505 John Anderson #57 Ct · Monroe, MI 48162

$74,900

2 bd · 1.5 ba · 842 sqft · Condo · 7 Days on market

Built 1968 $250/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 +24.1/30.0
• 1% rule +10.0/10.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautifully updated 1-bedroom, 1-bathroom condo, where modern style meets everyday convenience. Fully renovated in 2020, the open living space features durable luxury vinyl plank flooring and a kitchen boasting soft-close cabinetry, a stainless steel sink, and an appliance package including a fridge, oven, and microwave with a built-in exhaust fan. The standout walk-in pantry with built-in shelving offers unparalleled storage for a condo of this size. Retreat to the cozy bedroom featuring plush carpeting, a cooling ceiling fan, and a spacious walk-in closet. The bathroom is equally impressive with sleek tile flooring and a pristine tile-surround shower and tub. Two wall-mounted AC units ensure you stay comfortable year-round. This move-in-ready gem combines thoughtful updates with a functional layout.

Key facts

• Updated kitchen
• Granite countertops
• New backsplash

Tags

• GROUND-FLOOR UNIT
• VINYL PLANK FLOORING
• UPDATED KITCHEN
• GRANITE COUNTERTOPS
• NEW BACKSPLASH
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Other: Subdivision: Woodcrest Condominiums; Located near W Lorain / Telegraph
• HOA & community: Homeowners association with laundry amenity; HOA fee $250 monthly

Exterior

• Parking: Carport; 1-car garage
• Utilities: Public water; Public sewer
• Home design: Residential condominium; One-level unit; Brick construction
• Construction: Brick construction; Slab foundation
• Exterior features: No pool

Interior

• Kitchen: Kitchen includes microwave, oven, refrigerator and range
• Bedrooms: Total of 6 rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Electric heating; Steam heating; Wall/window cooling units
• Interior features: Microwave, Oven, Refrigerator, Range
• Laundry & utility: Laundry located in a common area

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $75k.

Deal economics

• At list price, monthly cash flow is $148 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Cap rate 8.7% vs local median 4.0% in Monroe — 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 (#51 in MI, #1,034 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime D+, amenities D+.
• Monroe Public Schools (suburban): math 24% / reading 47% proficiency, ranked #278 of 540 in MI (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 130 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 264 units permitted in Monroe County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Monroe County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 35 sale attempts since 26y 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 $61k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $74,900

Questions for the listing agent

1. Built in 1968 — 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 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?
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: 1.55% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.48%
• DSCR: 1.38
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -3.2%
• Equity multiple: 0.88×
• Total profit: $-2,530
• Equity at exit: $11,168

10-year hold

• IRR: 6.7%
• Equity multiple: 1.51×
• Total profit: $10,643
• Equity at exit: $6,476

Cash invested: $20,972 (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 48162

• Active inventory: 130
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,159 high
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,124/yr
• Insurance: −$31
• HOA: −$250
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $148

Break-even live

Break-even rent $972

Max offer price $74,900

Occupancy floor 82%

Sensitivity live

Price	-10% $200	-5% $174	+0% $148	+5% $122	+10% $96
Rent	-10% $57	-5% $102	+0% $148	+5% $194	+10% $240
Rate	-1.0pp $186	-0.5pp $167	base $148	+0.5pp $129	+1.0pp $109

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
620 John Anderson Ct Unit 628-28 Monroe, MI	2.0	1.5	800	$1,095	$1.37	45d	1	0.08mi
620 John Anderson Ct Monroe, MI	1.0–2.0	1.0–1.5	787	$1,295	$1.64	45d	7	0.09mi
620 John Anderson Ct Monroe, MI	1.0–2.0	1.0–1.5	787	$995	$1.26	0d	10	0.09mi
1250 Josephine Ct Monroe, MI	1.0–2.0	1.0	792	$975	$1.23	5d	2	0.73mi
1318 Frank Dr Monroe, MI	3.0	1.0–2.5	1300	$1,645	$1.27	5d	6	0.79mi
1985 S Custer Rd Apt 3 Monroe, MI	2.0	1.0	1000	$1,200	$1.20	45d	1	0.92mi
1513 Stewart Rd Monroe, MI	1.0	1.0	761	$997	$1.31	25d	1	0.95mi
411 W 3rd St Unit 2 Monroe, MI	1.0	1.0	700	$700	$1.00	45d	1	1.06mi
1621 Park West Dr Monroe, MI	1.0–3.0	1.0–2.0	1000	$1,165	$1.17	0d	12	1.16mi
765 N Macomb St Monroe, MI	2.0	1.0	1050	$1,150	$1.10	45d	1	1.31mi
767 N Macomb St Monroe, MI	2.0	1.0	1050	$1,150	$1.10	45d	1	1.31mi
927 N Macomb St Monroe, MI	1.0	1.0	900	$1,195	$1.33	19d	1	1.31mi
733 Smith St Monroe, MI	3.0	1.5	1000	$1,500	$1.50	45d	1	1.34mi
1055 Cedar Creek Dr Monroe, MI	2.0–3.0	2.0	1216	$1,299	$1.07	0d	6	1.38mi
1166 N Macomb St Monroe, MI	1.0	1.0	635	$1,000	$1.57	25d	1	1.49mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-21
   days on market $74,900 Active 7 DOM
2. 2026-06-19
   days on market $74,900 Active 5 DOM
3. 2026-06-18
   days on market $74,900 Active 4 DOM
4. 2026-06-17
   days on market $74,900 Active 3 DOM
5. 2026-06-16
   days on market $74,900 Active 2 DOM
6. 2026-06-15
   remarks 477-char remark
7. 2026-06-15
   listed $74,900 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,911
• − Mortgage interest: −$4,196
• − Property taxes: −$1,124
• − Insurance: −$374
• − Repairs & maintenance: −$1,113
• − Management: −$1,113
• − HOA: −$3,000
• − Depreciation: −$2,179
• Taxable income: $812
• Est. tax owed @ 24.0%: −$195
• After-tax cash flow: $1,583/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: Monroe Public Schools
• NCES district ID: 2624150
• Math proficiency: 24% ▲ 3.00%
• Reading proficiency: 47% ▲ 12.00%
• Median HH income: $46,437
• Composite: 30.33/100
• National rank: #6269
• State rank: #278 of 540 in MI

Livability — Monroe

• Score: 83/100
• State rank: #51
• US rank: #1034

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Monroe, MI
• County: Monroe County · 54,460 people
• City population: 54,460
• Metro: Monroe, MI
• Population (ZIP): 28,156
• Household income: $67,876
• Rent vs Own: 23.4% rent · 76.6% own
• Severe rent burden: 828.0

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 144,439 people
• By 2030: 140,033 · -3.1%
• By 2040: 128,408 · -11.1%
• By 2050: 115,024 · -20.4%
• By 2075: 87,273 · -39.6%
• By 2100: 63,110 · -56.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Black 3% Hispanic / Latino 3%
• Common ancestry: Lithuanian 7% Romanian 6% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Monroe

• 2024 margin: Strong R (+27.1) · D 35.7% · R 62.9% · Other 1.4%
• 2008→2024 swing: -31.5pp toward R · 2008: 4.3pp · 2024: -27.1pp
• All cycles: 2024: R+27.1 2020: R+22.6 2016: R+22.1 2012: D+1.0 2008: D+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -171.11%
• Current HPI: 138.1795
• Rent YoY: —
• Metro: Monroe, 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

+7.2% since first listed

83 events — show timeline

• 2026-06-13 Listed $74,900 REALCOMP
• 2026-04-24 Sold (MLS) $61,000 REALCOMP
• 2026-04-23 Sold (MLS) $64,000 REALCOMP
• 2026-04-23 Listing Removed — REALCOMP
• 2026-04-23 Listed $64,000 REALCOMP
• 2026-03-18 Pending — REALCOMP
• 2026-03-18 Listed $70,000 REALCOMP
• 2025-03-13 Sold (MLS) $53,000 MiRealSource-MiMLS
• 2025-03-13 Sold (MLS) $53,000 REALCOMP
• 2025-02-23 Pending — REALCOMP
• 2025-02-23 Pending — MiRealSource-MiMLS
• 2025-02-14 Relisted — REALCOMP
• 2025-02-14 Relisted — MiRealSource-MiMLS
• 2025-02-13 Pending — REALCOMP
• 2025-02-13 Pending — MiRealSource-MiMLS
• 2025-01-18 Price Changed $56,500 MiRealSource-MiMLS
• 2025-01-18 Price Changed $56,500 REALCOMP
• 2024-12-19 Listed $59,900 MiRealSource-MiMLS
• 2024-12-19 Listed $59,900 REALCOMP
• 2024-08-06 Sold (MLS) $68,000 REALCOMP
• 2024-08-05 Pending — REALCOMP
• 2024-07-14 Contingent — REALCOMP
• 2024-07-01 Listed $68,000 REALCOMP
• 2023-04-06 Sold (MLS) $53,000 MiRealSource-MiMLS
• 2023-04-06 Sold (MLS) $53,000 REALCOMP
• 2023-03-14 Pending — MiRealSource-MiMLS
• 2023-03-14 Listed $53,000 MiRealSource-MiMLS
• 2023-03-14 Listed $53,000 REALCOMP
• 2023-03-14 Listing Removed — REALCOMP
• 2021-03-01 Sold (MLS) $50,000 REALCOMP
• 2021-02-15 Pending — REALCOMP
• 2021-01-19 Listed $54,900 REALCOMP
• 2020-09-25 Sold (MLS) $30,000 MiRealSource-MiMLS
• 2020-09-25 Sold (MLS) $30,000 REALCOMP
• 2020-06-16 Listed $37,900 MiRealSource-MiMLS
• 2020-06-16 Listed $37,900 REALCOMP
• 2020-01-03 Sold (MLS) $38,000 REALCOMP
• 2020-01-02 Pending — REALCOMP
• 2019-12-20 Sold (MLS) $45,000 REALCOMP
• 2019-11-02 Pending — REALCOMP
• 2019-10-22 Listed $42,900 REALCOMP
• 2019-09-20 Listed $47,500 REALCOMP
• 2017-03-01 Sold (MLS) $27,000 REALCOMP
• 2017-02-16 Listed $27,000 REALCOMP
• 2017-01-03 Sold (MLS) $34,500 REALCOMP
• 2016-12-30 Listing Removed — REALCOMP
• 2016-08-22 Listed $38,000 REALCOMP
• 2016-06-30 Listed $33,900 REALCOMP
• 2015-07-21 Sold (MLS) $13,000 MiRealSource-MiMLS
• 2015-07-21 Sold (MLS) $13,000 REALCOMP
• 2015-07-21 Sold (MLS) $13,000 REALCOMP
• 2015-07-06 Listing Removed — MiRealSource-MiMLS
• 2015-03-23 Listed $13,000 MiRealSource-MiMLS
• 2015-03-23 Listed $13,000 REALCOMP
• 2015-03-15 Listing Removed — MiRealSource-MiMLS
• 2015-03-15 Listing Removed — REALCOMP
• 2015-01-29 Listed — MiRealSource-MiMLS
• 2015-01-29 Listed — REALCOMP
• 2014-12-29 Listing Removed — REALCOMP
• 2014-12-29 Listing Removed — MiRealSource-MiMLS
• 2014-09-24 Listed $23,900 REALCOMP
• 2014-09-24 Listed $23,900 MiRealSource-MiMLS
• 2014-09-24 Listed $13,000 REALCOMP
• 2013-06-11 Listed $26,000 REALCOMP
• 2013-06-11 Listed $26,000 MiRealSource-MiMLS
• 2013-06-11 Sold (MLS) $26,000 REALCOMP
• 2013-06-11 Sold (MLS) $26,000 MiRealSource-MiMLS
• 2010-03-04 Sold (MLS) $12,000 REALCOMP
• 2010-01-04 Listed $15,000 REALCOMP
• 2010-01-03 Listing Removed — REALCOMP
• 2009-12-11 Listed $33,000 REALCOMP
• 2009-09-11 Listing Removed — REALCOMP
• 2009-03-11 Listed $39,900 REALCOMP
• 2002-05-16 Listing Removed — MiRealSource-MiMLS
• 2002-02-23 Listing Removed — REALCOMP
• 2002-01-16 Listed $65,900 MiRealSource-MiMLS
• 2001-11-10 Listing Removed — REALCOMP
• 2001-10-23 Listed $59,900 REALCOMP
• 2001-05-10 Listed $49,900 REALCOMP
• 2001-04-22 Listing Removed — REALCOMP
• 2001-04-05 Listing Removed — REALCOMP
• 2000-10-22 Listed $54,900 REALCOMP
• 2000-02-28 Listed $69,900 REALCOMP