19839 Arthur #246 · Harper Woods, MI 48225

$45,000

2 bd · 1.0 ba · 1,096 sqft · Condo · 19 Days on market

Built 1967 Good condition $350/mo HOA · 25% of rent ↓ 17% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.8/5.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This co-op is cozy, clean and ready for the next owner! This unit is open, spacious and designed for simple and affordable living! Fresh, new carpet throughout, new paint and more! This place has been polished with some updates while still leaving room for some equity to be made! The complex is well taken care of, close to major freeways and parks! The association fee includes property taxes, water, snow, lawn, maintenance and more. By laws are attached with documents. This is a cash only sale and buyer will need association approval upon background check. Schedule your showing before it's gone!

Key facts

• Close to parks
• New carpet
• New paint

Tags

• NEW CARPET
• NEW PAINT
• CLOSE TO MAJOR FREEWAYS
• CLOSE TO PARKS

Property features AI

Finance

• Other: Directions: South of Vernier and west of Mack
• HOA & community: Homeowners association with a $350 monthly fee; HOA covers grounds and structure maintenance, sewer, snow removal, trash and water

Exterior

• Parking: Parking lot; no garage
• Utilities: Public water; Public sewer
• Home design: Residential stock cooperative; One level; Ground-level entry with steps
• Construction: Brick construction
• Exterior features: Located on a cul-de-sac; Paved road access

Interior

• Kitchen: Free-standing electric range; Free-standing refrigerator; Dishwasher not listed
• Bedrooms: 2 rooms total
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating (natural gas); Wall cooling unit(s)
• Interior features: Gas water heater; Unfinished basement; Common area laundry
• Laundry & utility: Washer; Dryer; Laundry located in common area

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $45k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $440 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $44k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.0% 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+, schools D-.
• Harper Woods School District (suburban): math 4% / reading 15% proficiency, ranked #524 of 540 in MI (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.1%/yr); 134 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $311 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $9k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $44,325 (1.5% below list)

Questions for the listing agent

1. Built in 1967 — 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 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?
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: 3.10% ✓
• Cap rate: 18.03%
• Cash-on-cash: 41.93%
• DSCR: 2.87
• GRM: 2.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 42.3%
• Equity multiple: 2.90×
• Total profit: $23,992
• Equity at exit: $6,710

10-year hold

• IRR: 49.9%
• Equity multiple: 6.62×
• Total profit: $70,838
• Equity at exit: $3,891

Cash invested: $12,600 (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: 2.7×

Monthly cashflow live

• Estimated rent: $1,394 high
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$350
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $440

Break-even live

Break-even rent $837

Max offer price $45,000

Occupancy floor 63%

Sensitivity live

Price	-10% $471	-5% $456	+0% $440	+5% $425	+10% $409
Rent	-10% $330	-5% $385	+0% $440	+5% $495	+10% $550
Rate	-1.0pp $463	-0.5pp $452	base $440	+0.5pp $429	+1.0pp $417

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19203 Edgefield St Harper Woods, MI	2.0	1.0	1100	$1,100	$1.00	25d	1	0.70mi
21301 Kingsville St Apt 108 Harper Woods, MI	1.0	1.0	700	$900	$1.29	4d	1	0.71mi
20015 Lochmoor St Harper Woods, MI	3.0	1.0	1006	$1,500	$1.49	18d	1	0.73mi
21401 Kingsville St Harper Woods, MI	2.0	1.0	944	$1,200	$1.27	25d	1	0.74mi
2037 Vernier Rd Grosse Pointe Woods, MI	2.0	1.0	850	$1,350	$1.59	45d	1	0.79mi
19168 Berden St Grosse Pointe, MI	3.0	1.0	1200	$1,800	$1.50	0d	1	0.82mi
20926 Moross Rd Grosse Pointe, MI	3.0	1.0	1200	$1,350	$1.12	45d	1	0.87mi
1992 Hawthorne Rd Grosse Pointe Woods, MI	3.0	2.0	1071	$2,100	$1.96	11d	1	0.98mi
19982 McCormick St Detroit, MI	3.0	1.0	866	$1,200	$1.39	4d	1	1.02mi
19661 Kenosha St Harper Woods, MI	3.0	2.0	1000	$1,400	$1.40	25d	1	1.03mi
2175 Ridgemont Rd Grosse Pointe Woods, MI	2.0	1.0	1100	$1,300	$1.18	45d	1	1.04mi
20600 Balfour St Harper Woods, MI	1.0–2.0	1.0–2.0	971	$1,640	$1.69	0d	14	1.04mi
10870 Marne St Detroit, MI	3.0	1.0	1156	$1,100	$0.95	18d	1	1.08mi
10985 Peerless St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	6d	1	1.11mi
22144 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,350	$1.65	19d	1	1.11mi
22144 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,350	$1.65	4d	1	1.11mi
6301 Lodewyck St Detroit, MI	3.0	1.0	1084	$1,300	$1.20	0d	1	1.11mi
6301 Lodewyck St Detroit, MI	3.0	1.0	1084	$1,300	$1.20	13d	1	1.11mi
20270 Hollywood St Harper Woods, MI	3.0	1.0	1228	$1,650	$1.34	0d	1	1.12mi
22148 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,250	$1.53	4d	1	1.12mi
22148 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,250	$1.53	18d	1	1.12mi
19000 Chandler Park Dr Grosse Pointe, MI	2.0	1.0	1374	$2,300	$1.67	0d	1	1.12mi
19000 Chandler Park Dr Grosse Pointe, MI	2.0	1.0	1374	$2,195	$1.60	0d	1	1.12mi
17720 Chester St Detroit, MI	2.0	1.0	986	$1,250	$1.27	45d	1	1.13mi
17710 Chester St Detroit, MI	2.0	1.0	984	$1,250	$1.27	45d	1	1.13mi
10542 Lanark St Detroit, MI	3.0	1.0	1023	$1,250	$1.22	45d	1	1.14mi
19639 Moross Rd Unit 1 Detroit, MI	2.0	1.0	900	$1,100	$1.22	45d	1	1.19mi
6175 Marseilles St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	45d	1	1.19mi
19442 Kingsville St Harper Woods, MI	3.0	1.0	1000	$1,500	$1.50	18d	1	1.20mi
19435 McCormick St Detroit, MI	3.0	2.0	1148	$1,300	$1.13	18d	1	1.23mi
5915 Farmbrook St Detroit, MI	3.0	1.5	1000	$1,250	$1.25	25d	1	1.24mi
19152 Woodside St Harper Woods, MI	3.0	1.0	916	$1,500	$1.64	18d	1	1.25mi
6325 Neff Ave Detroit, MI	3.0	1.0	1000	$1,500	$1.50	4d	1	1.32mi
1150 Anita Ave Grosse Pointe Woods, MI	3.0	1.5	1129	$2,600	$2.30	11d	1	1.36mi
6181 Neff Ave Detroit, MI	3.0	1.0	1102	$1,299	$1.18	19d	1	1.36mi
6154 Woodhall St Detroit, MI	2.0	1.0	1136	$1,000	$0.88	45d	1	1.40mi
6304 Bluehill St Detroit, MI	3.0	1.0	1088	$1,500	$1.38	45d	1	1.45mi
10692 Meuse St Detroit, MI	3.0	1.0	955	$1,250	$1.31	13d	1	1.45mi
19144 Moross Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	1.46mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	45d	1	1.47mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-05-19
   status Pending 602-char remark

   Show marketing remark (602 chars)

   This co-op is cozy, clean and ready for the next owner! This unit is open, spacious and designed for simple and affordable living! Fresh, new carpet throughout, new paint and more! This place has been polished with some updates while still leaving room for some equity to be made! The complex is well taken care of, close to major freeways and parks! The association fee includes property taxes, water, snow, lawn, maintenance and more. By laws are attached with documents. This is a cash only sale and buyer will need association approval upon background check. Schedule your showing before it's gone!

2. 2026-05-19
   status Pending

   Show marketing remark (602 chars)

   This co-op is cozy, clean and ready for the next owner! This unit is open, spacious and designed for simple and affordable living! Fresh, new carpet throughout, new paint and more! This place has been polished with some updates while still leaving room for some equity to be made! The complex is well taken care of, close to major freeways and parks! The association fee includes property taxes, water, snow, lawn, maintenance and more. By laws are attached with documents. This is a cash only sale and buyer will need association approval upon background check. Schedule your showing before it's gone!

3. 2026-05-09
   historical Accepting Backup Offers 602-char remark

   Show marketing remark (602 chars)

   This co-op is cozy, clean and ready for the next owner! This unit is open, spacious and designed for simple and affordable living! Fresh, new carpet throughout, new paint and more! This place has been polished with some updates while still leaving room for some equity to be made! The complex is well taken care of, close to major freeways and parks! The association fee includes property taxes, water, snow, lawn, maintenance and more. By laws are attached with documents. This is a cash only sale and buyer will need association approval upon background check. Schedule your showing before it's gone!

4. 2026-05-09
   historical Active Under Contract

   Show marketing remark (602 chars)

   This co-op is cozy, clean and ready for the next owner! This unit is open, spacious and designed for simple and affordable living! Fresh, new carpet throughout, new paint and more! This place has been polished with some updates while still leaving room for some equity to be made! The complex is well taken care of, close to major freeways and parks! The association fee includes property taxes, water, snow, lawn, maintenance and more. By laws are attached with documents. This is a cash only sale and buyer will need association approval upon background check. Schedule your showing before it's gone!

5. 2026-05-01
   price $45,000 602-char remark

   Show marketing remark (602 chars)

   This co-op is cozy, clean and ready for the next owner! This unit is open, spacious and designed for simple and affordable living! Fresh, new carpet throughout, new paint and more! This place has been polished with some updates while still leaving room for some equity to be made! The complex is well taken care of, close to major freeways and parks! The association fee includes property taxes, water, snow, lawn, maintenance and more. By laws are attached with documents. This is a cash only sale and buyer will need association approval upon background check. Schedule your showing before it's gone!

6. 2026-04-30
   price $45,000
7. 2026-04-29
   listed $54,000 Active 602-char remark

   Show marketing remark (602 chars)

   This co-op is cozy, clean and ready for the next owner! This unit is open, spacious and designed for simple and affordable living! Fresh, new carpet throughout, new paint and more! This place has been polished with some updates while still leaving room for some equity to be made! The complex is well taken care of, close to major freeways and parks! The association fee includes property taxes, water, snow, lawn, maintenance and more. By laws are attached with documents. This is a cash only sale and buyer will need association approval upon background check. Schedule your showing before it's gone!

8. 2026-04-29
   listed $54,000 Active

   Show marketing remark (602 chars)

   This co-op is cozy, clean and ready for the next owner! This unit is open, spacious and designed for simple and affordable living! Fresh, new carpet throughout, new paint and more! This place has been polished with some updates while still leaving room for some equity to be made! The complex is well taken care of, close to major freeways and parks! The association fee includes property taxes, water, snow, lawn, maintenance and more. By laws are attached with documents. This is a cash only sale and buyer will need association approval upon background check. Schedule your showing before it's gone!

ⓘ 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: $16,728
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$1,338
• − Management: −$1,338
• − HOA: −$4,200
• − Depreciation: −$1,309
• Taxable income: $5,122
• Est. tax owed @ 24.0%: −$1,229
• After-tax cash flow: $4,054/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 · 1 photo

Good 75/100 Cosmetic rehab

This cozy townhouse is in good condition with recent updates, ready for a new owner. Minor improvements could further enhance its curb appeal and value.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value
• Both New flooring in high-traffic areas — Improves aesthetics and durability
• Both Paint touch-ups throughout — Maintains fresh appearance and value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both New flooring in high-traffic areas — Improves aesthetics and durability ↑
• Both Paint touch-ups throughout — Maintains fresh appearance and 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: Harper Woods School District
• NCES district ID: 2617760
• Math proficiency: 4% ▼ -7.00%
• Reading proficiency: 15% ▼ -9.00%
• Median HH income: $46,155
• Composite: 8.8/100
• National rank: #9892
• State rank: #524 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

-16.7% since first listed

8 events — show timeline

• 2026-05-19 Pending — MiRealSource-MiMLS
• 2026-05-19 Pending — REALCOMP
• 2026-05-09 Contingent — MiRealSource-MiMLS
• 2026-05-09 Contingent — REALCOMP
• 2026-05-01 Price Changed $45,000 MiRealSource-MiMLS
• 2026-04-30 Price Changed $45,000 REALCOMP
• 2026-04-29 Listed $54,000 REALCOMP
• 2026-04-29 Listed $54,000 MiRealSource-MiMLS