101 DOM
12. 2026-06-03
    days on market $94,900 Active 100 DOM
13. 2026-06-02
    days on market $94,900 Active 99 DOM
14. 2026-06-01
    days on market $94,900 Active 98 DOM
15. 2026-05-31
    days on market $94,900 Active 97 DOM
16. 2026-05-01
    price $94,900 536-char remark

    Show marketing remark (536 chars)

    Welcome home to this meticulously maintained first floor condo in Balfour Square. It features kitchen with granite counters and stainless steel appliances, Ceramic tile bathroom, and beautifully finished hardwood floors. Enjoy the natural sunlight from the multitude of windows in the living room / dining room. The rear patio is perfect for enjoying your morning coffee or afternoon barbecue. The furnace and HWT are less than 2 years old. It is conveniently located near the old Eastland Center South of Vernier and N of I-94 freeway.

17. 2026-04-30
    price $94,900 536-char remark

    Show marketing remark (536 chars)

    Welcome home to this meticulously maintained first floor condo in Balfour Square. It features kitchen with granite counters and stainless steel appliances, Ceramic tile bathroom, and beautifully finished hardwood floors. Enjoy the natural sunlight from the multitude of windows in the living room / dining room. The rear patio is perfect for enjoying your morning coffee or afternoon barbecue. The furnace and HWT are less than 2 years old. It is conveniently located near the old Eastland Center South of Vernier and N of I-94 freeway.

18. 2026-02-24
    listed $100,000 Active 536-char remark

    Show marketing remark (536 chars)

    Welcome home to this meticulously maintained first floor condo in Balfour Square. It features kitchen with granite counters and stainless steel appliances, Ceramic tile bathroom, and beautifully finished hardwood floors. Enjoy the natural sunlight from the multitude of windows in the living room / dining room. The rear patio is perfect for enjoying your morning coffee or afternoon barbecue. The furnace and HWT are less than 2 years old. It is conveniently located near the old Eastland Center South of Vernier and N of I-94 freeway.

19. 2026-02-24
    listed $100,000 Active 536-char remark

    Show marketing remark (536 chars)

    Welcome home to this meticulously maintained first floor condo in Balfour Square. It features kitchen with granite counters and stainless steel appliances, Ceramic tile bathroom, and beautifully finished hardwood floors. Enjoy the natural sunlight from the multitude of windows in the living room / dining room. The rear patio is perfect for enjoying your morning coffee or afternoon barbecue. The furnace and HWT are less than 2 years old. It is conveniently located near the old Eastland Center South of Vernier and N of I-94 freeway.

20. 2026-02-23
    historical $100,000 536-char remark

    Show marketing remark (536 chars)

    Welcome home to this meticulously maintained first floor condo in Balfour Square. It features kitchen with granite counters and stainless steel appliances, Ceramic tile bathroom, and beautifully finished hardwood floors. Enjoy the natural sunlight from the multitude of windows in the living room / dining room. The rear patio is perfect for enjoying your morning coffee or afternoon barbecue. The furnace and HWT are less than 2 years old. It is conveniently located near the old Eastland Center South of Vernier and N of I-94 freeway.

21. 2020-01-24
    historical
22. 2020-01-20
    historical
23. 2020-01-02
    listed $39,000 Active
24. 2020-01-02
    listed $39,000 Active
25. 2012-01-19
    soldstatus $50,000
26. 2012-01-19
    soldstatus $15,000
27. 2007-04-20
    historical
28. 2006-05-15
    listed $49,900
29. 2006-05-08
    historical
30. 2006-01-26
    listed $66,000
31. 2006-01-26
    historical
32. 2006-01-18
    listed $66,000
33. 2006-01-17
    historical
34. 2005-11-17
    listed $66,000
35. 2005-11-04
    historical
36. 2005-08-08
    listed $66,000
37. 2004-01-13
    historical
38. 2003-10-13
    listed $84,500

ⓘ 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: $458 · $38/mo
• Projected year-2 tax: $960 · $80/mo
• Expected delta: +$502/yr (+$42/mo · 109.5%)

ⓘ 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 3/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,286
• − Mortgage interest: −$5,316
• − Property taxes: −$458
• − Insurance: −$474
• − Repairs & maintenance: −$1,143
• − Management: −$1,143
• − Depreciation: −$2,761
• Taxable income: $2,992
• Est. tax owed @ 24.0%: −$718
• After-tax cash flow: $3,664/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: Grosse Pointe Public Schools
• NCES district ID: 2625740
• Math proficiency: 56% ▼ -2.00%
• Reading proficiency: 68% ▲ 2.00%
• Median HH income: $89,975
• Composite: 56.51/100
• National rank: #1152
• State rank: #24 of 540 in MI

Livability — Harper Woods

• Score: 73/100
• State rank: #199
• US rank: #5054

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harper Woods, MI
• County: Wayne County · 1,562,939 people
• City population: 16,098
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 16,098
• Household income: $61,750
• Rent vs Own: 33.8% rent · 66.2% own
• Severe rent burden: 410.0

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 Black (65%)
• Race & ethnicity: Black 65% White 28% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Romanian 4% Lithuanian 1% German 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Arabic 2% Spanish 1%

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: ▼ -150.40%
• Current HPI: 181.4961
• Rent YoY: ▲ 5.10%
• 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

+12.3% since first listed

23 events — show timeline

• 2026-05-01 Price Changed $94,900 MiRealSource-MiMLS
• 2026-04-30 Price Changed $94,900 REALCOMP
• 2026-02-24 Listed $100,000 MiRealSource-MiMLS
• 2026-02-24 Listed $100,000 REALCOMP
• 2026-02-23 Coming Soon $100,000 MiRealSource-MiMLS
• 2020-01-24 Listing Removed — REALCOMP
• 2020-01-20 Listing Removed — MiRealSource-MiMLS
• 2020-01-02 Listed $39,000 MiRealSource-MiMLS
• 2020-01-02 Listed $39,000 REALCOMP
• 2012-01-19 Sold (Public Records) $15,000 Public Records
• 2012-01-19 Sold (Public Records) $50,000 Public Records
• 2007-04-20 Listing Removed — MiRealSource-MiMLS
• 2006-05-15 Listed $49,900 MiRealSource-MiMLS
• 2006-05-08 Listing Removed — MiRealSource-MiMLS
• 2006-01-26 Listing Removed — MiRealSource-MiMLS
• 2006-01-26 Listed $66,000 MiRealSource-MiMLS
• 2006-01-18 Listed $66,000 MiRealSource-MiMLS
• 2006-01-17 Listing Removed — MiRealSource-MiMLS
• 2005-11-17 Listed $66,000 MiRealSource-MiMLS
• 2005-11-04 Listing Removed — MiRealSource-MiMLS
• 2005-08-08 Listed $66,000 MiRealSource-MiMLS
• 2004-01-13 Listing Removed — REALCOMP
• 2003-10-13 Listed $84,500 REALCOMP

Property tax history

-9.9%/yr

Latest (2025): $458 · -74.5% YoY. Source: county tax records.