21004 Reimanville Ave · Royal Oak, MI 48220

$239,900

6 bd · 1.0 ba · 1,604 sqft · SingleFamily public records · 6 Days on market

Built 1929 6,229 sqft lot Est $192k · 25% over

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Why this score? — see what drove the D+ 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 +20.4/30.0
• DSCR +6.5/10.0
• 1% rule +5.3/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Updated brick colonial with flexible residential or investment potential in a convenient Ferndale-area location. Features 5 bedrooms, 3 full bathrooms, multiple finished living areas, updated flooring, fresh paint, modernized bathrooms, and refreshed interior finishes. The functional layout may suit an owner-occupant, rental investor, or buyer exploring licensed/approved group living, supportive housing, or residential care-style use, subject to municipal, zoning, licensing, and state approvals. Additional highlights include a full brick exterior, covered front porch, basement storage, and a rare combination of bedroom and bathroom count at this price point. Conveniently located near Woodward, 8 Mile, I-75, Ferndale, Royal Oak, Detroit, shopping, dining, and major employment centers. Move-in ready with potential for a variety of approved uses. Buyer and buyer's agent to verify all measurements, zoning, licensing requirements, permitted uses, and municipal/state approvals.

Key facts

• Updated flooring
• Investment potential
• Modernized bathrooms

Tags

• FLEXIBLE RESIDENTIAL POTENTIAL
• INVESTMENT POTENTIAL
• MULTIPLE FINISHED LIVING AREAS
• UPDATED FLOORING
• MODERNIZED BATHROOMS
• REFRESHED INTERIOR FINISHES

Property features AI

Exterior

• Utilities: Public water
• Home design: Single family residence; Residential property; Other architectural style; Faces information not provided
• Construction: Brick construction; Shingle roof; Built in 1929
• Exterior features: Corner lot; Sidewalk

Interior

• Bedrooms: Bedroom (9 x 12); Bedroom (11 x 10); Bedroom (13 x 10); Bedroom (11 x 12)
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Fireplace; 5 total rooms

What this means for you Summary

Snapshot

• This is a 6-bed/1.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $240k).
• Cap rate 7.9% vs local median 3.8% in Royal Oak — 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 83/100 on livability (#50 in MI, #1,020 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities D+.
• Ferndale Public Schools (suburban): math 18% / reading 39% proficiency, ranked #366 of 540 in MI (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.2%/yr); 171 active listings in the ZIP; solid renter incomes; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent runs 33% of the median local income ($90k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 + 6.2% rent growth), your $67k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 19y 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 $165k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $239,900

Questions for the listing agent

1. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 7.86%
• Cash-on-cash: 5.59%
• DSCR: 1.25
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $192,480
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21004 Reimanville Ave	0.00mi	5/3.0 (-1)	1,604 (0%)	8mo	$165,000	$103	80
8121 Cloverdale Ave	0.17mi	5/2.0 (-1)	1,765 (+10%)	1mo	$212,000	$120	66
21032 Woodside Ave	0.26mi	5/2.0 (-1)	1,684 (+5%)	6mo	$205,000	$122	66
20516 Santa Rosa Dr	0.63mi	7/2.0 (+1)	1,557 (-3%)	12mo	$180,000	$116	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.24% rent growth · sell at horizon

5-year hold

• IRR: -4.1%
• Equity multiple: 0.84×
• Total profit: $-10,642
• Equity at exit: $35,770

10-year hold

• IRR: 9.0%
• Equity multiple: 1.79×
• Total profit: $52,855
• Equity at exit: $20,742

Cash invested: $67,172 (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 48220

• Rents YoY: 6.2%
• Active inventory: 171
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,465 medium
• Mortgage (P&I): −$1,258
• Tax from tax record: −$277 /mo · $3,318/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$518
• Net cashflow: $313

Break-even live

Break-even rent $2,069

Max offer price $239,900

Occupancy floor 82%

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $239,900 Active 6 DOM
2. 2026-06-17
   days on market $239,900 Active 5 DOM
3. 2026-06-16
   days on market $239,900 Active 4 DOM
4. 2026-06-15
   days on market $239,900 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $239,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $3,318 · $277/mo
• Projected year-2 tax: $3,506 · $292/mo
• Expected delta: +$188/yr (+$16/mo · 5.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,578
• − Mortgage interest: −$13,438
• − Property taxes: −$3,318
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,366
• − Management: −$2,366
• − Depreciation: −$6,979
• Taxable loss: −$90
• Est. tax savings @ 24.0%: +$21
• After-tax cash flow: $3,773/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.

Schools (NCES district)

• District: Ferndale Public Schools
• NCES district ID: 2614280
• Math proficiency: 18% ▼ -3.00%
• Reading proficiency: 39% ▲ 5.00%
• Median HH income: $56,069
• Composite: 25.46/100
• National rank: #7449
• State rank: #366 of 540 in MI

Livability — Royal Oak

• Score: 83/100
• State rank: #50
• US rank: #1020

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Oakland County · 1,009,092 people
• City population: 57,974
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 21,527
• Household income: $89,881
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 670.0

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 (72%)
• Race & ethnicity: White 72% Black 15% Two or more races 6% Hispanic / Latino 5% Asian 3%
• Common ancestry: Romanian 11% Lithuanian 6% Slovak 3%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 1%

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: ▼ -394.92%
• Current HPI: 273.0986
• Rent YoY: ▲ 6.24%
• 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

+1087.6% since first listed

36 events — show timeline

• 2026-06-12 Listed $239,900 REALCOMP
• 2026-06-12 Listed $239,900 SW Michigan MLS
• 2026-06-12 Listed $239,900 MiRealSource-MiMLS
• 2026-06-11 Coming Soon $239,900 MiRealSource-MiMLS
• 2026-06-11 Coming Soon $239,900 SW Michigan MLS
• 2025-10-14 Sold (Public Records) $165,000 Public Records
• 2025-10-10 Sold (MLS) $165,000 MiRealSource-MiMLS
• 2025-10-10 Sold (MLS) $165,000 REALCOMP
• 2025-09-04 Pending — MiRealSource-MiMLS
• 2025-09-04 Pending — REALCOMP
• 2025-07-30 Price Changed $175,000 MiRealSource-MiMLS
• 2025-07-29 Price Changed $175,000 REALCOMP
• 2025-07-16 Price Changed $195,000 MiRealSource-MiMLS
• 2025-07-16 Price Changed $195,000 REALCOMP
• 2025-06-19 Price Changed $199,900 MiRealSource-MiMLS
• 2025-06-18 Price Changed $199,900 REALCOMP
• 2025-05-24 Price Changed $215,000 MiRealSource-MiMLS
• 2025-05-23 Price Changed $215,000 REALCOMP
• 2025-05-02 Price Changed $225,000 MiRealSource-MiMLS
• 2025-05-01 Price Changed $225,000 REALCOMP
• 2025-04-25 Price Changed $237,500 MiRealSource-MiMLS
• 2025-04-25 Price Changed $237,500 REALCOMP
• 2025-04-17 Listed $250,000 MiRealSource-MiMLS
• 2025-04-17 Listed $250,000 REALCOMP
• 2025-04-15 Coming Soon $250,000 MiRealSource-MiMLS
• 2020-07-16 Sold (MLS) $30,100 MiRealSource-MiMLS
• 2020-07-16 Sold (MLS) $30,100 REALCOMP
• 2020-06-23 Pending — MiRealSource-MiMLS
• 2020-06-23 Pending — REALCOMP
• 2020-05-24 Listed $25,000 MiRealSource-MiMLS
• 2020-05-24 Listed $25,000 REALCOMP
• 2010-04-23 Listing Removed — REALCOMP
• 2010-02-01 Listed $500 REALCOMP
• 2007-09-13 Listing Removed — REALCOMP
• 2007-06-28 Listed $100,000 REALCOMP
• 2002-02-05 Sold (Public Records) $20,200 Public Records

Property tax history

+7.1%/yr

Latest (2025): $3,318 · -16.7% YoY. Source: county tax records.