25555 Lahser Rd Unit A-15 · Southfield, MI 48033

$110,000

2 bd · 1.5 ba · 928 sqft · Condo · 41 Days on market

Built 1967 $20/mo HOA · 1% of rent

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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
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• 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

Cozy 2 bedroom, 1.5 baths comes with new carpet and paint, ready to move in. Washer and dryer located in the shared basement, water is included along with grounds maintenance and snow removal, No Pets. 1 month rent. 1.5 month security deposit. $150 cleaning fee. $50 application fee. renter's insurance required.

Key facts

• $20 HOA
• Built 1967
• Listed 41 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $501 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 4.4% in Southfield — 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 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; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 32% 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 $761 of loan paydown is wiped out by about $3k 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 + 0.0% rent growth), your $31k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts; this cycle's ask is 9900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $106,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.47% ✓
• Cap rate: 11.75%
• Cash-on-cash: 19.50%
• DSCR: 1.87
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 8.0%
• Equity multiple: 1.30×
• Total profit: $9,340
• Equity at exit: $16,401

10-year hold

• IRR: 14.5%
• Equity multiple: 2.01×
• Total profit: $30,970
• Equity at exit: $9,511

Cash invested: $30,800 (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: 5.7×

Monthly cashflow live

• Estimated rent: $1,621 high
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$20
• Vacancy / Maint / Mgmt: −$340
• Net cashflow: $501

Break-even live

Break-even rent $988

Max offer price $110,000

Occupancy floor 64%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22266 Civic Center Dr Southfield, MI	1.0–2.0	1.0–2.0	1050	$1,505	$1.43	10d	8	0.27mi
22700 Civic Center Dr Southfield, MI	1.0–2.0	1.0–2.0	1025	$2,078	$2.03	1d	1	0.30mi
23344 Park Place Dr Southfield, MI	1.0–2.0	1.0–2.0	1031	$2,080	$2.02	1d	13	0.63mi
20800 Knob Woods Dr Southfield, MI	1.0–3.0	1.0–2.5	1625	$1,945	$1.20	1d	9	0.74mi
22200 W Eleven Mile Rd Southfield, MI	2.0	2.0	1000	$1,250	$1.25	43d	1	0.75mi
23638 Civic Center Dr Southfield, MI	1.0–2.0	1.0–2.0	970	$1,230	$1.27	43d	1	0.79mi
20300 Civic Center Dr Southfield, MI	4.0	1.0–2.0	1200	$1,758	$1.46	1d	12	0.87mi
23741 Pond Rd Southfield, MI	1.0–2.0	1.0–2.0	1189	$1,786	$1.50	1d	13	0.95mi
5000 Town Ctr #607 Southfield, MI	1.0	1.0	900	$1,695	$1.88	17d	1	0.97mi
24111 Civic Center Dr Southfield, MI	1.0–2.0	1.0–2.0	810	$1,350	$1.67	43d	27	1.01mi
26717 Berg Rd Southfield, MI	2.0	1.0–2.0	795	$1,060	$1.33	43d	1	1.10mi
23404 Plum Hollow St Southfield, MI	3.0	1.5	1050	$2,000	$1.90	24d	1	1.10mi
24400 Civic Center Dr Southfield, MI	1.0	1.0	625	$1,120	$1.79	17d	1	1.13mi

HOA detail condo

• Monthly dues: $20 · $240/yr
• Likely covers: waterlandscapingsnow removalsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2025-11-19
   historical $950

   Show marketing remark (312 chars)

   Cozy 2 bedroom, 1.5 baths comes with new carpet and paint, ready to move in. Washer and dryer located in the shared basement, water is included along with grounds maintenance and snow removal, No Pets. 1 month rent. 1.5 month security deposit. $150 cleaning fee. $50 application fee. renter's insurance required.

2. 2025-11-19
   status Pending 312-char remark

   Show marketing remark (312 chars)

   Cozy 2 bedroom, 1.5 baths comes with new carpet and paint, ready to move in. Washer and dryer located in the shared basement, water is included along with grounds maintenance and snow removal, No Pets. 1 month rent. 1.5 month security deposit. $150 cleaning fee. $50 application fee. renter's insurance required.

3. 2025-11-19
   status Pending

   Show marketing remark (312 chars)

   Cozy 2 bedroom, 1.5 baths comes with new carpet and paint, ready to move in. Washer and dryer located in the shared basement, water is included along with grounds maintenance and snow removal, No Pets. 1 month rent. 1.5 month security deposit. $150 cleaning fee. $50 application fee. renter's insurance required.

4. 2025-11-07
   price $950
5. 2025-10-27
   price $110,000 312-char remark

   Show marketing remark (312 chars)

   Cozy 2 bedroom, 1.5 baths comes with new carpet and paint, ready to move in. Washer and dryer located in the shared basement, water is included along with grounds maintenance and snow removal, No Pets. 1 month rent. 1.5 month security deposit. $150 cleaning fee. $50 application fee. renter's insurance required.

6. 2025-10-27
   price $110,000

   Show marketing remark (312 chars)

   Cozy 2 bedroom, 1.5 baths comes with new carpet and paint, ready to move in. Washer and dryer located in the shared basement, water is included along with grounds maintenance and snow removal, No Pets. 1 month rent. 1.5 month security deposit. $150 cleaning fee. $50 application fee. renter's insurance required.

7. 2025-10-10
   listed $1,100
8. 2025-10-10
   historical $1,100
9. 2025-10-09
   listed $112,000 Active

   Show marketing remark (312 chars)

   Cozy 2 bedroom, 1.5 baths comes with new carpet and paint, ready to move in. Washer and dryer located in the shared basement, water is included along with grounds maintenance and snow removal, No Pets. 1 month rent. 1.5 month security deposit. $150 cleaning fee. $50 application fee. renter's insurance required.

10. 2025-10-09
    listed $112,000 Active 312-char remark

    Show marketing remark (312 chars)

    Cozy 2 bedroom, 1.5 baths comes with new carpet and paint, ready to move in. Washer and dryer located in the shared basement, water is included along with grounds maintenance and snow removal, No Pets. 1 month rent. 1.5 month security deposit. $150 cleaning fee. $50 application fee. renter's insurance required.

11. 2025-10-09
    historical

    Show marketing remark (312 chars)

    Cozy 2 bedroom, 1.5 baths comes with new carpet and paint, ready to move in. Washer and dryer located in the shared basement, water is included along with grounds maintenance and snow removal, No Pets. 1 month rent. 1.5 month security deposit. $150 cleaning fee. $50 application fee. renter's insurance required.

12. 2025-10-09
    historical

    Show marketing remark (312 chars)

    Cozy 2 bedroom, 1.5 baths comes with new carpet and paint, ready to move in. Washer and dryer located in the shared basement, water is included along with grounds maintenance and snow removal, No Pets. 1 month rent. 1.5 month security deposit. $150 cleaning fee. $50 application fee. renter's insurance required.

13. 2025-08-28
    price $1,100
14. 2025-08-28
    price $112,000
15. 2025-08-27
    price $112,000
16. 2025-08-19
    listed $115,000 Active
17. 2025-08-19
    listed $115,000 Active
18. 2025-08-19
    historical
19. 2025-08-19
    historical
20. 2025-07-30
    listed $115,000 Active
21. 2025-07-30
    listed $115,000 Active
22. 2025-07-03
    price $1,150
23. 2025-04-18
    listed $1,200

ⓘ 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 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,454
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$1,556
• − Management: −$1,556
• − HOA: −$240
• − Depreciation: −$3,200
• Taxable income: $4,539
• Est. tax owed @ 24.0%: −$1,089
• After-tax cash flow: $4,917/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

+9066.7% since first listed

23 events — show timeline

• 2025-11-19 Rental Removed $950 REALSOURCE
• 2025-11-19 Pending — MiRealSource-MiMLS
• 2025-11-19 Pending — REALCOMP
• 2025-11-07 Price Changed $950 REALSOURCE
• 2025-10-27 Price Changed $110,000 MiRealSource-MiMLS
• 2025-10-27 Price Changed $110,000 REALCOMP
• 2025-10-10 Listed for Rent $1,100 REALSOURCE
• 2025-10-10 Rental Removed $1,100 REALSOURCE
• 2025-10-09 Listed $112,000 REALCOMP
• 2025-10-09 Listing Removed — MiRealSource-MiMLS
• 2025-10-09 Listing Removed — REALCOMP
• 2025-10-09 Listed $112,000 MiRealSource-MiMLS
• 2025-08-28 Price Changed $1,100 REALSOURCE
• 2025-08-28 Price Changed $112,000 MiRealSource-MiMLS
• 2025-08-27 Price Changed $112,000 REALCOMP
• 2025-08-19 Listed $115,000 REALCOMP
• 2025-08-19 Listing Removed — MiRealSource-MiMLS
• 2025-08-19 Listing Removed — REALCOMP
• 2025-08-19 Listed $115,000 MiRealSource-MiMLS
• 2025-07-30 Listed $115,000 REALCOMP
• 2025-07-30 Listed $115,000 MiRealSource-MiMLS
• 2025-07-03 Price Changed $1,150 REALSOURCE
• 2025-04-18 Listed for Rent $1,200 REALSOURCE