1115 N Old Woodward Ave #71 · Birmingham, MI 48009

$275,000

4 bd · 1.0 ba · 909 sqft · Condo public records · 258 Days on market

Built 1968 Fair condition Garage $303/sqft · 5% below area Est $354k · 22% under $303/mo HOA · 8% of rent ↓ 14% since listing

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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 +25.5/30.0
• ARV discount +15.0/15.0
• 1% rule +8.5/10.0
• DSCR +8.5/10.0
• Schools +6.9/10.0
• Livability +4.4/5.0
• Rent growth +3.4/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sharp updated ranch unit on 1st floor in the desirable gated community of Woodward Place and located only walking distance to the ever vibrant Birmingham Downtown District. Quietly positioned in the rear of complex and just steps to the community's private park is a rare amenity. Pack your bags and enjoy the easy life in this sun-filled unit featuring hardwood floors, crown moldings and huge living room with access to a lovely balcony. Enjoy cooking in a spacious kitchen with granite counters, premium appliances, breakfast bar and flowing perfectly into the dining area. Large primary bedroom has a full bath with granite vanity and tub/shower plus a generous walk-in closet. Also, for your convenience it has in-unit laundry, assigned carport and secured lower level storage room plus pets allowed. HOA includes heat & water. Hurry take a look it's super clean, move-in ready and shows like a gem.

Key facts

• Lots of storage
• Balcony
• Spacious kitchen

Tags

• FIRST FLOOR RANCH UNIT
• LOTS OF STORAGE
• BALCONY
• SPACIOUS KITCHEN
• IN-UNIT WASHER AND DRYER
• PRIVATE GATE ENTRY

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath condo listed at $275k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $642 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 2.9% in Birmingham — 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 (#12 in MI, #200 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities A+; Watch: cost of living F.
• Birmingham Public Schools (suburban): math 58% / reading 71% proficiency, ranked #18 of 540 in MI (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 6% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.8%/yr); 261 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 2,614 units permitted in Oakland County in 2024 (721 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 $8k 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.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $77k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 258 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 21y ago; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 258 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 1.35% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.01%
• DSCR: 1.45
• GRM: 6.2

CMA / ARV

• ARV (median comp): $354,447
• List price: $275,000
• Delta: -22.41%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1029 N Old Woodward Ave	0.13mi	3/1.0 (-1)	1,069 (+18%)	30mo	$280,000	$262	44
1029 N Old Woodward Ave	0.13mi	3/1.0 (-1)	1,069 (+18%)	30mo	$280,000	$262	44
1527 Hazel St	1.36mi	3/2.0 (-1)	1,099 (+21%)	4mo	$530,000	$482	28
1225 Derby Rd #1	0.99mi	3/2.0 (-1)	1,078 (+19%)	9mo	$195,000	$181	24
1225 Derby Rd	0.99mi	3/2.0 (-1)	1,078 (+19%)	9mo	$195,000	$181	24
1696 Hazel St	1.46mi	3/2.0 (-1)	1,100 (+21%)	13mo	$389,900	$354	20
611 Ruffner Ave	1.40mi	4/1.0	1,072 (+18%)	35mo	$345,000	$322	20
927 Chestnut St	1.10mi	3/1.5 (-1)	1,084 (+19%)	22mo	$450,000	$415	14
1461 Haynes St	1.42mi	3/1.5 (-1)	1,096 (+21%)	24mo	$435,000	$397	13
2139 Windemere Rd	1.49mi	3/2.0 (-1)	1,098 (+21%)	31mo	$414,900	$378	11
1753 Hazel St	1.47mi	3/2.0 (-1)	1,124 (+24%)	36mo	$400,000	$356	11

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 · 3.75% rent growth · sell at horizon

5-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-546
• Equity at exit: $41,003

10-year hold

• IRR: 10.4%
• Equity multiple: 1.85×
• Total profit: $65,137
• Equity at exit: $23,777

Cash invested: $77,000 (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 48009

• Rents YoY: 3.8%
• Active inventory: 261
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $3,709 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$428 /mo · $5,141/yr
• Insurance: −$115
• HOA: −$303
• Vacancy / Maint / Mgmt: −$779
• Net cashflow: $642

Break-even live

Break-even rent $2,896

Max offer price $275,000

Occupancy floor 78%

Sensitivity live

Price	-10% $798	-5% $720	+0% $642	+5% $564	+10% $487
Rent	-10% $349	-5% $496	+0% $642	+5% $789	+10% $935
Rate	-1.0pp $781	-0.5pp $712	base $642	+0.5pp $571	+1.0pp $498

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: $68,750
• Closing costs: $8,250
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
856 N Old Woodward Ave Birmingham, MI	1.0–3.0	1.5–3.0	1697	$8,000	$4.71	28d	8	0.29mi
555 S Old Woodward Ave Birmingham, MI	1.0–3.0	1.0–2.0	1299	$6,412	$4.94	7d	7	1.11mi

Property features AI

Finance

• HOA & community: Woodward Place AssociationMonthly association fee of $303Association fee includes lawn maintenance, water/sewer, and heatingCommunity grounds maintenance

Exterior

• Parking: Covered parking with lightingCarportOne parking space in garage
• Utilities: Public water at streetPublic sewer at streetPublic power (standard connections)
• Home design: Condominium, 1 storyUnit/Building #71Built in 1968
• Construction: Brick constructionBasement foundationBasement present (unfinished, poured)
• Exterior features: Brick exteriorRoad frontageCity/county maintained roadsPet-friendly (size restrictions apply)

Interior

• Kitchen: DishwasherMicrowaveRange/ovenRefrigeratorKitchen at entry level (approx. 10 x 10) with ceramic flooring
• Bedrooms: Entry-level primary bedroom (17 x 13) with carpet flooring
• Flooring: Carpet in bedroomWood flooring in living and dining areasCeramic flooring in kitchen, bathroom, and laundry
• Bathrooms: One full bathroom located at entry level with ceramic flooring (approx. 8 x 6)
• Heating & cooling: Forced air heatingCentral A/CNatural gas heat sourceGas water heater
• Interior features: First-floor bedroomFirst-floor laundryPrimary bedroom with full bathroomDining area in an L-shapeHas unfinished poured basement
• Laundry & utility: Entry-level laundry room (approx. 4 x 4) with ceramic flooring

HOA detail $303/mo · $3,636/yr condo

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

Listing history 50 events

1. 2026-11-08
   days on market $275,000 Active 258 DOM
2. 2026-11-07
   days on market $275,000 Active 257 DOM
3. 2026-11-06
   days on market $275,000 Active 256 DOM
4. 2026-11-05
   days on market $275,000 Active 255 DOM
5. 2026-11-04
   days on market $275,000 Active 254 DOM
6. 2026-11-02
   days on market $275,000 Active 252 DOM
7. 2026-11-01
   days on market $275,000 Active 251 DOM
8. 2026-10-31
   days on market $275,000 Active 250 DOM
9. 2026-10-30
   days on market $275,000 Active 249 DOM
10. 2026-10-29
    days on market $275,000 Active 248 DOM
11. 2026-10-28
    days on market $275,000 Active 247 DOM
12. 2026-10-27
    days on market $275,000 Active 246 DOM
13. 2026-10-26
    days on market $275,000 Active 245 DOM
14. 2026-10-25
    days on market $275,000 Active 244 DOM
15. 2026-10-24
    days on market $275,000 Active 243 DOM
16. 2026-10-23
    days on market $275,000 Active 242 DOM
17. 2026-10-22
    days on market $275,000 Active 241 DOM
18. 2026-10-21
    days on market $275,000 Active 240 DOM
19. 2026-10-20
    days on market $275,000 Active 239 DOM
20. 2026-10-19
    days on market $275,000 Active 238 DOM
21. 2026-10-18
    days on market $275,000 Active 237 DOM
22. 2026-10-17
    days on market $275,000 Active 236 DOM
23. 2026-10-16
    days on market $275,000 Active 235 DOM
24. 2026-10-15
    days on market $275,000 Active 234 DOM
25. 2026-10-14
    days on market $275,000 Active 233 DOM
26. 2026-10-13
    days on market $275,000 Active 232 DOM
27. 2026-10-12
    days on market $275,000 Active 231 DOM
28. 2026-10-11
    days on market $275,000 Active 230 DOM
29. 2026-10-10
    days on market $275,000 Active 229 DOM
30. 2026-10-09
    days on market $275,000 Active 228 DOM
31. 2026-10-08
    days on market $275,000 Active 227 DOM
32. 2026-10-07
    days on market $275,000 Active 226 DOM
33. 2026-10-06
    days on market $275,000 Active 225 DOM
34. 2026-10-05
    price $275,000 Active 224 DOM
35. 2026-10-05
    days on market $285,000 Active 224 DOM
36. 2026-10-04
    days on market $285,000 Active 223 DOM
37. 2026-10-03
    days on market $285,000 Active 222 DOM
38. 2026-10-02
    days on market $285,000 Active 221 DOM
39. 2026-10-01
    days on market $285,000 Active 220 DOM
40. 2026-09-30
    days on market $285,000 Active 219 DOM
41. 2026-09-29
    days on market $285,000 Active 218 DOM
42. 2026-09-28
    days on market $285,000 Active 217 DOM
43. 2026-09-27
    days on market $285,000 Active 216 DOM
44. 2026-09-25
    remarks 693-char remark
45. 2026-09-25
    days on market $285,000 Active 214 DOM
46. 2026-09-24
    days on market $285,000 Active 213 DOM
47. 2026-09-23
    days on market $285,000 Active 212 DOM
48. 2026-09-22
    days on market $285,000 Active 211 DOM
49. 2026-09-21
    days on market $285,000 Active 210 DOM
50. 2026-09-20
    days on market $285,000 Active 209 DOM

ⓘ 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: $5,141 · $428/mo
• Projected year-2 tax: $5,141 · $428/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,511
• − Mortgage interest: −$15,404
• − Property taxes: −$5,141
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,561
• − Management: −$3,561
• − HOA: −$3,636
• − Depreciation: −$8,000
• Taxable income: $3,833
• Est. tax owed @ 24.0%: −$920
• After-tax cash flow: $6,786/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 · 9 photos

Fair 45/100 Cosmetic rehab Est. rehab $4,545–$13,635 screening

This 1-bedroom, 1-bath condo in Woodward Place is in fair condition with cosmetic updates needed. Painting the exterior and trimming bushes would significantly enhance its curb appeal and value.

Components & finishes AI

Roof asphalt shingle · good Flooring carpet

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Trim bushes — Improves landscaping and enhances curb appeal ↑

ⓘ 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.

C Composite school gradezoned avg 69/100

Zoned Schools

Elementary Pierce Elementary School A- MI #74/1,397 Nat'l #3,487/41,679 Middle Derby Middle School B+ MI #51/493 Nat'l #1,738/14,009 High Ernest W Seaholm High School A- MI #11/713 Nat'l #1,362/17,239

Schools (NCES district)

• District: Birmingham Public Schools
• NCES district ID: 2605850
• Math proficiency: 58% ▼ -8.00%
• Reading proficiency: 71% ▼ -3.00%
• Median HH income: $110,445
• Composite: 60.54/100
• National rank: #839
• State rank: #18 of 540 in MI

A Composite livability gradescore 88/100

Livability — Birmingham

• Score: 88/100
• State rank: #12
• US rank: #200

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Birmingham, MI
• County: Oakland County · 1,335,747 people
• City population: 21,772
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 21,772
• Household income: $153,401
• Rent vs Own: 22.9% rent · 77.1% own
• Severe rent burden: 6% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Asian 5% Hispanic / Latino 4% Black 4%
• Languages at home: 90% English-only · Other Indo-European 3% Arabic 1% Spanish 1%

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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: ▼ -644.58%
• Current HPI: 201.3418
• Rent YoY: ▲ 3.75%
• Metro: Detroit-Warren-Dearborn, MI
• 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

• HOA & community: Woodward Place AssociationMonthly association fee of $303Association fee includes lawn maintenance, water/sewer, and heatingCommunity grounds maintenance

Exterior

• Parking: Covered parking with lightingCarportOne parking space in garage
• Utilities: Public water at streetPublic sewer at streetPublic power (standard connections)
• Home design: Condominium, 1 storyUnit/Building #71Built in 1968
• Construction: Brick constructionBasement foundationBasement present (unfinished, poured)
• Exterior features: Brick exteriorRoad frontageCity/county maintained roadsPet-friendly (size restrictions apply)

Interior

• Kitchen: DishwasherMicrowaveRange/ovenRefrigeratorKitchen at entry level (approx. 10 x 10) with ceramic flooring
• Bedrooms: Entry-level primary bedroom (17 x 13) with carpet flooring
• Flooring: Carpet in bedroomWood flooring in living and dining areasCeramic flooring in kitchen, bathroom, and laundry
• Bathrooms: One full bathroom located at entry level with ceramic flooring (approx. 8 x 6)
• Heating & cooling: Forced air heatingCentral A/CNatural gas heat sourceGas water heater
• Interior features: First-floor bedroomFirst-floor laundryPrimary bedroom with full bathroomDining area in an L-shapeHas unfinished poured basement
• Laundry & utility: Entry-level laundry room (approx. 4 x 4) with ceramic flooring

Price history

-13.6% since first listed

33 events — show timeline

• 2026-05-24 Price Changed $285,000 MiRealSource-MiMLS
• 2026-02-23 Listed $295,000 MiRealSource-MiMLS
• 2024-01-29 Sold (Public Records) $315,000 Public Records
• 2024-01-16 Sold (MLS) $315,000 MiRealSource-MiMLS
• 2024-01-16 Sold (MLS) $315,000 REALCOMP
• 2023-11-24 Pending — MiRealSource-MiMLS
• 2023-11-24 Pending — REALCOMP
• 2023-11-13 Listed $315,000 MiRealSource-MiMLS
• 2023-11-13 Listed $315,000 REALCOMP
• 2015-12-28 Sold (MLS) $1,875 MiRealSource-MiMLS
• 2015-12-17 Listing Removed — MiRealSource-MiMLS
• 2015-12-15 Listed $1,875 MiRealSource-MiMLS
• 2015-12-05 Sold (MLS) $172,500 REALCOMP
• 2015-12-04 Sold (Public Records) $172,500 Public Records
• 2015-11-30 Listed $1,875 MiRealSource-MiMLS
• 2015-11-30 Sold (MLS) $172,500 MiRealSource-MiMLS
• 2015-11-17 Listing Removed — REALCOMP
• 2015-11-17 Listing Removed — MiRealSource-MiMLS
• 2015-11-16 Listed $175,000 REALCOMP
• 2015-11-13 Listing Removed — MiRealSource-MiMLS
• 2015-11-13 Listed $175,000 MiRealSource-MiMLS
• 2015-11-12 Listed $1,400 MiRealSource-MiMLS
• 2014-11-11 Sold (MLS) $1,500 MiRealSource-MiMLS
• 2014-11-10 Listing Removed — MiRealSource-MiMLS
• 2014-10-27 Listed $1,300 MiRealSource-MiMLS
• 2008-10-21 Listing Removed — REALCOMP
• 2008-06-04 Listed $169,000 REALCOMP
• 2007-04-25 Listing Removed — REALCOMP
• 2006-09-25 Listed $199,000 REALCOMP
• 2006-09-21 Listing Removed — REALCOMP
• 2006-01-06 Listed $199,000 REALCOMP
• 2005-12-31 Listing Removed — REALCOMP
• 2005-07-11 Listed $329,950 REALCOMP

Property tax history

+3.5%/yr

Latest (2025): $5,141 · +8.7% YoY. Source: county tax records.