2405 Damman Apt. 201 Dr · Midland, MI 48640

$93,500

2 bd · 1.0 ba · 891 sqft · Condo · 80 Days on market

Built 1956 Good condition $105/sqft · at area comps Est $95k · at est. $285/mo HOA · 22% of rent

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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 +18.0/30.0
• 1% rule +8.7/10.0
• ARV discount +8.2/15.0
• DSCR +5.6/10.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to easy, low-maintenance living in this beautifully updated 2-bedroom condo! Step inside and immediately appreciate the spacious feel created by soaring vaulted ceilings and an abundance of natural light pouring in through large windows. This home has been thoughtfully refreshed with newly refinished hardwood floors flowing through the living room, dining area, and both bedrooms, creating a warm and cohesive feel. The kitchen and bathroom feature brand-new flooring, perfectly complemented by fresh paint throughout, giving the entire space a clean, modern look. Enjoy the convenience of a dedicated carport, personal basement laundry, along with monthly dues that cover water, heat, lawn care, and snow removal—making for truly hassle-free living year-round. Whether you're looking to downsize or find your next home, this move-in-ready condo offers comfort, style, and simplicity all in one.

Key facts

• New flooring
• Vaulted ceilings
• Dedicated carport

Tags

• VAULTED CEILINGS
• HARDWOOD FLOORS
• NEW FLOORING
• PERSONAL BASEMENT LAUNDRY
• DEDICATED CARPORT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $94k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $81 ($968/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $94k).
• Recommended offer: $88k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 4.4% in Midland — 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 85/100 on livability (#28 in MI, #578 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Midland Public Schools (urban): math 49% / reading 64% proficiency, ranked #62 of 540 in MI (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 110 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 320 units permitted in Midland County in 2024 (204 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $646 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Midland County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y 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 $56k; list at $94k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent; built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,890 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1956 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.37% ✓
• Cap rate: 7.33%
• Cash-on-cash: 3.70%
• DSCR: 1.16
• GRM: 6.1

CMA / ARV

• ARV (median comp): $94,900
• List price: $93,500
• Delta: -1.48%
• Verdict: FAIR
• Comps: 19 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -10.3%
• Equity multiple: 0.62×
• Total profit: $-9,818
• Equity at exit: $13,941

10-year hold

• IRR: -0.6%
• Equity multiple: 0.96×
• Total profit: $-1,143
• Equity at exit: $8,084

Cash invested: $26,180 (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 48640

• Home prices YoY: -21.7%
• Active inventory: 110
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,281 medium
• Mortgage (P&I): −$490
• Tax est. 1.5%: −$117 /mo · $1,402/yr
• Insurance: −$39
• HOA: −$285
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $81

Break-even live

Break-even rent $1,179

Max offer price $93,500

Occupancy floor 89%

Sensitivity live

Price	-10% $145	-5% $113	+0% $81	+5% $48	+10% $16
Rent	-10% $-21	-5% $30	+0% $81	+5% $131	+10% $182
Rate	-1.0pp $128	-0.5pp $104	base $81	+0.5pp $56	+1.0pp $32

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: $23,375
• Closing costs: $2,805
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2211 Eastlawn Dr Midland, MI	1.0–2.0	1.0	690	$880	$1.28	44d	1	1.03mi
315 McDonald St Unit 5 Midland, MI	1.0	1.0	650	$950	$1.46	44d	1	1.16mi

HOA detail condo

• Monthly dues: $285 · $3,420/yr
• Likely covers: waterlandscapingsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-19
   days on market $93,500 Active 80 DOM
2. 2026-06-18
   days on market $93,500 Active 79 DOM
3. 2026-06-17
   days on market $93,500 Active 78 DOM
4. 2026-06-16
   days on market $93,500 Active 77 DOM
5. 2026-06-15
   days on market $93,500 Active 76 DOM
6. 2026-06-14
   days on market $93,500 Active 74 DOM
7. 2026-06-13
   days on market $93,500 Active 73 DOM
8. 2026-06-10
   days on market $93,500 Active 71 DOM
9. 2026-06-09
   days on market $93,500 Active 70 DOM
10. 2026-06-08
    days on marketlisting id $93,500 Active 69 DOM
11. 2026-06-07
    days on marketlisting id $93,500 Active 68 DOM
12. 2026-06-03
    price $93,500 Active 63 DOM
13. 2026-06-02
    days on market $95,000 Active 63 DOM
14. 2026-06-01
    days on market $95,000 Active 62 DOM
15. 2026-05-31
    days on market $95,000 Active 61 DOM
16. 2026-05-30
    days on market $95,000 Active 60 DOM
17. 2026-03-31
    listed $95,000 Active 911-char remark

    Show marketing remark (905 chars)

    Welcome to easy, low-maintenance living in this beautifully updated 2-bedroom condo! Step inside and immediately appreciate the spacious feel created by soaring vaulted ceilings and an abundance of natural light pouring in through large windows. This home has been thoughtfully refreshed with newly refinished hardwood floors flowing through the living room, dining area, and both bedrooms, creating a warm and cohesive feel. The kitchen and bathroom feature brand-new flooring, perfectly complemented by fresh paint throughout, giving the entire space a clean, modern look. Enjoy the convenience of a dedicated carport, personal basement laundry, along with monthly dues that cover water, heat, lawn care, and snow removal-making for truly hassle-free living year-round. Whether you're looking to downsize or find your next home, this move-in-ready condo offers comfort, style, and simplicity all in one.

18. 2026-03-31
    listed $95,000 Active 905-char remark

    Show marketing remark (905 chars)

    Welcome to easy, low-maintenance living in this beautifully updated 2-bedroom condo! Step inside and immediately appreciate the spacious feel created by soaring vaulted ceilings and an abundance of natural light pouring in through large windows. This home has been thoughtfully refreshed with newly refinished hardwood floors flowing through the living room, dining area, and both bedrooms, creating a warm and cohesive feel. The kitchen and bathroom feature brand-new flooring, perfectly complemented by fresh paint throughout, giving the entire space a clean, modern look. Enjoy the convenience of a dedicated carport, personal basement laundry, along with monthly dues that cover water, heat, lawn care, and snow removal-making for truly hassle-free living year-round. Whether you're looking to downsize or find your next home, this move-in-ready condo offers comfort, style, and simplicity all in one.

19. 2020-03-13
    soldstatus $56,000
20. 2020-02-11
    listed $56,000
21. 2005-06-20
    soldstatus $43,500
22. 2005-06-20
    soldstatus $43,500
23. 2005-04-16
    listed $46,900
24. 2005-04-16
    listed $46,900

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,370
• − Mortgage interest: −$5,237
• − Property taxes: −$1,402
• − Insurance: −$468
• − Repairs & maintenance: −$1,230
• − Management: −$1,230
• − HOA: −$3,420
• − Depreciation: −$2,720
• Taxable loss: −$337
• Est. tax savings @ 24.0%: +$81
• After-tax cash flow: $1,049/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 well-maintained 2-bedroom condo features updated interiors, new flooring, and fresh paint, making it move-in ready and ideal for both resale and rental.

Value-add opportunities

• Both painting exterior brick — enhances curb appeal and value
• Both upgrading HVAC system — improves comfort and energy efficiency
• Both installing new curtains — enhances aesthetic and privacy

Renovation cost estimate screening

Value-add ROI direction

• Both painting exterior brick — enhances curb appeal and value ↑
• Both upgrading HVAC system — improves comfort and energy efficiency ↑
• Both installing new curtains — enhances aesthetic and privacy ↑

ⓘ 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: Midland Public Schools
• NCES district ID: 2623820
• Math proficiency: 49% ▼ -6.00%
• Reading proficiency: 64% ▼ -3.00%
• Median HH income: $55,844
• Composite: 48.67/100
• National rank: #2105
• State rank: #62 of 540 in MI

Livability — Midland

• Score: 85/100
• State rank: #28
• US rank: #578

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, MI
• County: Midland County · 66,531 people
• City population: 66,531
• Metro: Midland, MI
• Population (ZIP): 32,492
• Household income: $80,574
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 939.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 83,968 people
• By 2030: 83,368 · -0.7%
• By 2040: 80,713 · -3.9%
• By 2050: 76,698 · -8.7%
• By 2075: 67,617 · -19.5%
• By 2100: 57,529 · -31.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 4% Asian 1% Black 1%
• Common ancestry: Romanian 7% Lithuanian 4% Italian 3%
• Foreign-born: 3% · Canada, South Korea, China
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Midland

• 2024 margin: R (+15.2) · D 41.6% · R 56.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: -3.6pp · 2024: -15.2pp
• All cycles: 2024: R+15.2 2020: R+14.6 2016: R+19.4 2012: R+15.5 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.88%
• Current HPI: 230.5702
• Rent YoY: —
• Metro: Midland, 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

+102.6% since first listed

8 events — show timeline

• 2026-03-31 Listed $95,000 REALCOMP
• 2026-03-31 Listed $95,000 MiRealSource-MiMLS
• 2020-03-13 Sold (MLS) $56,000 REALCOMP
• 2020-02-11 Listed $56,000 REALCOMP
• 2005-06-20 Sold (MLS) $43,500 REALCOMP
• 2005-06-20 Sold (MLS) $43,500 MiRealSource-MiMLS
• 2005-04-16 Listed $46,900 REALCOMP
• 2005-04-16 Listed $46,900 MiRealSource-MiMLS