1531 Packard St #13 · Ann Arbor, MI 48104

$214,000

1 bd · 1.0 ba · 647 sqft · Condo public records · 28 Days on market

Built 1966 $312/mo HOA · 16% of rent

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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).

• Cash flow +10.1/30.0
• ARV discount +7.5/15.0
• Schools +6.5/10.0
• Livability +4.4/5.0
• 1% rule +4.3/10.0
• DSCR +2.9/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 1531 Packard Street #13, a rare 2-bedroom condo ideally located adjacent to the highly sought-after Burns Park neighborhood in Ann Arbor. This light-filled unit offers a combination of walkability, convenience, and low-maintenance living just minutes from the University of Michigan Central Campus, downtown Ann Arbor, Nichols Arboretum and its infamous peony garden, restaurants, coffee shops, shopping, and the Big House. Freshly painted and move-in ready, the condo features Pergo flooring, brand new carpet, and expansive windows that fill the space with natural light. The spacious balcony overlooks a peaceful natural setting, providing a quiet retreat in the heart of the city. Functional floor plan includes two bedrooms, a full bath, comfortable living area, dining space, and kitchen. Includes one assigned parking space plus access to common laundry facilities/storage. Rare opportunity for owner-occupants, investors, students, or anyone looking to

Key facts

• Expansive windows
• Spacious balcony
• $312 HOA

Tags

• BURNS PARK NEIGHBORHOOD
• LOW-MAINTENANCE LIVING
• EXPANSIVE WINDOWS
• SPACIOUS BALCONY
• PEACEFUL NATURAL SETTING
• FUNCTIONAL FLOOR PLAN

Property features AI

Finance

• Other: Paved road access; Directions: West on E Stadium Blvd to Northwest on Packard St
• HOA & community: Monthly association fee of 312; Association covers water, sewer, trash, snow removal, lawn/yard care and heat; Storage available

Exterior

• Utilities: Public water; Cable connected; High-speed internet
• Home design: Ranch-style condominium; Interior unit
• Construction: Brick construction; Built in 1966; Slab foundation
• Exterior features: Sidewalk; Wooded lot

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: Primary bedroom
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Window air conditioning units
• Interior features: Five total rooms; Window treatments

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $214k.

Deal economics

• At list price, monthly cash flow is $-125 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (10.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $199k (6.9% below list).
• Recommended offer: $192k (10.3% below list) — sets the bar for cash-flow.
• Cap rate 5.6% vs local median 2.5% in Ann Arbor — 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 88/100 on livability (#10 in MI, #155 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living D.
• Ann Arbor Public Schools (urban): math 71% / reading 81% proficiency, ranked #6 of 540 in MI (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents rising (+1.3%/yr); 149 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).
• This rent runs 37% of the median local income ($64k/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 $6k of value loss. Plan a longer hold.
• Washtenaw County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 15y 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 $92k; list at $214k implies a 133% gain — meaningful room to come down on a strong offer.

Recommended offer $191,860 (10.3% 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. Built in 1966 — 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 A-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: 0.93% ✗
• Cap rate: 5.59%
• Cash-on-cash: -2.51%
• DSCR: 0.89
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.28% rent growth · sell at horizon

5-year hold

• IRR: -22.6%
• Equity multiple: 0.23×
• Total profit: $-45,884
• Equity at exit: $31,908

10-year hold

• IRR: -22.7%
• Equity multiple: -0.05×
• Total profit: $-63,001
• Equity at exit: $18,503

Cash invested: $59,920 (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 48104

• Rents YoY: 1.3%
• Active inventory: 149
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,993 high
• Mortgage (P&I): −$1,122
• Tax from tax record: −$176 /mo · $2,114/yr
• Insurance: −$89
• HOA: −$312
• Vacancy / Maint / Mgmt: −$418
• Net cashflow: $-125

Break-even live

Break-even rent $2,151

Max offer price $191,860

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: $53,500
• Closing costs: $6,420
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
731 Packard St Ann Arbor, MI	1.0	1.0	750	$1,950	$2.60	21d	1	0.66mi
1533 Pine Valley Blvd Ann Arbor, MI	1.0–2.0	1.0–1.5	827	$1,325	$1.60	43d	1	0.84mi
2021 Medford Rd Ann Arbor, MI	1.0–3.0	1.0–2.0	937	$1,477	$1.58	21d	5	0.88mi
705 S Division St Ann Arbor, MI	1.0	1.0	500	$1,350	$2.70	21d	1	0.96mi
950 Greene St Ann Arbor, MI	1.0	1.0	595	$2,785	$4.68	13d	9	0.96mi
413 Washtenaw Ave Ann Arbor, MI	2.0	1.0	572	$2,000	$3.50	21d	1	0.96mi
406 Packard St Ann Arbor, MI	2.0	1.0	488	$2,000	$4.10	21d	1	1.01mi
406 Packard St Ann Arbor, MI	1.0	1.0	652	$2,450	$3.76	43d	1	1.01mi
125 W Hoover Ave Ann Arbor, MI	1.0	1.0	550	$1,450	$2.64	43d	1	1.13mi
226 Packard St Ann Arbor, MI	—	1.0	590	$1,525	$2.58	13d	1	1.18mi
618 S Main St Ann Arbor, MI	2.0	1.0–2.0	740	$2,852	$3.85	13d	33	1.19mi
332 E William St Ann Arbor, MI	1.0	1.0	505	$1,745	$3.46	43d	1	1.23mi
275 Harbor Way Ann Arbor, MI	1.0–2.0	1.0–2.0	1033	$1,899	$1.84	13d	15	1.27mi
518 W Hoover Ave Unit 522 Ann Arbor, MI	1.0	1.0	560	$1,495	$2.67	43d	1	1.28mi
600 Hidden Valley Club Dr Ann Arbor, MI	2.0	1.0–2.0	803	$1,566	$1.95	43d	4	1.28mi
418 E Washington St Ann Arbor, MI	1.0	1.0	500	$2,250	$4.50	13d	1	1.33mi
1137 S 7th St Ann Arbor, MI	2.0	1.0	725	$3,250	$4.48	13d	1	1.41mi
212 S 4th Ave Ann Arbor, MI	1.0–2.0	1.0–2.0	850	$2,250	$2.65	13d	1	1.44mi

HOA detail condo

• Monthly dues: $312 · $3,744/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-18
   days on market $214,000 Active 28 DOM
2. 2026-06-17
   days on market $214,000 Active 27 DOM
3. 2026-06-16
   days on market $214,000 Active 26 DOM
4. 2026-06-15
   days on market $214,000 Active 25 DOM
5. 2026-06-14
   days on market $214,000 Active 23 DOM
6. 2026-06-10
   days on market $214,000 Active 20 DOM
7. 2026-06-09
   days on market $214,000 Active 19 DOM
8. 2026-06-09
   price $214,000 Active 18 DOM
9. 2026-06-08
   days on market $225,000 Active 18 DOM
10. 2026-06-07
    days on market $225,000 Active 17 DOM
11. 2026-06-03
    days on market $225,000 Active 13 DOM
12. 2026-06-02
    days on market $225,000 Active 12 DOM
13. 2026-06-01
    days on market $225,000 Active 11 DOM
14. 2026-05-31
    days on market $225,000 Active 10 DOM
15. 2026-05-30
    days on market $225,000 Active 9 DOM
16. 2026-05-21
    listed $225,000 Active 971-char remark

    Show marketing remark (1149 chars)

    Welcome to 1531 Packard Street #13, a rare 2-bedroom condo ideally located adjacent to the highly sought-after Burns Park neighborhood in Ann Arbor. This light-filled unit offers a combination of walkability, convenience, and low-maintenance living just minutes from the University of Michigan Central Campus, downtown Ann Arbor, Nichols Arboretum and its infamous peony garden, restaurants, coffee shops, shopping, and the Big House. Freshly painted and move-in ready, the condo features Pergo flooring, brand new carpet, and expansive windows that fill the space with natural light. The spacious balcony overlooks a peaceful natural setting, providing a quiet retreat in the heart of the city. Functional floor plan includes two bedrooms, a full bath, comfortable living area, dining space, and kitchen. Includes one assigned parking space plus access to common laundry facilities/storage. Rare opportunity for owner-occupants, investors, students, or anyone looking toenjoy the Ann Arbor lifestyle without the high price tag. Prime location on the AATA and University bus lines with easy access to campus, hospitals, parks, and expressways. As-is

17. 2026-05-21
    listed $225,000 Active 1149-char remark

    Show marketing remark (1149 chars)

    Welcome to 1531 Packard Street #13, a rare 2-bedroom condo ideally located adjacent to the highly sought-after Burns Park neighborhood in Ann Arbor. This light-filled unit offers a combination of walkability, convenience, and low-maintenance living just minutes from the University of Michigan Central Campus, downtown Ann Arbor, Nichols Arboretum and its infamous peony garden, restaurants, coffee shops, shopping, and the Big House. Freshly painted and move-in ready, the condo features Pergo flooring, brand new carpet, and expansive windows that fill the space with natural light. The spacious balcony overlooks a peaceful natural setting, providing a quiet retreat in the heart of the city. Functional floor plan includes two bedrooms, a full bath, comfortable living area, dining space, and kitchen. Includes one assigned parking space plus access to common laundry facilities/storage. Rare opportunity for owner-occupants, investors, students, or anyone looking toenjoy the Ann Arbor lifestyle without the high price tag. Prime location on the AATA and University bus lines with easy access to campus, hospitals, parks, and expressways. As-is

18. 2026-05-21
    listed $225,000 Active

    Show marketing remark (1149 chars)

    Welcome to 1531 Packard Street #13, a rare 2-bedroom condo ideally located adjacent to the highly sought-after Burns Park neighborhood in Ann Arbor. This light-filled unit offers a combination of walkability, convenience, and low-maintenance living just minutes from the University of Michigan Central Campus, downtown Ann Arbor, Nichols Arboretum and its infamous peony garden, restaurants, coffee shops, shopping, and the Big House. Freshly painted and move-in ready, the condo features Pergo flooring, brand new carpet, and expansive windows that fill the space with natural light. The spacious balcony overlooks a peaceful natural setting, providing a quiet retreat in the heart of the city. Functional floor plan includes two bedrooms, a full bath, comfortable living area, dining space, and kitchen. Includes one assigned parking space plus access to common laundry facilities/storage. Rare opportunity for owner-occupants, investors, students, or anyone looking toenjoy the Ann Arbor lifestyle without the high price tag. Prime location on the AATA and University bus lines with easy access to campus, hospitals, parks, and expressways. As-is

19. 2012-03-31
    historical
20. 2012-03-30
    historical
21. 2012-02-24
    historical
22. 2012-02-24
    historical
23. 2012-02-23
    listed
24. 2012-02-23
    listed $40,000
25. 2011-12-08
    listed $43,000
26. 2011-12-08
    listed
27. 2003-05-21
    soldstatus $92,000
28. 1993-08-12
    soldstatus $41,000
29. 1993-07-01
    soldstatus $41,000
30. 1990-01-02
    soldstatus $40,000
31. 1989-12-01
    soldstatus $40,000

ⓘ 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: $2,114 · $176/mo
• Projected year-2 tax: $2,705 · $225/mo
• Expected delta: +$591/yr (+$49/mo · 28.0%)

ⓘ 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 ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,912
• − Mortgage interest: −$11,987
• − Property taxes: −$2,114
• − Insurance: −$1,070
• − Repairs & maintenance: −$1,913
• − Management: −$1,913
• − HOA: −$3,744
• − Depreciation: −$6,225
• Taxable loss: −$5,054
• Est. tax savings @ 24.0%: +$1,213
• After-tax cash flow: $-291/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: Ann Arbor Public Schools
• NCES district ID: 2602820
• Math proficiency: 71% ▲ 5.00%
• Reading proficiency: 81% ▲ 11.00%
• Median HH income: $60,768
• Composite: 65.34/100
• National rank: #487
• State rank: #6 of 540 in MI

Livability — Ann Arbor

• Score: 88/100
• State rank: #10
• US rank: #155

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ann Arbor, MI
• County: Washtenaw County · 306,860 people
• City population: 163,747
• Metro: Ann Arbor, MI
• Population (ZIP): 43,979
• Household income: $64,231
• Rent vs Own: 63.1% rent · 36.9% own
• Severe rent burden: 5044.0

Population outlook (Washtenaw County) Hauer SSP2

• Today (2025): 402,878 people
• By 2030: 424,104 · +5.3%
• By 2040: 464,633 · +15.3%
• By 2050: 504,728 · +25.3%
• By 2075: 614,463 · +52.5%
• By 2100: 676,181 · +67.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Asian 12% Two or more races 6% Hispanic / Latino 5% Black 5%
• Common ancestry: Romanian 7% Italian 3% Lithuanian 3%
• Foreign-born: 13% · China, Canada, South Korea
• Languages at home: 83% English-only · Chinese 4% Other Indo-European 3% Spanish 3%

Political lean MEDSL · Washtenaw

• 2024 margin: Solid D (+44.4) · D 71.0% · R 26.6% · Other 2.4%
• 2008→2024 swing: +3.5pp toward D · 2008: 41.0pp · 2024: 44.4pp
• All cycles: 2024: D+44.4 2020: D+46.6 2016: D+41.5 2012: D+36.0 2008: D+41.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -489.48%
• Current HPI: 246.6752
• Rent YoY: ▲ 1.28%
• Metro: Ann Arbor, 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

+462.5% since first listed

16 events — show timeline

• 2026-05-21 Listed $225,000 SW Michigan MLS
• 2026-05-21 Listed $225,000 REALCOMP
• 2026-05-21 Listed $225,000 MiRealSource-MiMLS
• 2012-03-31 Delisted — AAMLS
• 2012-03-30 Listing Removed — MiRealSource-MiMLS
• 2012-02-24 Delisted — AAMLS
• 2012-02-24 Listing Removed — MiRealSource-MiMLS
• 2012-02-23 Listed $40,000 MiRealSource-MiMLS
• 2012-02-23 Listed — AAMLS
• 2011-12-08 Listed — AAMLS
• 2011-12-08 Listed $43,000 MiRealSource-MiMLS
• 2003-05-21 Sold (Public Records) $92,000 Public Records
• 1993-08-12 Sold (Public Records) $41,000 Public Records
• 1993-07-01 Sold (Public Records) $41,000 Public Records
• 1990-01-02 Sold (Public Records) $40,000 Public Records
• 1989-12-01 Sold (Public Records) $40,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $2,114 · -10.0% YoY. Source: county tax records.