20440 Vernier Rd · Harper Woods, MI 48225

$45,000

1 bd · 1.0 ba · 700 sqft · Condo · 13 Days on market

Built 1962 $384/mo HOA · 33% of rent

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move right into this well-maintained 1bedroom co-op located in a desirable 50+ community in Harper Woods! Conveniently situated just minutes from Grosse Pointe and Downtown Detroit, this home offers comfortable, low-maintenance living. Features include a spacious private basement (21' x 17') providing excellent storage space, a large 6' x 6' walk-in closet in the primary bedroom, additional generous closet space throughout, and a dedicated carport. The bedroom features a doorwall leading to a private backyard area surrounded by a privacy fence, creating a peaceful outdoor retreat. Additional updates include a newer furnace and HWT. Association dues include water, exterior maintenance, lawn care, snow removal, trash service, and maintenance of the interior common hallways, making for truly carefree living. Enjoy a quiet community atmosphere while remaining close to shopping, dining, medical facilities, and major freeways. A great opportunity for affordable and carefree living!

Key facts

• Private basement
• Walk-in closet
• Private backyard

Tags

• PRIVATE BASEMENT
• WALK-IN CLOSET
• DEDICATED CARPORT
• PRIVATE BACKYARD
• PRIVACY FENCE

Property features AI

Finance

• Other: Residential condominium; Approximately 700 above-grade finished square feet; Located south of Vernier and west of I-94
• HOA & community: Homeowners association with a $384 monthly fee; HOA covers grounds and structure maintenance, sewer, snow removal, trash, and water; Community sidewalks; Subdivision: EASTLAND CO-OP

Exterior

• Parking: Covered carport
• Utilities: Public water; Public sewer
• Home design: One-level condominium; Brick construction
• Construction: Brick construction; Concrete basement
• Exterior features: Patio; Fenced yard

Interior

• Kitchen: Oven; Range; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Ceiling fan(s)
• Interior features: Gas water heater; Concrete basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $45k.

Deal economics

• At list price, monthly cash flow is $220 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Cap rate 12.2% vs local median 7.7% in Harper Woods — 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 73/100 on livability (#199 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, health & safety D+, schools D-.
• Grosse Pointe Public Schools (suburban): math 56% / reading 68% proficiency, ranked #24 of 540 in MI (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.1%/yr); 133 active listings in the ZIP; 1 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 $311 of loan paydown is wiped out by about $1k 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 + 5.1% rent growth), your $13k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 32y 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 $16k; list at $45k implies a 177% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.

Recommended offer $45,000

Questions for the listing agent

1. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.57% ✓
• Cap rate: 12.17%
• Cash-on-cash: 20.98%
• DSCR: 1.93
• GRM: 3.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.1% rent growth · sell at horizon

5-year hold

• IRR: 17.8%
• Equity multiple: 1.75×
• Total profit: $9,493
• Equity at exit: $6,710

10-year hold

• IRR: 28.7%
• Equity multiple: 4.02×
• Total profit: $38,072
• Equity at exit: $3,891

Cash invested: $12,600 (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 48225

• Rents YoY: 5.1%
• Active inventory: 133
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,159 medium
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$384
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $220

Break-even live

Break-even rent $880

Max offer price $45,000

Occupancy floor 76%

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22843 Grove St #47 Saint Clair Shores, MI	1.0	1.0	700	$1,100	$1.57	19d	1	1.27mi

HOA detail condo

• Monthly dues: $384 · $4,608/yr
• Likely covers: watertrashlandscapingsnow removalexterior maint.
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-18
   days on market $45,000 Active 13 DOM
2. 2026-06-17
   days on market $45,000 Active 12 DOM
3. 2026-06-16
   days on market $45,000 Active 11 DOM
4. 2026-06-15
   days on market $45,000 Active 10 DOM
5. 2026-06-13
   days on market $45,000 Active 8 DOM
6. 2026-06-13
   days on market $45,000 Active 7 DOM
7. 2026-06-09
   days on market $45,000 Active 4 DOM
8. 2026-06-08
   days on market $45,000 Active 3 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $45,000 Active 2 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 3/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,903
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$1,112
• − Management: −$1,112
• − HOA: −$4,608
• − Depreciation: −$1,309
• Taxable income: $2,341
• Est. tax owed @ 24.0%: −$562
• After-tax cash flow: $2,082/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.

Schools (NCES district)

• District: Grosse Pointe Public Schools
• NCES district ID: 2625740
• Math proficiency: 56% ▼ -2.00%
• Reading proficiency: 68% ▲ 2.00%
• Median HH income: $89,975
• Composite: 56.51/100
• National rank: #1152
• State rank: #24 of 540 in MI

Livability — Harper Woods

• Score: 73/100
• State rank: #199
• US rank: #5054

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harper Woods, MI
• County: Wayne County · 1,562,939 people
• City population: 16,098
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 16,098
• Household income: $61,750
• Rent vs Own: 33.8% rent · 66.2% own
• Severe rent burden: 410.0

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: Predominantly Black (65%)
• Race & ethnicity: Black 65% White 28% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Romanian 4% Lithuanian 1% German 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Arabic 2% Spanish 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: ▼ -150.40%
• Current HPI: 181.4961
• Rent YoY: ▲ 5.10%
• 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

+60.7% since first listed

26 events — show timeline

• 2026-06-05 Listed $45,000 REALCOMP
• 2026-06-05 Listed $45,000 MiRealSource-MiMLS
• 2009-04-29 Sold (MLS) $16,250 MiRealSource-MiMLS
• 2009-04-29 Sold (MLS) $16,250 REALCOMP
• 2009-04-28 Listing Removed — MiRealSource-MiMLS
• 2008-07-31 Sold (MLS) $31,000 MiRealSource-MiMLS
• 2008-06-12 Listing Removed — MiRealSource-MiMLS
• 2008-03-11 Listed $34,900 MiRealSource-MiMLS
• 2008-02-10 Listing Removed — MiRealSource-MiMLS
• 2007-08-13 Listed $34,900 MiRealSource-MiMLS
• 2007-05-15 Listed $17,500 MiRealSource-MiMLS
• 2007-05-15 Listed $17,500 REALCOMP
• 2006-08-10 Sold (MLS) $32,900 REALCOMP
• 2006-08-10 Sold (MLS) $32,900 MiRealSource-MiMLS
• 2006-06-22 Listing Removed — MiRealSource-MiMLS
• 2006-01-05 Listed $32,900 REALCOMP
• 2006-01-05 Listed $32,900 MiRealSource-MiMLS
• 2000-05-05 Sold (MLS) $37,000 MiRealSource-MiMLS
• 2000-04-24 Listing Removed — MiRealSource-MiMLS
• 2000-02-20 Listed $38,900 MiRealSource-MiMLS
• 1998-08-18 Sold (MLS) $33,000 MiRealSource-MiMLS
• 1998-08-10 Listing Removed — MiRealSource-MiMLS
• 1998-05-07 Listed $37,900 MiRealSource-MiMLS
• 1995-11-09 Sold (MLS) $28,000 MiRealSource-MiMLS
• 1994-09-13 Listed $28,000 MiRealSource-MiMLS
• 1994-09-13 Listing Removed — MiRealSource-MiMLS