9746 Cornell St · Taylor, MI 48180

$37,999

2 bd · 1.5 ba · 897 sqft · Condo · 13 Days on market

Built 1970 $570/mo HOA

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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
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 2-bedroom cooperative unit not only offers comfort and style with its 897 sq ft of hardwood flooring and modern updates including: enclosed patio with privacy fence, but it also provides access to a clubhouse exclusively for members. As part of this cooperative, residents enjoy a strong sense of community. Members must carry personal property insurance. Please note that units within this cooperative cannot be rented. This is a cash-only Co-Op.

Key facts

• $570 HOA
• Built 1970
• Listed 13 days

🏢 Co-op / cooperative unit. The $37,999 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $38k.

Deal economics

• At list price, monthly cash flow is $285 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• Cap rate 15.3% vs local median 5.4% in Taylor — 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 (#144 in MI, #3,684 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, crime F.
• Taylor School District (urban): math 14% / reading 27% proficiency, ranked #462 of 540 in MI (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Kinyon Elementary School (math 15% / reading 24%, grade F, #1,091 of 1,397 statewide, top 79%, 411 students, 82% FRL); Robert J West Middle School (math 12% / reading 32%, grade F, #408 of 493 statewide, top 84%, 641 students, 68% FRL); Taylor High School (math 37% / reading 52%, grade F, #214 of 713 statewide, top 36%, 1,394 students, 66% FRL) — zoned schools at 72% FRL track the district average.
• Market conditions: Rents rising fast (+4.9%/yr); 289 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $262 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 + 4.9% rent growth), your $11k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 8y ago; this cycle's ask has dropped $27k (42%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 40% of rent.

Recommended offer $37,999

Questions for the listing agent

1. Built in 1970 — 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 F-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: 3.72% ✓
• Cap rate: 15.31%
• Cash-on-cash: 32.19%
• DSCR: 2.43
• GRM: 2.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.9% rent growth · sell at horizon

5-year hold

• IRR: 32.0%
• Equity multiple: 2.42×
• Total profit: $15,147
• Equity at exit: $5,666

10-year hold

• IRR: 41.3%
• Equity multiple: 5.69×
• Total profit: $49,865
• Equity at exit: $3,285

Cash invested: $10,640 (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 48180

• Rents YoY: 4.9%
• Active inventory: 289
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,415 high
• Mortgage (P&I): −$199
• Tax est. 1.5%: −$47 /mo · $570/yr
• Insurance: −$16
• HOA: −$570
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $285

Break-even live

Break-even rent $1,054

Max offer price $37,999

Occupancy floor 75%

Sensitivity live

Price	-10% $312	-5% $299	+0% $285	+5% $272	+10% $259
Rent	-10% $174	-5% $229	+0% $285	+5% $341	+10% $397
Rate	-1.0pp $305	-0.5pp $295	base $285	+0.5pp $276	+1.0pp $266

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: $9,500
• Closing costs: $1,140
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9620 Elm St Taylor, MI	2.0	1.0	800	$1,470	$1.84	0d	3	0.25mi
23060 Bernard St Unit Upper Unit Taylor, MI	2.0	1.0	922	$1,400	$1.52	1d	1	0.52mi
23060 Bernard St Taylor, MI	3.0	1.0	1086	$1,600	$1.47	1d	1	0.52mi
23060 Bernard St Taylor, MI	2.0	1.0	836	$1,400	$1.67	4d	1	0.52mi
24268 Haskell St Taylor, MI	1.0–2.0	1.0	880	$1,570	$1.78	0d	7	0.83mi
11312 Elm St Taylor, MI	2.0	1.0	830	$1,125	$1.36	45d	1	0.85mi
11384 Brydan St Unit 3 Taylor, MI	2.0	1.5	1100	$1,345	$1.22	13d	1	1.01mi
11258 Goddard Ct Taylor, MI	2.0	1.5	1000	$1,245	$1.25	7d	1	1.04mi
7873 Syracuse St Taylor, MI	2.0	1.0	728	$1,400	$1.92	45d	1	1.12mi
12555 Pine St Taylor, MI	1.0–3.0	1.0–1.5	830	$1,268	$1.53	0d	1	1.36mi

HOA detail condo

• Monthly dues: $570 · $6,840/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 37 events

1. 2025-06-27
   status Pending
2. 2025-06-11
   status Pending
3. 2025-03-25
   historical
4. 2024-12-17
   status Pending
5. 2024-10-04
   soldstatus $70,000 Sold 452-char remark

   Show marketing remark (452 chars)

   This 2-bedroom cooperative unit not only offers comfort and style with its 897 sq ft of hardwood flooring and modern updates including: enclosed patio with privacy fence, but it also provides access to a clubhouse exclusively for members. As part of this cooperative, residents enjoy a strong sense of community. Members must carry personal property insurance. Please note that units within this cooperative cannot be rented. This is a cash-only Co-Op.

6. 2024-10-04
   soldstatus $70,000 Closed 452-char remark

   Show marketing remark (452 chars)

   This 2-bedroom cooperative unit not only offers comfort and style with its 897 sq ft of hardwood flooring and modern updates including: enclosed patio with privacy fence, but it also provides access to a clubhouse exclusively for members. As part of this cooperative, residents enjoy a strong sense of community. Members must carry personal property insurance. Please note that units within this cooperative cannot be rented. This is a cash-only Co-Op.

7. 2024-08-23
   status Pending 452-char remark

   Show marketing remark (452 chars)

   This 2-bedroom cooperative unit not only offers comfort and style with its 897 sq ft of hardwood flooring and modern updates including: enclosed patio with privacy fence, but it also provides access to a clubhouse exclusively for members. As part of this cooperative, residents enjoy a strong sense of community. Members must carry personal property insurance. Please note that units within this cooperative cannot be rented. This is a cash-only Co-Op.

8. 2024-08-23
   status Pending 452-char remark

   Show marketing remark (452 chars)

   This 2-bedroom cooperative unit not only offers comfort and style with its 897 sq ft of hardwood flooring and modern updates including: enclosed patio with privacy fence, but it also provides access to a clubhouse exclusively for members. As part of this cooperative, residents enjoy a strong sense of community. Members must carry personal property insurance. Please note that units within this cooperative cannot be rented. This is a cash-only Co-Op.

9. 2024-08-09
   listed $65,000 Active 452-char remark

   Show marketing remark (452 chars)

   This 2-bedroom cooperative unit not only offers comfort and style with its 897 sq ft of hardwood flooring and modern updates including: enclosed patio with privacy fence, but it also provides access to a clubhouse exclusively for members. As part of this cooperative, residents enjoy a strong sense of community. Members must carry personal property insurance. Please note that units within this cooperative cannot be rented. This is a cash-only Co-Op.

10. 2024-08-09
    listed $65,000 Active 452-char remark

    Show marketing remark (452 chars)

    This 2-bedroom cooperative unit not only offers comfort and style with its 897 sq ft of hardwood flooring and modern updates including: enclosed patio with privacy fence, but it also provides access to a clubhouse exclusively for members. As part of this cooperative, residents enjoy a strong sense of community. Members must carry personal property insurance. Please note that units within this cooperative cannot be rented. This is a cash-only Co-Op.

11. 2022-09-23
    status Pending
12. 2022-06-23
    historical
13. 2022-06-15
    status Pending
14. 2022-04-12
    historical
15. 2022-02-18
    status Pending
16. 2022-01-13
    historical
17. 2022-01-05
    status Pending
18. 2022-01-04
    status Pending
19. 2022-01-04
    historical
20. 2021-12-22
    status Active
21. 2021-12-22
    status Active
22. 2021-12-04
    status Pending
23. 2021-12-04
    status Pending
24. 2021-11-26
    status Active
25. 2021-11-23
    historical
26. 2021-11-20
    price $37,999
27. 2021-11-20
    price $37,999
28. 2021-11-04
    listed $40,000 Active
29. 2021-11-04
    listed $40,000 Active
30. 2019-02-22
    status Pending
31. 2019-02-21
    status Pending
32. 2019-01-28
    soldstatus $30,000 Sold
33. 2019-01-28
    soldstatus $30,000 Closed
34. 2019-01-09
    price $32,900
35. 2019-01-09
    price $32,900
36. 2018-10-03
    listed $38,900 Active
37. 2018-10-03
    listed $38,900 Active

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

Taxation est. · year 1

• Rental income: $16,982
• − Mortgage interest: −$2,129
• − Property taxes: −$570
• − Insurance: −$190
• − Repairs & maintenance: −$1,359
• − Management: −$1,359
• − HOA: −$6,840
• − Depreciation: −$1,105
• Taxable income: $3,431
• Est. tax owed @ 24.0%: −$823
• After-tax cash flow: $2,601/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: Taylor School District
• NCES district ID: 2633540
• Math proficiency: 14% ▼ -7.00%
• Reading proficiency: 27% ▼ -4.00%
• Median HH income: $43,062
• Composite: 17.62/100
• National rank: #9034
• State rank: #462 of 540 in MI

Livability — Taylor

• Score: 76/100
• State rank: #144
• US rank: #3684

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Taylor, MI
• County: Wayne County · 1,562,939 people
• City population: 62,081
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 62,081
• Household income: $61,081
• Rent vs Own: 33.3% rent · 66.7% own
• Severe rent burden: 1957.0

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: Majority White (65%)
• Race & ethnicity: White 65% Black 19% Two or more races 9% Hispanic / Latino 9% Asian 2%
• Hispanic origin (detail): Mexican 6% Puerto Rican 2%
• Common ancestry: Romanian 8% Lithuanian 3% Slovak 2%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 4% Arabic 3% Other Indo-European 3%

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: ▼ -212.33%
• Current HPI: 228.921
• Rent YoY: ▲ 4.90%
• 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

+79.9% since first listed

37 events — show timeline

• 2025-06-27 Pending — REALCOMP
• 2025-06-11 Pending — REALCOMP
• 2025-03-25 Listing Removed — REALCOMP
• 2024-12-17 Pending — REALCOMP
• 2024-10-04 Sold (MLS) $70,000 MiRealSource-MiMLS
• 2024-10-04 Sold (MLS) $70,000 REALCOMP
• 2024-08-23 Pending — MiRealSource-MiMLS
• 2024-08-23 Pending — REALCOMP
• 2024-08-09 Listed $65,000 MiRealSource-MiMLS
• 2024-08-09 Listed $65,000 REALCOMP
• 2022-09-23 Pending — REALCOMP
• 2022-06-23 Listing Removed — REALCOMP
• 2022-06-15 Pending — REALCOMP
• 2022-04-12 Listing Removed — REALCOMP
• 2022-02-18 Pending — REALCOMP
• 2022-01-13 Listing Removed — REALCOMP
• 2022-01-05 Pending — MiRealSource-MiMLS
• 2022-01-04 Pending — REALCOMP
• 2022-01-04 Listing Removed — REALCOMP
• 2021-12-22 Relisted — MiRealSource-MiMLS
• 2021-12-22 Relisted — REALCOMP
• 2021-12-04 Pending — MiRealSource-MiMLS
• 2021-12-04 Pending — REALCOMP
• 2021-11-26 Relisted — REALCOMP
• 2021-11-23 Listing Removed — REALCOMP
• 2021-11-20 Price Changed $37,999 MiRealSource-MiMLS
• 2021-11-20 Price Changed $37,999 REALCOMP
• 2021-11-04 Listed $40,000 MiRealSource-MiMLS
• 2021-11-04 Listed $40,000 REALCOMP
• 2019-02-22 Pending — MiRealSource-MiMLS
• 2019-02-21 Pending — REALCOMP
• 2019-01-28 Sold (MLS) $30,000 MiRealSource-MiMLS
• 2019-01-28 Sold (MLS) $30,000 REALCOMP
• 2019-01-09 Price Changed $32,900 MiRealSource-MiMLS
• 2019-01-09 Price Changed $32,900 REALCOMP
• 2018-10-03 Listed $38,900 MiRealSource-MiMLS
• 2018-10-03 Listed $38,900 REALCOMP