4709 Greenview Ct

Commerce, MI 48382

$525,000D

4 bd · 2.5 ba · 2,390 sqft · Built 1996 · Condo · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $22,512/mo
• Mortgage (P&I): −$2,753
• Tax + insurance: −$615
• HOA: −$27
• Vac / Maint / Mgmt: −$4,728
• Net cashflow: $14,389/mo
• Annual: $172,668/yr
• Cap rate: 39.18%
• Cash-on-cash: 117.46%
• DSCR: 6.23
• 1% rule: 4.29%
• Cash to close: $147,000

Investor read

• This is a 4-bed/2.5-bath condo listed at $525k.
• At list price, monthly cash flow is $14k ($173k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($23k rent vs $525k).
• It's been on market 22 days — a 2% lower offer ($517k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $517k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Huron Valley Schools (suburban): math 42% / reading 56% proficiency, ranked #87 of 540 in MI (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 173 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 30y ago; this cycle's ask is 65% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $309k; list at $525k implies a 70% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $147k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.