24219 Evergreen Rd #39 · Southfield, MI 48075 5558

$150,000

2 bd · 1.0 ba · 1,012 sqft · Condo · 176 Days on market

Built 1979 Fair condition 1-car garage $148/sqft · 7% below area Est $161k · 7% under $370/mo HOA · 22% 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).

• ARV discount +10.7/15.0
• Cash flow +10.1/30.0
• 1% rule +6.1/10.0
• Appreciation +5.0/10.0
• Livability +3.6/5.0
• DSCR +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.0/10.0

Listing remarks MLS

This charming private entry, single floor condo offers a convenient one-floor retreat! The living room area boast a cozy gas fireplace and a adjoining dining room. Modern features include nice lighting fixtures that enhance the updated kitchen with eating area, perfect for morning coffee or casual meals. The hallway has newer hardwood flooring and storage closets. Bedroom 2 is currently setup as a cozy family/tv room. Master bedroom has two closets and dual entry bath. One-car detached garage with storage. The community is located with easy access to both 696 and the lodge freeway. Association fees include water.

Key facts

• Hardwood flooring
• Gas fireplace
• Private entry

Tags

• PRIVATE ENTRY
• GAS FIREPLACE
• UPDATED KITCHEN
• HARDWOOD FLOORING
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $150k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-88 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (8.5% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.

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: Morris Adler Elementary School (math 5% / reading 5%, grade F, #1,325 of 1,397 statewide, top 99%, 336 students, 67% FRL); Glenn W Levey Middle School (math 8% / reading 22%, grade F, #453 of 493 statewide, top 93%, 316 students, 62% FRL).
• Zoned-school proficiency averages 10% at this address vs 27% district-wide (-17 pts) — the specific schools serving this property underperform the Southfield Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: 2 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 44% 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 $6k of equity ($1k loan paydown + $4k appreciation (3.0% local appreciation)).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 176 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $132,000 (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. It's been on market 176 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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?
12. 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.
13. 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.
14. 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: 1.11% ✓
• Cap rate: 5.59%
• Cash-on-cash: -2.52%
• DSCR: 0.89
• GRM: 7.5

CMA / ARV

• ARV (median comp): $161,411
• List price: $150,000
• Delta: -7.07%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24339 Evergreen Rd	0.01mi	2/1.0	1,012 (0%)	4mo	$130,000	$128	96
24285 Evergreen Rd	0.03mi	2/1.0	1,083 (+7%)	2mo	$150,000	$139	85
24177 Evergreen Rd	0.01mi	2/1.0	1,083 (+7%)	3mo	$140,000	$129	85
25566 Dunbar St	1.23mi	3/1.0 (+1)	1,028 (+2%)	0mo	$210,000	$204	57
20212 Mada Ave	1.00mi	2/1.0	1,080 (+7%)	1mo	$125,000	$116	53
17400 George Washington Dr	1.30mi	3/1.0 (+1)	1,112 (+10%)	4mo	$175,000	$157	40
20480 Mada Ave	1.03mi	3/1.0 (+1)	896 (-12%)	2mo	$153,000	$171	40
23478 Lahser Rd	1.05mi	2/1.5	1,210 (+20%)	1mo	$160,000	$132	37
21951 Deer Brook Dr #4	0.97mi	2/2.0	1,230 (+22%)	4mo	$334,900	$272	33
21951 Deer Brook Dr #4	0.98mi	2/2.0	1,230 (+22%)	4mo	$334,900	$272	33
21951 Deer Brook Dr #4	0.97mi	2/2.0	1,230 (+22%)	4mo	$334,900	$272	33
17676 Addison St	1.17mi	3/1.5 (+1)	1,225 (+21%)	3mo	$208,000	$170	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: 5.3%
• Equity multiple: 1.30×
• Total profit: $12,715
• Equity at exit: $67,446

10-year hold

• IRR: 8.4%
• Equity multiple: 2.27×
• Total profit: $53,493
• Equity at exit: $103,943

Cash invested: $42,000 (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 · 2 under contract

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

ZIP-level market 48075 5558

• Active inventory: 2
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,669 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$370
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $-88

Break-even live

Break-even rent $1,781

Max offer price $137,261

Occupancy floor —

Sensitivity live

Price	-10% $16	-5% $-36	+0% $-88	+5% $-140	+10% $-192
Rent	-10% $-220	-5% $-154	+0% $-88	+5% $-22	+10% $44
Rate	-1.0pp $-12	-0.5pp $-50	base $-88	+0.5pp $-127	+1.0pp $-166

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: $37,500
• Closing costs: $4,500
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24225 Evergreen Rd Southfield, MI	2.0	1.0	1083	$1,600	$1.48	72d	1	0.02mi
19671 Jeanette St Southfield, MI	2.0	1.0	1366	$1,700	$1.24	10d	1	0.53mi
20185 Rodeo Ct Southfield, MI	2.0	2.0	1078	$1,950	$1.81	43d	1	0.79mi
5000 Town Ctr Unit 607 Southfield, MI	1.0	1.0	900	$1,695	$1.88	40d	1	0.87mi
21642 Hidden Rivers Dr S #27 Southfield, MI	3.0	2.5	1354	$1,800	$1.33	10d	1	0.91mi
20300 Civic Center Dr Southfield, MI	4.0	1.0–2.0	1033	$1,678	$1.62	54d	9	0.98mi
23568 Lahser Rd Southfield, MI	2.0	1.5	1210	$1,599	$1.32	5d	1	1.03mi
23568 Lahser Rd Southfield, MI	2.0	1.5	1210	$1,599	$1.32	24d	1	1.03mi
21450 Frazer Ave Southfield, MI	3.0	2.0	1232	$1,700	$1.38	10d	1	1.07mi
23404 Plum Hollow St Southfield, MI	3.0	1.5	1050	$1,800	$1.71	77d	1	1.19mi
20284 Melrose St Southfield, MI	3.0	1.0	1200	$1,550	$1.29	139d	1	1.24mi
17415 Addison St Southfield, MI	3.0	1.0	1112	$1,595	$1.43	10d	1	1.29mi
20800 Knob Woods Dr Southfield, MI	1.0–3.0	1.0–2.5	1625	$2,012	$1.24	0d	9	1.36mi
27030 Berkshire Dr Southfield, MI	3.0	4.0	1400	$2,200	$1.57	6d	1	1.45mi
19500 W 11 Mile Rd Lathrup Village, MI	2.0	2.0	1393	$1,520	$1.09	108d	1	1.47mi
22266 Civic Center Dr Southfield, MI	1.0–2.0	1.0–2.0	1050	$1,505	$1.43	4d	7	1.50mi

Property features AI

Finance

• Other: Pets allowed (contact for details)
• HOA & community: Homeowners association with a $370 monthly feeHOA covers grounds maintenance, snow removal and water

Exterior

• Parking: Detached 1-car garage
• Utilities: Public waterPublic sewerCircuit breaker electrical serviceWater available
• Home design: CondominiumOne levelGround-level entry
• Construction: Wood sidingAsphalt roofSlab foundationBuilt as residential condominium
• Exterior features: PatioPaved road access

Interior

• Kitchen: Electric cooktop
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas)Central air conditioningCeiling fans
• Interior features: Gas water heaterElectric cooktopFireplace in living room6 total rooms
• Laundry & utility: In-unit laundry room

HOA detail $370/mo · $4,440/yr condo

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

Listing history 50 events

1. 2026-09-24
   days on market $150,000 Active 176 DOM
2. 2026-09-23
   days on market $150,000 Active 175 DOM
3. 2026-09-22
   days on market $150,000 Active 174 DOM
4. 2026-09-21
   days on market $150,000 Active 173 DOM
5. 2026-09-20
   days on market $150,000 Active 172 DOM
6. 2026-09-19
   days on market $150,000 Active 171 DOM
7. 2026-09-18
   days on market $150,000 Active 170 DOM
8. 2026-09-17
   days on market $150,000 Active 169 DOM
9. 2026-09-16
   days on market $150,000 Active 168 DOM
10. 2026-09-15
    days on market $150,000 Active 167 DOM
11. 2026-09-14
    days on market $150,000 Active 166 DOM
12. 2026-09-13
    days on market $150,000 Active 165 DOM
13. 2026-09-12
    days on market $150,000 Active 164 DOM
14. 2026-09-11
    days on market $150,000 Active 163 DOM
15. 2026-09-05
    days on market $150,000 Active 157 DOM
16. 2026-09-04
    days on market $150,000 Active 156 DOM
17. 2026-09-03
    days on market $150,000 Active 155 DOM
18. 2026-08-31
    days on market $150,000 Active 152 DOM
19. 2026-08-30
    days on market $150,000 Active 151 DOM
20. 2026-08-29
    days on market $150,000 Active 150 DOM
21. 2026-08-28
    days on market $150,000 Active 149 DOM
22. 2026-08-27
    days on market $150,000 Active 148 DOM
23. 2026-08-26
    days on market $150,000 Active 147 DOM
24. 2026-08-25
    days on market $150,000 Active 146 DOM
25. 2026-08-24
    days on market $150,000 Active 145 DOM
26. 2026-08-23
    days on market $150,000 Active 144 DOM
27. 2026-08-22
    days on market $150,000 Active 143 DOM
28. 2026-08-21
    days on market $150,000 Active 142 DOM
29. 2026-08-20
    days on market $150,000 Active 141 DOM
30. 2026-08-19
    days on market $150,000 Active 140 DOM
31. 2026-08-18
    days on market $150,000 Active 139 DOM
32. 2026-08-17
    days on market $150,000 Active 138 DOM
33. 2026-08-16
    days on market $150,000 Active 137 DOM
34. 2026-08-15
    days on market $150,000 Active 136 DOM
35. 2026-08-14
    days on market $150,000 Active 135 DOM
36. 2026-08-13
    days on market $150,000 Active 134 DOM
37. 2026-08-12
    days on market $150,000 Active 133 DOM
38. 2026-08-11
    days on market $150,000 Active 132 DOM
39. 2026-08-10
    days on market $150,000 Active 131 DOM
40. 2026-08-09
    days on market $150,000 Active 130 DOM
41. 2026-08-08
    days on market $150,000 Active 129 DOM
42. 2026-08-07
    remarks 691-char remark
43. 2026-08-06
    days on market $150,000 Active 127 DOM
44. 2026-08-05
    days on market $150,000 Active 126 DOM
45. 2026-08-04
    days on market $150,000 Active 125 DOM
46. 2026-08-03
    days on market $150,000 Active 124 DOM
47. 2026-07-31
    days on market $150,000 Active 121 DOM
48. 2026-07-30
    days on market $150,000 Active 119 DOM
49. 2026-07-28
    days on market $150,000 Active 118 DOM
50. 2026-07-26
    days on market $150,000 Active 116 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 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,029
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$1,602
• − Management: −$1,602
• − HOA: −$4,440
• − Depreciation: −$4,364
• Taxable loss: −$3,382
• Est. tax savings @ 24.0%: +$812
• After-tax cash flow: $-245/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

Fair 45/100 Cosmetic rehab Est. rehab $5,060–$15,180 screening

This charming private entry, single floor condo offers a convenient one-floor retreat with average condition. Minor repairs and updates to paint, flooring, and landscaping can significantly increase its value.

Repairs flagged

• Minor Paint — Paint appears faded in some areas.
• Minor Flooring — Carpet in living room and bedrooms appears worn.
• Minor Landscaping — Landscaping appears maintained but could benefit from some updates.

Value-add opportunities

• Both Painting — Fresh paint can enhance the home's curb appeal and interior aesthetics. ↑
• Both New flooring — New flooring can improve the home's appearance and increase its value. ↑
• Both Landscaping — A well-maintained landscape can significantly boost the home's curb appeal and value. ↑

ⓘ 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 10/100

Zoned Schools

Elementary Morris Adler Elementary School F MI #1,325/1,397 Nat'l #40,579/41,679 Middle Glenn W Levey Middle School F MI #453/493 Nat'l #12,693/14,009

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

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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

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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 (contact for details)
• HOA & community: Homeowners association with a $370 monthly feeHOA covers grounds maintenance, snow removal and water

Exterior

• Parking: Detached 1-car garage
• Utilities: Public waterPublic sewerCircuit breaker electrical serviceWater available
• Home design: CondominiumOne levelGround-level entry
• Construction: Wood sidingAsphalt roofSlab foundationBuilt as residential condominium
• Exterior features: PatioPaved road access

Interior

• Kitchen: Electric cooktop
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas)Central air conditioningCeiling fans
• Interior features: Gas water heaterElectric cooktopFireplace in living room6 total rooms
• Laundry & utility: In-unit laundry room

Price history

+7.2% since first listed

8 events — show timeline

• 2026-06-28 Price Changed $150,000 MiRealSource-MiMLS
• 2026-06-27 Price Changed $150,000 REALCOMP
• 2026-05-23 Price Changed $155,000 MiRealSource-MiMLS
• 2026-05-22 Price Changed $155,000 REALCOMP
• 2026-04-01 Listed $160,000 REALCOMP
• 2026-04-01 Listed $160,000 MiRealSource-MiMLS
• 2003-01-31 Sold (MLS) $136,900 REALCOMP
• 2002-10-28 Listed $139,900 REALCOMP