24219 Evergreen Rd #39 · Southfield, MI 48075

$155,000

2 bd · 1.0 ba · 1,012 sqft · Condo · 78 Days on market

Built 1979 Fair condition $153/sqft · at area comps Est $161k · at est. $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).

• Cash flow +9.9/30.0
• ARV discount +9.2/15.0
• 1% rule +6.0/10.0
• Rent growth +4.5/5.0
• Livability +3.6/5.0
• DSCR +2.8/10.0
• Schools +2.4/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

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 $155k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-96 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $141k (9.0% below list).
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $141k (9.0% below list) — sets the bar for cash-flow.
• Cap rate 5.5% vs local median 4.4% in Southfield — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: schools D, health & safety D, crime 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.
• Market conditions: Rents rising fast (+8.1%/yr); 95 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent runs 31% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 78 days — a 6% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y 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.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $141,064 (9.0% 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 78 days. Have you received any prior offers? Is the seller open to a 9% 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: 1.10% ✓
• Cap rate: 5.55%
• Cash-on-cash: -2.66%
• DSCR: 0.88
• GRM: 7.6

CMA / ARV

• ARV (median comp): $160,952
• List price: $155,000
• Delta: -3.70%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -13.3%
• Equity multiple: 0.49×
• Total profit: $-22,001
• Equity at exit: $23,111

10-year hold

• IRR: 3.7%
• Equity multiple: 1.34×
• Total profit: $14,919
• Equity at exit: $13,402

Cash invested: $43,400 (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 48075

• Rents YoY: 8.1%
• Active inventory: 95
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,702 high
• Mortgage (P&I): −$813
• Tax est. 1.5%: −$194 /mo · $2,325/yr
• Insurance: −$65
• HOA: −$370
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $-96

Break-even live

Break-even rent $1,824

Max offer price $141,064

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5000 Town Ctr #607 Southfield, MI	1.0	1.0	900	$1,695	$1.88	18d	1	0.87mi
21642 Hidden Rivers Dr S #27 Southfield, MI	3.0	2.5	1354	$2,100	$1.55	43d	1	0.91mi
20300 Civic Center Dr Southfield, MI	4.0	1.0–2.0	1200	$1,758	$1.46	1d	12	0.98mi
23404 Plum Hollow St Southfield, MI	3.0	1.5	1050	$2,000	$1.90	24d	1	1.19mi
20284 Melrose St Southfield, MI	3.0	1.0	1200	$1,550	$1.29	43d	1	1.24mi
20800 Knob Woods Dr Southfield, MI	1.0–3.0	1.0–2.5	1625	$1,945	$1.20	1d	9	1.36mi
19500 W 11 Mile Rd Lathrup Village, MI	2.0	2.0	1393	$1,520	$1.09	12d	1	1.47mi
22266 Civic Center Dr Southfield, MI	1.0–2.0	1.0–2.0	1050	$1,505	$1.43	10d	8	1.50mi

HOA detail condo

• Monthly dues: $370 · $4,440/yr
• Likely covers: watergas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $155,000 Active 78 DOM
2. 2026-06-17
   days on market $155,000 Active 77 DOM
3. 2026-06-16
   days on market $155,000 Active 76 DOM
4. 2026-06-15
   days on market $155,000 Active 75 DOM
5. 2026-06-13
   days on market $155,000 Active 73 DOM
6. 2026-06-13
   days on market $155,000 Active 72 DOM
7. 2026-06-09
   days on market $155,000 Active 69 DOM
8. 2026-06-08
   days on market $155,000 Active 68 DOM
9. 2026-06-07
   days on market $155,000 Active 67 DOM
10. 2026-06-04
    days on market $155,000 Active 64 DOM
11. 2026-06-03
    days on market $155,000 Active 63 DOM
12. 2026-06-02
    days on market $155,000 Active 62 DOM
13. 2026-06-01
    days on market $155,000 Active 61 DOM
14. 2026-05-31
    days on market $155,000 Active 60 DOM
15. 2026-04-01
    listed $160,000 Active 620-char remark

    Show marketing remark (620 chars)

    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.

16. 2026-04-01
    listed $160,000 Active 620-char remark

    Show marketing remark (620 chars)

    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.

17. 2003-01-31
    soldstatus $136,900
18. 2002-10-28
    listed $139,900

ⓘ 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 2/10 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: $20,428
• − Mortgage interest: −$8,682
• − Property taxes: −$2,325
• − Insurance: −$775
• − Repairs & maintenance: −$1,634
• − Management: −$1,634
• − HOA: −$4,440
• − Depreciation: −$4,509
• Taxable loss: −$3,572
• Est. tax savings @ 24.0%: +$857
• After-tax cash flow: $-298/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

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.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Paint appears faded in some areas.	Minor	$500–3,000
Flooring · Carpet in living room and bedrooms appears worn.	Minor	$500–3,000
Landscaping · Landscaping appears maintained but could benefit from some updates.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• 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. ↑

ⓘ 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: 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

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
• County: Oakland County · 1,009,092 people
• City population: 54,914
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 22,841
• Household income: $65,384
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 1336.0

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: Majority Black (65%)
• Race & ethnicity: Black 65% White 26% Two or more races 7% Hispanic / Latino 1%
• Common ancestry: Romanian 2% Scotch-Irish 2% Subsaharan African 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Russian/Polish/Slavic 1% Spanish 1% German/W. Germanic 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: ▼ -209.20%
• Current HPI: 190.3275
• Rent YoY: ▲ 8.06%
• 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

+14.4% since first listed

4 events — show timeline

• 2026-04-01 Listed $160,000 MiRealSource-MiMLS
• 2026-04-01 Listed $160,000 REALCOMP
• 2003-01-31 Sold (MLS) $136,900 REALCOMP
• 2002-10-28 Listed $139,900 REALCOMP