928 N Adams Rd · Birmingham, MI 48009

$210,000

2 bd · 1.5 ba · 898 sqft · Condo · 30 Days on market

Built 1960 Fair condition $326/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 +9.3/30.0
• ARV discount +7.5/15.0
• Schools +6.1/10.0
• 1% rule +4.8/10.0
• Livability +4.4/5.0
• Rent growth +3.4/5.0
• DSCR +2.6/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lovely Birmingham North upper corner unit nestled deep in the development with views to courtyard. Updated kitchen with countertops, lighting, tile backsplash, all appliances, and laminate floor. Main living areas with vaulted ceilings flow openly and have bright decorator colors. New furnace and AC in 2014. Water heater dedicated to this unit. Updated main bath with newer vanity and lighting. Covered parking for your convenience! Master bedroom with private half bath. Laundry in basement with lots of storage! Absolutely move-in ready!

Key facts

• $326 HOA
• Community pool
• Built 1960

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $210k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-155 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $188k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (2.2% below list).
• Recommended offer: $188k (10.7% below list) — sets the bar for cash-flow.
• Cap rate 5.4% vs local median 1.5% in Birmingham — 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 (#12 in MI, #200 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities A+; Watch: cost of living F.
• Birmingham Public Schools (suburban): math 58% / reading 71% proficiency, ranked #18 of 540 in MI (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 6% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.8%/yr); 208 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent is only 16% of the median local income ($153k/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 $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 30 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 17 sale attempts since 22y ago; this cycle's ask has dropped $25k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $110k; list at $210k implies a 91% gain — meaningful room to come down on a strong offer.

Recommended offer $187,600 (10.7% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1960 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.98% ✗
• Cap rate: 5.41%
• Cash-on-cash: -3.16%
• DSCR: 0.86
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.75% rent growth · sell at horizon

5-year hold

• IRR: -20.4%
• Equity multiple: 0.28×
• Total profit: $-42,096
• Equity at exit: $31,312

10-year hold

• IRR: -11.4%
• Equity multiple: 0.29×
• Total profit: $-41,906
• Equity at exit: $18,157

Cash invested: $58,800 (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 48009

• Rents YoY: 3.8%
• Active inventory: 208
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,054 high
• Mortgage (P&I): −$1,101
• Tax est. 1.5%: −$262 /mo · $3,150/yr
• Insurance: −$88
• HOA: −$326
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $-155

Break-even live

Break-even rent $2,250

Max offer price $187,600

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1109 Derby Rd Birmingham, MI	1.0	1.0	780	$1,400	$1.79	15d	1	0.07mi
35300 Woodward Ave #507 Birmingham, MI	1.0	1.0	730	$2,000	$2.74	24d	1	0.49mi
856 N Old Woodward Ave Birmingham, MI	1.0–3.0	1.5–3.0	1697	$6,425	$3.78	24d	6	0.66mi
343 S Elm St Unit A Birmingham, MI	2.0	1.5	1100	$3,000	$2.73	17d	1	0.68mi
1802 E Maple Rd Birmingham, MI	1.0–2.0	1.0	775	$1,565	$2.02	15d	3	0.70mi
211 E Merrill St Birmingham, MI	1.0–3.0	1.0–2.0	1059	$4,078	$3.85	2d	7	0.77mi
520 S Adams Rd Birmingham, MI	1.0	1.0	650	$1,425	$2.19	5d	2	0.77mi
520 S Adams Rd Apt 7 Birmingham, MI	1.0	1.0	650	$1,425	$2.19	20d	1	0.77mi
2101 E Maple Rd Birmingham, MI	2.0	1.0	1000	$1,695	$1.70	15d	1	0.78mi
411 S Old Woodward Ave Birmingham, MI	1.0–2.0	1.0–2.0	743	$3,850	$5.18	3d	6	0.78mi
2233 E Maple Rd Unit D104 Birmingham, MI	1.0	1.0	725	$1,275	$1.76	24d	1	0.82mi
2233 E Maple Rd Unit A104 Birmingham, MI	1.0	1.0	725	$1,300	$1.79	24d	1	0.82mi
2233 E Maple Rd Unit B301 Birmingham, MI	1.0	1.0	725	$1,395	$1.92	24d	1	0.82mi
1997 Villa Rd Birmingham, MI	1.0–3.0	1.0–2.5	1050	$1,975	$1.88	2d	10	0.82mi
555 S Old Woodward Ave Birmingham, MI	1.0–2.0	1.0–2.0	1036	$4,161	$4.02	2d	4	0.86mi
707 S Worth St Birmingham, MI	1.0–2.0	1.0–2.0	1290	$6,900	$5.35	2d	17	0.90mi
2457 E Maple Rd Birmingham, MI	1.0–2.0	1.0	760	$1,525	$2.01	24d	1	0.90mi
650 Ann St Birmingham, MI	1.0	1.0	700	$1,462	$2.09	24d	1	0.93mi
2567 E Maple Rd Unit 5 Birmingham, MI	1.0	1.0	670	$1,225	$1.83	24d	1	0.96mi
444 Chester St #413 Birmingham, MI	1.0	1.0	664	$2,200	$3.31	15d	1	0.99mi
2655 E Maple Rd #19 Birmingham, MI	2.0	1.0	791	$1,350	$1.71	24d	1	1.00mi
771 Henrietta St Unit 773 Birmingham, MI	1.0	1.0	1054	$1,925	$1.83	24d	1	1.07mi
2859 E Maple Rd #15 Birmingham, MI	1.0	1.0	685	$1,250	$1.82	5d	1	1.08mi
2859 E Maple Rd #15 Birmingham, MI	1.0	1.0	685	$1,250	$1.82	24d	1	1.08mi
1188 Ruffner Ave Birmingham, MI	2.0	1.0	849	$2,300	$2.71	5d	1	1.17mi
1935 Axtell Dr #3 Troy, MI	2.0	2.0	1060	$1,600	$1.51	15d	1	1.19mi
1820 Axtell Dr #6 Troy, MI	1.0	1.0	868	$1,100	$1.27	44d	1	1.29mi
1820 Axtell Dr #1 Troy, MI	2.0	1.0	868	$1,300	$1.50	5d	1	1.29mi

HOA detail condo

• Monthly dues: $326 · $3,912/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 40 events

1. 2026-04-27
   status Pending
2. 2026-04-23
   historical Active Under Contract
3. 2026-04-13
   price $210,000
4. 2026-04-06
   price $220,000
5. 2026-03-28
   listed $235,000 Active
6. 2014-12-12
   soldstatus $110,000 Closed 541-char remark

   Show marketing remark (541 chars)

   Lovely Birmingham North upper corner unit nestled deep in the development with views to courtyard. Updated kitchen with countertops, lighting, tile backsplash, all appliances, and laminate floor. Main living areas with vaulted ceilings flow openly and have bright decorator colors. New furnace and AC in 2014. Water heater dedicated to this unit. Updated main bath with newer vanity and lighting. Covered parking for your convenience! Master bedroom with private half bath. Laundry in basement with lots of storage! Absolutely move-in ready!

7. 2014-11-14
   historical 541-char remark

   Show marketing remark (541 chars)

   Lovely Birmingham North upper corner unit nestled deep in the development with views to courtyard. Updated kitchen with countertops, lighting, tile backsplash, all appliances, and laminate floor. Main living areas with vaulted ceilings flow openly and have bright decorator colors. New furnace and AC in 2014. Water heater dedicated to this unit. Updated main bath with newer vanity and lighting. Covered parking for your convenience! Master bedroom with private half bath. Laundry in basement with lots of storage! Absolutely move-in ready!

8. 2014-10-29
   listed $117,900 541-char remark

   Show marketing remark (541 chars)

   Lovely Birmingham North upper corner unit nestled deep in the development with views to courtyard. Updated kitchen with countertops, lighting, tile backsplash, all appliances, and laminate floor. Main living areas with vaulted ceilings flow openly and have bright decorator colors. New furnace and AC in 2014. Water heater dedicated to this unit. Updated main bath with newer vanity and lighting. Covered parking for your convenience! Master bedroom with private half bath. Laundry in basement with lots of storage! Absolutely move-in ready!

9. 2013-05-28
   historical
10. 2013-05-28
    historical
11. 2013-02-16
    listed $95,000
12. 2013-02-16
    listed $95,000
13. 2009-01-28
    soldstatus $39,000
14. 2009-01-23
    historical
15. 2009-01-14
    listed $52,900
16. 2009-01-08
    historical
17. 2008-10-11
    listed $59,900
18. 2008-06-16
    historical
19. 2008-01-30
    historical
20. 2007-12-20
    listed $109,000
21. 2007-08-03
    soldstatus $100,000
22. 2007-07-03
    historical
23. 2007-02-27
    listed $112,000
24. 2007-01-24
    historical
25. 2006-12-01
    listed $128,900
26. 2006-09-22
    historical
27. 2006-09-21
    listed $119,900
28. 2006-06-22
    listed $125,000
29. 2006-06-20
    historical
30. 2006-06-20
    historical
31. 2006-05-07
    historical
32. 2006-02-08
    listed $123,500
33. 2006-01-23
    listed $130,000
34. 2006-01-23
    listed $130,000
35. 2006-01-20
    historical
36. 2006-01-20
    historical
37. 2005-09-19
    listed $130,000
38. 2005-09-16
    listed $130,000
39. 2005-04-21
    historical
40. 2004-06-10
    listed $133,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $24,645
• − Mortgage interest: −$11,763
• − Property taxes: −$3,150
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,972
• − Management: −$1,972
• − HOA: −$3,912
• − Depreciation: −$6,109
• Taxable loss: −$5,283
• Est. tax savings @ 24.0%: +$1,268
• After-tax cash flow: $-590/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 · 2 photos

Fair 45/100 Cosmetic rehab

This move-in ready condo is in good condition with recent updates, including new paint and carpeting, making it an attractive investment.

Value-add opportunities

• Both Paint — Fresh paint enhances curb appeal and interior aesthetics.
• Both Carpet — New carpeting improves comfort and reduces maintenance.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Carpet — New carpeting improves comfort and reduces maintenance. ↑

ⓘ 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: Birmingham Public Schools
• NCES district ID: 2605850
• Math proficiency: 58% ▼ -8.00%
• Reading proficiency: 71% ▼ -3.00%
• Median HH income: $110,445
• Composite: 60.54/100
• National rank: #839
• State rank: #18 of 540 in MI

Livability — Birmingham

• Score: 88/100
• State rank: #12
• US rank: #200

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Birmingham, MI
• County: Oakland County · 1,009,092 people
• City population: 21,772
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 21,772
• Household income: $153,401
• Rent vs Own: 22.9% rent · 77.1% own
• Severe rent burden: 476.0

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 (84%)
• Race & ethnicity: White 84% Two or more races 6% Asian 5% Hispanic / Latino 4% Black 4%
• Common ancestry: Romanian 8% Lithuanian 3% Scotch-Irish 3%
• Foreign-born: 10% · Canada, South Korea
• Languages at home: 90% English-only · Other Indo-European 3% Arabic 1% Spanish 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: ▼ -644.58%
• Current HPI: 201.3418
• Rent YoY: ▲ 3.75%
• 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

+57.9% since first listed

40 events — show timeline

• 2026-04-27 Pending — REALCOMP
• 2026-04-23 Contingent — REALCOMP
• 2026-04-13 Price Changed $210,000 REALCOMP
• 2026-04-06 Price Changed $220,000 REALCOMP
• 2026-03-28 Listed $235,000 REALCOMP
• 2014-12-12 Sold (MLS) $110,000 MiRealSource-MiMLS
• 2014-11-14 Listing Removed — MiRealSource-MiMLS
• 2014-10-29 Listed $117,900 MiRealSource-MiMLS
• 2013-05-28 Listing Removed — MiRealSource-MiMLS
• 2013-05-28 Listing Removed — REALCOMP
• 2013-02-16 Listed $95,000 MiRealSource-MiMLS
• 2013-02-16 Listed $95,000 REALCOMP
• 2009-01-28 Sold (MLS) $39,000 MiRealSource-MiMLS
• 2009-01-23 Listing Removed — MiRealSource-MiMLS
• 2009-01-14 Listed $52,900 MiRealSource-MiMLS
• 2009-01-08 Listing Removed — MiRealSource-MiMLS
• 2008-10-11 Listed $59,900 MiRealSource-MiMLS
• 2008-06-16 Listing Removed — MiRealSource-MiMLS
• 2008-01-30 Listing Removed — MiRealSource-MiMLS
• 2007-12-20 Listed $109,000 MiRealSource-MiMLS
• 2007-08-03 Sold (MLS) $100,000 MiRealSource-MiMLS
• 2007-07-03 Listing Removed — MiRealSource-MiMLS
• 2007-02-27 Listed $112,000 MiRealSource-MiMLS
• 2007-01-24 Listing Removed — REALCOMP
• 2006-12-01 Listed $128,900 REALCOMP
• 2006-09-22 Listing Removed — MiRealSource-MiMLS
• 2006-09-21 Listed $119,900 MiRealSource-MiMLS
• 2006-06-22 Listed $125,000 MiRealSource-MiMLS
• 2006-06-20 Listing Removed — REALCOMP
• 2006-06-20 Listing Removed — MiRealSource-MiMLS
• 2006-05-07 Listing Removed — MiRealSource-MiMLS
• 2006-02-08 Listed $123,500 MiRealSource-MiMLS
• 2006-01-23 Listed $130,000 REALCOMP
• 2006-01-23 Listed $130,000 MiRealSource-MiMLS
• 2006-01-20 Listing Removed — REALCOMP
• 2006-01-20 Listing Removed — MiRealSource-MiMLS
• 2005-09-19 Listed $130,000 MiRealSource-MiMLS
• 2005-09-16 Listed $130,000 REALCOMP
• 2005-04-21 Listing Removed — MiRealSource-MiMLS
• 2004-06-10 Listed $133,000 MiRealSource-MiMLS