4660 Royal Cove Dr #5 · Rochester, MI 48316

$300,000

3 bd · 2.5 ba · 1,768 sqft · Condo public records · 112 Days on market

Built 1993 $170/sqft · 38% above area Est $327k · 8% under $300/mo HOA · 16% of rent ↓ 14% since listing

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Why this score? — see what drove the F 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 +11.2/15.0
• Cash flow +5.1/30.0
• Schools +4.1/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * MOTIVATED SELLER * * Spacious 3 Bedroom 2 l/2 Bath Condo with Finished Basement and 2 Car Attached Garage. All Appliances including Washer and Dryer. Large Master Bedroom with Full Bath and Walk-in Closet. Finished Basement with lots of storage! 1/2 Bath on 1st Level. Nearby Stoney Creek Park, Shopping and Restaurants! Very Nice Community.

Key facts

• $300 HOA
• 2 garage spots
• Built 1993

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $300k.

Deal economics

• At list price, monthly cash flow is $-695 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (41.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $192k (35.9% below list).
• Recommended offer: $177k (41.0% below list) — sets the bar for cash-flow.
• Cap rate 3.5% vs local median 2.2% in Rochester — 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 76/100 on livability (#150 in MI, #3,744 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D+, amenities D, health & safety D.
• Utica Community Schools (suburban): math 38% / reading 53% proficiency, ranked #126 of 540 in MI (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 167 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $50k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $177,146 (41.0% 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 112 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
9. 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.
10. 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.
11. 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: 0.64% ✗
• Cap rate: 3.51%
• Cash-on-cash: -9.93%
• DSCR: 0.56
• GRM: 13.0

CMA / ARV

• ARV (median comp): $326,682
• List price: $300,000
• Delta: -8.17%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -34.1%
• Equity multiple: -0.10×
• Total profit: $-92,791
• Equity at exit: $44,731

10-year hold

• IRR: -42.6%
• Equity multiple: -0.64×
• Total profit: $-137,366
• Equity at exit: $25,939

Cash invested: $84,000 (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 →

ZIP-level market 48316

• Active inventory: 167
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $1,922 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$216 /mo · $2,591/yr
• Insurance: −$125
• HOA: −$300
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $-695

Break-even live

Break-even rent $2,803

Max offer price $177,146

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
56114 Stoney Place Ln Shelby Township, MI	1.0–3.0	1.0–2.5	1228	$2,134	$1.74	1d	1	0.95mi
56429 Scotland Blvd Shelby Township, MI	2.0	2.0	1410	$1,950	$1.38	4d	1	1.27mi
1973 Monarch Dr Shelby Township, MI	2.0	2.0	1473	$1,850	$1.26	1d	1	1.29mi
54645 Marissa Way Shelby Twp, MI	2.0	2.0	1481	$1,850	$1.25	1d	1	1.30mi
2247 Marissa Way Shelby Township, MI	2.0	2.0	1481	$1,800	$1.22	1d	1	1.32mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-05-16
   status Pending 348-char remark

   Show marketing remark (349 chars)

   * * MOTIVATED SELLER * * Spacious 3 Bedroom 2 l/2 Bath Condo with Finished Basement and 2 Car Attached Garage. All Appliances including Washer and Dryer. Large Master Bedroom with Full Bath and Walk-in Closet. Finished Basement with lots of storage! 1/2 Bath on 1st Level. Nearby Stoney Creek Park, Shopping and Restaurants! Very Nice Community.

2. 2026-05-16
   status Pending 349-char remark

   Show marketing remark (349 chars)

   * * MOTIVATED SELLER * * Spacious 3 Bedroom 2 l/2 Bath Condo with Finished Basement and 2 Car Attached Garage. All Appliances including Washer and Dryer. Large Master Bedroom with Full Bath and Walk-in Closet. Finished Basement with lots of storage! 1/2 Bath on 1st Level. Nearby Stoney Creek Park, Shopping and Restaurants! Very Nice Community.

3. 2026-05-11
   price $300,000 348-char remark

   Show marketing remark (349 chars)

   * * MOTIVATED SELLER * * Spacious 3 Bedroom 2 l/2 Bath Condo with Finished Basement and 2 Car Attached Garage. All Appliances including Washer and Dryer. Large Master Bedroom with Full Bath and Walk-in Closet. Finished Basement with lots of storage! 1/2 Bath on 1st Level. Nearby Stoney Creek Park, Shopping and Restaurants! Very Nice Community.

4. 2026-05-11
   price $300,000 349-char remark

   Show marketing remark (349 chars)

   * * MOTIVATED SELLER * * Spacious 3 Bedroom 2 l/2 Bath Condo with Finished Basement and 2 Car Attached Garage. All Appliances including Washer and Dryer. Large Master Bedroom with Full Bath and Walk-in Closet. Finished Basement with lots of storage! 1/2 Bath on 1st Level. Nearby Stoney Creek Park, Shopping and Restaurants! Very Nice Community.

5. 2026-03-26
   price $320,000 348-char remark

   Show marketing remark (349 chars)

   * * MOTIVATED SELLER * * Spacious 3 Bedroom 2 l/2 Bath Condo with Finished Basement and 2 Car Attached Garage. All Appliances including Washer and Dryer. Large Master Bedroom with Full Bath and Walk-in Closet. Finished Basement with lots of storage! 1/2 Bath on 1st Level. Nearby Stoney Creek Park, Shopping and Restaurants! Very Nice Community.

6. 2026-03-26
   price $320,000 349-char remark

   Show marketing remark (349 chars)

   * * MOTIVATED SELLER * * Spacious 3 Bedroom 2 l/2 Bath Condo with Finished Basement and 2 Car Attached Garage. All Appliances including Washer and Dryer. Large Master Bedroom with Full Bath and Walk-in Closet. Finished Basement with lots of storage! 1/2 Bath on 1st Level. Nearby Stoney Creek Park, Shopping and Restaurants! Very Nice Community.

7. 2026-02-08
   price $334,900 348-char remark

   Show marketing remark (348 chars)

   * * MOTIVATED SELLER * * Spacious 3 Bedroom 2 l/2 Bath Condo with Finished Basement and 2 Car Attached Garage. All Appliances including Washer and Dryer. Large Master Bedroom with Full Bath and Walk-in Closet. Finished Basement with lots of storage! 1/2 Bath on 1st Level. Nearby Stoney Creek Park, Shopping and Restaurants! Very Nice Community.

8. 2026-02-07
   price $334,900 349-char remark

   Show marketing remark (349 chars)

   * * MOTIVATED SELLER * * Spacious 3 Bedroom 2 l/2 Bath Condo with Finished Basement and 2 Car Attached Garage. All Appliances including Washer and Dryer. Large Master Bedroom with Full Bath and Walk-in Closet. Finished Basement with lots of storage! 1/2 Bath on 1st Level. Nearby Stoney Creek Park, Shopping and Restaurants! Very Nice Community.

9. 2026-01-24
   listed $349,900 Active 348-char remark

   Show marketing remark (349 chars)

   * * MOTIVATED SELLER * * Spacious 3 Bedroom 2 l/2 Bath Condo with Finished Basement and 2 Car Attached Garage. All Appliances including Washer and Dryer. Large Master Bedroom with Full Bath and Walk-in Closet. Finished Basement with lots of storage! 1/2 Bath on 1st Level. Nearby Stoney Creek Park, Shopping and Restaurants! Very Nice Community.

10. 2026-01-24
    listed $349,900 Active 349-char remark

    Show marketing remark (349 chars)

    * * MOTIVATED SELLER * * Spacious 3 Bedroom 2 l/2 Bath Condo with Finished Basement and 2 Car Attached Garage. All Appliances including Washer and Dryer. Large Master Bedroom with Full Bath and Walk-in Closet. Finished Basement with lots of storage! 1/2 Bath on 1st Level. Nearby Stoney Creek Park, Shopping and Restaurants! Very Nice Community.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $2,591 · $216/mo
• Projected year-2 tax: $3,606 · $300/mo
• Expected delta: +$1,014/yr (+$85/mo · 39.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,069
• − Mortgage interest: −$16,805
• − Property taxes: −$2,591
• − Insurance: −$1,500
• − Repairs & maintenance: −$1,846
• − Management: −$1,846
• − HOA: −$3,600
• − Depreciation: −$8,727
• Taxable loss: −$13,845
• Est. tax savings @ 24.0%: +$3,323
• After-tax cash flow: $-5,023/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: Utica Community Schools
• NCES district ID: 2634470
• Math proficiency: 38% ▼ -13.00%
• Reading proficiency: 53% ▼ -7.00%
• Median HH income: $65,953
• Composite: 40.52/100
• National rank: #3709
• State rank: #126 of 540 in MI

Livability — Rochester

• Score: 76/100
• State rank: #150
• US rank: #3744

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 28,355

Population outlook (Macomb County) Hauer SSP2

• Today (2025): 925,296 people
• By 2030: 948,226 · +2.5%
• By 2040: 983,961 · +6.3%
• By 2050: 1,010,200 · +9.2%
• By 2075: 1,076,222 · +16.3%
• By 2100: 1,077,065 · +16.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 3% Two or more races 3% Asian 3% Black 2%
• Common ancestry: Romanian 16% Lithuanian 4% Slovak 3%
• Foreign-born: 12% · Canada, China, South Korea
• Languages at home: 83% English-only · Other Indo-European 6% Russian/Polish/Slavic 4% Spanish 2%

Political lean MEDSL · Macomb

• 2024 margin: R (+13.7) · D 42.2% · R 55.9% · Other 1.9%
• 2008→2024 swing: -22.3pp toward R · 2008: 8.6pp · 2024: -13.7pp
• All cycles: 2024: R+13.7 2020: R+8.1 2016: R+11.6 2012: D+4.0 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -200.39%
• Current HPI: 186.8397
• 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

Price history

-14.3% since first listed

10 events — show timeline

• 2026-05-16 Pending — MiRealSource-MiMLS
• 2026-05-16 Pending — REALCOMP
• 2026-05-11 Price Changed $300,000 MiRealSource-MiMLS
• 2026-05-11 Price Changed $300,000 REALCOMP
• 2026-03-26 Price Changed $320,000 MiRealSource-MiMLS
• 2026-03-26 Price Changed $320,000 REALCOMP
• 2026-02-08 Price Changed $334,900 MiRealSource-MiMLS
• 2026-02-07 Price Changed $334,900 REALCOMP
• 2026-01-24 Listed $349,900 REALCOMP
• 2026-01-24 Listed $349,900 MiRealSource-MiMLS

Property tax history

+2.8%/yr

Latest (2025): $2,591 · +2.9% YoY. Source: county tax records.