1146 Fairways Blvd #23 · Troy, MI 48085

$360,000

3 bd · 3.5 ba · 2,464 sqft · Condo · 21 Days on market

Built 1989 Good condition $546/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 +8.8/30.0
• ARV discount +7.5/15.0
• Schools +6.5/10.0
• 1% rule +4.6/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• DSCR +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

The Fairways community is the answer to easy living while enjoying a super convenient location with special amenities for resort-style living. Take a dip in the pool, play tennis, or entertain family and friends in the clubhouse or enjoy peaceful time in a waterfront gazebo all while being close to Somerset Collection, I-75/M-59, the public Sylvan Glen Golf Course, Troy parks, restaurants, Nino Salvaggio market, and only about 5 miles south of Rochester and about 8 miles from Birmingham. This condo lets the sunshine in and offers a private entry west-facing front door and east-facing back door to deck with nice views and approximately 2400 total finished square feet to enjoy between the main two floors and the daylight basement. This 3 bedroom also offers hardwood floors, 3 full and 1 half bath and a 2 car attached garage, formal dining room, a deck with stairs to yard. A center entrance floorplan offers a welcoming foyer and is open to the living room with a beautiful gas fireplace, nice high ceiling and 2 skylights. The spacious kitchen offers wood cupboards and sunny breakfast nook. The primary suite with spacious bath has a separate shower and tub, three large closets and boasts windows on two walls plus an airy feeling from the high ceiling. There are 2 more bedrooms upstairs that share a second full bath, and the finished private daylight basement has a convenient third full bath for guests to enjoy and a spacious family room with an incredible number of closets and a cheerful spacious laundry room so everything can be neat, tidy and organized. Updates include new asphalt driveway in April, a new roof about a year ago, new water heater installed in 2020, new furnace and air conditioner in 2023, the deck rails and some windows have been replaced. Entrances off Rochester Rd or Square Lake Rd offer great accessibility. Cheers to the lifestyle you've waited for right here at The Fairways. All appliances are included in this one-owner, nonsmoker and pet-free home.

Key facts

• $546 HOA
• 2 garage spots
• Community pool

Property features AI

Finance

• Other: Property located on or near a golf course; Private maintained/paved road and private road frontage
• Financial info: Tax information not included per instructions
• HOA & community: Homeowners association with monthly fee of $546; HOA covers grounds and structure maintenance, sewer, snow removal, trash, and water; Community amenities include pool, clubhouse, fitness center, sidewalks, and tennis courts

Exterior

• Parking: Attached garage with garage door opener; 2 garage spaces; Garage faces front
• Security: Security details not provided
• Utilities: Public water; Public sewer; Cable available; Underground utilities
• Home design: Residential condominium; Two levels; Ground-level entry with steps; Brick and vinyl siding construction
• Construction: Brick and vinyl siding exterior; Asphalt roof; Finished below-grade area (800) and above-grade finished area (1664)
• Exterior features: Lighting; Private entrance; Tennis court(s); Covered patio/porch and deck; Asphalt roof; Community in-ground pool; Community spa/hot tub

Interior

• Kitchen: Free-standing electric range; Microwave; Dishwasher; Garbage disposal; Free-standing refrigerator
• Bedrooms: Information about bedroom locations not provided
• Flooring: Flooring details not provided
• Bathrooms: 3 full bathrooms; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fans
• Interior features: Entrance foyer; Finished walk-out daylight basement with interior entry and sump pump; Fireplace (gas) in the living room; 9 total rooms
• Laundry & utility: Laundry room with washer and dryer hookups (electric and gas dryer hookups); Washer; Dryer; Gas water heater; Humidifier

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath condo listed at $360k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-300 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $317k (12.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $346k (3.9% below list).
• Recommended offer: $317k (12.0% below list) — sets the bar for cash-flow.
• Cap rate 5.3% vs local median 3.6% in Troy — 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 78/100 on livability (#113 in MI, #2,684 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Troy School District (urban): math 68% / reading 75% proficiency, ranked #8 of 540 in MI (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Troy Union Elementary School (math 47% / reading 52%, grade D, #382 of 1,397 statewide, top 30%, 405 students, 25% FRL); Larson Middle School (math 68% / reading 77%, grade A, #18 of 493 statewide, top 4%, 762 students, 15% FRL); Athens High School (math 60% / reading 79%, grade B, #36 of 713 statewide, top 5%, 1,545 students, 20% FRL).
• Market conditions: 120 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k 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 21 days — a 2% lower offer ($355k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $316,637 (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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.96% ✗
• Cap rate: 5.29%
• Cash-on-cash: -3.57%
• DSCR: 0.84
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -22.1%
• Equity multiple: 0.24×
• Total profit: $-77,034
• Equity at exit: $53,677

10-year hold

• IRR: -15.8%
• Equity multiple: 0.11×
• Total profit: $-90,081
• Equity at exit: $31,126

Cash invested: $100,800 (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 48085

• Active inventory: 120
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $3,461 high
• Mortgage (P&I): −$1,888
• Tax est. 1.5%: −$450 /mo · $5,400/yr
• Insurance: −$150
• HOA: −$546
• Vacancy / Maint / Mgmt: −$727
• Net cashflow: $-300

Break-even live

Break-even rent $3,840

Max offer price $316,637

Occupancy floor —

Sensitivity live

Price	-10% $-51	-5% $-175	+0% $-300	+5% $-424	+10% $-548
Rent	-10% $-573	-5% $-436	+0% $-300	+5% $-163	+10% $-26
Rate	-1.0pp $-118	-0.5pp $-208	base $-300	+0.5pp $-393	+1.0pp $-488

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5944 Willow Grv Troy, MI	3.0	2.0	1850	$4,250	$2.30	45d	1	0.28mi
6525 Norton Dr Troy, MI	4.0	2.0	2047	$2,800	$1.37	45d	1	0.89mi
5054 Carnaby Dr Troy, MI	3.0	2.5	2228	$2,600	$1.17	5d	1	0.90mi
764 Huntley LN Troy, MI	3.0	2.5	1644	$2,990	$1.82	45d	1	1.10mi
42 Kalter Dr #25 Troy, MI	3.0	2.5	1750	$2,700	$1.54	0d	1	1.29mi
1880 Welling Dr Troy, MI	4.0	2.5	2421	$3,000	$1.24	6d	1	1.49mi

HOA detail condo

• Monthly dues: $546 · $6,552/yr
• Likely covers: watergaspool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-13
   status $360,000 Pending 21 DOM
2. 2026-06-09
   days on market $360,000 Active Under Contract 21 DOM
3. 2026-06-08
   days on market $360,000 Active Under Contract 20 DOM
4. 2026-06-07
   days on market $360,000 Active Under Contract 19 DOM
5. 2026-06-04
   statusdays on market $360,000 Active Under Contract 16 DOM
6. 2026-06-03
   days on market $360,000 Active 15 DOM
7. 2026-06-02
   days on market $360,000 Active 14 DOM
8. 2026-06-01
   days on market $360,000 Active 13 DOM
9. 2026-05-31
   days on market $360,000 Active 12 DOM
10. 2026-05-20
    listed $360,000 Active 1999-char remark

    Show marketing remark (1999 chars)

    The Fairways community is the answer to easy living while enjoying a super convenient location with special amenities for resort-style living. Take a dip in the pool, play tennis, or entertain family and friends in the clubhouse or enjoy peaceful time in a waterfront gazebo all while being close to Somerset Collection, I-75/M-59, the public Sylvan Glen Golf Course, Troy parks, restaurants, Nino Salvaggio market, and only about 5 miles south of Rochester and about 8 miles from Birmingham. This condo lets the sunshine in and offers a private entry west-facing front door and east-facing back door to deck with nice views and approximately 2400 total finished square feet to enjoy between the main two floors and the daylight basement. This 3 bedroom also offers hardwood floors, 3 full and 1 half bath and a 2 car attached garage, formal dining room, a deck with stairs to yard. A center entrance floorplan offers a welcoming foyer and is open to the living room with a beautiful gas fireplace, nice high ceiling and 2 skylights. The spacious kitchen offers wood cupboards and sunny breakfast nook. The primary suite with spacious bath has a separate shower and tub, three large closets and boasts windows on two walls plus an airy feeling from the high ceiling. There are 2 more bedrooms upstairs that share a second full bath, and the finished private daylight basement has a convenient third full bath for guests to enjoy and a spacious family room with an incredible number of closets and a cheerful spacious laundry room so everything can be neat, tidy and organized. Updates include new asphalt driveway in April, a new roof about a year ago, new water heater installed in 2020, new furnace and air conditioner in 2023, the deck rails and some windows have been replaced. Entrances off Rochester Rd or Square Lake Rd offer great accessibility. Cheers to the lifestyle you've waited for right here at The Fairways. All appliances are included in this one-owner, nonsmoker and pet-free home.

11. 2026-05-20
    listed $360,000 Active

    Show marketing remark (1999 chars)

    The Fairways community is the answer to easy living while enjoying a super convenient location with special amenities for resort-style living. Take a dip in the pool, play tennis, or entertain family and friends in the clubhouse or enjoy peaceful time in a waterfront gazebo all while being close to Somerset Collection, I-75/M-59, the public Sylvan Glen Golf Course, Troy parks, restaurants, Nino Salvaggio market, and only about 5 miles south of Rochester and about 8 miles from Birmingham. This condo lets the sunshine in and offers a private entry west-facing front door and east-facing back door to deck with nice views and approximately 2400 total finished square feet to enjoy between the main two floors and the daylight basement. This 3 bedroom also offers hardwood floors, 3 full and 1 half bath and a 2 car attached garage, formal dining room, a deck with stairs to yard. A center entrance floorplan offers a welcoming foyer and is open to the living room with a beautiful gas fireplace, nice high ceiling and 2 skylights. The spacious kitchen offers wood cupboards and sunny breakfast nook. The primary suite with spacious bath has a separate shower and tub, three large closets and boasts windows on two walls plus an airy feeling from the high ceiling. There are 2 more bedrooms upstairs that share a second full bath, and the finished private daylight basement has a convenient third full bath for guests to enjoy and a spacious family room with an incredible number of closets and a cheerful spacious laundry room so everything can be neat, tidy and organized. Updates include new asphalt driveway in April, a new roof about a year ago, new water heater installed in 2020, new furnace and air conditioner in 2023, the deck rails and some windows have been replaced. Entrances off Rochester Rd or Square Lake Rd offer great accessibility. Cheers to the lifestyle you've waited for right here at The Fairways. All appliances are included in this one-owner, nonsmoker and pet-free home.

12. 2026-05-19
    historical $360,000 1999-char remark

    Show marketing remark (1999 chars)

    The Fairways community is the answer to easy living while enjoying a super convenient location with special amenities for resort-style living. Take a dip in the pool, play tennis, or entertain family and friends in the clubhouse or enjoy peaceful time in a waterfront gazebo all while being close to Somerset Collection, I-75/M-59, the public Sylvan Glen Golf Course, Troy parks, restaurants, Nino Salvaggio market, and only about 5 miles south of Rochester and about 8 miles from Birmingham. This condo lets the sunshine in and offers a private entry west-facing front door and east-facing back door to deck with nice views and approximately 2400 total finished square feet to enjoy between the main two floors and the daylight basement. This 3 bedroom also offers hardwood floors, 3 full and 1 half bath and a 2 car attached garage, formal dining room, a deck with stairs to yard. A center entrance floorplan offers a welcoming foyer and is open to the living room with a beautiful gas fireplace, nice high ceiling and 2 skylights. The spacious kitchen offers wood cupboards and sunny breakfast nook. The primary suite with spacious bath has a separate shower and tub, three large closets and boasts windows on two walls plus an airy feeling from the high ceiling. There are 2 more bedrooms upstairs that share a second full bath, and the finished private daylight basement has a convenient third full bath for guests to enjoy and a spacious family room with an incredible number of closets and a cheerful spacious laundry room so everything can be neat, tidy and organized. Updates include new asphalt driveway in April, a new roof about a year ago, new water heater installed in 2020, new furnace and air conditioner in 2023, the deck rails and some windows have been replaced. Entrances off Rochester Rd or Square Lake Rd offer great accessibility. Cheers to the lifestyle you've waited for right here at The Fairways. All appliances are included in this one-owner, nonsmoker and pet-free home.

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 71% 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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,532
• − Mortgage interest: −$20,166
• − Property taxes: −$5,400
• − Insurance: −$1,800
• − Repairs & maintenance: −$3,323
• − Management: −$3,323
• − HOA: −$6,552
• − Depreciation: −$10,473
• Taxable loss: −$9,503
• Est. tax savings @ 24.0%: +$2,281
• After-tax cash flow: $-1,315/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 · 15 photos

Good 75/100 Cosmetic rehab

This townhouse is in good condition with no major repairs needed. However, some cosmetic updates and maintenance can further increase its value and appeal.

Value-add opportunities

• Both Paint the interior walls and trim — Fresh paint can make the interior look new and improve the overall appearance.
• Both Replace worn-out appliances — Upgrading to newer, more energy-efficient appliances can improve the home's value and appeal.
• Both Landscaping and curb appeal — A well-maintained and attractive exterior can increase the home's curb appeal and value.
• Both Replace worn-out flooring — Replacing old carpet with hardwood or tile can increase the home's value and appeal.
• Both Replace worn-out windows — New windows can improve energy efficiency and increase the home's value.
• Both Replace worn-out roof — A new roof can improve the home's value and reduce maintenance costs.
• Both Replace worn-out HVAC and mechanical systems — Upgrading to newer, more energy-efficient systems can improve the home's value and reduce energy costs.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the interior walls and trim — Fresh paint can make the interior look new and improve the overall appearance. ↑
• Both Replace worn-out appliances — Upgrading to newer, more energy-efficient appliances can improve the home's value and appeal. ↑
• Both Landscaping and curb appeal — A well-maintained and attractive exterior can increase the home's curb appeal and value. ↑
• Both Replace worn-out flooring — Replacing old carpet with hardwood or tile can increase the home's value and appeal. ↑
• Both Replace worn-out windows — New windows can improve energy efficiency and increase the home's value. ↑
• Both Replace worn-out roof — A new roof can improve the home's value and reduce maintenance costs. ↑
• Both Replace worn-out HVAC and mechanical systems — Upgrading to newer, more energy-efficient systems can improve the home's value and reduce energy costs. ↑

ⓘ 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: Troy School District
• NCES district ID: 2634260
• Math proficiency: 68% ▼ -3.00%
• Reading proficiency: 75% ▼ -2.00%
• Median HH income: $90,920
• Composite: 64.5/100
• National rank: #539
• State rank: #8 of 540 in MI

Livability — Troy

• Score: 78/100
• State rank: #113
• US rank: #2684

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Troy, MI
• County: Oakland County · 1,009,092 people
• City population: 87,898
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 27,231
• Household income: $146,390
• Rent vs Own: 8.5% rent · 91.5% own
• Severe rent burden: 39.0

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 White (68%)
• Race & ethnicity: White 68% Asian 21% Two or more races 5% Black 4% Hispanic / Latino 2%
• Common ancestry: Romanian 11% Italian 3% Slovak 2%
• Foreign-born: 26% · Canada, China, South Korea
• Languages at home: 72% English-only · Other Indo-European 9% Chinese 4% Other Asian/Pacific 4%

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: ▼ -326.83%
• Current HPI: 184.4445
• Rent YoY: —
• 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

+0.0% since first listed

3 events — show timeline

• 2026-05-20 Listed $360,000 MiRealSource-MiMLS
• 2026-05-20 Listed $360,000 REALCOMP
• 2026-05-19 Coming Soon $360,000 MiRealSource-MiMLS