1880 Colonial Village Way · Pontiac, MI 48328

$40,000

1 bd · 1.0 ba · 713 sqft · Condo · 4 Days on market

Built 1968 Good condition $373/mo HOA · 37% of rent

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Why this score? — see what drove the B- 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 +29.9/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• $373 HOA
• Community pool
• Built 1968

Property features AI

Finance

• Other: Pet restrictions: call for details; Subdivision: Colonial Village; Located in Waterford Township
• HOA & community: Monthly association fee (approx. $373) includes lawn maintenance, water/sewer, exterior maintenance and clubhouse; Community amenities include clubhouse and on-site laundry facility; Association contact available

Exterior

• Parking: Carport; One parking space
• Utilities: Public water; Electric heating fuel; Electric water heater
• Home design: Condominium; Condo/Apartment on 2nd floor or above; Built in 1968; Slab foundation
• Construction: Aluminum and brick construction; Shaw/1968 construction date
• Exterior features: Aluminum and brick exterior; Exterior balcony; Inground pool; Pond; Paved street access

Interior

• Kitchen: Kitchen on the entry level (approx. 11 x 7); Range/Oven; Microwave; Dishwasher; Refrigerator
• Bedrooms: Primary bedroom located on the entry level (approx. 13 x 11)
• Bathrooms: One full bathroom located on the entry level (approx. 9 x 7)
• Heating & cooling: Baseboard heating; Central air conditioning; Ceiling fan(s)
• Interior features: Total of 5 rooms; Entry-level layout throughout
• Laundry & utility: Washer and Dryer included; Laundry facility available in the community

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $40k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $148 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Cap rate 10.7% vs local median 6.7% in Pontiac — 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 (#499 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety D, schools F, crime F.
• Waterford School District (suburban): math 26% / reading 42% proficiency, ranked #285 of 540 in MI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 144 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent is only 17% of the median local income ($72k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 14y ago; this cycle's ask is 61% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: HOA is 37% of rent.

Recommended offer $40,000

Questions for the listing agent

1. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
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: 2.52% ✓
• Cap rate: 10.75%
• Cash-on-cash: 15.90%
• DSCR: 1.71
• GRM: 3.3

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: 7.3%
• Equity multiple: 1.29×
• Total profit: $3,216
• Equity at exit: $5,964

10-year hold

• IRR: 17.0%
• Equity multiple: 2.43×
• Total profit: $15,966
• Equity at exit: $3,458

Cash invested: $11,200 (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 48328

• Active inventory: 144
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,010 medium
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$373
• Vacancy / Maint / Mgmt: −$212
• Net cashflow: $148

Break-even live

Break-even rent $822

Max offer price $40,000

Occupancy floor 80%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3170 Dixie Hwy Waterford Twp, MI	1.0	1.0	500	$950	$1.90	43d	1	0.71mi
950 Village Green Ln Waterford Twp, MI	1.0–2.0	1.0–2.0	811	$999	$1.23	1d	12	1.05mi
995 N Cass Lake Rd #236 Waterford, MI	1.0	1.0	639	$975	$1.53	43d	1	1.15mi
850 Williamsbury Ct Waterford Twp, MI	1.0–2.0	1.0	812	$1,099	$1.35	1d	25	1.32mi

HOA detail condo

• Monthly dues: $373 · $4,476/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-02
   statusdays on market $40,000 Pending 4 DOM
2. 2026-06-01
   days on market $40,000 Active 3 DOM
3. 2026-05-31
   days on market $40,000 Active 2 DOM
4. 2026-05-28
   historical $40,000
5. 2012-12-06
   historical
6. 2012-12-06
   historical
7. 2012-10-24
   listed $24,900
8. 2012-10-24
   listed $24,900

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,119
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$970
• − Management: −$970
• − HOA: −$4,476
• − Depreciation: −$1,164
• Taxable income: $1,500
• Est. tax owed @ 24.0%: −$360
• After-tax cash flow: $1,421/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

Good 75/100 Cosmetic rehab

This condo is in good condition with cosmetic updates needed to modernize the kitchen and bathroom. The exterior is well-maintained, making it an attractive property for both resale and rental.

Repairs flagged

• Minor Kitchen cabinets — Dated and could be replaced for a fresh look
• Minor Bathroom fixtures — Simple and dated, could be replaced for a more modern look

Value-add opportunities

• Both Kitchen renovation — Freshens up the space and adds value
• Both Bathroom renovation — Modernizes the space and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Dated and could be replaced for a fresh look	Minor	$500–3,000
Bathroom fixtures · Simple and dated, could be replaced for a more modern look	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Kitchen renovation — Freshens up the space and adds value ↑
• Both Bathroom renovation — Modernizes the space and adds value ↑

ⓘ 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: Waterford School District
• NCES district ID: 2635310
• Math proficiency: 26% ▼ -5.00%
• Reading proficiency: 42% ▼ -1.00%
• Median HH income: $55,581
• Composite: 29.99/100
• National rank: #6364
• State rank: #285 of 540 in MI

Livability — Pontiac

• Score: 64/100
• State rank: #499
• US rank: #14703

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Oakland County · 1,009,092 people
• City population: 44,593
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 24,478
• Household income: $72,299
• Rent vs Own: 33.3% rent · 66.7% own
• Severe rent burden: 1013.0

Population outlook (Oakland County) Hauer SSP2

• Today (2025): 1,335,747 people
• By 2030: 1,375,100 · +2.9%
• By 2040: 1,435,385 · +7.5%
• By 2050: 1,469,250 · +10.0%
• By 2075: 1,531,946 · +14.7%
• By 2100: 1,450,485 · +8.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 10% Two or more races 9% Black 9% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Romanian 7% Lithuanian 3% Slovak 3%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 4% Other Asian/Pacific 2% Russian/Polish/Slavic 2%

Political lean MEDSL · Oakland

• 2024 margin: D (+10.6) · D 54.4% · R 43.8% · Other 1.9%
• 2008→2024 swing: -3.9pp toward R · 2008: 14.5pp · 2024: 10.6pp
• All cycles: 2024: D+10.6 2020: D+14.1 2016: D+8.1 2012: D+8.1 2008: D+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -249.13%
• Current HPI: 191.2771
• Rent YoY: —
• 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

+60.6% since first listed

5 events — show timeline

• 2026-05-28 Coming Soon $40,000 MiRealSource-MiMLS
• 2012-12-06 Listing Removed — REALCOMP
• 2012-12-06 Listing Removed — MiRealSource-MiMLS
• 2012-10-24 Listed $24,900 REALCOMP
• 2012-10-24 Listed $24,900 MiRealSource-MiMLS