26710 Joy Rd Unit A · Redford, MI 48239

$50,000

1 bd · 1.0 ba · 1,292 sqft · Condo · 132 Days on market

Built 1966 Fair condition $39/sqft · 71% below area $324/mo HOA · 28% of rent ↓ 34% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.3/5.0
• Livability +2.5/5.0
• Condition / age +2.0/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

1 bedroom upper level condo in Redford Villas. Updated in 2023 including paint, carpeting, blinds wall a/c unit electric service panel, kitchen sink and faucet. Pool in not in use and may not for the future. Must be owner occupied at this time per association. This property cannot be shown. BATVAI

Key facts

• $324 HOA
• Built 1966
• Listed 132 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $50k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $234 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• South Redford School District (suburban): math 11% / reading 29% proficiency, ranked #455 of 540 in MI (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.2%/yr); 188 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.2% rent growth), your $14k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 132 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y 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.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.

Recommended offer $44,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 132 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.29% ✓
• Cap rate: 11.92%
• Cash-on-cash: 20.10%
• DSCR: 1.89
• GRM: 3.6

CMA / ARV

• ARV (median comp): $175,000
• List price: $50,000
• Delta: -71.43%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.25% rent growth · sell at horizon

5-year hold

• IRR: 13.0%
• Equity multiple: 1.52×
• Total profit: $7,335
• Equity at exit: $7,455

10-year hold

• IRR: 22.4%
• Equity multiple: 2.98×
• Total profit: $27,683
• Equity at exit: $4,323

Cash invested: $14,000 (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 48239

• Rents YoY: 3.2%
• Active inventory: 188
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,144 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$324
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $234

Break-even live

Break-even rent $848

Max offer price $50,000

Occupancy floor 75%

Sensitivity live

Price	-10% $269	-5% $252	+0% $234	+5% $217	+10% $200
Rent	-10% $144	-5% $189	+0% $234	+5% $280	+10% $325
Rate	-1.0pp $260	-0.5pp $247	base $234	+0.5pp $221	+1.0pp $208

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
27201 Canfield St W Dearborn Heights, MI	1.0–2.0	1.0–2.0	852	$1,024	$1.20	2d	22	0.37mi
6954 Inkster Rd Dearborn Heights, MI	1.0–2.0	1.0–1.5	837	$939	$1.12	3d	9	1.26mi

HOA detail condo

• Monthly dues: $324 · $3,888/yr
• Likely covers: electricpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $50,000 Active 132 DOM
2. 2026-06-17
   days on market $50,000 Active 131 DOM
3. 2026-06-16
   days on market $50,000 Active 130 DOM
4. 2026-06-15
   days on market $50,000 Active 129 DOM
5. 2026-06-13
   days on market $50,000 Active 127 DOM
6. 2026-06-09
   days on market $50,000 Active 123 DOM
7. 2026-06-08
   days on market $50,000 Active 122 DOM
8. 2026-06-07
   days on market $50,000 Active 121 DOM
9. 2026-06-04
   days on market $50,000 Active 118 DOM
10. 2026-06-03
    days on market $50,000 Active 117 DOM
11. 2026-06-02
    days on market $50,000 Active 116 DOM
12. 2026-06-01
    days on market $50,000 Active 115 DOM
13. 2026-05-31
    days on market $50,000 Active 114 DOM
14. 2026-02-07
    listed $50,000 Active 298-char remark

    Show marketing remark (298 chars)

    1 bedroom upper level condo in Redford Villas. Updated in 2023 including paint, carpeting, blinds wall a/c unit electric service panel, kitchen sink and faucet. Pool in not in use and may not for the future. Must be owner occupied at this time per association. This property cannot be shown. BATVAI

15. 2026-02-06
    listed $50,000 Active 298-char remark

    Show marketing remark (298 chars)

    1 bedroom upper level condo in Redford Villas. Updated in 2023 including paint, carpeting, blinds wall a/c unit electric service panel, kitchen sink and faucet. Pool in not in use and may not for the future. Must be owner occupied at this time per association. This property cannot be shown. BATVAI

16. 2003-08-20
    soldstatus $74,500
17. 2003-07-10
    listed $75,500

ⓘ 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: $13,731
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$1,099
• − Management: −$1,099
• − HOA: −$3,888
• − Depreciation: −$1,455
• Taxable income: $2,391
• Est. tax owed @ 24.0%: −$574
• After-tax cash flow: $2,239/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 · 1 photo

Fair 40/100 Cosmetic rehab

A fair-condition, snow-covered property with cosmetic updates needed, including landscaping and exterior painting.

Repairs flagged

• Major landscaping — Bare trees and snow-covered yard
• Minor exterior siding — No visible damage

Value-add opportunities

• Both landscaping — Improves curb appeal and enhances property value
• Both exterior painting — Enhances curb appeal and property value
• Both landscaping and snow removal equipment — Ensures a welcoming and maintained appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
landscaping · Bare trees and snow-covered yard	Major	$15,000–50,000
exterior siding · No visible damage	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both landscaping — Improves curb appeal and enhances property value ↑
• Both exterior painting — Enhances curb appeal and property value ↑
• Both landscaping and snow removal equipment — Ensures a welcoming and maintained appearance ↑

ⓘ 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: South Redford School District
• NCES district ID: 2632280
• Math proficiency: 11% ▼ -9.00%
• Reading proficiency: 29% ▼ -7.00%
• Median HH income: $52,775
• Composite: 18.1/100
• National rank: #8972
• State rank: #455 of 540 in MI

Livability — Redford

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Wayne County · 1,562,939 people
• City population: 36,976
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 36,976
• Household income: $71,151
• Rent vs Own: 21.1% rent · 78.9% own
• Severe rent burden: 1052.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 1,675,273 people
• By 2030: 1,620,300 · -3.3%
• By 2040: 1,502,341 · -10.3%
• By 2050: 1,384,039 · -17.4%
• By 2075: 1,124,592 · -32.9%
• By 2100: 881,193 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Black (58%)
• Race & ethnicity: Black 58% White 34% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Romanian 7% Slovak 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% Other Indo-European 1% Arabic 1%

Political lean MEDSL · Wayne

• 2024 margin: Strong D (+29.0) · D 62.7% · R 33.7% · Other 3.6%
• 2008→2024 swing: -20.5pp toward R · 2008: 49.5pp · 2024: 29.0pp
• All cycles: 2024: D+29.0 2020: D+38.1 2016: D+37.3 2012: D+46.9 2008: D+49.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -202.97%
• Current HPI: 236.1136
• Rent YoY: ▲ 3.25%
• 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

-33.8% since first listed

4 events — show timeline

• 2026-02-07 Listed $50,000 REALCOMP
• 2026-02-06 Listed $50,000 MiRealSource-MiMLS
• 2003-08-20 Sold (MLS) $74,500 REALCOMP
• 2003-07-10 Listed $75,500 REALCOMP