26949 Farmbrook Villa Dr #96 · Southfield, MI 48034 5710

$185,000

3 bd · 2.5 ba · 1,658 sqft · Condo · 36 Days on market

Built 1973 Good condition $112/sqft · 11% below area Est $208k · 11% under $400/mo HOA · 17% of rent

---

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 +18.1/30.0
• ARV discount +12.5/15.0
• 1% rule +7.6/10.0
• DSCR +5.7/10.0
• Appreciation +5.0/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Schools +2.0/10.0

Listing remarks

Welcome to your new home. This 1658 sq/ft two story condo is located in the Chelsea Crossing Condominium complex which is tucked in the outskirts of Southfield right next to the renowned Franklin Village, home of multimillion dollar homes. Featuring 3 bedrooms, 2 full and one-half bathrooms, private patio overlooking a court yard, utility room with washer and dryer, and plenty of storage. You also get to enjoy 2 car carport located directly at front of the unit. The primary bedroom is an impressive size and has two closets and its own bathroom with a shower. The other two bedrooms are also very spacious with their own closets and share a bathroom located off the hallway.

Key facts

• New carpet installed
• Freshly painted
• $400 HOA

Tags

• FRESHLY PAINTED
• NEW CARPET INSTALLED

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $162 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $179k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 4.9% in Southfield — 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 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: 1 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 111d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.0% local appreciation)).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 21 sale attempts since 26y ago 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.
• Current owner paid $130k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $179,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 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 1973 — 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 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?
7. 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?
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: 1.26% ✓
• Cap rate: 7.35%
• Cash-on-cash: 3.76%
• DSCR: 1.17
• GRM: 6.6

CMA / ARV

• ARV (median comp): $208,254
• List price: $185,000
• Delta: -11.17%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
27323 Apple Blossom Ln	0.35mi	2/2.0 (-1)	1,665 (+0%)	1mo	$240,000	$144	75
27331 Gardenway Rd	1.32mi	3/2.0	1,700 (+2%)	2mo	$582,000	$342	57
27827 Westcott Crescent Cir	1.44mi	3/2.0	1,592 (-4%)	3mo	$340,000	$214	54
29498 Sylvan Ln	1.44mi	3/3.5	1,739 (+5%)	2mo	$320,000	$184	51
28877 Walnut Grove Ln	0.55mi	2/3.0 (-1)	1,477 (-11%)	2mo	$310,000	$210	48
29441 Sylvan Ln	1.41mi	2/3.5 (-1)	1,739 (+5%)	2mo	$298,000	$171	46
26066 Franklin Pointe Dr	1.05mi	3/2.5	2,029 (+22%)	0mo	$160,250	$79	40
29332 Wellington Rd	1.03mi	3/2.5	2,029 (+22%)	3mo	$190,000	$94	38
29332 Wellington Rd W	1.03mi	3/2.5	2,029 (+22%)	3mo	$190,000	$94	38
27221 Apple Tree Ln	1.38mi	3/2.0	2,071 (+25%)	2mo	$485,000	$234	36
28631 Cumberland Dr	1.11mi	3/2.0	2,031 (+22%)	3mo	$420,000	$207	35
29644 Middlebelt Rd #2502	1.38mi	2/2.0 (-1)	1,285 (-22%)	3mo	$163,000	$127	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 11.1%
• Equity multiple: 1.64×
• Total profit: $32,902
• Equity at exit: $83,184

10-year hold

• IRR: 13.4%
• Equity multiple: 2.99×
• Total profit: $103,057
• Equity at exit: $128,196

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 →

Active competition Active MLS

• For sale now: 0 active · 1 under contract

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 48034 5710

• Active inventory: 1
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,330 high
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,775/yr
• Insurance: −$77
• HOA: −$400
• Vacancy / Maint / Mgmt: −$489
• Net cashflow: $162

Break-even live

Break-even rent $2,125

Max offer price $185,000

Occupancy floor 88%

Sensitivity live

Price	-10% $290	-5% $226	+0% $162	+5% $98	+10% $34
Rent	-10% $-22	-5% $70	+0% $162	+5% $254	+10% $346
Rate	-1.0pp $255	-0.5pp $209	base $162	+0.5pp $114	+1.0pp $66

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 18 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	6	0.24mi
29500 Franklin Rd Southfield, MI	1.0–2.0	1.0–2.0	995	$1,300	$1.31	139d	1	0.27mi
29235 Sharidale St Southfield, MI	3.0	1.5	1636	$2,500	$1.53	10d	1	0.37mi
29260 Franklin Rd Southfield, MI	3.0	1.0–3.0	1660	$3,600	$2.17	0d	6	0.38mi
26179 W 13 Mile Rd Franklin, MI	3.0	1.5	1480	$2,500	$1.69	77d	1	0.53mi
26090 W 12 Mile Rd Southfield, MI	3.0	1.0–2.0	1135	$1,500	$1.32	139d	1	0.60mi
28675 Franklin Rd Southfield, MI	2.0	1.0–2.0	933	$1,778	$1.91	139d	1	0.65mi
28509 Franklin Rd Southfield, MI	1.0–3.0	1.0–2.5	1150	$2,799	$2.43	0d	16	0.77mi
25500 W 12 Mile Rd Southfield, MI	1.0–3.0	1.0–2.0	1095	$2,315	$2.11	0d	22	0.80mi
25701 W 12 Mile Rd Southfield, MI	1.0–2.0	1.0–2.0	920	$1,375	$1.49	120d	5	0.86mi
29319 Tiffany Ct Southfield, MI	3.0	2.0	1400	$1,600	$1.14	10d	1	0.90mi
29194 Tiffany Dr E Unit G Southfield, MI	3.0	2.0	1400	$1,650	$1.18	139d	1	0.96mi
29190 Tiffany Dr E Unit G BUILDING Southfield, MI	2.0	2.0	1400	$1,500	$1.07	139d	1	0.96mi
29226 Tiffany Dr E Southfield, MI	3.0	2.0	1400	$1,650	$1.18	139d	1	0.97mi
25936 Franklin Pointe Dr Unit 1 Southfield, MI	3.0	2.0	1536	$1,850	$1.20	110d	1	1.03mi
24710 W 12 Mile Rd Southfield, MI	1.0–2.0	1.0–2.0	975	$1,400	$1.44	0d	5	1.25mi
27208 Hystone Dr Farmington Hills, MI	3.0	1.5	2064	$2,500	$1.21	110d	1	1.40mi
27860 Berrywood Ln Farmington Hills, MI	2.0	2.0	1156	$1,375	$1.19	7d	2	1.49mi

Property features AI

Finance

• Other: Pets allowed
• HOA & community: Monthly association fee of $400Association covers lawn maintenance, snow removal, water/sewer, and exterior maintenanceAssociation phone available

Exterior

• Parking: Carport2 parking spaces
• Utilities: Public waterNatural gasPublic sewer (included in association utilities)
• Home design: CondominiumTwo-story structureUnit/Building number 96Built in 1973
• Construction: Slab foundation
• Exterior features: Brick and stone exteriorPatioPorchHas poolPaved street access

Interior

• Kitchen: DishwasherDisposalMicrowave
• Bedrooms: Primary bedroom on the second floor (18 x 13)Second bedroom on the second floor (12 x 10)Third bedroom on the second floor (approx. 12 wide)
• Bathrooms: Two full bathroomsOne lavatory
• Heating & cooling: Forced air heatingCentral A/CNatural gas heating fuelGas water heater
• Interior features: Total of 8 roomsPatioPorch
• Laundry & utility: Dryer

HOA detail $400/mo · $4,800/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-09-24
   days on market $185,000 Active 36 DOM
2. 2026-09-23
   days on market $185,000 Active 35 DOM
3. 2026-09-22
   days on market $185,000 Active 34 DOM
4. 2026-09-21
   days on market $185,000 Active 33 DOM
5. 2026-09-20
   days on market $185,000 Active 32 DOM
6. 2026-09-19
   days on market $185,000 Active 31 DOM
7. 2026-09-18
   days on market $185,000 Active 30 DOM
8. 2026-09-17
   days on market $185,000 Active 29 DOM
9. 2026-09-16
   days on market $185,000 Active 28 DOM
10. 2026-09-15
    days on market $185,000 Active 27 DOM
11. 2026-09-14
    days on market $185,000 Active 26 DOM
12. 2026-09-13
    days on market $185,000 Active 25 DOM
13. 2026-09-12
    days on market $185,000 Active 24 DOM
14. 2026-09-11
    days on market $185,000 Active 23 DOM
15. 2026-09-05
    days on market $185,000 Active 17 DOM
16. 2026-09-04
    days on market $185,000 Active 16 DOM
17. 2026-09-03
    days on market $185,000 Active 15 DOM
18. 2026-08-31
    days on market $185,000 Active 12 DOM
19. 2026-08-30
    days on market $185,000 Active 11 DOM
20. 2026-08-29
    days on market $185,000 Active 10 DOM
21. 2026-08-28
    days on market $185,000 Active 9 DOM
22. 2026-08-27
    days on market $185,000 Active 8 DOM
23. 2026-08-26
    days on market $185,000 Active 7 DOM
24. 2026-08-25
    days on market $185,000 Active 6 DOM
25. 2026-08-24
    days on market $185,000 Active 5 DOM
26. 2026-08-23
    days on market $185,000 Active 4 DOM
27. 2026-08-22
    days on market $185,000 Active 3 DOM
28. 2026-08-21
    days on market $185,000 Active 2 DOM
29. 2026-08-20
    pricedays on marketlisting id $185,000 Active 1 DOM
30. 2026-08-19
    days on market $195,000 Active 62 DOM
31. 2026-08-18
    days on market $195,000 Active 61 DOM
32. 2026-08-17
    days on market $195,000 Active 60 DOM
33. 2026-08-16
    days on market $195,000 Active 59 DOM
34. 2026-08-15
    days on market $195,000 Active 58 DOM
35. 2026-08-14
    days on market $195,000 Active 57 DOM
36. 2026-08-13
    days on market $195,000 Active 56 DOM
37. 2026-08-12
    days on market $195,000 Active 55 DOM
38. 2026-08-11
    days on market $195,000 Active 54 DOM
39. 2026-08-10
    days on market $195,000 Active 53 DOM
40. 2026-08-09
    days on market $195,000 Active 52 DOM
41. 2026-08-08
    days on market $195,000 Active 51 DOM
42. 2026-08-06
    days on market $195,000 Active 49 DOM
43. 2026-08-05
    days on market $195,000 Active 48 DOM
44. 2026-08-04
    days on market $195,000 Active 47 DOM
45. 2026-08-03
    days on market $195,000 Active 46 DOM
46. 2026-07-31
    days on market $195,000 Active 43 DOM
47. 2026-07-30
    days on market $195,000 Active 41 DOM
48. 2026-07-28
    days on market $195,000 Active 40 DOM
49. 2026-07-26
    days on market $195,000 Active 38 DOM
50. 2026-07-24
    days on market $195,000 Active 36 DOM

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% 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: $27,961
• − Mortgage interest: −$10,363
• − Property taxes: −$2,775
• − Insurance: −$925
• − Repairs & maintenance: −$2,237
• − Management: −$2,237
• − HOA: −$4,800
• − Depreciation: −$5,382
• Taxable loss: −$758
• Est. tax savings @ 24.0%: +$182
• After-tax cash flow: $2,129/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 · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $8,290–$24,870 screening

This well-maintained, move-in ready condo in Chelsea Crossing Condominium complex offers a good investment opportunity with potential for modest updates to enhance its resale and rental value.

Value-add opportunities

• Both Paint interior walls — Fresh paint can make a home more appealing ↑
• Both Replace carpet with hardwood flooring — Hardwood flooring is more durable and can increase value ↑
• Both Install smart thermostat — Modernizes home and can save on energy costs ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 20/100

Zoned Schools

Elementary Adlai Stevenson Elementary School F MI #1,091/1,397 Nat'l #33,508/41,679

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

B Composite livability gradescore 72/100

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

---

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

Property features AI

Finance

• Other: Pets allowed
• HOA & community: Monthly association fee of $400Association covers lawn maintenance, snow removal, water/sewer, and exterior maintenanceAssociation phone available

Exterior

• Parking: Carport2 parking spaces
• Utilities: Public waterNatural gasPublic sewer (included in association utilities)
• Home design: CondominiumTwo-story structureUnit/Building number 96Built in 1973
• Construction: Slab foundation
• Exterior features: Brick and stone exteriorPatioPorchHas poolPaved street access

Interior

• Kitchen: DishwasherDisposalMicrowave
• Bedrooms: Primary bedroom on the second floor (18 x 13)Second bedroom on the second floor (12 x 10)Third bedroom on the second floor (approx. 12 wide)
• Bathrooms: Two full bathroomsOne lavatory
• Heating & cooling: Forced air heatingCentral A/CNatural gas heating fuelGas water heater
• Interior features: Total of 8 roomsPatioPorch
• Laundry & utility: Dryer

Price history

+12.2% since first listed

50 events — show timeline

• 2026-08-19 Listed $185,000 REALCOMP
• 2026-08-19 Listing Removed — MiRealSource-MiMLS
• 2026-08-19 Listing Removed — REALCOMP
• 2026-08-19 Listed $185,000 MiRealSource-MiMLS
• 2026-06-18 Listing Removed — MiRealSource-MiMLS
• 2026-06-18 Listing Removed — REALCOMP
• 2026-06-18 Listing Removed — Greater Lansing AoR
• 2026-06-18 Listed $195,000 MiRealSource-MiMLS
• 2026-06-18 Listed $195,000 REALCOMP
• 2026-05-21 Price Changed $195,000 MiRealSource-MiMLS
• 2026-05-20 Price Changed $195,000 REALCOMP
• 2026-04-25 Price Changed $205,000 MiRealSource-MiMLS
• 2026-04-24 Price Changed $205,000 REALCOMP
• 2026-04-14 Listing Removed — REALCOMP
• 2026-04-14 Listing Removed — Greater Lansing AoR
• 2026-04-14 Listing Removed — MiRealSource-MiMLS
• 2026-04-14 Listed $219,000 MiRealSource-MiMLS
• 2026-04-14 Listed $219,000 REALCOMP
• 2026-03-11 Listed $227,000 REALCOMP
• 2026-03-11 Listed $227,000 MiRealSource-MiMLS
• 2025-12-04 Listing Removed — MiRealSource-MiMLS
• 2025-11-13 Relisted — MiRealSource-MiMLS
• 2025-11-13 Relisted — REALCOMP
• 2025-10-28 Pending — MiRealSource-MiMLS
• 2025-10-28 Pending — REALCOMP
• 2025-10-28 Listing Removed — Greater Lansing AoR
• 2025-10-28 Listing Removed — REALCOMP
• 2025-09-24 Listed $223,000 REALCOMP
• 2025-09-24 Listing Removed — Greater Lansing AoR
• 2025-09-24 Listing Removed — REALCOMP
• 2025-09-24 Listing Removed — MiRealSource-MiMLS
• 2025-09-24 Listed $223,000 MiRealSource-MiMLS
• 2025-08-30 Price Changed $230,000 MiRealSource-MiMLS
• 2025-08-29 Price Changed $230,000 REALCOMP
• 2025-08-12 Listed $239,900 REALCOMP
• 2025-08-12 Listed $239,900 MiRealSource-MiMLS
• 2006-09-22 Sold (MLS) $129,900 REALCOMP
• 2005-12-29 Listed $129,900 REALCOMP
• 2005-12-14 Listing Removed — REALCOMP
• 2005-07-02 Listed $140,000 REALCOMP
• 2001-07-23 Sold (MLS) $152,500 REALCOMP
• 2001-04-28 Listed $154,900 REALCOMP
• 2001-04-27 Listing Removed — REALCOMP
• 2001-03-11 Listed $159,900 REALCOMP
• 2001-03-01 Listing Removed — REALCOMP
• 2001-01-03 Listed $159,900 REALCOMP
• 2000-12-31 Listing Removed — REALCOMP
• 2000-11-02 Listed $159,900 REALCOMP
• 2000-11-01 Listing Removed — REALCOMP
• 2000-10-14 Listed $164,900 REALCOMP