26305 W 7 Mile Unit A201 · Redford, MI 48240

$92,500

2 bd · 1.0 ba · 860 sqft · Condo public records · 80 Days on market

Built 1965 $295/mo HOA · 23% of rent

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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 +20.2/30.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 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

Updated two bedroom upper unit condo with large kitchen, newer carpet and windows. Stable complex with pool, gated parking and security cameras on site. Shared laundry facilities located in a common basement with an assigned storage cage. Agent to verify all information.

Key facts

• Security cameras
• Large kitchen
• Gated parking

Tags

• LARGE KITCHEN
• GATED PARKING
• SECURITY CAMERAS
• SHARED LAUNDRY FACILITIES
• ASSIGNED STORAGE CAGE

Property features AI

Finance

• HOA & community: Monthly association fee of $295; Association covers water, sewer, trash, snow removal, and lawn/yard care

Exterior

• Utilities: Public water; Natural gas water heater; Public sewer
• Home design: Ranch-style condominium; Living area approximately 860
• Construction: Brick construction; Built in 1965
• Exterior features: Sidewalk; Paved road access; Public water

Interior

• Kitchen: Kitchen (12 x 12); Dishwasher; Microwave; Range
• Bedrooms: Primary bedroom (12 x 12); Second bedroom (12 x 11)
• Bathrooms: One full bathroom (10 x 10)
• Heating & cooling: Forced air heating
• Interior features: Six total rooms; Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $92k.

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 $92k).
• Recommended offer: $87k (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 24d 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 $640 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 80 days — a 6% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y ago 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 $68k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.

Recommended offer $86,950 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 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: 1.41% ✓
• Cap rate: 7.81%
• Cash-on-cash: 5.42%
• DSCR: 1.24
• GRM: 5.9

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: -7.7%
• Equity multiple: 0.72×
• Total profit: $-7,348
• Equity at exit: $13,792

10-year hold

• IRR: 2.1%
• Equity multiple: 1.15×
• Total profit: $3,967
• Equity at exit: $7,998

Cash invested: $25,900 (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: 5.9×

Monthly cashflow live

• Estimated rent: $1,308 high
• Mortgage (P&I): −$485
• Tax from tax record: −$98 /mo · $1,174/yr
• Insurance: −$39
• HOA: −$295
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $117

Break-even live

Break-even rent $1,160

Max offer price $92,500

Occupancy floor 86%

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: $23,125
• Closing costs: $2,775
• 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	24d	1	0.21mi
19354 Seminole Redford, MI	3.0	1.0	1050	$1,450	$1.38	24d	1	0.63mi
18732 Salem Unit 2 Detroit, MI	2.0	1.0	925	$1,050	$1.14	12d	1	0.90mi
25822 W 6 Mile Rd Redford Township, MI	2.0	2.0	1100	$1,100	$1.00	24d	1	0.99mi
20524 Indian Redford, MI	3.0	1.0	988	$1,600	$1.62	24d	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	10d	1	1.13mi
20083 Salem St Detroit, MI	3.0	1.0	969	$1,050	$1.08	4d	1	1.13mi
20410 Five Points St Redford, MI	3.0	1.0	950	$1,600	$1.68	4d	1	1.14mi
17324 Salem St Detroit, MI	2.0	1.0	989	$1,200	$1.21	24d	1	1.19mi
24224 W 7 Mile Rd Detroit, MI	1.0–2.0	1.0	600	$875	$1.46	43d	3	1.22mi
18302 Wormer St Detroit, MI	3.0	1.0	1046	$1,475	$1.41	43d	1	1.24mi
25304 Shiawassee Cir #105 Southfield, MI	1.0	1.0	700	$1,050	$1.50	43d	1	1.25mi
25740 Shiawassee St Southfield, MI	1.0–2.0	1.0	850	$1,253	$1.47	43d	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	43d	1	1.32mi
25400 Basin St Southfield, MI	1.0–2.0	1.0	825	$1,400	$1.70	5d	11	1.32mi
19264 Telegraph Rd Unit G2 Detroit, MI	1.0	1.0	700	$820	$1.17	43d	1	1.34mi
19264 Telegraph Rd Unit G7 Detroit, MI	2.0	1.0	820	$975	$1.19	43d	1	1.34mi
19276 Telegraph Rd Detroit, MI	2.0	1.0	820	$975	$1.19	43d	1	1.34mi
19250 Telegraph Rd Unit O7 Detroit, MI	2.0	1.0	820	$975	$1.19	24d	1	1.34mi
25010 W 8 Mile Rd Southfield, MI	1.0	1.0	820	$1,110	$1.35	1d	2	1.34mi
19254 Telegraph Rd Unit M5 Detroit, MI	1.0	1.0	700	$820	$1.17	14d	1	1.34mi
19248 Telegraph Rd Unit P7 Detroit, MI	2.0	1.0	820	$975	$1.19	24d	1	1.34mi
24651 W McNichols Rd Detroit, MI	1.0	1.0	700	$800	$1.14	43d	4	1.35mi
19260 Telegraph Rd Unit J2 Detroit, MI	1.0	1.0	700	$820	$1.17	43d	1	1.37mi
20745 Saint Francis Unit 208 Farmington Hills, MI	2.0	1.0	900	$1,395	$1.55	14d	1	1.40mi
20745 Saint Francis Unit 101 Farmington Hills, MI	2.0	1.0	900	$1,495	$1.66	43d	1	1.40mi
19800 Telegraph Rd Detroit, MI	2.0	1.0	855	$1,020	$1.19	43d	1	1.48mi
21335 Negaunee Unit 1542196P Southfield, MI	3.0	1.0	850	$3,345	$3.94	4d	1	1.49mi

HOA detail condo

• Monthly dues: $295 · $3,540/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-18
   days on market $92,500 Active 80 DOM
2. 2026-06-17
   days on market $92,500 Active 79 DOM
3. 2026-06-16
   days on market $92,500 Active 78 DOM
4. 2026-06-15
   days on market $92,500 Active 77 DOM
5. 2026-06-13
   days on market $92,500 Active 75 DOM
6. 2026-06-13
   days on market $92,500 Active 74 DOM
7. 2026-06-09
   days on market $92,500 Active 71 DOM
8. 2026-06-08
   days on market $92,500 Active 70 DOM
9. 2026-06-07
   days on market $92,500 Active 69 DOM
10. 2026-06-04
    days on market $92,500 Active 66 DOM
11. 2026-06-03
    days on market $92,500 Active 65 DOM
12. 2026-06-02
    days on market $92,500 Active 64 DOM
13. 2026-06-01
    days on market $92,500 Active 63 DOM
14. 2026-05-31
    days on market $92,500 Active 62 DOM
15. 2026-03-30
    listed $92,500 Active 271-char remark

    Show marketing remark (271 chars)

    Updated two bedroom upper unit condo with large kitchen, newer carpet and windows. Stable complex with pool, gated parking and security cameras on site. Shared laundry facilities located in a common basement with an assigned storage cage. Agent to verify all information.

16. 2026-03-30
    listed $92,500 Active

    Show marketing remark (271 chars)

    Updated two bedroom upper unit condo with large kitchen, newer carpet and windows. Stable complex with pool, gated parking and security cameras on site. Shared laundry facilities located in a common basement with an assigned storage cage. Agent to verify all information.

17. 2026-03-30
    listed $92,500 Active 271-char remark

    Show marketing remark (271 chars)

    Updated two bedroom upper unit condo with large kitchen, newer carpet and windows. Stable complex with pool, gated parking and security cameras on site. Shared laundry facilities located in a common basement with an assigned storage cage. Agent to verify all information.

18. 2023-04-07
    soldstatus $67,900
19. 2023-04-05
    soldstatus $67,900 Sold
20. 2023-04-05
    soldstatus $67,900 Closed
21. 2023-03-31
    status Pending
22. 2023-03-31
    status Pending
23. 2023-03-02
    status Active
24. 2023-03-02
    status Active
25. 2023-02-20
    status Pending
26. 2023-02-20
    status Pending
27. 2023-02-01
    listed $67,900 Active
28. 2023-02-01
    listed $67,900 Active
29. 1992-05-08
    soldstatus $41,900

ⓘ 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: $1,174 · $98/mo
• Projected year-2 tax: $1,299 · $108/mo
• Expected delta: +$125/yr (+$10/mo · 10.7%)

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

Taxation est. · year 1

• Rental income: $15,697
• − Mortgage interest: −$5,181
• − Property taxes: −$1,174
• − Insurance: −$462
• − Repairs & maintenance: −$1,256
• − Management: −$1,256
• − HOA: −$3,540
• − Depreciation: −$2,691
• Taxable income: $137
• Est. tax owed @ 24.0%: −$33
• After-tax cash flow: $1,371/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

+120.8% since first listed

15 events — show timeline

• 2026-03-30 Listed $92,500 REALCOMP
• 2026-03-30 Listed $92,500 SW Michigan MLS
• 2026-03-30 Listed $92,500 MiRealSource-MiMLS
• 2023-04-07 Sold (Public Records) $67,900 Public Records
• 2023-04-05 Sold (MLS) $67,900 MiRealSource-MiMLS
• 2023-04-05 Sold (MLS) $67,900 REALCOMP
• 2023-03-31 Pending — MiRealSource-MiMLS
• 2023-03-31 Pending — REALCOMP
• 2023-03-02 Relisted — MiRealSource-MiMLS
• 2023-03-02 Relisted — REALCOMP
• 2023-02-20 Pending — MiRealSource-MiMLS
• 2023-02-20 Pending — REALCOMP
• 2023-02-01 Listed $67,900 MiRealSource-MiMLS
• 2023-02-01 Listed $67,900 REALCOMP
• 1992-05-08 Sold (Public Records) $41,900 Public Records

Property tax history

+6.6%/yr

Latest (2025): $1,174 · -42.8% YoY. Source: county tax records.