2915 W 13 Mile Rd #209 · Royal Oak, MI 48073

$72,500

1 bd · 1.0 ba · 39,480 sqft · Condo · 48 Days on market

Built 1964 Good condition $2/sqft · 29% below area Est $102k · 29% under $317/mo HOA · 21% of rent ↓ 18% since listing

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +3.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

1 Bedroom co op apartment on second floor. Perfect area of Royal Oak close to freeways, Corewell Hospital, Somerset Mall, Parks, Walking trails, Shopping and Dining. Unit is decorated nicely and includes stove, refrigerator, spacious bedroom with balcony and huge walk in closet. Common basement with laundry and private storage unit. Elevator to all floors including basement. Assisned parking and ample visitor parking. Monthly dues include trash, snow removal, water/sewer, heat and taxes. NO smoking and no pets allowed per association, must be owner occupied and approved by the board. Avaiable immediately. Cash only.

Key facts

• Royal oak
• Private storage unit
• Corewell hospital

Tags

• ROYAL OAK
• COREWELL HOSPITAL
• SOMERSET MALL
• WALKING TRAILS
• COMMON BASEMENT
• PRIVATE STORAGE UNIT

Property features AI

Finance

• HOA & community: Monthly association fee of $317; Association fee includes water, sewer, trash, snow removal, lawn/yard care and heat

Exterior

• Utilities: Public water; Public sewer; Heat included in association fee (see HOA & community)
• Home design: Colonial style; Residential stock cooperative
• Construction: Brick construction; Asphalt roof; Built in 1964
• Exterior features: Sidewalk; Paved road access

Interior

• Kitchen: Disposal; Range; Refrigerator
• Bedrooms: Primary bedroom (12 x 14)
• Bathrooms: 1 full bathroom (primary bathroom listed)
• Heating & cooling: Baseboard heating; Radiant heating; Wall-mounted cooling unit(s)
• Interior features: Elevator; Screens and replacement windows
• Laundry & utility: Slab basement (no finished basement indicated)

🏷️ Possibly a rental listed for sale. The $72,500 price doesn't fit this home's estimated sale value (~$101,926) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $72k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $374 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $72k).
• Recommended offer: $70k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.5% vs local median 3.8% in Royal Oak — 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 83/100 on livability (#50 in MI, #1,020 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities D+.
• Royal Oak Schools (suburban): math 41% / reading 59% proficiency, ranked #89 of 540 in MI (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.4%/yr); 251 active listings in the ZIP; solid renter incomes; 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 $501 of loan paydown is wiped out by about $2k 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 + 2.4% rent growth), your $20k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 7 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.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $70,325 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1964 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-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?
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: 2.08% ✓
• Cap rate: 12.49%
• Cash-on-cash: 22.13%
• DSCR: 1.98
• GRM: 4.0

CMA / ARV

• ARV (median comp): $101,926
• List price: $72,500
• Delta: -28.87%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.36% rent growth · sell at horizon

5-year hold

• IRR: 14.1%
• Equity multiple: 1.56×
• Total profit: $11,350
• Equity at exit: $10,810

10-year hold

• IRR: 22.4%
• Equity multiple: 2.85×
• Total profit: $37,560
• Equity at exit: $6,268

Cash invested: $20,300 (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 48073

• Rents YoY: 2.4%
• Active inventory: 251
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,509 medium
• Mortgage (P&I): −$380
• Tax est. 1.5%: −$91 /mo · $1,088/yr
• Insurance: −$30
• HOA: −$317
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $374

Break-even live

Break-even rent $1,035

Max offer price $72,500

Occupancy floor 70%

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: $18,125
• Closing costs: $2,175
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $317 · $3,804/yr
• Likely covers: watersewertrashsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-18
   days on market $72,500 Active 48 DOM
2. 2026-06-17
   days on market $72,500 Active 47 DOM
3. 2026-06-16
   days on market $72,500 Active 46 DOM
4. 2026-06-15
   days on market $72,500 Active 45 DOM
5. 2026-06-13
   days on market $72,500 Active 43 DOM
6. 2026-06-09
   days on market $72,500 Active 39 DOM
7. 2026-06-08
   days on market $72,500 Active 38 DOM
8. 2026-06-07
   days on market $72,500 Active 37 DOM
9. 2026-06-04
   days on market $72,500 Active 34 DOM
10. 2026-06-03
    days on market $72,500 Active 33 DOM
11. 2026-06-02
    days on market $72,500 Active 32 DOM
12. 2026-06-01
    days on market $72,500 Active 31 DOM
13. 2026-05-31
    days on market $72,500 Active 30 DOM
14. 2026-05-01
    listed $72,500 Active 624-char remark

    Show marketing remark (623 chars)

    1 Bedroom co op apartment on second floor. Perfect area of Royal Oak close to freeways, Corewell Hospital, Somerset Mall, Parks, Walking trails, Shopping and Dining. Unit is decorated nicely and includes stove, refrigerator, spacious bedroom with balcony and huge walk in closet. Common basement with laundry and private storage unit. Elevator to all floors including basement. Assisned parking and ample visitor parking. Monthly dues include trash, snow removal, water/sewer, heat and taxes. NO smoking and no pets allowed per association, must be owner occupied and approved by the board. Avaiable immediately. Cash only.

15. 2026-05-01
    listed $72,500 Active 623-char remark

    Show marketing remark (623 chars)

    1 Bedroom co op apartment on second floor. Perfect area of Royal Oak close to freeways, Corewell Hospital, Somerset Mall, Parks, Walking trails, Shopping and Dining. Unit is decorated nicely and includes stove, refrigerator, spacious bedroom with balcony and huge walk in closet. Common basement with laundry and private storage unit. Elevator to all floors including basement. Assisned parking and ample visitor parking. Monthly dues include trash, snow removal, water/sewer, heat and taxes. NO smoking and no pets allowed per association, must be owner occupied and approved by the board. Avaiable immediately. Cash only.

16. 2026-05-01
    listed $72,500 Active

    Show marketing remark (623 chars)

    1 Bedroom co op apartment on second floor. Perfect area of Royal Oak close to freeways, Corewell Hospital, Somerset Mall, Parks, Walking trails, Shopping and Dining. Unit is decorated nicely and includes stove, refrigerator, spacious bedroom with balcony and huge walk in closet. Common basement with laundry and private storage unit. Elevator to all floors including basement. Assisned parking and ample visitor parking. Monthly dues include trash, snow removal, water/sewer, heat and taxes. NO smoking and no pets allowed per association, must be owner occupied and approved by the board. Avaiable immediately. Cash only.

17. 2026-03-31
    historical
18. 2026-03-30
    historical
19. 2025-08-01
    listed $69,900 Active
20. 2025-08-01
    listed $69,900 Active
21. 2025-08-01
    historical
22. 2025-07-31
    historical
23. 2025-07-16
    price $69,900
24. 2025-07-16
    price $69,900
25. 2025-07-16
    price $69,900
26. 2025-06-10
    price $74,900
27. 2025-06-09
    price $74,900
28. 2025-06-09
    price $74,900
29. 2025-05-02
    price $79,000
30. 2025-05-02
    price $79,000
31. 2025-05-02
    price $79,000
32. 2025-03-20
    listed $88,000 Active
33. 2025-03-20
    listed $88,000 Active

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,113
• − Mortgage interest: −$4,061
• − Property taxes: −$1,088
• − Insurance: −$362
• − Repairs & maintenance: −$1,449
• − Management: −$1,449
• − HOA: −$3,804
• − Depreciation: −$2,109
• Taxable income: $3,791
• Est. tax owed @ 24.0%: −$910
• After-tax cash flow: $3,583/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 · 13 photos

Good 75/100 Cosmetic rehab

This 1-bedroom condo is in good condition with a good exterior and interior. It has a good layout and is located in a desirable area with easy access to amenities. The property is move-in ready with minor repairs needed and some maintenance items to address.

Repairs flagged

• Minor Carpet in common areas — The carpet in the common areas shows some wear, indicating a need for replacement or cleaning.

Value-add opportunities

• Both Paint touch-ups and cleaning — Paint touch-ups and cleaning will improve the appearance and cleanliness of the property, enhancing both resale and rental value.
• Both Replace worn carpet — Replacing the worn carpet in the common areas will improve the overall appearance and comfort of the property, making it more attractive to potential buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Carpet in common areas · The carpet in the common areas shows some wear, indicating a need for replacement or cleaning.	Minor	$500–3,000
Total estimated repair cost · 1 items		$500–3,000

Value-add ROI direction

• Both Paint touch-ups and cleaning — Paint touch-ups and cleaning will improve the appearance and cleanliness of the property, enhancing both resale and rental value. ↑
• Both Replace worn carpet — Replacing the worn carpet in the common areas will improve the overall appearance and comfort of the property, making it more attractive to potential buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Royal Oak Schools
• NCES district ID: 2630300
• Math proficiency: 41% ▼ -10.00%
• Reading proficiency: 59% ▼ -3.00%
• Median HH income: $65,456
• Composite: 44.19/100
• National rank: #2853
• State rank: #89 of 540 in MI

Livability — Royal Oak

• Score: 83/100
• State rank: #50
• US rank: #1020

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Royal Oak, MI
• County: Oakland County · 1,009,092 people
• City population: 57,974
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 33,106
• Household income: $91,627
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 718.0

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 White (80%)
• Race & ethnicity: White 80% Black 8% Two or more races 6% Asian 4% Hispanic / Latino 3%
• Common ancestry: Romanian 13% Lithuanian 4% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 94% English-only · Spanish 1% Chinese 1% Other Indo-European 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: ▼ -479.60%
• Current HPI: 215.8425
• Rent YoY: ▲ 2.36%
• 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

-17.6% since first listed

20 events — show timeline

• 2026-05-01 Listed $72,500 SW Michigan MLS
• 2026-05-01 Listed $72,500 MiRealSource-MiMLS
• 2026-05-01 Listed $72,500 REALCOMP
• 2026-03-31 Listing Removed — MiRealSource-MiMLS
• 2026-03-30 Listing Removed — REALCOMP
• 2025-08-01 Listed $69,900 REALCOMP
• 2025-08-01 Listing Removed — MiRealSource-MiMLS
• 2025-08-01 Listed $69,900 MiRealSource-MiMLS
• 2025-07-31 Listing Removed — REALCOMP
• 2025-07-16 Price Changed $69,900 MiRealSource-MiMLS
• 2025-07-16 Price Changed $69,900 REALCOMP
• 2025-07-16 Price Changed $69,900 SW Michigan MLS
• 2025-06-10 Price Changed $74,900 MiRealSource-MiMLS
• 2025-06-09 Price Changed $74,900 REALCOMP
• 2025-06-09 Price Changed $74,900 SW Michigan MLS
• 2025-05-02 Price Changed $79,000 MiRealSource-MiMLS
• 2025-05-02 Price Changed $79,000 REALCOMP
• 2025-05-02 Price Changed $79,000 SW Michigan MLS
• 2025-03-20 Listed $88,000 REALCOMP
• 2025-03-20 Listed $88,000 MiRealSource-MiMLS