23656 Lahser Rd · Southfield, MI 48033

$158,000

2 bd · 1.5 ba · 1,020 sqft · Condo public records · 9 Days on market

Built 1973 $300/mo HOA · 17% 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).

• Cash flow +13.9/30.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• DSCR +4.2/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is the one you've been waiting for. Updated, move-in-ready condo featuring a spacious eat-in kitchen with white shaker cabinets, stainless steel appliances, granite countertops, and new flooring throughout. The main level includes a bright kitchen and living area, along with a renovated half bath for convenience. Upstairs offers refreshed bedrooms and an updated full bathroom with modern fixtures and finishes. Excellent value for a clean, updated home with great functionality and style.

Key facts

• New flooring
• Renovated half bath
• Eat-in kitchen

Tags

• EAT-IN KITCHEN
• WHITE SHAKER CABINETS
• STAINLESS STEEL APPLIANCES
• GRANITE COUNTERTOPS
• NEW FLOORING
• RENOVATED HALF BATH

Property features AI

Finance

• Other: Listed by Max Broock, REALTORS®-Bloomfield Hills
• HOA & community: Homeowners association with $300 monthly fee; HOA fee covers grounds maintenance, snow removal, and trash

Exterior

• Parking: No garage; assigned parking
• Utilities: Public water; Public sewer
• Home design: Condominium (residential); Entry at ground level with steps; Two stories
• Construction: Aluminum siding and brick exterior
• Exterior features: Paved private road with private maintenance; Pets allowed; Subdivision: WILLOW POND CONDO; Directions: South on Lahser, turn left on Mc Clung; Cross street: Lahser & Mc Clung

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Two-level unit; Unfinished basement; Total of 5 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $158k.

Deal economics

• At list price, monthly cash flow is $16 ($192/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $158k).
• Cap rate 6.4% vs local median 4.6% in Southfield — 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 72/100 on livability (#248 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety D, crime F, amenities F.
• Southfield Public School District (urban): math 17% / reading 37% proficiency, ranked #392 of 540 in MI (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Morris Adler Elementary School (math 5% / reading 5%, grade F, #1,325 of 1,397 statewide, top 99%, 336 students, 67% FRL); Glenn W Levey Middle School (math 8% / reading 22%, grade F, #453 of 493 statewide, top 93%, 316 students, 62% FRL).
• Zoned-school proficiency averages 10% at this address vs 27% district-wide (-17 pts) — the specific schools serving this property underperform the Southfield Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-2.0%/yr); 82 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent runs 34% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $70k; list at $158k implies a 126% gain — meaningful room to come down on a strong offer.

Recommended offer $158,000

Questions for the listing agent

1. Built in 1973 — 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 D-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. 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?
8. 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.
9. 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.
10. 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: 1.11% ✓
• Cap rate: 6.41%
• Cash-on-cash: 0.43%
• DSCR: 1.02
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -19.8%
• Equity multiple: 0.33×
• Total profit: $-29,522
• Equity at exit: $23,558

10-year hold

• IRR: -23.8%
• Equity multiple: 0.02×
• Total profit: $-43,446
• Equity at exit: $13,661

Cash invested: $44,240 (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 48033

• Rents YoY: -2.0%
• Active inventory: 82
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,753 high
• Mortgage (P&I): −$829
• Tax from tax record: −$174 /mo · $2,092/yr
• Insurance: −$66
• HOA: −$300
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $16

Break-even live

Break-even rent $1,733

Max offer price $158,000

Occupancy floor 94%

Sensitivity live

Price	-10% $105	-5% $61	+0% $16	+5% $-29	+10% $-73
Rent	-10% $-122	-5% $-53	+0% $16	+5% $85	+10% $155
Rate	-1.0pp $96	-0.5pp $56	base $16	+0.5pp $-25	+1.0pp $-67

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: $39,500
• Closing costs: $4,740
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21642 Hidden Rivers Dr S #27 Southfield, MI	3.0	2.5	1354	$2,100	$1.55	45d	1	0.12mi
23404 Plum Hollow St Southfield, MI	3.0	1.5	1050	$2,000	$1.90	26d	1	0.23mi
22419 Fairway Dr Southfield, MI	3.0	1.0	1262	$1,850	$1.47	26d	1	0.80mi
21210 Lahser Rd Southfield, MI	1.0	1.0	770	$1,175	$1.53	7d	1	0.99mi
23741 Pond Rd Southfield, MI	1.0–2.0	1.0–2.5	1414	$1,786	$1.26	1d	13	1.06mi
47129 Wedgewood Southfield, MI	1.0–2.0	1.0–2.0	1000	$1,275	$1.27	45d	1	1.17mi
22700 Civic Center Dr Southfield, MI	1.0–2.0	1.0–2.0	1025	$2,078	$2.03	3d	1	1.18mi
22266 Civic Center Dr Southfield, MI	1.0–2.0	1.0–2.0	1050	$1,505	$1.43	1d	8	1.21mi
20284 Melrose St Southfield, MI	3.0	1.0	1200	$1,550	$1.29	45d	1	1.29mi
23344 Park Place Dr Southfield, MI	1.0–2.0	1.0–2.0	1031	$2,080	$2.02	0d	11	1.38mi
22045 Michigan 102 Detroit, MI	1.0	1.0	750	$775	$1.03	45d	1	1.41mi
5000 Town Ctr #607 Southfield, MI	1.0	1.0	900	$1,695	$1.88	20d	1	1.42mi
20300 Civic Center Dr Southfield, MI	4.0	1.0–2.0	1200	$1,758	$1.46	0d	14	1.43mi
20555 Lahser Rd Detroit, MI	1.0–2.0	1.0	737	$975	$1.32	45d	2	1.44mi
23638 Civic Center Dr Southfield, MI	1.0–2.0	1.0–2.0	970	$1,230	$1.27	45d	1	1.46mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-21
   days on market $158,000 Active 9 DOM
2. 2026-06-18
   days on market $158,000 Active 6 DOM
3. 2026-06-17
   days on market $158,000 Active 5 DOM
4. 2026-06-16
   days on market $158,000 Active 4 DOM
5. 2026-06-15
   days on market $158,000 Active 3 DOM
6. 2026-06-13
   remarks 496-char remark
7. 2026-06-13
   listed $158,000 Active 1 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: $2,092 · $174/mo
• Projected year-2 tax: $2,262 · $189/mo
• Expected delta: +$171/yr (+$14/mo · 8.2%)

ⓘ 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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,034
• − Mortgage interest: −$8,850
• − Property taxes: −$2,092
• − Insurance: −$790
• − Repairs & maintenance: −$1,683
• − Management: −$1,683
• − HOA: −$3,600
• − Depreciation: −$4,596
• Taxable loss: −$2,260
• Est. tax savings @ 24.0%: +$542
• After-tax cash flow: $735/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: Southfield Public School District
• NCES district ID: 2632310
• Math proficiency: 17% ▼ -3.00%
• Reading proficiency: 37% ▲ 1.00%
• Median HH income: $51,400
• Composite: 23.77/100
• National rank: #7814
• State rank: #392 of 540 in MI

Livability — Southfield

• Score: 72/100
• State rank: #248
• US rank: #6175

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Southfield, MI
• County: Oakland County · 1,009,092 people
• City population: 54,914
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 17,277
• Household income: $61,016
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 1166.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (68%)
• Race & ethnicity: Black 68% White 24% Two or more races 6% Asian 2% Hispanic / Latino 1%
• Common ancestry: Romanian 3% Scotch-Irish 1% Slovak 1%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 1% Arabic 1% Russian/Polish/Slavic 1%

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: ▼ -175.44%
• Current HPI: 187.5011
• Rent YoY: ▼ -1.96%
• 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

+58.0% since first listed

4 events — show timeline

• 2026-06-12 Listed $158,000 MiRealSource-MiMLS
• 2026-06-12 Listed $158,000 REALCOMP
• 2018-10-30 Sold (Public Records) $70,000 Public Records
• 2001-05-17 Sold (Public Records) $99,990 Public Records

Property tax history

+4.5%/yr

Latest (2025): $2,092 · +3.2% YoY. Source: county tax records.