29217 Hayes #2 Rd · Warren, MI 48088

$72,900

1 bd · 1.0 ba · 729 sqft · Condo · 16 Days on market

Built 1968 Fair condition $100/sqft · 9% below area Est $80k · 9% under $348/mo HOA · 29% of rent

---

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 +21.4/30.0
• ARV discount +11.7/15.0
• 1% rule +10.0/10.0
• DSCR +6.8/10.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

2000.00 PRICE REDUCTION!! Rare 1ST FLOOR Deluxe Condo which offers views of Your Own CARPORT and the Beautiful Park like setting looking out your Door Wall at Enticing Courtyard, also providing a cross breeze through the unit if desired. Your Bright Living area, with HARDWOOD floors under carpet has ample room and leads you out to your private Patio for relaxation and enjoyment. The kitchen area is large with ample dining area, (All appliances Included). The Large Bedroom includes a walk-in closet and allows for large furnishings. The Full bath is oversized and comfortable. Additional storage in the well lighted lower level with common laundry facility. Association Fee includes gas and wate

Key facts

• 1st floor
• Walk-in closet
• Carport

Tags

• 1ST FLOOR
• CARPORT
• PRIVATE PATIO
• WALK-IN CLOSET
• OVERSIZED BATH
• POOL

Property features AI

Finance

• Other: Pets allowed (contact for details); Public maintained road; Subdivision: LANCASTER WOODS
• HOA & community: Homeowners association with monthly fee; Monthly association fee covers gas, grounds maintenance, snow removal, trash and water; Community amenities include clubhouse, pool, and laundry

Exterior

• Parking: Carport
• Utilities: Public water; Public sewer
• Home design: Residential condominium; One story
• Construction: Brick construction; Block foundation; Built with an above-grade finished area of 729 (square feet)
• Exterior features: Patio; Porch; Community outdoor pool

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: 4 total rooms (includes bedrooms and living areas)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Block basement
• Laundry & utility: Common area laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $73k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $108 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $73k).
• Recommended offer: $72k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 5.2% in Warren — 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 74/100 on livability (#171 in MI, #4,491 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D, amenities D, employment D.
• Warren Woods Public Schools (urban): math 23% / reading 40% proficiency, ranked #336 of 540 in MI (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 109 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $504 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 16 days — a 2% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• 22 sale attempts since 29y 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 $58k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.

Recommended offer $71,806 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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 D 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: 1.67% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.37%
• DSCR: 1.28
• GRM: 5.0

CMA / ARV

• ARV (median comp): $80,359
• List price: $72,900
• Delta: -6.79%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -6.2%
• Equity multiple: 0.77×
• Total profit: $-4,685
• Equity at exit: $10,870

10-year hold

• IRR: 3.8%
• Equity multiple: 1.28×
• Total profit: $5,744
• Equity at exit: $6,303

Cash invested: $20,412 (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 48088

• Active inventory: 109
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,215 medium
• Mortgage (P&I): −$382
• Tax est. 1.5%: −$91 /mo · $1,094/yr
• Insurance: −$30
• HOA: −$348
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $108

Break-even live

Break-even rent $1,078

Max offer price $72,900

Occupancy floor 86%

Sensitivity live

Price	-10% $159	-5% $133	+0% $108	+5% $83	+10% $58
Rent	-10% $12	-5% $60	+0% $108	+5% $156	+10% $204
Rate	-1.0pp $145	-0.5pp $127	base $108	+0.5pp $89	+1.0pp $70

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: $18,225
• Closing costs: $2,187
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29157 Hayes Rd Warren, MI	1.0	1.0	720	$1,250	$1.74	44d	1	0.07mi
16425 12 Mile Rd Roseville, MI	1.0	1.0	600	$950	$1.58	44d	1	0.80mi
16435 Twelve Mile Rd Roseville, MI	1.0	1.0	600	$950	$1.58	44d	1	0.82mi
28368 Rosemont St Roseville, MI	2.0	1.0	696	$1,500	$2.16	22d	1	1.39mi

HOA detail condo

• Monthly dues: $348 · $4,176/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-18
   days on market $72,900 Active 16 DOM
2. 2026-06-17
   days on market $72,900 Active 15 DOM
3. 2026-06-16
   days on market $72,900 Active 14 DOM
4. 2026-06-15
   days on market $72,900 Active 13 DOM
5. 2026-06-13
   days on market $72,900 Active 11 DOM
6. 2026-06-13
   days on market $72,900 Active 10 DOM
7. 2026-06-09
   days on market $72,900 Active 7 DOM
8. 2026-06-08
   days on market $72,900 Active 6 DOM
9. 2026-06-07
   days on market $72,900 Active 5 DOM
10. 2026-06-04
    days on market $72,900 Active 2 DOM
11. 2026-06-02
    pricedays on marketlisting id $72,900 Active 1 DOM
12. 2026-06-01
    days on market $74,900 Active 17 DOM
13. 2026-05-31
    days on market $74,900 Active 16 DOM
14. 2026-05-15
    listed $74,900 Active 813-char remark
15. 2026-05-15
    listed $74,900 Active 813-char remark
16. 2024-12-27
    historical
17. 2024-12-27
    historical
18. 2024-11-21
    historical
19. 2024-11-21
    historical
20. 2024-11-20
    price $89,900
21. 2024-11-20
    listed $89,900 Active
22. 2024-11-20
    listed $89,900 Active
23. 2024-11-09
    historical
24. 2024-11-09
    historical
25. 2024-11-08
    listed $91,900 Active
26. 2024-11-08
    listed $89,900
27. 2024-11-08
    price $91,900
28. 2024-11-02
    historical
29. 2024-11-02
    historical
30. 2024-11-01
    listed $93,000 Active
31. 2024-11-01
    listed $91,900
32. 2024-10-30
    price $93,000
33. 2024-10-26
    listed $93,000
34. 2024-10-26
    listed $94,900 Active
35. 2021-04-21
    soldstatus $57,550 Sold
36. 2021-04-21
    soldstatus $57,550 Closed
37. 2021-04-01
    status Pending
38. 2021-04-01
    status Pending
39. 2021-03-29
    listed $55,900 Active
40. 2021-03-29
    listed $55,900 Active
41. 2014-04-25
    soldstatus $18,000
42. 2014-04-25
    soldstatus $18,000
43. 2014-03-25
    historical
44. 2013-11-21
    listed $22,300
45. 2013-11-21
    listed $22,300
46. 2009-04-02
    soldstatus $1,535
47. 2008-12-18
    historical
48. 2008-12-05
    listed $15,000
49. 2006-08-25
    historical
50. 2006-02-25
    listed $49,900

ⓘ 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 3/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,583
• − Mortgage interest: −$4,084
• − Property taxes: −$1,094
• − Insurance: −$364
• − Repairs & maintenance: −$1,167
• − Management: −$1,167
• − HOA: −$4,176
• − Depreciation: −$2,121
• Taxable income: $412
• Est. tax owed @ 24.0%: −$99
• After-tax cash flow: $1,200/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 · 13 photos

Fair 45/100 Moderate rehab

This 1st floor condo requires moderate repairs and maintenance to improve its condition and value. Updates to the kitchen and bathroom, along with exterior painting and landscaping, would significantly enhance its appeal to buyers and renters.

Repairs flagged

• Moderate Kitchen cabinets — Worn and dated appearance.
• Moderate Kitchen countertops — Worn and dated appearance.
• Moderate Bathroom fixtures — Standard fixtures, but dated design.
• Minor Exterior siding — Some discoloration, but not severe enough to warrant immediate attention.

Value-add opportunities

• Resale Update kitchen cabinets and countertops — Fresh, modern kitchen will attract more buyers.
• Resale Replace bathroom fixtures — Modern fixtures will appeal to potential buyers.
• Resale Paint exterior siding — Fresh paint will improve curb appeal and home value.
• Both Landscaping improvements — Well-maintained landscaping will enhance both resale and rental value.
• Rental HVAC maintenance — A well-maintained HVAC system will attract renters and reduce maintenance costs.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn and dated appearance.	Moderate	$3,000–15,000
Kitchen countertops · Worn and dated appearance.	Moderate	$3,000–15,000
Bathroom fixtures · Standard fixtures, but dated design.	Moderate	$3,000–15,000
Exterior siding · Some discoloration, but not severe enough to warrant immediate attention.	Minor	$500–3,000
Total estimated repair cost · 4 items		$9,500–48,000

Value-add ROI direction

• Resale Update kitchen cabinets and countertops — Fresh, modern kitchen will attract more buyers. ↑
• Resale Replace bathroom fixtures — Modern fixtures will appeal to potential buyers. ↑
• Resale Paint exterior siding — Fresh paint will improve curb appeal and home value. ↑
• Both Landscaping improvements — Well-maintained landscaping will enhance both resale and rental value. ↑
• Rental HVAC maintenance — A well-maintained HVAC system will attract renters and reduce maintenance costs. ↑

ⓘ 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: Warren Woods Public Schools
• NCES district ID: 2635220
• Math proficiency: 23% ▼ -9.00%
• Reading proficiency: 40% ▼ -5.00%
• Median HH income: $49,013
• Composite: 27.29/100
• National rank: #7003
• State rank: #336 of 540 in MI

Livability — Warren

• Score: 74/100
• State rank: #171
• US rank: #4491

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warren, MI
• City population: 114,937
• Population (ZIP): 23,443

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 (74%)
• Race & ethnicity: White 74% Black 13% Asian 6% Hispanic / Latino 5% Two or more races 5%
• Common ancestry: Romanian 14% Lithuanian 4% Slovak 2%
• Foreign-born: 11% · Canada
• Languages at home: 84% English-only · Arabic 4% Other Indo-European 3% Spanish 3%

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: ▼ -213.65%
• Current HPI: 206.4018
• 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

+69.5% since first listed

54 events — show timeline

• 2026-06-03 Listing Removed — MiRealSource-MiMLS
• 2026-06-03 Listing Removed — REALCOMP
• 2026-06-02 Price Changed $72,900 MiRealSource-MiMLS
• 2026-06-02 Price Changed $72,900 REALCOMP
• 2026-06-02 Listed $72,900 MiRealSource-MiMLS
• 2026-06-02 Listed $72,900 REALCOMP
• 2026-05-15 Listed $74,900 MiRealSource-MiMLS
• 2026-05-15 Listed $74,900 REALCOMP
• 2024-12-27 Listing Removed — REALCOMP
• 2024-12-27 Listing Removed — MiRealSource-MiMLS
• 2024-11-21 Listing Removed — MiRealSource-MiMLS
• 2024-11-21 Listing Removed — REALCOMP
• 2024-11-20 Price Changed $89,900 MiRealSource-MiMLS
• 2024-11-20 Listed $89,900 MiRealSource-MiMLS
• 2024-11-20 Listed $89,900 REALCOMP
• 2024-11-09 Listing Removed — REALCOMP
• 2024-11-09 Listing Removed — MiRealSource-MiMLS
• 2024-11-08 Listed $89,900 REALCOMP
• 2024-11-08 Listed $91,900 MiRealSource-MiMLS
• 2024-11-08 Price Changed $91,900 MiRealSource-MiMLS
• 2024-11-02 Listing Removed — REALCOMP
• 2024-11-02 Listing Removed — MiRealSource-MiMLS
• 2024-11-01 Listed $91,900 REALCOMP
• 2024-11-01 Listed $93,000 MiRealSource-MiMLS
• 2024-10-30 Price Changed $93,000 MiRealSource-MiMLS
• 2024-10-26 Listed $93,000 REALCOMP
• 2024-10-26 Listed $94,900 MiRealSource-MiMLS
• 2021-04-21 Sold (MLS) $57,550 MiRealSource-MiMLS
• 2021-04-21 Sold (MLS) $57,550 REALCOMP
• 2021-04-01 Pending — MiRealSource-MiMLS
• 2021-04-01 Pending — REALCOMP
• 2021-03-29 Listed $55,900 MiRealSource-MiMLS
• 2021-03-29 Listed $55,900 REALCOMP
• 2014-04-25 Sold (MLS) $18,000 MiRealSource-MiMLS
• 2014-04-25 Sold (MLS) $18,000 REALCOMP
• 2014-03-25 Listing Removed — MiRealSource-MiMLS
• 2013-11-21 Listed $22,300 MiRealSource-MiMLS
• 2013-11-21 Listed $22,300 REALCOMP
• 2009-04-02 Sold (MLS) $1,535 MiRealSource-MiMLS
• 2008-12-18 Listing Removed — MiRealSource-MiMLS
• 2008-12-05 Listed $15,000 MiRealSource-MiMLS
• 2006-08-25 Listing Removed — MiRealSource-MiMLS
• 2006-02-25 Listed $49,900 MiRealSource-MiMLS
• 2005-04-15 Sold (MLS) $56,000 MiRealSource-MiMLS
• 2005-03-18 Listing Removed — MiRealSource-MiMLS
• 2005-03-12 Listed $58,000 MiRealSource-MiMLS
• 2004-12-31 Listing Removed — MiRealSource-MiMLS
• 2004-07-14 Listed $59,900 MiRealSource-MiMLS
• 2003-06-13 Sold (MLS) $61,000 MiRealSource-MiMLS
• 2003-06-12 Listing Removed — MiRealSource-MiMLS
• 2003-05-15 Listed $64,900 MiRealSource-MiMLS
• 1997-06-06 Sold (MLS) $43,000 MiRealSource-MiMLS
• 1997-04-05 Listing Removed — MiRealSource-MiMLS
• 1997-03-29 Listed $42,999 MiRealSource-MiMLS