26790 Joy Rd #7 · Redford, MI 48239

$49,990

1 bd · 1.0 ba · 646 sqft · Condo · 106 Days on market

Built 1966 Fair condition $77/sqft · 17% below area Est $60k · 17% under $331/mo HOA · 29% of rent ↓ 17% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.3/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautifully maintained second floor one bedroom condominium, currently tenant occupied. Includes all kitchen appliances. Common basement with washer and dryer and private storage area. Heat and water are included in the monthly maintenance fee. Bad credit? Need help financing? The seller is offering land contract terms. For questions, please contact me.

Key facts

• $331 HOA
• Built 1966
• Listed 106 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $50k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $227 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $45k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• South Redford School District (suburban): math 11% / reading 29% proficiency, ranked #455 of 540 in MI (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.2%/yr); 188 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.2% rent growth), your $14k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($45k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts; this cycle's ask has dropped $3k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.

Recommended offer $45,490 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
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 1966 — 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. 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: 2.29% ✓
• Cap rate: 11.74%
• Cash-on-cash: 19.45%
• DSCR: 1.87
• GRM: 3.6

CMA / ARV

• ARV (median comp): $60,412
• List price: $49,990
• Delta: -17.25%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.25% rent growth · sell at horizon

5-year hold

• IRR: 12.2%
• Equity multiple: 1.49×
• Total profit: $6,861
• Equity at exit: $7,454

10-year hold

• IRR: 21.7%
• Equity multiple: 2.91×
• Total profit: $26,670
• Equity at exit: $4,322

Cash invested: $13,997 (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 48239

• Rents YoY: 3.2%
• Active inventory: 188
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,144 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$331
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $227

Break-even live

Break-even rent $856

Max offer price $49,990

Occupancy floor 75%

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: $12,498
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
27201 Canfield St W Dearborn Heights, MI	1.0–2.0	1.0–2.0	852	$1,024	$1.20	1d	22	0.42mi
6954 Inkster Rd Dearborn Heights, MI	1.0–2.0	1.0–1.5	837	$939	$1.12	2d	9	1.33mi

HOA detail condo

• Monthly dues: $331 · $3,972/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-06-18
   days on market $49,990 Active 106 DOM
2. 2026-06-17
   days on market $49,990 Active 105 DOM
3. 2026-06-16
   days on market $49,990 Active 104 DOM
4. 2026-06-15
   days on market $49,990 Active 103 DOM
5. 2026-06-13
   days on market $49,990 Active 101 DOM
6. 2026-06-09
   days on market $49,990 Active 97 DOM
7. 2026-06-08
   days on market $49,990 Active 96 DOM
8. 2026-06-07
   days on market $49,990 Active 95 DOM
9. 2026-06-04
   days on market $49,990 Active 92 DOM
10. 2026-06-03
    days on market $49,990 Active 91 DOM
11. 2026-06-02
    days on market $49,990 Active 90 DOM
12. 2026-06-01
    days on market $49,990 Active 89 DOM
13. 2026-05-31
    days on market $49,990 Active 88 DOM
14. 2026-04-18
    price $49,990 355-char remark

    Show marketing remark (355 chars)

    Beautifully maintained second floor one bedroom condominium, currently tenant occupied. Includes all kitchen appliances. Common basement with washer and dryer and private storage area. Heat and water are included in the monthly maintenance fee. Bad credit? Need help financing? The seller is offering land contract terms. For questions, please contact me.

15. 2026-04-17
    price $49,990 357-char remark

    Show marketing remark (357 chars)

    Beautifully maintained second floor one bedroom condominium, currently tenant occupied. Includes all kitchen appliances. Common basement with washer and dryer and private storage area. Heat and water are included in the monthly maintenance fee. Bad credit? Need help financing? The seller is offering land contract terms. For questions, please contact me.

16. 2026-03-05
    price $52,900
17. 2026-03-04
    price $52,900

    Show marketing remark (357 chars)

    Beautifully maintained second floor one bedroom condominium, currently tenant occupied. Includes all kitchen appliances. Common basement with washer and dryer and private storage area. Heat and water are included in the monthly maintenance fee. Bad credit? Need help financing? The seller is offering land contract terms. For questions, please contact me.

18. 2026-03-04
    listed $52,900 Active 355-char remark

    Show marketing remark (357 chars)

    Beautifully maintained second floor one bedroom condominium, currently tenant occupied. Includes all kitchen appliances. Common basement with washer and dryer and private storage area. Heat and water are included in the monthly maintenance fee. Bad credit? Need help financing? The seller is offering land contract terms. For questions, please contact me.

19. 2026-03-04
    listed $52,900 Active 357-char remark

    Show marketing remark (357 chars)

    Beautifully maintained second floor one bedroom condominium, currently tenant occupied. Includes all kitchen appliances. Common basement with washer and dryer and private storage area. Heat and water are included in the monthly maintenance fee. Bad credit? Need help financing? The seller is offering land contract terms. For questions, please contact me.

20. 2026-03-04
    historical

    Show marketing remark (357 chars)

    Beautifully maintained second floor one bedroom condominium, currently tenant occupied. Includes all kitchen appliances. Common basement with washer and dryer and private storage area. Heat and water are included in the monthly maintenance fee. Bad credit? Need help financing? The seller is offering land contract terms. For questions, please contact me.

21. 2026-03-04
    historical

    Show marketing remark (357 chars)

    Beautifully maintained second floor one bedroom condominium, currently tenant occupied. Includes all kitchen appliances. Common basement with washer and dryer and private storage area. Heat and water are included in the monthly maintenance fee. Bad credit? Need help financing? The seller is offering land contract terms. For questions, please contact me.

22. 2026-01-29
    price $54,900
23. 2026-01-28
    price $54,900
24. 2025-12-22
    price $56,900
25. 2025-12-22
    listed $56,900 Active
26. 2025-12-22
    listed $54,900 Active
27. 2025-12-22
    historical
28. 2025-12-22
    historical
29. 2025-12-21
    status Active
30. 2025-12-21
    historical Active Under Contract
31. 2025-12-17
    price $57,000
32. 2025-12-16
    price $57,000
33. 2025-10-17
    listed $60,000 Active
34. 2025-10-17
    listed $60,000 Active

ⓘ 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: $13,722
• − Mortgage interest: −$2,800
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$1,098
• − Management: −$1,098
• − HOA: −$3,972
• − Depreciation: −$1,454
• Taxable income: $2,301
• Est. tax owed @ 24.0%: −$552
• After-tax cash flow: $2,171/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 · 8 photos

Fair 45/100 Cosmetic rehab

This condo is in fair condition with cosmetic updates needed to modernize the kitchen and improve the overall appearance. The property is currently tenant occupied and includes all appliances, making it a good investment opportunity.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate kitchen countertops — dated and worn
• Minor kitchen appliances — basic and outdated

Value-add opportunities

• Both update kitchen cabinetry and countertops — modernizing the kitchen would appeal to both buyers and renters
• Both paint interior walls — fresh paint can make a significant difference in the home's appearance
• Both replace carpeting — new flooring can improve both the resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
kitchen countertops · dated and worn	Moderate	$3,000–15,000
kitchen appliances · basic and outdated	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both update kitchen cabinetry and countertops — modernizing the kitchen would appeal to both buyers and renters ↑
• Both paint interior walls — fresh paint can make a significant difference in the home's appearance ↑
• Both replace carpeting — new flooring can improve both the resale and rental value ↑

ⓘ 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: South Redford School District
• NCES district ID: 2632280
• Math proficiency: 11% ▼ -9.00%
• Reading proficiency: 29% ▼ -7.00%
• Median HH income: $52,775
• Composite: 18.1/100
• National rank: #8972
• State rank: #455 of 540 in MI

Livability — Redford

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Wayne County · 1,562,939 people
• City population: 36,976
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 36,976
• Household income: $71,151
• Rent vs Own: 21.1% rent · 78.9% own
• Severe rent burden: 1052.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 1,675,273 people
• By 2030: 1,620,300 · -3.3%
• By 2040: 1,502,341 · -10.3%
• By 2050: 1,384,039 · -17.4%
• By 2075: 1,124,592 · -32.9%
• By 2100: 881,193 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Black (58%)
• Race & ethnicity: Black 58% White 34% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Romanian 7% Slovak 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% Other Indo-European 1% Arabic 1%

Political lean MEDSL · Wayne

• 2024 margin: Strong D (+29.0) · D 62.7% · R 33.7% · Other 3.6%
• 2008→2024 swing: -20.5pp toward R · 2008: 49.5pp · 2024: 29.0pp
• All cycles: 2024: D+29.0 2020: D+38.1 2016: D+37.3 2012: D+46.9 2008: D+49.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -202.97%
• Current HPI: 236.1136
• Rent YoY: ▲ 3.25%
• 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

-16.7% since first listed

21 events — show timeline

• 2026-04-18 Price Changed $49,990 MiRealSource-MiMLS
• 2026-04-17 Price Changed $49,990 REALCOMP
• 2026-03-05 Price Changed $52,900 MiRealSource-MiMLS
• 2026-03-04 Price Changed $52,900 REALCOMP
• 2026-03-04 Listing Removed — REALCOMP
• 2026-03-04 Listing Removed — MiRealSource-MiMLS
• 2026-03-04 Listed $52,900 REALCOMP
• 2026-03-04 Listed $52,900 MiRealSource-MiMLS
• 2026-01-29 Price Changed $54,900 MiRealSource-MiMLS
• 2026-01-28 Price Changed $54,900 REALCOMP
• 2025-12-22 Price Changed $56,900 REALCOMP
• 2025-12-22 Listing Removed — REALCOMP
• 2025-12-22 Listing Removed — MiRealSource-MiMLS
• 2025-12-22 Listed $54,900 REALCOMP
• 2025-12-22 Listed $56,900 MiRealSource-MiMLS
• 2025-12-21 Relisted — REALCOMP
• 2025-12-21 Contingent — REALCOMP
• 2025-12-17 Price Changed $57,000 MiRealSource-MiMLS
• 2025-12-16 Price Changed $57,000 REALCOMP
• 2025-10-17 Listed $60,000 REALCOMP
• 2025-10-17 Listed $60,000 MiRealSource-MiMLS