26728 Farmbrook Villa Dr · Southfield, MI 48034

$185,000

3 bd · 2.5 ba · 1,658 sqft · Condo public records · 110 Days on market

Built 1973 $112/sqft · 8% below area Est $200k · 8% under $500/mo HOA · 22% 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 +11.2/30.0
• ARV discount +11.0/15.0
• 1% rule +7.3/10.0
• Livability +3.6/5.0
• DSCR +3.3/10.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Rent growth +1.6/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover this rare 3-bedroom, 2.5-bathroom Townshouse-style condo with a private entry. The primary suite features a private bath and dual closets, offering ample storage and privacy. The modern kitchen boasts granite countertops, seamlessly flowing into an expansive great room - ideal for entertaining or relaxing. Additional conveniences include a carport with two dedicated parking spaces, first-floor laundry room, and flexible occupancy. Subject to court approval.

Key facts

• Private bath
• Dual closets
• Private entry

Tags

• PRIVATE ENTRY
• PRIVATE BATH
• DUAL CLOSETS
• GRANITE COUNTERTOPS
• GREAT ROOM
• FIRST-FLOOR LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $-70 ($-846/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (6.7% below list).
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $168k (9.0% below list) — sets the bar for market timing.
• Cap rate 5.8% vs local median 4.6% 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: health & safety D, crime F, amenities 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.
• Zoned schools: Adlai Stevenson Elementary School (math 8% / reading 32%, grade F, #1,091 of 1,397 statewide, top 79%, 444 students, 71% FRL) — zoned schools average 71% FRL vs 52% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents falling (-3.6%/yr); 43 active listings in the ZIP; 16 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 43% of the median local income ($63k/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.
• 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 110 days — a 9% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y ago; this cycle's ask has dropped $14k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $160k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $168,350 (9.0% 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 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1973 — 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. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.23% ✓
• Cap rate: 5.84%
• Cash-on-cash: -1.63%
• DSCR: 0.93
• GRM: 6.8

CMA / ARV

• ARV (median comp): $200,393
• List price: $185,000
• Delta: -7.68%
• 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: -23.9%
• Equity multiple: 0.21×
• Total profit: $-40,745
• Equity at exit: $27,584

10-year hold

• IRR: -40.8%
• Equity multiple: -0.26×
• Total profit: $-65,448
• Equity at exit: $15,995

Cash invested: $51,800 (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 48034

• Home prices YoY: -28.4%
• Rents YoY: -3.6%
• Active inventory: 43
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,278 high
• Mortgage (P&I): −$970
• Tax from tax record: −$323 /mo · $3,879/yr
• Insurance: −$77
• HOA: −$500
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $-70

Break-even live

Break-even rent $2,368

Max offer price $172,551

Occupancy floor 98%

Sensitivity live

Price	-10% $34	-5% $-18	+0% $-70	+5% $-123	+10% $-175
Rent	-10% $-250	-5% $-160	+0% $-70	+5% $20	+10% $110
Rate	-1.0pp $23	-0.5pp $-23	base $-70	+0.5pp $-118	+1.0pp $-167

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29900 Franklin Rd Southfield, MI	2.0–3.0	2.5–3.0	2050	$3,400	$1.66	0d	4	0.19mi
29500 Franklin Rd Southfield, MI	1.0–2.0	1.0–2.0	995	$1,300	$1.31	45d	1	0.24mi
29260 Franklin Rd Southfield, MI	3.0	1.0–3.0	1660	$3,600	$2.17	0d	6	0.34mi
26179 W 13 Mile Rd Franklin, MI	3.0	1.5	1480	$2,450	$1.66	0d	1	0.49mi
26090 W 12 Mile Rd Southfield, MI	3.0	1.0–2.0	1135	$1,500	$1.32	45d	1	0.56mi
28675 Franklin Rd Southfield, MI	2.0	1.0–2.0	933	$1,778	$1.91	45d	1	0.63mi
28509 Franklin Rd Southfield, MI	1.0–3.0	1.0–2.5	1150	$3,019	$2.62	0d	25	0.74mi
25500 W 12 Mile Rd Southfield, MI	1.0–2.0	1.0–2.0	950	$1,545	$1.63	0d	22	0.75mi
25701 W 12 Mile Rd Southfield, MI	1.0–2.0	1.0–2.0	920	$1,375	$1.49	26d	5	0.82mi
29194 Tiffany Dr E Unit G Southfield, MI	3.0	2.0	1400	$1,650	$1.18	45d	1	0.92mi
29190 Tiffany Dr E Unit G BUILDING Southfield, MI	2.0	2.0	1400	$1,500	$1.07	45d	1	0.92mi
29226 Tiffany Dr E Southfield, MI	3.0	2.0	1400	$1,650	$1.18	45d	1	0.93mi
25936 Franklin Pointe Dr Unit 1 Southfield, MI	3.0	2.0	1536	$1,850	$1.20	16d	1	1.00mi
24710 W 12 Mile Rd Southfield, MI	1.0–2.0	1.0–2.0	975	$1,470	$1.51	1d	9	1.20mi
24975 Franklin Park Dr Franklin, MI	3.0	1.5	1510	$2,500	$1.66	12d	1	1.34mi
27208 Hystone Dr Farmington Hills, MI	3.0	1.5	2064	$2,500	$1.21	16d	1	1.42mi

HOA detail condo

• Monthly dues: $500 · $6,000/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 32 events

1. 2026-06-21
   days on market $185,000 Active 110 DOM
2. 2026-06-18
   days on market $185,000 Active 107 DOM
3. 2026-06-17
   days on market $185,000 Active 106 DOM
4. 2026-06-16
   days on market $185,000 Active 105 DOM
5. 2026-06-15
   days on market $185,000 Active 104 DOM
6. 2026-06-13
   days on market $185,000 Active 102 DOM
7. 2026-06-13
   days on market $185,000 Active 101 DOM
8. 2026-06-09
   days on market $185,000 Active 98 DOM
9. 2026-06-08
   days on market $185,000 Active 97 DOM
10. 2026-06-07
    days on market $185,000 Active 96 DOM
11. 2026-06-04
    days on market $185,000 Active 93 DOM
12. 2026-06-03
    days on market $185,000 Active 92 DOM
13. 2026-06-02
    days on market $185,000 Active 91 DOM
14. 2026-06-01
    days on market $185,000 Active 90 DOM
15. 2026-05-31
    days on market $185,000 Active 89 DOM
16. 2026-03-30
    price $185,000 470-char remark

    Show marketing remark (474 chars)

    Discover this rare 3-bedroom, 2.5-bathroom Townshouse-style condo with a private entry. The primary suite features a private bath and dual closets, offering ample storage and privacy. The modern kitchen boasts granite countertops, seamlessly flowing into an expansive great room—ideal for entertaining or relaxing. Additional conveniences include a carport with two dedicated parking spaces, first-floor laundry room, and flexible occupancy. Subject to court approval.

17. 2026-03-30
    price $185,000 474-char remark

    Show marketing remark (474 chars)

    Discover this rare 3-bedroom, 2.5-bathroom Townshouse-style condo with a private entry. The primary suite features a private bath and dual closets, offering ample storage and privacy. The modern kitchen boasts granite countertops, seamlessly flowing into an expansive great room—ideal for entertaining or relaxing. Additional conveniences include a carport with two dedicated parking spaces, first-floor laundry room, and flexible occupancy. Subject to court approval.

18. 2026-03-03
    listed $199,000 Active 470-char remark

    Show marketing remark (474 chars)

    Discover this rare 3-bedroom, 2.5-bathroom Townshouse-style condo with a private entry. The primary suite features a private bath and dual closets, offering ample storage and privacy. The modern kitchen boasts granite countertops, seamlessly flowing into an expansive great room—ideal for entertaining or relaxing. Additional conveniences include a carport with two dedicated parking spaces, first-floor laundry room, and flexible occupancy. Subject to court approval.

19. 2026-03-03
    listed $199,000 Active 474-char remark

    Show marketing remark (474 chars)

    Discover this rare 3-bedroom, 2.5-bathroom Townshouse-style condo with a private entry. The primary suite features a private bath and dual closets, offering ample storage and privacy. The modern kitchen boasts granite countertops, seamlessly flowing into an expansive great room—ideal for entertaining or relaxing. Additional conveniences include a carport with two dedicated parking spaces, first-floor laundry room, and flexible occupancy. Subject to court approval.

20. 2021-06-16
    soldstatus $160,000
21. 2021-06-11
    soldstatus $160,000 Sold
22. 2021-06-11
    soldstatus $160,000 Closed
23. 2021-05-02
    status Pending
24. 2021-05-02
    status Pending
25. 2021-05-01
    historical Accepting Backup Offers
26. 2021-05-01
    historical Accepting Backup Offers
27. 2021-04-28
    listed $164,900 Active
28. 2021-04-28
    listed $164,900 Active
29. 2008-09-24
    soldstatus $50,000
30. 2007-07-20
    listed $54,900
31. 2004-08-27
    soldstatus $158,500
32. 1998-06-03
    soldstatus $129,230

ⓘ 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: $3,879 · $323/mo
• Projected year-2 tax: $3,879 · $323/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 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: $27,342
• − Mortgage interest: −$10,363
• − Property taxes: −$3,879
• − Insurance: −$925
• − Repairs & maintenance: −$2,187
• − Management: −$2,187
• − HOA: −$6,000
• − Depreciation: −$5,382
• Taxable loss: −$3,581
• Est. tax savings @ 24.0%: +$860
• After-tax cash flow: $14/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): 14,796
• Household income: $62,938
• Rent vs Own: 74.7% rent · 25.3% own
• Severe rent burden: 1599.0

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 (67%)
• Race & ethnicity: Black 67% White 19% Two or more races 7% Asian 4% Hispanic / Latino 3%
• Common ancestry: Subsaharan African 2% Romanian 1% Scandinavian 1%
• Foreign-born: 15% · Canada, China
• Languages at home: 84% English-only · Other Indo-European 5% Russian/Polish/Slavic 3% 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: ▼ -73.96%
• Current HPI: 186.4034
• Rent YoY: ▼ -3.56%
• 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

+43.2% since first listed

17 events — show timeline

• 2026-03-30 Price Changed $185,000 MiRealSource-MiMLS
• 2026-03-30 Price Changed $185,000 REALCOMP
• 2026-03-03 Listed $199,000 REALCOMP
• 2026-03-03 Listed $199,000 MiRealSource-MiMLS
• 2021-06-16 Sold (Public Records) $160,000 Public Records
• 2021-06-11 Sold (MLS) $160,000 MiRealSource-MiMLS
• 2021-06-11 Sold (MLS) $160,000 REALCOMP
• 2021-05-02 Pending — MiRealSource-MiMLS
• 2021-05-02 Pending — REALCOMP
• 2021-05-01 Contingent — MiRealSource-MiMLS
• 2021-05-01 Contingent — REALCOMP
• 2021-04-28 Listed $164,900 MiRealSource-MiMLS
• 2021-04-28 Listed $164,900 REALCOMP
• 2008-09-24 Sold (MLS) $50,000 REALCOMP
• 2007-07-20 Listed $54,900 REALCOMP
• 2004-08-27 Sold (Public Records) $158,500 Public Records
• 1998-06-03 Sold (Public Records) $129,230 Public Records

Property tax history

+8.0%/yr

Latest (2025): $3,879 · -14.9% YoY. Source: county tax records.