28730 Grand River Ave · Farmington Hills, MI 48336

$600,000

484 bd · 484.0 ba · 480 sqft · MultiFamily · 418 Days on market

1.12 ac lot ↓ 8% since listing

---

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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 22 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Rare investment opportunity in Farmington Hills - presenting a 22-unit mobile home park situated in a highly desirable, well-connected area. This property offers consistent cash flow, strong occupancy, and the kind of long-term stability investors are looking for. Zoned and operating as a mobile home community, this park features well-kept grounds, utility hookups, and easy access to shopping, dining, and major highways - making it attractive to both tenants and investors alike. With demand for affordable housing on the rise, this is your chance to own a turn-key investment in one of Metro Detroit's most sought-after suburbs. Don't miss out on this high-potential asset with room to grow.

Key facts

• 1.12 acre lot
• Listed 417 days

What this means for you Summary

Snapshot

• This is a 22 × 22-bed/22.0-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $25k ($294k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($36k rent vs $600k).
• Recommended offer: $528k (12.0% below list) — sets the bar for market timing.
• Cap rate 55.3% vs local median 3.5% in Farmington Hills — 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 81/100 on livability (#64 in MI, #1,364 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, crime A; Watch: amenities D, health & safety F.
• Clarenceville School District (urban): math 18% / reading 33% proficiency, ranked #421 of 540 in MI (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+10.8%/yr); 156 active listings in the ZIP; solid renter incomes; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• At $36,282/mo this rent would consume 490% of the median local household income ($89k/yr) (locally 733% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k 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 + 8.0% rent growth), your $168k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 418 days — a 12% lower offer ($528k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 8y 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 $450k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $528,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 418 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 6.05% ✓
• Cap rate: 55.33%
• Cash-on-cash: 175.12%
• DSCR: 8.79
• GRM: 1.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.86×
• Total profit: $1,656,521
• Equity at exit: $89,462

10-year hold

• IRR: —
• Equity multiple: 26.76×
• Total profit: $4,328,015
• Equity at exit: $51,877

Cash invested: $168,000 (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 48336

• Rents YoY: 10.8%
• Active inventory: 156
• Price-to-rent: 30.3×

Monthly cashflow live

• Estimated rent: $36,282 medium
• Mortgage (P&I): −$3,146
• Tax est. 1.5%: −$750 /mo · $9,000/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,619
• Net cashflow: $24,516

Break-even live

Break-even rent $5,249

Max offer price $600,000

Occupancy floor 27%

22-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 22× units	22	22	$36,278
Total (22 units)			$36,282

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: $150,000
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-05-31
   days on market $600,000 Active 418 DOM
2. 2025-04-09
   listed $600,000 Active 696-char remark

   Show marketing remark (716 chars)

   Rare investment opportunity in Farmington Hills—presenting a 22-unit mobile home park situated in a highly desirable, well-connected area. This property offers consistent cash flow, strong occupancy, and the kind of long-term stability investors are looking for. Zoned and operating as a mobile home community, this park features well-kept grounds, utility hookups, and easy access to shopping, dining, and major highways—making it attractive to both tenants and investors alike. With demand for affordable housing on the rise, this is your chance to own a turn-key investment in one of Metro Detroit’s most sought-after suburbs. Don’t miss out on this high-potential asset with room to grow.

3. 2025-04-09
   listed $600,000 Active 716-char remark

   Show marketing remark (716 chars)

   Rare investment opportunity in Farmington Hills—presenting a 22-unit mobile home park situated in a highly desirable, well-connected area. This property offers consistent cash flow, strong occupancy, and the kind of long-term stability investors are looking for. Zoned and operating as a mobile home community, this park features well-kept grounds, utility hookups, and easy access to shopping, dining, and major highways—making it attractive to both tenants and investors alike. With demand for affordable housing on the rise, this is your chance to own a turn-key investment in one of Metro Detroit’s most sought-after suburbs. Don’t miss out on this high-potential asset with room to grow.

4. 2025-04-08
   historical $600,000 696-char remark

   Show marketing remark (696 chars)

   Rare investment opportunity in Farmington Hills - presenting a 22-unit mobile home park situated in a highly desirable, well-connected area. This property offers consistent cash flow, strong occupancy, and the kind of long-term stability investors are looking for. Zoned and operating as a mobile home community, this park features well-kept grounds, utility hookups, and easy access to shopping, dining, and major highways - making it attractive to both tenants and investors alike. With demand for affordable housing on the rise, this is your chance to own a turn-key investment in one of Metro Detroit's most sought-after suburbs. Don't miss out on this high-potential asset with room to grow.

5. 2024-03-15
   soldstatus $450,000 Closed
6. 2024-01-27
   historical
7. 2024-01-27
   status Pending
8. 2023-10-28
   historical
9. 2023-10-28
   status Active
10. 2023-10-27
    historical
11. 2023-10-26
    listed $600,000 Active
12. 2018-11-03
    historical
13. 2018-07-27
    listed $650,000

ⓘ 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: $435,384
• − Mortgage interest: −$33,609
• − Property taxes: −$9,000
• − Insurance: −$3,000
• − Repairs & maintenance: −$34,831
• − Management: −$34,831
• − Depreciation: −$17,455
• Taxable income: $302,659
• Est. tax owed @ 24.0%: −$72,638
• After-tax cash flow: $221,558/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: Clarenceville School District
• NCES district ID: 2609840
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 33% ▼ -5.00%
• Median HH income: $42,069
• Composite: 21.65/100
• National rank: #8282
• State rank: #421 of 540 in MI

Livability — Farmington Hills

• Score: 81/100
• State rank: #64
• US rank: #1364

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmington Hills, MI
• County: Oakland County · 1,009,092 people
• City population: 67,612
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 26,432
• Household income: $88,938
• Rent vs Own: 28.8% rent · 71.2% own
• Severe rent burden: 733.0

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 (71%)
• Race & ethnicity: White 71% Black 13% Two or more races 7% Asian 6% Hispanic / Latino 4%
• Common ancestry: Romanian 10% Slovak 3% Lithuanian 3%
• Foreign-born: 12% · Canada, China, South Korea
• Languages at home: 85% English-only · Other Indo-European 5% Arabic 2% Spanish 2%

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: ▼ -273.86%
• Current HPI: 177.4299
• Rent YoY: ▲ 10.83%
• 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

-7.7% since first listed

12 events — show timeline

• 2025-04-09 Listed $600,000 MiRealSource-MiMLS
• 2025-04-09 Listed $600,000 REALCOMP
• 2025-04-08 Coming Soon $600,000 MiRealSource-MiMLS
• 2024-03-15 Sold (MLS) $450,000 MiRealSource-MiMLS
• 2024-01-27 Listing Removed — MiRealSource-MiMLS
• 2024-01-27 Pending — MiRealSource-MiMLS
• 2023-10-28 Listing Removed — MiRealSource-MiMLS
• 2023-10-28 Relisted — MiRealSource-MiMLS
• 2023-10-27 Listing Removed — MiRealSource-MiMLS
• 2023-10-26 Listed $600,000 MiRealSource-MiMLS
• 2018-11-03 Listing Removed — MiRealSource-MiMLS
• 2018-07-27 Listed $650,000 MiRealSource-MiMLS