419 Prospect #203 · Romeo, MI 48065

$79,900

1 bd · 1.0 ba · 600 sqft · Condo · 243 Days on market

Built 1966 $375/mo HOA · 34% of rent

---

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 +9.2/30.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice second floor unit in Prospect North Co-op! Clean and nicely updated! 1 bed, 1 bath located in the Village of Romeo walk to town, good access to Macomb Orchard Trail, & Van Dyke Expressway. Well maintained complex, newer vinyl floors, fresh paint, unit is closely located to the mailbox, common basement with separate storage unit and shared laundry room. $375 monthly association fee that includes TAXES, HEAT, water, exterior maintenances, lawn care, snow removal. White kitchen cabinets, granite countertops, a built in microwave, refrigerator, and range. Nice size eating area and living room. Kitchen also features pull out shelves and undermount sink. Three ceiling fans and a AC wall unit to keep you cool. Huge hall walk in closet for storage. Bedroom with door wall to balcony and, updated ceramic tiled bathroom with a walk in shower. This unit includes a CARPORT! Very clean and reasonable place to live. Note: Residents must be 50 years of age or older. Cash only sale. No pets, no smoking.

Key facts

• Second floor unit
• Undermount sink
• Pull out shelves

Tags

• SECOND FLOOR UNIT
• UPDATED KITCHEN
• GRANITE COUNTERTOPS
• PULL OUT SHELVES
• UNDERMOUNT SINK
• WALK IN CLOSET

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $80k.

Deal economics

• At list price, monthly cash flow is $-60 ($-723/yr) — negative.
• To cash-flow at today's rent, offer at most $71k (10.9% below list).
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.4% vs local median 0.9% in Romeo — 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 64/100 on livability (#497 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.
• Romeo Community Schools (suburban): math 43% / reading 51% proficiency, ranked #102 of 540 in MI (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 87 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $552 of loan paydown is wiped out by about $2k 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 243 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 12y 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 $48k; list at $80k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 34% of rent.

Recommended offer $70,312 (12.0% 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 243 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1966 — 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. 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. 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?
9. 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.
10. 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.
11. 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: 1.37% ✓
• Cap rate: 5.39%
• Cash-on-cash: -3.23%
• DSCR: 0.86
• GRM: 6.1

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: -21.3%
• Equity multiple: 0.26×
• Total profit: $-16,536
• Equity at exit: $11,913

10-year hold

• IRR: -14.0%
• Equity multiple: 0.18×
• Total profit: $-18,336
• Equity at exit: $6,908

Cash invested: $22,372 (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 48065

• Active inventory: 87
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,097 medium
• Mortgage (P&I): −$419
• Tax est. 1.5%: −$100 /mo · $1,198/yr
• Insurance: −$33
• HOA: −$375
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $-60

Break-even live

Break-even rent $1,174

Max offer price $71,184

Occupancy floor —

Sensitivity live

Price	-10% $-5	-5% $-33	+0% $-60	+5% $-88	+10% $-115
Rent	-10% $-147	-5% $-104	+0% $-60	+5% $-17	+10% $26
Rate	-1.0pp $-20	-0.5pp $-40	base $-60	+0.5pp $-81	+1.0pp $-102

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
157 S Bailey St Unit 167 Romeo, MI	1.0	1.0	650	$1,095	$1.68	44d	1	0.68mi
219 S Main St Romeo, MI	1.0	1.0	650	$1,100	$1.69	11d	1	0.74mi

HOA detail condo

• Monthly dues: $375 · $4,500/yr
• Likely covers: waterlandscapingsnow removalexterior maint.
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-03-06
   price $79,900 1011-char remark

   Show marketing remark (1011 chars)

   Nice second floor unit in Prospect North Co-op! Clean and nicely updated! 1 bed, 1 bath located in the Village of Romeo walk to town, good access to Macomb Orchard Trail, & Van Dyke Expressway. Well maintained complex, newer vinyl floors, fresh paint, unit is closely located to the mailbox, common basement with separate storage unit and shared laundry room. $375 monthly association fee that includes TAXES, HEAT, water, exterior maintenances, lawn care, snow removal. White kitchen cabinets, granite countertops, a built in microwave, refrigerator, and range. Nice size eating area and living room. Kitchen also features pull out shelves and undermount sink. Three ceiling fans and a AC wall unit to keep you cool. Huge hall walk in closet for storage. Bedroom with door wall to balcony and, updated ceramic tiled bathroom with a walk in shower. This unit includes a CARPORT! Very clean and reasonable place to live. Note: Residents must be 50 years of age or older. Cash only sale. No pets, no smoking.

2. 2026-03-05
   price $79,900 1011-char remark

   Show marketing remark (1011 chars)

   Nice second floor unit in Prospect North Co-op! Clean and nicely updated! 1 bed, 1 bath located in the Village of Romeo walk to town, good access to Macomb Orchard Trail, & Van Dyke Expressway. Well maintained complex, newer vinyl floors, fresh paint, unit is closely located to the mailbox, common basement with separate storage unit and shared laundry room. $375 monthly association fee that includes TAXES, HEAT, water, exterior maintenances, lawn care, snow removal. White kitchen cabinets, granite countertops, a built in microwave, refrigerator, and range. Nice size eating area and living room. Kitchen also features pull out shelves and undermount sink. Three ceiling fans and a AC wall unit to keep you cool. Huge hall walk in closet for storage. Bedroom with door wall to balcony and, updated ceramic tiled bathroom with a walk in shower. This unit includes a CARPORT! Very clean and reasonable place to live. Note: Residents must be 50 years of age or older. Cash only sale. No pets, no smoking.

3. 2025-09-22
   listed $82,000 Active 1011-char remark

   Show marketing remark (1011 chars)

   Nice second floor unit in Prospect North Co-op! Clean and nicely updated! 1 bed, 1 bath located in the Village of Romeo walk to town, good access to Macomb Orchard Trail, & Van Dyke Expressway. Well maintained complex, newer vinyl floors, fresh paint, unit is closely located to the mailbox, common basement with separate storage unit and shared laundry room. $375 monthly association fee that includes TAXES, HEAT, water, exterior maintenances, lawn care, snow removal. White kitchen cabinets, granite countertops, a built in microwave, refrigerator, and range. Nice size eating area and living room. Kitchen also features pull out shelves and undermount sink. Three ceiling fans and a AC wall unit to keep you cool. Huge hall walk in closet for storage. Bedroom with door wall to balcony and, updated ceramic tiled bathroom with a walk in shower. This unit includes a CARPORT! Very clean and reasonable place to live. Note: Residents must be 50 years of age or older. Cash only sale. No pets, no smoking.

4. 2025-09-22
   listed $82,000 Active 1011-char remark

   Show marketing remark (1011 chars)

   Nice second floor unit in Prospect North Co-op! Clean and nicely updated! 1 bed, 1 bath located in the Village of Romeo walk to town, good access to Macomb Orchard Trail, & Van Dyke Expressway. Well maintained complex, newer vinyl floors, fresh paint, unit is closely located to the mailbox, common basement with separate storage unit and shared laundry room. $375 monthly association fee that includes TAXES, HEAT, water, exterior maintenances, lawn care, snow removal. White kitchen cabinets, granite countertops, a built in microwave, refrigerator, and range. Nice size eating area and living room. Kitchen also features pull out shelves and undermount sink. Three ceiling fans and a AC wall unit to keep you cool. Huge hall walk in closet for storage. Bedroom with door wall to balcony and, updated ceramic tiled bathroom with a walk in shower. This unit includes a CARPORT! Very clean and reasonable place to live. Note: Residents must be 50 years of age or older. Cash only sale. No pets, no smoking.

5. 2025-01-24
   historical
6. 2025-01-24
   historical
7. 2024-12-04
   listed $78,900 Active
8. 2024-12-04
   listed $78,900 Active
9. 2018-05-31
   historical
10. 2018-05-31
    historical
11. 2018-05-18
    price $55,000
12. 2018-05-18
    price $55,000
13. 2018-03-15
    listed $60,000 Active
14. 2018-03-15
    listed $60,000 Active
15. 2017-06-26
    historical
16. 2017-06-24
    listed $35,000 Active
17. 2017-05-02
    historical
18. 2017-05-02
    historical
19. 2016-12-27
    price $45,000
20. 2016-12-27
    status Active
21. 2016-12-17
    historical
22. 2016-06-10
    listed $48,000 Active
23. 2016-06-10
    listed $45,000
24. 2014-11-17
    soldstatus $48,000
25. 2014-11-17
    soldstatus $48,000
26. 2014-10-24
    historical
27. 2014-06-24
    listed $49,900
28. 2014-06-24
    listed $49,900

ⓘ 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: $13,169
• − Mortgage interest: −$4,476
• − Property taxes: −$1,198
• − Insurance: −$400
• − Repairs & maintenance: −$1,053
• − Management: −$1,053
• − HOA: −$4,500
• − Depreciation: −$2,324
• Taxable loss: −$1,836
• Est. tax savings @ 24.0%: +$441
• After-tax cash flow: $-282/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: Romeo Community Schools
• NCES district ID: 2630090
• Math proficiency: 43% ▼ -5.00%
• Reading proficiency: 51% ▼ -8.00%
• Median HH income: $73,121
• Composite: 42.48/100
• National rank: #3212
• State rank: #102 of 540 in MI

Livability — Romeo

• Score: 64/100
• State rank: #497
• US rank: #14340

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Romeo, MI
• Population (ZIP): 11,344

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 (91%)
• Race & ethnicity: White 91% Hispanic / Latino 5% Two or more races 4%
• Common ancestry: Romanian 14% Lithuanian 4% Slovak 4%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1% German/W. Germanic 1%

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: ▼ -252.70%
• Current HPI: 214.524
• 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

+60.1% since first listed

28 events — show timeline

• 2026-03-06 Price Changed $79,900 MiRealSource-MiMLS
• 2026-03-05 Price Changed $79,900 REALCOMP
• 2025-09-22 Listed $82,000 REALCOMP
• 2025-09-22 Listed $82,000 MiRealSource-MiMLS
• 2025-01-24 Listing Removed — REALCOMP
• 2025-01-24 Listing Removed — MiRealSource-MiMLS
• 2024-12-04 Listed $78,900 REALCOMP
• 2024-12-04 Listed $78,900 MiRealSource-MiMLS
• 2018-05-31 Listing Removed — REALCOMP
• 2018-05-31 Listing Removed — MiRealSource-MiMLS
• 2018-05-18 Price Changed $55,000 MiRealSource-MiMLS
• 2018-05-18 Price Changed $55,000 REALCOMP
• 2018-03-15 Listed $60,000 MiRealSource-MiMLS
• 2018-03-15 Listed $60,000 REALCOMP
• 2017-06-26 Listing Removed — MiRealSource-MiMLS
• 2017-06-24 Listed $35,000 MiRealSource-MiMLS
• 2017-05-02 Listing Removed — MiRealSource-MiMLS
• 2017-05-02 Listing Removed — REALCOMP
• 2016-12-27 Price Changed $45,000 MiRealSource-MiMLS
• 2016-12-27 Relisted — MiRealSource-MiMLS
• 2016-12-17 Listing Removed — MiRealSource-MiMLS
• 2016-06-10 Listed $48,000 MiRealSource-MiMLS
• 2016-06-10 Listed $45,000 REALCOMP
• 2014-11-17 Sold (MLS) $48,000 MiRealSource-MiMLS
• 2014-11-17 Sold (MLS) $48,000 REALCOMP
• 2014-10-24 Listing Removed — MiRealSource-MiMLS
• 2014-06-24 Listed $49,900 MiRealSource-MiMLS
• 2014-06-24 Listed $49,900 REALCOMP