24733 Primrose Ln · Southfield, MI 48033

$150,000

2 bd · 1.5 ba · 1,176 sqft · Condo public records · 127 Days on market

Built 1981 $128/sqft · 5% below area Est $159k · 5% under $410/mo HOA · 25% of rent ↓ 6% since listing

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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).

• ARV discount +10.0/15.0
• Cash flow +9.8/30.0
• 1% rule +6.1/10.0
• Livability +3.6/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

24733 Primrose Lane Presents this spacious 2-bedroom condo that offers comfort, style, and convenience in one perfect package! A cozy dining nook opens to a private patio through a sliding door, ideal for relaxing or entertaining. The oversized primary bedroom includes a 9x5 walk-in closet and direct access to the full bath. The second bedroom is bright and spacious, featuring a large closet. Downstairs, the open basement with high ceilings is full of potential. One covered carport is included, plus ample guest parking. Enjoy community amenities including tennis courts and a pool for summer fun - all in a desirable location close to walking paths, close to all expwys, shopping, dining, parks and schools.

Key facts

• Walk-in closet
• Community amenities
• Tennis courts

Tags

• PRIVATE PATIO
• WALK-IN CLOSET
• OPEN BASEMENT
• TENNIS COURTS
• COMMUNITY AMENITIES

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $-97 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (11.4% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.5% vs local median 4.4% in Southfield — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 72/100 on livability (#248 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D, health & safety D, crime F.
• Southfield Public School District (urban): math 17% / reading 37% proficiency, ranked #392 of 540 in MI (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents soft (-2.0%/yr); 80 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent runs 33% of the median local income ($61k/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 $1k of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 127 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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 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?
8. Crime grade is F 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.11% ✓
• Cap rate: 5.52%
• Cash-on-cash: -2.77%
• DSCR: 0.88
• GRM: 7.5

CMA / ARV

• ARV (median comp): $158,665
• List price: $150,000
• Delta: -5.46%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -25.5%
• Equity multiple: 0.16×
• Total profit: $-35,107
• Equity at exit: $22,365

10-year hold

• IRR: -44.3%
• Equity multiple: -0.34×
• Total profit: $-56,333
• Equity at exit: $12,969

Cash invested: $42,000 (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 48033

• Rents YoY: -2.0%
• Active inventory: 80
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,664 high
• Mortgage (P&I): −$787
• Tax from tax record: −$152 /mo · $1,825/yr
• Insurance: −$62
• HOA: −$410
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $-97

Break-even live

Break-even rent $1,786

Max offer price $132,856

Occupancy floor —

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23741 Pond Rd Southfield, MI	1.0–2.0	1.0–2.0	1189	$1,786	$1.50	1d	13	0.45mi
24111 Civic Center Dr Southfield, MI	1.0–2.0	1.0–2.0	810	$1,350	$1.67	43d	27	0.63mi
23638 Civic Center Dr Southfield, MI	1.0–2.0	1.0–2.0	970	$1,230	$1.27	43d	1	0.88mi
23344 Park Place Dr Southfield, MI	1.0–2.0	1.0–2.0	1031	$2,080	$2.02	1d	13	0.99mi
26717 Berg Rd Southfield, MI	2.0	1.0–2.0	795	$1,060	$1.33	43d	1	1.12mi
22700 Civic Center Dr Southfield, MI	1.0–2.0	1.0–2.0	1025	$2,078	$2.03	1d	1	1.20mi
22419 Fairway Dr Southfield, MI	3.0	1.0	1262	$1,850	$1.47	24d	1	1.31mi
22266 Civic Center Dr Southfield, MI	1.0–2.0	1.0–2.0	1050	$1,505	$1.43	10d	8	1.31mi
23404 Plum Hollow St Southfield, MI	3.0	1.5	1050	$2,000	$1.90	24d	1	1.33mi
27525 Franklin Rd Southfield, MI	1.0–2.0	1.0–2.0	975	$1,879	$1.93	2d	20	1.39mi
21642 Hidden Rivers Dr S #27 Southfield, MI	3.0	2.5	1354	$2,100	$1.55	43d	1	1.46mi

HOA detail condo

• Monthly dues: $410 · $4,920/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $150,000 Active 127 DOM
2. 2026-06-17
   days on market $150,000 Active 126 DOM
3. 2026-06-16
   days on market $150,000 Active 125 DOM
4. 2026-06-15
   days on market $150,000 Active 124 DOM
5. 2026-06-13
   days on market $150,000 Active 122 DOM
6. 2026-06-13
   days on market $150,000 Active 121 DOM
7. 2026-06-09
   days on market $150,000 Active 118 DOM
8. 2026-06-08
   days on market $150,000 Active 117 DOM
9. 2026-06-07
   days on market $150,000 Active 116 DOM
10. 2026-06-04
    days on market $150,000 Active 113 DOM
11. 2026-06-03
    days on market $150,000 Active 112 DOM
12. 2026-06-02
    days on market $150,000 Active 111 DOM
13. 2026-06-01
    days on market $150,000 Active 110 DOM
14. 2026-05-31
    days on market $150,000 Active 109 DOM
15. 2026-03-05
    price $150,000 713-char remark

    Show marketing remark (713 chars)

    24733 Primrose Lane Presents this spacious 2-bedroom condo that offers comfort, style, and convenience in one perfect package! A cozy dining nook opens to a private patio through a sliding door, ideal for relaxing or entertaining. The oversized primary bedroom includes a 9x5 walk-in closet and direct access to the full bath. The second bedroom is bright and spacious, featuring a large closet. Downstairs, the open basement with high ceilings is full of potential. One covered carport is included, plus ample guest parking. Enjoy community amenities including tennis courts and a pool for summer fun - all in a desirable location close to walking paths, close to all expwys, shopping, dining, parks and schools.

16. 2026-03-04
    price $150,000 718-char remark

    Show marketing remark (718 chars)

    24733 Primrose Lane Presents this spacious 2-bedroom condo that offers comfort, style, and convenience in one perfect package! A cozy dining nook opens to a private patio through a sliding door, ideal for relaxing or entertaining. The oversized primary bedroom includes a 9x5 walk-in closet and direct access to the full bath. The second bedroom is bright and spacious, featuring a large closet. Downstairs, the open basement with high ceilings is full of potential. One covered carport is included, plus ample guest parking. Enjoy community amenities including tennis courts and a pool for summer fun—all in a desirable location close to walking paths, close to all expwys, shopping, dining, parks and schools.

17. 2026-02-11
    listed $160,000 Active 718-char remark

    Show marketing remark (713 chars)

    24733 Primrose Lane Presents this spacious 2-bedroom condo that offers comfort, style, and convenience in one perfect package! A cozy dining nook opens to a private patio through a sliding door, ideal for relaxing or entertaining. The oversized primary bedroom includes a 9x5 walk-in closet and direct access to the full bath. The second bedroom is bright and spacious, featuring a large closet. Downstairs, the open basement with high ceilings is full of potential. One covered carport is included, plus ample guest parking. Enjoy community amenities including tennis courts and a pool for summer fun - all in a desirable location close to walking paths, close to all expwys, shopping, dining, parks and schools.

18. 2026-02-11
    listed $160,000 Active 713-char remark

    Show marketing remark (713 chars)

    24733 Primrose Lane Presents this spacious 2-bedroom condo that offers comfort, style, and convenience in one perfect package! A cozy dining nook opens to a private patio through a sliding door, ideal for relaxing or entertaining. The oversized primary bedroom includes a 9x5 walk-in closet and direct access to the full bath. The second bedroom is bright and spacious, featuring a large closet. Downstairs, the open basement with high ceilings is full of potential. One covered carport is included, plus ample guest parking. Enjoy community amenities including tennis courts and a pool for summer fun - all in a desirable location close to walking paths, close to all expwys, shopping, dining, parks and schools.

ⓘ 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: $1,825 · $152/mo
• Projected year-2 tax: $2,068 · $172/mo
• Expected delta: +$242/yr (+$20/mo · 13.3%)

ⓘ 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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,962
• − Mortgage interest: −$8,402
• − Property taxes: −$1,825
• − Insurance: −$750
• − Repairs & maintenance: −$1,597
• − Management: −$1,597
• − HOA: −$4,920
• − Depreciation: −$4,364
• Taxable loss: −$3,493
• Est. tax savings @ 24.0%: +$838
• After-tax cash flow: $-326/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: Southfield Public School District
• NCES district ID: 2632310
• Math proficiency: 17% ▼ -3.00%
• Reading proficiency: 37% ▲ 1.00%
• Median HH income: $51,400
• Composite: 23.77/100
• National rank: #7814
• State rank: #392 of 540 in MI

Livability — Southfield

• Score: 72/100
• State rank: #248
• US rank: #6175

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Southfield, MI
• County: Oakland County · 1,009,092 people
• City population: 54,914
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 17,277
• Household income: $61,016
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 1166.0

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 Black (68%)
• Race & ethnicity: Black 68% White 24% Two or more races 6% Asian 2% Hispanic / Latino 1%
• Common ancestry: Romanian 3% Scotch-Irish 1% Slovak 1%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 1% Arabic 1% Russian/Polish/Slavic 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: ▼ -175.44%
• Current HPI: 187.5011
• Rent YoY: ▼ -1.96%
• 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

-6.2% since first listed

4 events — show timeline

• 2026-03-05 Price Changed $150,000 MiRealSource-MiMLS
• 2026-03-04 Price Changed $150,000 REALCOMP
• 2026-02-11 Listed $160,000 REALCOMP
• 2026-02-11 Listed $160,000 MiRealSource-MiMLS

Property tax history

+1.0%/yr

Latest (2025): $1,825 · -18.5% YoY. Source: county tax records.