2120 Stone School Cir · Ann Arbor, MI 48108

$192,780

3 bd · 2.0 ba · 1,100 sqft · Condo public records · 139 Days on market

Built 2005 $175/sqft · 11% above area Est $222k · 13% under $394/mo HOA · 20% 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 +13.4/15.0
• Cash flow +9.7/30.0
• Schools +6.5/10.0
• 1% rule +5.1/10.0
• Livability +4.4/5.0
• Rent growth +3.9/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Back on the market and STILL a wonderful opportunity for Affordable Ann Arbor living! This Stone School Townhomes 2-story condo is an Ann Arbor Affordable Housing Covenant Unit subject to HUD income limits and requirements. Purchaser to complete a Homeowner Education course and submit a Homebuyer Eligibility Application. Home Energy Score of 10. Download report at stream. a2gov.org. The main floor features a great room with a cathedral ceiling, space for gathering and dining, and a peaceful maintenance free balcony. The galley kitchen has generous cabinet space, prep space, a convenient pass through to the dining area, and a pantry nearby. For those seeking one level living, there is a bedroom right next to the full bath on the main floor. Upstairs there is another spacious bedroom with a large closet and a full bath. The basement is a versatile space with an egress window allowing for a bedroom, recreational area, office, or simply more storage. Recent updates include the roof, a/c, and furnace providing peace of mind for years to come. This awesome condo is located close to downtown, has quick access to highways, public transit right out front, shopping, dining options, and parks. Don't miss your opportunity for affordable homeownership in the City of Ann Arbor!

Key facts

• $394 HOA
• Built 2005
• Listed 138 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $193k.

Deal economics

• At list price, monthly cash flow is $-128 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (11.7% below list).
• Meets the 1% rule at list price ($2k rent vs $193k).
• Recommended offer: $170k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.5% vs local median 2.5% in Ann Arbor — 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 88/100 on livability (#10 in MI, #155 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living D.
• Ann Arbor Public Schools (urban): math 71% / reading 81% proficiency, ranked #6 of 540 in MI (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents rising fast (+5.7%/yr); 151 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Washtenaw County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts 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 $107k; list at $193k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 20% of rent.

Recommended offer $169,646 (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 139 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.01% ✓
• Cap rate: 5.50%
• Cash-on-cash: -2.84%
• DSCR: 0.87
• GRM: 8.3

CMA / ARV

• ARV (median comp): $221,735
• List price: $192,780
• Delta: -13.06%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.72% rent growth · sell at horizon

5-year hold

• IRR: -17.1%
• Equity multiple: 0.38×
• Total profit: $-33,688
• Equity at exit: $28,744

10-year hold

• IRR: -3.7%
• Equity multiple: 0.72×
• Total profit: $-15,221
• Equity at exit: $16,668

Cash invested: $53,978 (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 48108

• Rents YoY: 5.7%
• Active inventory: 151
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,939 high
• Mortgage (P&I): −$1,011
• Tax from tax record: −$174 /mo · $2,087/yr
• Insurance: −$80
• HOA: −$394
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $-128

Break-even live

Break-even rent $2,100

Max offer price $170,231

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: $48,195
• Closing costs: $5,783
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2040 Cloverly Ln Ann Arbor, MI	2.0	2.5	1555	$2,292	$1.47	13d	2	0.18mi
3510 Pheasant Run Cir Ann Arbor, MI	1.0–2.0	1.0	825	$1,445	$1.75	43d	13	0.22mi
3510 Pheasant Run Cir Ann Arbor, MI	1.0–2.0	1.0	825	$1,405	$1.70	13d	10	0.22mi
2960 Birch Hollow Dr Ann Arbor, MI	1.0–2.0	1.0	718	$1,299	$1.81	13d	3	0.32mi
3032 Forest Creek Ct Ann Arbor, MI	2.0	2.0	966	$1,750	$1.81	43d	1	0.37mi
2716 Packard St Ann Arbor, MI	1.0–2.0	1.0	862	$1,350	$1.57	43d	1	0.68mi
799 Addington Ln Ann Arbor, MI	2.0	2.0	1299	$2,150	$1.66	13d	1	0.89mi
3238 Platt Rd Ann Arbor, MI	3.0	1.5	1488	$2,500	$1.68	43d	1	1.09mi
2511 Packard St Ann Arbor, MI	2.0–3.0	2.0	1200	$2,539	$2.12	13d	7	1.11mi
1533 Pine Valley Blvd Ann Arbor, MI	1.0–2.0	1.0–1.5	827	$1,725	$2.09	43d	1	1.26mi
2315 Packard St Ann Arbor, MI	2.0	1.0	848	$1,500	$1.77	13d	1	1.42mi
2315 Packard St Ann Arbor, MI	2.0	1.0	869	$1,500	$1.73	43d	2	1.42mi
600 Hidden Valley Club Dr Ann Arbor, MI	2.0	1.0–2.0	803	$1,873	$2.33	43d	4	1.46mi

HOA detail condo

• Monthly dues: $394 · $4,728/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-18
   days on market $192,780 Active 139 DOM
2. 2026-06-17
   days on market $192,780 Active 138 DOM
3. 2026-06-16
   days on market $192,780 Active 137 DOM
4. 2026-06-15
   days on market $192,780 Active 136 DOM
5. 2026-06-14
   days on market $192,780 Active 134 DOM
6. 2026-06-10
   days on market $192,780 Active 131 DOM
7. 2026-06-09
   days on market $192,780 Active 130 DOM
8. 2026-06-08
   days on market $192,780 Active 129 DOM
9. 2026-06-07
   days on market $192,780 Active 128 DOM
10. 2026-06-03
    days on market $192,780 Active 124 DOM
11. 2026-06-02
    days on market $192,780 Active 123 DOM
12. 2026-06-01
    days on market $192,780 Active 122 DOM
13. 2026-05-31
    days on market $192,780 Active 121 DOM
14. 2026-05-30
    days on market $192,780 Active 120 DOM
15. 2026-04-29
    status Active 1286-char remark

    Show marketing remark (960 chars)

    Back on the market and STILL a wonderful opportunity for Affordable Ann Arbor living! This Stone School Townhomes 2-story condo is an Ann Arbor Affordable Housing Covenant Unit subject to HUD income limits and requirements. Purchaser to complete a Homeowner Education course and submit a Homebuyer Eligibility Application. Home Energy Score of 10. Download report at stream. a2gov.org. The main floor features a great room with a cathedral ceiling, space for gathering and dining, and a peaceful maintenance free balcony. The galley kitchen has generous cabinet space, prep space, a convenient pass through to the dining area, and a pantry nearby. For those seeking one level living, there is a bedroom right next to the full bath on the main floor. Upstairs there is another spacious bedroom with a large closet and a full bath. The basement is a versatile space with an egress window allowing for a bedroom, recreational area, office, or simply more storage.

16. 2026-04-29
    status Active 960-char remark

    Show marketing remark (960 chars)

    Back on the market and STILL a wonderful opportunity for Affordable Ann Arbor living! This Stone School Townhomes 2-story condo is an Ann Arbor Affordable Housing Covenant Unit subject to HUD income limits and requirements. Purchaser to complete a Homeowner Education course and submit a Homebuyer Eligibility Application. Home Energy Score of 10. Download report at stream. a2gov.org. The main floor features a great room with a cathedral ceiling, space for gathering and dining, and a peaceful maintenance free balcony. The galley kitchen has generous cabinet space, prep space, a convenient pass through to the dining area, and a pantry nearby. For those seeking one level living, there is a bedroom right next to the full bath on the main floor. Upstairs there is another spacious bedroom with a large closet and a full bath. The basement is a versatile space with an egress window allowing for a bedroom, recreational area, office, or simply more storage.

17. 2026-04-29
    status Active

    Show marketing remark (960 chars)

    Back on the market and STILL a wonderful opportunity for Affordable Ann Arbor living! This Stone School Townhomes 2-story condo is an Ann Arbor Affordable Housing Covenant Unit subject to HUD income limits and requirements. Purchaser to complete a Homeowner Education course and submit a Homebuyer Eligibility Application. Home Energy Score of 10. Download report at stream. a2gov.org. The main floor features a great room with a cathedral ceiling, space for gathering and dining, and a peaceful maintenance free balcony. The galley kitchen has generous cabinet space, prep space, a convenient pass through to the dining area, and a pantry nearby. For those seeking one level living, there is a bedroom right next to the full bath on the main floor. Upstairs there is another spacious bedroom with a large closet and a full bath. The basement is a versatile space with an egress window allowing for a bedroom, recreational area, office, or simply more storage.

18. 2026-01-31
    historical
19. 2026-01-30
    historical 960-char remark

    Show marketing remark (960 chars)

    Back on the market and STILL a wonderful opportunity for Affordable Ann Arbor living! This Stone School Townhomes 2-story condo is an Ann Arbor Affordable Housing Covenant Unit subject to HUD income limits and requirements. Purchaser to complete a Homeowner Education course and submit a Homebuyer Eligibility Application. Home Energy Score of 10. Download report at stream. a2gov.org. The main floor features a great room with a cathedral ceiling, space for gathering and dining, and a peaceful maintenance free balcony. The galley kitchen has generous cabinet space, prep space, a convenient pass through to the dining area, and a pantry nearby. For those seeking one level living, there is a bedroom right next to the full bath on the main floor. Upstairs there is another spacious bedroom with a large closet and a full bath. The basement is a versatile space with an egress window allowing for a bedroom, recreational area, office, or simply more storage.

20. 2025-11-03
    listed $192,780 Active 1286-char remark

    Show marketing remark (960 chars)

    Back on the market and STILL a wonderful opportunity for Affordable Ann Arbor living! This Stone School Townhomes 2-story condo is an Ann Arbor Affordable Housing Covenant Unit subject to HUD income limits and requirements. Purchaser to complete a Homeowner Education course and submit a Homebuyer Eligibility Application. Home Energy Score of 10. Download report at stream. a2gov.org. The main floor features a great room with a cathedral ceiling, space for gathering and dining, and a peaceful maintenance free balcony. The galley kitchen has generous cabinet space, prep space, a convenient pass through to the dining area, and a pantry nearby. For those seeking one level living, there is a bedroom right next to the full bath on the main floor. Upstairs there is another spacious bedroom with a large closet and a full bath. The basement is a versatile space with an egress window allowing for a bedroom, recreational area, office, or simply more storage.

21. 2025-11-03
    listed $192,780 Active

    Show marketing remark (960 chars)

    Back on the market and STILL a wonderful opportunity for Affordable Ann Arbor living! This Stone School Townhomes 2-story condo is an Ann Arbor Affordable Housing Covenant Unit subject to HUD income limits and requirements. Purchaser to complete a Homeowner Education course and submit a Homebuyer Eligibility Application. Home Energy Score of 10. Download report at stream. a2gov.org. The main floor features a great room with a cathedral ceiling, space for gathering and dining, and a peaceful maintenance free balcony. The galley kitchen has generous cabinet space, prep space, a convenient pass through to the dining area, and a pantry nearby. For those seeking one level living, there is a bedroom right next to the full bath on the main floor. Upstairs there is another spacious bedroom with a large closet and a full bath. The basement is a versatile space with an egress window allowing for a bedroom, recreational area, office, or simply more storage.

22. 2025-11-03
    listed $192,780 Active 960-char remark

    Show marketing remark (960 chars)

    Back on the market and STILL a wonderful opportunity for Affordable Ann Arbor living! This Stone School Townhomes 2-story condo is an Ann Arbor Affordable Housing Covenant Unit subject to HUD income limits and requirements. Purchaser to complete a Homeowner Education course and submit a Homebuyer Eligibility Application. Home Energy Score of 10. Download report at stream. a2gov.org. The main floor features a great room with a cathedral ceiling, space for gathering and dining, and a peaceful maintenance free balcony. The galley kitchen has generous cabinet space, prep space, a convenient pass through to the dining area, and a pantry nearby. For those seeking one level living, there is a bedroom right next to the full bath on the main floor. Upstairs there is another spacious bedroom with a large closet and a full bath. The basement is a versatile space with an egress window allowing for a bedroom, recreational area, office, or simply more storage.

23. 2025-10-31
    historical $192,780 960-char remark

    Show marketing remark (960 chars)

    Back on the market and STILL a wonderful opportunity for Affordable Ann Arbor living! This Stone School Townhomes 2-story condo is an Ann Arbor Affordable Housing Covenant Unit subject to HUD income limits and requirements. Purchaser to complete a Homeowner Education course and submit a Homebuyer Eligibility Application. Home Energy Score of 10. Download report at stream. a2gov.org. The main floor features a great room with a cathedral ceiling, space for gathering and dining, and a peaceful maintenance free balcony. The galley kitchen has generous cabinet space, prep space, a convenient pass through to the dining area, and a pantry nearby. For those seeking one level living, there is a bedroom right next to the full bath on the main floor. Upstairs there is another spacious bedroom with a large closet and a full bath. The basement is a versatile space with an egress window allowing for a bedroom, recreational area, office, or simply more storage.

24. 2025-10-31
    historical $192,780

    Show marketing remark (960 chars)

    Back on the market and STILL a wonderful opportunity for Affordable Ann Arbor living! This Stone School Townhomes 2-story condo is an Ann Arbor Affordable Housing Covenant Unit subject to HUD income limits and requirements. Purchaser to complete a Homeowner Education course and submit a Homebuyer Eligibility Application. Home Energy Score of 10. Download report at stream. a2gov.org. The main floor features a great room with a cathedral ceiling, space for gathering and dining, and a peaceful maintenance free balcony. The galley kitchen has generous cabinet space, prep space, a convenient pass through to the dining area, and a pantry nearby. For those seeking one level living, there is a bedroom right next to the full bath on the main floor. Upstairs there is another spacious bedroom with a large closet and a full bath. The basement is a versatile space with an egress window allowing for a bedroom, recreational area, office, or simply more storage.

25. 2008-05-21
    soldstatus $107,300
26. 2004-11-10
    soldstatus $102,000

ⓘ 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: $2,087 · $174/mo
• Projected year-2 tax: $2,528 · $211/mo
• Expected delta: +$441/yr (+$37/mo · 21.1%)

ⓘ 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 ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,265
• − Mortgage interest: −$10,799
• − Property taxes: −$2,087
• − Insurance: −$964
• − Repairs & maintenance: −$1,861
• − Management: −$1,861
• − HOA: −$4,728
• − Depreciation: −$5,608
• Taxable loss: −$4,644
• Est. tax savings @ 24.0%: +$1,115
• After-tax cash flow: $-417/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: Ann Arbor Public Schools
• NCES district ID: 2602820
• Math proficiency: 71% ▲ 5.00%
• Reading proficiency: 81% ▲ 11.00%
• Median HH income: $60,768
• Composite: 65.34/100
• National rank: #487
• State rank: #6 of 540 in MI

Livability — Ann Arbor

• Score: 88/100
• State rank: #10
• US rank: #155

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ann Arbor, MI
• County: Washtenaw County · 306,860 people
• City population: 163,747
• Metro: Ann Arbor, MI
• Population (ZIP): 27,666
• Household income: $89,355
• Rent vs Own: 44.6% rent · 55.4% own
• Severe rent burden: 1390.0

Population outlook (Washtenaw County) Hauer SSP2

• Today (2025): 402,878 people
• By 2030: 424,104 · +5.3%
• By 2040: 464,633 · +15.3%
• By 2050: 504,728 · +25.3%
• By 2075: 614,463 · +52.5%
• By 2100: 676,181 · +67.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 58% Black 16% Asian 14% Two or more races 8% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 5% Italian 2% Slovak 2%
• Foreign-born: 23% · China, Canada, South Korea
• Languages at home: 72% English-only · Arabic 5% Other Indo-European 5% Chinese 5%

Political lean MEDSL · Washtenaw

• 2024 margin: Solid D (+44.4) · D 71.0% · R 26.6% · Other 2.4%
• 2008→2024 swing: +3.5pp toward D · 2008: 41.0pp · 2024: 44.4pp
• All cycles: 2024: D+44.4 2020: D+46.6 2016: D+41.5 2012: D+36.0 2008: D+41.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -221.96%
• Current HPI: 216.8067
• Rent YoY: ▲ 5.72%
• Metro: Ann Arbor, 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

+89.0% since first listed

12 events — show timeline

• 2026-04-29 Relisted — REALCOMP
• 2026-04-29 Relisted — MiRealSource-MiMLS
• 2026-04-29 Relisted — SW Michigan MLS
• 2026-01-31 Listing Removed — SW Michigan MLS
• 2026-01-30 Listing Removed — MiRealSource-MiMLS
• 2025-11-03 Listed $192,780 REALCOMP
• 2025-11-03 Listed $192,780 SW Michigan MLS
• 2025-11-03 Listed $192,780 MiRealSource-MiMLS
• 2025-10-31 Coming Soon $192,780 MiRealSource-MiMLS
• 2025-10-31 Coming Soon $192,780 SW Michigan MLS
• 2008-05-21 Sold (Public Records) $107,300 Public Records
• 2004-11-10 Sold (Public Records) $102,000 Public Records

Property tax history

+2.2%/yr

Latest (2025): $2,087 · -12.1% YoY. Source: county tax records.