31993 W 12 Mile Rd #309 · Farmington Hills, MI 48334

$104,900

1 bd · 1.0 ba · 887 sqft · Condo public records · 49 Days on market

Built 1978 $118/sqft · 9% below area Est $105k · at est. $266/mo HOA · 21% of rent

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Why this score? — see what drove the C- 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 +18.8/30.0
• ARV discount +7.7/15.0
• 1% rule +7.3/10.0
• DSCR +5.9/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

GREAT OPPORTUNITY FOR FIRST-TIME BUYERS OR INVESTORS! Rare top-floor (3rd floor) end-unit condo offering a spacious and functional layout with great natural light. This 1-bedroom, 1-bath unit includes a versatile bonus room - perfect for a home office, den, or additional storage. Recently updated with new carpeting along with newer mechanicals including the furnace and water heater. The community features an assigned carport, pool, and a shared laundry room conveniently located just across the hall. Ideally located just minutes from I-696, with easy access to shopping, dining, and entertainment, and close to The Hawk. This unit has a lot of potential and is a great opportunity for buyers to make it their own!

Key facts

• Top floor end unit
• Bright open kitchen
• Assigned carport

Tags

• TOP FLOOR END UNIT
• BRIGHT OPEN KITCHEN
• RECENTLY UPDATED BALCONY
• RECENTLY UPDATED FURNACE
• RECENTLY UPDATED WATER HEATER
• ASSIGNED CARPORT

Property features AI

Finance

• Other: Community pool; Pets allowed (contact for details)
• HOA & community: Homeowners association with monthly fee of $266; HOA covers grounds and structure maintenance, trash, and water; Association provides maintenance of grounds

Exterior

• Parking: No garage; Carport; Assigned parking
• Utilities: Public water; Public sewer
• Home design: Condominium; Residential property; Ground-level entry
• Construction: Brick and vinyl siding exterior; Slab foundation; Built with asphalt roofing
• Exterior features: Balcony; Asphalt roof; Paved access road

Interior

• Kitchen: Dishwasher; Free-standing electric range; Free-standing refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Dishwasher; Free-standing electric range; Free-standing refrigerator; Gas water heater
• Laundry & utility: Laundry in common area

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $105k.

Deal economics

• At list price, monthly cash flow is $106 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $102k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 3.5% in Farmington Hills — 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 81/100 on livability (#64 in MI, #1,364 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, crime A; Watch: amenities D, health & safety F.
• Farmington Public School District (urban): math 45% / reading 58% proficiency, ranked #78 of 540 in MI (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: 88 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent is only 15% of the median local income ($102k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $725 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.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($102k) 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

• Watch-outs: HOA is 21% of rent.

Recommended offer $101,753 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 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 1978 — 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 B-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. 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: 1.23% ✓
• Cap rate: 7.51%
• Cash-on-cash: 4.33%
• DSCR: 1.19
• GRM: 6.7

CMA / ARV

• ARV (median comp): $105,389
• List price: $104,900
• Delta: -0.46%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.4%
• Equity multiple: 0.66×
• Total profit: $-10,106
• Equity at exit: $15,641

10-year hold

• IRR: 0.2%
• Equity multiple: 1.02×
• Total profit: $457
• Equity at exit: $9,070

Cash invested: $29,372 (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 48334

• Active inventory: 88
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,296 high
• Mortgage (P&I): −$550
• Tax from tax record: −$58 /mo · $691/yr
• Insurance: −$44
• HOA: −$266
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $106

Break-even live

Break-even rent $1,161

Max offer price $104,900

Occupancy floor 87%

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
31993 W 12 Mile Rd Farmington Hills, MI	1.0	1.0	901	$1,100	$1.22	4d	1	0.01mi
32005 W 12 Mile Rd #203 Farmington, MI	1.0	1.0	876	$1,250	$1.43	44d	1	0.06mi
32005 W 12 Mile Rd Farmington Hills, MI	1.0	1.0	731	$1,224	$1.68	13d	2	0.08mi
30250 W 12 Mile Rd Unit B102 Farmington Hills, MI	1.0	1.0	842	$1,120	$1.33	24d	1	0.75mi
27600 Cordoba Dr Farmington Hills, MI	1.0–2.0	1.0	764	$1,342	$1.76	2d	18	0.76mi
27991 Rollcrest Rd #1 Farmington Hills, MI	2.0	1.0	922	$1,600	$1.74	44d	1	0.89mi
27517 Gateway Dr E Farmington Hills, MI	1.0–2.0	1.0–2.0	987	$1,439	$1.46	17d	80	1.13mi

HOA detail condo

• Monthly dues: $266 · $3,192/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $104,900 Active 49 DOM
2. 2026-06-17
   days on market $104,900 Active 48 DOM
3. 2026-06-16
   days on market $104,900 Active 47 DOM
4. 2026-06-15
   days on market $104,900 Active 46 DOM
5. 2026-06-13
   days on market $104,900 Active 44 DOM
6. 2026-06-13
   days on market $104,900 Active 43 DOM
7. 2026-06-09
   days on market $104,900 Active 40 DOM
8. 2026-06-08
   days on market $104,900 Active 39 DOM
9. 2026-06-07
   pricedays on market $104,900 Active 38 DOM

   Show marketing remark (718 chars)

   GREAT OPPORTUNITY FOR FIRST-TIME BUYERS OR INVESTORS! Rare top-floor (3rd floor) end-unit condo offering a spacious and functional layout with great natural light. This 1-bedroom, 1-bath unit includes a versatile bonus room - perfect for a home office, den, or additional storage. Recently updated with new carpeting along with newer mechanicals including the furnace and water heater. The community features an assigned carport, pool, and a shared laundry room conveniently located just across the hall. Ideally located just minutes from I-696, with easy access to shopping, dining, and entertainment, and close to The Hawk. This unit has a lot of potential and is a great opportunity for buyers to make it their own!

10. 2026-06-04
    days on market $110,000 Active 35 DOM
11. 2026-06-02
    days on market $110,000 Active 33 DOM
12. 2026-06-01
    days on market $110,000 Active 32 DOM
13. 2026-05-31
    days on market $110,000 Active 31 DOM
14. 2026-04-30
    listed $110,000 Active 793-char remark

    Show marketing remark (718 chars)

    GREAT OPPORTUNITY FOR FIRST-TIME BUYERS OR INVESTORS! Rare top-floor (3rd floor) end-unit condo offering a spacious and functional layout with great natural light. This 1-bedroom, 1-bath unit includes a versatile bonus room - perfect for a home office, den, or additional storage. Recently updated with new carpeting along with newer mechanicals including the furnace and water heater. The community features an assigned carport, pool, and a shared laundry room conveniently located just across the hall. Ideally located just minutes from I-696, with easy access to shopping, dining, and entertainment, and close to The Hawk. This unit has a lot of potential and is a great opportunity for buyers to make it their own!

15. 2026-04-30
    listed $110,000 Active 793-char remark

    Show marketing remark (718 chars)

    GREAT OPPORTUNITY FOR FIRST-TIME BUYERS OR INVESTORS! Rare top-floor (3rd floor) end-unit condo offering a spacious and functional layout with great natural light. This 1-bedroom, 1-bath unit includes a versatile bonus room - perfect for a home office, den, or additional storage. Recently updated with new carpeting along with newer mechanicals including the furnace and water heater. The community features an assigned carport, pool, and a shared laundry room conveniently located just across the hall. Ideally located just minutes from I-696, with easy access to shopping, dining, and entertainment, and close to The Hawk. This unit has a lot of potential and is a great opportunity for buyers to make it their own!

16. 2002-01-04
    soldstatus $94,900
17. 1989-05-02
    soldstatus $45,000

ⓘ 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: $691 · $58/mo
• Projected year-2 tax: $1,153 · $96/mo
• Expected delta: +$462/yr (+$39/mo · 66.9%)

ⓘ 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 2/10 Low 7 d/yr ≥96°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: $15,546
• − Mortgage interest: −$5,876
• − Property taxes: −$691
• − Insurance: −$524
• − Repairs & maintenance: −$1,244
• − Management: −$1,244
• − HOA: −$3,192
• − Depreciation: −$3,052
• Taxable loss: −$276
• Est. tax savings @ 24.0%: +$66
• After-tax cash flow: $1,339/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: Farmington Public School District
• NCES district ID: 2614070
• Math proficiency: 45% ▼ -5.00%
• Reading proficiency: 58% ▼ -1.00%
• Median HH income: $72,846
• Composite: 46.17/100
• National rank: #2497
• State rank: #78 of 540 in MI

Livability — Farmington Hills

• Score: 81/100
• State rank: #64
• US rank: #1364

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmington Hills, MI
• County: Oakland County · 1,009,092 people
• City population: 67,612
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 19,618
• Household income: $102,228
• Rent vs Own: 37.1% rent · 62.9% own
• Severe rent burden: 630.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 54% Black 25% Asian 12% Two or more races 8% Hispanic / Latino 2%
• Common ancestry: Romanian 7% Lithuanian 3% Scotch-Irish 3%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 82% English-only · Other Indo-European 7% Arabic 3% Other Asian/Pacific 3%

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: ▼ -189.65%
• Current HPI: 166.7194
• 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

+133.1% since first listed

6 events — show timeline

• 2026-06-07 Price Changed $104,900 MiRealSource-MiMLS
• 2026-06-06 Price Changed $104,900 REALCOMP
• 2026-04-30 Listed $110,000 REALCOMP
• 2026-04-30 Listed $110,000 MiRealSource-MiMLS
• 2002-01-04 Sold (Public Records) $94,900 Public Records
• 1989-05-02 Sold (Public Records) $45,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $691 · +3.0% YoY. Source: county tax records.