26305 W 7 Mile Rd #101 · Redford, MI 48240

$84,900

2 bd · 1.5 ba · 860 sqft · Condo · 87 Days on market

Built 1965 $330/mo HOA · 25% of rent ↓ 6% since listing

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Why this score? — see what drove the C- 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 +20.8/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Incredible opportunity to own a 2 bed 1 1/2 baths main level condo with your own private entry with porch located at the side of building. This 1st floor condo has brand new flooring, updated kitchen cabinets with microwave, new light fixtures and ceiling fans. Laundry facilities in common basement. Assn fee includes heat, water, maintenance of the common area

Key facts

• Laundry facilities
• Ceiling fans
• Private entry

Tags

• PRIVATE ENTRY
• UPDATED KITCHEN CABINETS
• NEW LIGHT FIXTURES
• CEILING FANS
• LAUNDRY FACILITIES

Property features AI

Finance

• Other: Condo in WAYNE COUNTY CONDO SUB PLAN 85; Directions: Beech Daly to west on 7 Mile (cross street: 7 Mile / Beech Daly)
• HOA & community: Homeowners association with monthly fee of $330; HOA covers gas, grounds maintenance, structure maintenance, snow removal, trash, and water

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Residential condominium; One story
• Construction: Brick construction; Slab foundation
• Exterior features: Paved road access; Ground-level entry with steps

Interior

• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Wall unit cooling; Baseboard and hot water heating; Natural gas heating
• Interior features: Five total rooms; Pets allowed

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $85k.

Deal economics

• At list price, monthly cash flow is $117 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Redford Union Schools District No. 1 (suburban): math 8% / reading 23% proficiency, ranked #489 of 540 in MI (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 86 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 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 $587 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $79,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.54% ✓
• Cap rate: 7.94%
• Cash-on-cash: 5.89%
• DSCR: 1.26
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -6.9%
• Equity multiple: 0.74×
• Total profit: $-6,100
• Equity at exit: $12,659

10-year hold

• IRR: 3.0%
• Equity multiple: 1.22×
• Total profit: $5,166
• Equity at exit: $7,341

Cash invested: $23,772 (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 48240

• Active inventory: 86
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,308 high
• Mortgage (P&I): −$445
• Tax est. 1.5%: −$106 /mo · $1,274/yr
• Insurance: −$35
• HOA: −$330
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $117

Break-even live

Break-even rent $1,160

Max offer price $84,900

Occupancy floor 86%

Sensitivity live

Price	-10% $175	-5% $146	+0% $117	+5% $87	+10% $58
Rent	-10% $13	-5% $65	+0% $117	+5% $168	+10% $220
Rate	-1.0pp $159	-0.5pp $138	base $117	+0.5pp $95	+1.0pp $72

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
26539 Clarita Redford, MI	3.0	1.5	931	$1,875	$2.01	25d	1	0.21mi
19354 Seminole Redford, MI	3.0	1.0	1050	$1,450	$1.38	25d	1	0.63mi
18732 Salem Unit 2 Detroit, MI	2.0	1.0	925	$1,050	$1.14	13d	1	0.90mi
25822 W 6 Mile Rd Redford Township, MI	2.0	2.0	1100	$1,100	$1.00	25d	1	0.99mi
20524 Indian Redford, MI	3.0	1.0	988	$1,600	$1.62	25d	1	1.00mi
20091 Inkster Rd Livonia, MI	2.0	1.0	756	$1,400	$1.85	5d	1	1.00mi
18405 Gillman St Livonia, MI	3.0	2.0	1014	$1,950	$1.92	5d	1	1.12mi
20083 Salem St Detroit, MI	3.0	1.0	969	$1,050	$1.08	11d	1	1.13mi
20083 Salem St Detroit, MI	3.0	1.0	969	$1,050	$1.08	5d	1	1.13mi
20410 Five Points St Redford, MI	3.0	1.0	950	$1,600	$1.68	5d	1	1.14mi
17324 Salem St Detroit, MI	2.0	1.0	989	$1,200	$1.21	25d	1	1.19mi
24224 W 7 Mile Rd Detroit, MI	1.0–2.0	1.0	600	$875	$1.46	44d	3	1.22mi
18302 Wormer St Detroit, MI	3.0	1.0	1046	$1,475	$1.41	44d	1	1.24mi
25304 Shiawassee Cir #105 Southfield, MI	1.0	1.0	700	$1,050	$1.50	44d	1	1.25mi
25740 Shiawassee St Southfield, MI	1.0–2.0	1.0	850	$1,253	$1.47	44d	10	1.26mi
25340 Shiawassee Cir Unit 208 Southfield, MI	1.0	1.0	575	$1,050	$1.83	18d	1	1.30mi
25400 Basin St Bldg 9 Southfield, MI	1.0	1.0	750	$1,175	$1.57	44d	1	1.32mi
25400 Basin St Southfield, MI	1.0–2.0	1.0	825	$1,400	$1.70	0d	12	1.32mi
19264 Telegraph Rd Unit G2 Detroit, MI	1.0	1.0	700	$820	$1.17	44d	1	1.34mi
19264 Telegraph Rd Unit G7 Detroit, MI	2.0	1.0	820	$975	$1.19	44d	1	1.34mi
19276 Telegraph Rd Detroit, MI	2.0	1.0	820	$975	$1.19	44d	1	1.34mi
19250 Telegraph Rd Unit O7 Detroit, MI	2.0	1.0	820	$975	$1.19	25d	1	1.34mi
25010 W 8 Mile Rd Southfield, MI	1.0	1.0	820	$1,112	$1.36	0d	3	1.34mi
19254 Telegraph Rd Unit M5 Detroit, MI	1.0	1.0	700	$820	$1.17	15d	1	1.34mi
19248 Telegraph Rd Unit P7 Detroit, MI	2.0	1.0	820	$975	$1.19	25d	1	1.34mi
24651 W McNichols Rd Detroit, MI	1.0	1.0	700	$800	$1.14	44d	4	1.35mi
19260 Telegraph Rd Unit J2 Detroit, MI	1.0	1.0	700	$820	$1.17	44d	1	1.37mi
20745 Saint Francis Unit 208 Farmington Hills, MI	2.0	1.0	900	$1,395	$1.55	15d	1	1.40mi
20745 Saint Francis Unit 101 Farmington Hills, MI	2.0	1.0	900	$1,495	$1.66	44d	1	1.40mi
19800 Telegraph Rd Detroit, MI	2.0	1.0	855	$1,020	$1.19	44d	1	1.48mi
21335 Negaunee Unit 1542196P Southfield, MI	3.0	1.0	850	$2,415	$2.84	0d	1	1.49mi

HOA detail condo

• Monthly dues: $330 · $3,960/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-07
   days on market $84,900 Active 87 DOM
2. 2026-06-04
   days on market $84,900 Active 84 DOM
3. 2026-06-03
   days on market $84,900 Active 83 DOM
4. 2026-06-02
   days on market $84,900 Active 82 DOM
5. 2026-06-01
   days on market $84,900 Active 81 DOM
6. 2026-05-31
   days on market $84,900 Active 80 DOM
7. 2026-05-07
   price $84,900 362-char remark

   Show marketing remark (362 chars)

   Incredible opportunity to own a 2 bed 1 1/2 baths main level condo with your own private entry with porch located at the side of building. This 1st floor condo has brand new flooring, updated kitchen cabinets with microwave, new light fixtures and ceiling fans. Laundry facilities in common basement. Assn fee includes heat, water, maintenance of the common area

8. 2026-05-06
   price $84,900
9. 2026-03-12
   listed $89,900 Active 362-char remark

   Show marketing remark (362 chars)

   Incredible opportunity to own a 2 bed 1 1/2 baths main level condo with your own private entry with porch located at the side of building. This 1st floor condo has brand new flooring, updated kitchen cabinets with microwave, new light fixtures and ceiling fans. Laundry facilities in common basement. Assn fee includes heat, water, maintenance of the common area

10. 2026-03-12
    listed $89,900 Active

    Show marketing remark (362 chars)

    Incredible opportunity to own a 2 bed 1 1/2 baths main level condo with your own private entry with porch located at the side of building. This 1st floor condo has brand new flooring, updated kitchen cabinets with microwave, new light fixtures and ceiling fans. Laundry facilities in common basement. Assn fee includes heat, water, maintenance of the common area

ⓘ 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: $15,698
• − Mortgage interest: −$4,756
• − Property taxes: −$1,274
• − Insurance: −$424
• − Repairs & maintenance: −$1,256
• − Management: −$1,256
• − HOA: −$3,960
• − Depreciation: −$2,470
• Taxable income: $303
• Est. tax owed @ 24.0%: −$73
• After-tax cash flow: $1,328/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: Redford Union Schools District No. 1
• NCES district ID: 2629460
• Math proficiency: 8% ▼ -6.00%
• Reading proficiency: 23% ▬ 0.00%
• Median HH income: $49,778
• Composite: 14.1/100
• National rank: #9460
• State rank: #489 of 540 in MI

Livability — Redford

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• City population: 36,976
• Population (ZIP): 17,097

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 45% Black 40% Two or more races 10% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% Chinese 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: ▼ -177.98%
• Current HPI: 236.2958
• 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

-5.6% since first listed

4 events — show timeline

• 2026-05-07 Price Changed $84,900 MiRealSource-MiMLS
• 2026-05-06 Price Changed $84,900 REALCOMP
• 2026-03-12 Listed $89,900 REALCOMP
• 2026-03-12 Listed $89,900 MiRealSource-MiMLS