20870 Wildwood Dr #221 · Harper Woods, MI 48225

$47,500

2 bd · 1.0 ba · 1,000 sqft · Condo · 127 Days on market

Built 1966 $390/mo HOA · 29% of rent ↓ 14% since listing

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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
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This Bright and Cozy two-bedroom Harper Woods Coop with brand new carpeting and neutral paint is a great value. Two spacious bedrooms with generous closet space. Located close to Grosse Pointe with all the shopping and professional amenities as well as being minutes from the excitement of Downtown Detroit. The monthly fee includes taxes, heat, water, master insurance & exterior maintenance. Owner occupants only. Co op does not allow Leasing or Pets.

Key facts

• Neutral paint
• Brand new carpeting
• $390 HOA

Tags

• BRAND NEW CARPETING
• NEUTRAL PAINT
• GENEROUS CLOSET SPACE
• CLOSE TO GROSSE POINTE
• MINUTES FROM DOWNTOWN DETROIT

Property features AI

Finance

• Other: Pets not allowed
• HOA & community: Homeowners association with a $390 monthly fee; HOA fee includes gas, insurance, grounds maintenance, structure maintenance, sewer, snow removal, trash, and water

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Residential condominium; One level; Upper-level entry with steps; Brick construction
• Construction: Brick exterior; Full unfinished basement
• Exterior features: Porch; Private maintained road access; Private road frontage

Interior

• Kitchen: Built-in electric oven; Refrigerator
• Bedrooms: Total of 5 rooms (bedrooms and living spaces combined)
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; Natural gas heating; Central air conditioning
• Interior features: Built-in electric oven; Free-standing refrigerator; Full unfinished basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $48k.

Deal economics

• At list price, monthly cash flow is $359 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• Recommended offer: $42k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.4% vs local median 7.7% in Harper Woods — 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 73/100 on livability (#199 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, health & safety D+, schools D-.
• Harper Woods School District (suburban): math 4% / reading 15% proficiency, ranked #524 of 540 in MI (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.1%/yr); 133 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $328 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 + 5.1% rent growth), your $13k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 127 days — a 12% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• 4 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 29% of rent.

Recommended offer $41,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — 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. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.87% ✓
• Cap rate: 15.37%
• Cash-on-cash: 32.43%
• DSCR: 2.44
• GRM: 2.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.1% rent growth · sell at horizon

5-year hold

• IRR: 31.5%
• Equity multiple: 2.38×
• Total profit: $18,399
• Equity at exit: $7,082

10-year hold

• IRR: 40.4%
• Equity multiple: 5.45×
• Total profit: $59,164
• Equity at exit: $4,107

Cash invested: $13,300 (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 48225

• Rents YoY: 5.1%
• Active inventory: 133
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,364 high
• Mortgage (P&I): −$249
• Tax est. 1.5%: −$59 /mo · $712/yr
• Insurance: −$20
• HOA: −$390
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $359

Break-even live

Break-even rent $909

Max offer price $47,500

Occupancy floor 69%

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: $11,875
• Closing costs: $1,425
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19203 Edgefield St Harper Woods, MI	2.0	1.0	1100	$1,100	$1.00	24d	1	0.66mi
20015 Lochmoor St Harper Woods, MI	3.0	1.0	1006	$1,500	$1.49	16d	1	0.67mi
21301 Kingsville St Apt 108 Harper Woods, MI	1.0	1.0	700	$900	$1.29	3d	1	0.68mi
21401 Kingsville St Harper Woods, MI	2.0	1.0	944	$1,200	$1.27	24d	1	0.72mi
19168 Berden St Grosse Pointe, MI	3.0	1.0	1200	$1,800	$1.50	1d	1	0.81mi
20926 Moross Rd Grosse Pointe, MI	3.0	1.0	1200	$1,350	$1.12	43d	1	0.81mi
2037 Vernier Rd Grosse Pointe Woods, MI	2.0	1.0	850	$1,350	$1.59	43d	1	0.85mi
19982 McCormick St Detroit, MI	3.0	1.0	866	$1,200	$1.39	3d	1	0.92mi
19661 Kenosha St Harper Woods, MI	3.0	2.0	1000	$1,400	$1.40	24d	1	0.93mi
10870 Marne St Detroit, MI	3.0	1.0	1156	$1,100	$0.95	17d	1	1.00mi
20600 Balfour St Harper Woods, MI	1.0–2.0	1.0–2.0	971	$1,671	$1.72	1d	12	1.00mi
10985 Peerless St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	4d	1	1.02mi
1992 Hawthorne Rd Grosse Pointe Woods, MI	3.0	2.0	1071	$2,100	$1.96	10d	1	1.03mi
10542 Lanark St Detroit, MI	3.0	1.0	1023	$1,250	$1.22	43d	1	1.06mi
6301 Lodewyck St Detroit, MI	3.0	1.0	1084	$1,300	$1.20	12d	1	1.07mi
2175 Ridgemont Rd Grosse Pointe Woods, MI	2.0	1.0	1100	$1,300	$1.18	43d	1	1.08mi
17720 Chester St Detroit, MI	2.0	1.0	986	$1,250	$1.27	43d	1	1.08mi
17710 Chester St Detroit, MI	2.0	1.0	984	$1,250	$1.27	43d	1	1.08mi
19639 Moross Rd Unit 1 Detroit, MI	2.0	1.0	900	$1,100	$1.22	43d	1	1.09mi
20270 Hollywood St Harper Woods, MI	3.0	1.0	1228	$1,650	$1.34	1d	1	1.10mi
19442 Kingsville St Harper Woods, MI	3.0	1.0	1000	$1,500	$1.50	17d	1	1.10mi
19435 McCormick St Detroit, MI	3.0	2.0	1148	$1,300	$1.13	17d	1	1.13mi
22144 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,350	$1.65	17d	1	1.13mi
22144 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,350	$1.65	2d	1	1.13mi
22148 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,250	$1.53	17d	1	1.14mi
22148 Moross Rd Grosse Pointe, MI	2.0	1.0	819	$1,250	$1.53	2d	1	1.14mi
19000 Chandler Park Dr Grosse Pointe, MI	2.0	1.0	1374	$2,300	$1.67	4d	1	1.14mi
19000 Chandler Park Dr Grosse Pointe, MI	2.0	1.0	1374	$2,300	$1.67	1d	1	1.14mi
6175 Marseilles St Detroit, MI	3.0	1.0	1100	$1,100	$1.00	43d	1	1.15mi
19152 Woodside St Harper Woods, MI	3.0	1.0	916	$1,500	$1.64	17d	1	1.15mi
5915 Farmbrook St Detroit, MI	3.0	1.5	1000	$1,250	$1.25	24d	1	1.22mi
6325 Neff Ave Detroit, MI	3.0	1.0	1000	$1,500	$1.50	2d	1	1.27mi
6181 Neff Ave Detroit, MI	3.0	1.0	1102	$1,299	$1.18	17d	1	1.31mi
6154 Woodhall St Detroit, MI	2.0	1.0	1136	$1,000	$0.88	43d	1	1.35mi
19144 Moross Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	43d	1	1.36mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	43d	1	1.37mi
12075 Rossiter St Detroit, MI	3.0	1.0	1100	$1,245	$1.13	14d	1	1.37mi
10692 Meuse St Detroit, MI	3.0	1.0	955	$1,250	$1.31	12d	1	1.37mi
6304 Bluehill St Detroit, MI	3.0	1.0	1088	$1,500	$1.38	43d	1	1.40mi
5786 Neff Ave Detroit, MI	3.0	1.5	1100	$1,225	$1.11	16d	1	1.45mi

HOA detail condo

• Monthly dues: $390 · $4,680/yr
• Likely covers: waterexterior maint.insurance
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-04
   status $47,500 Pending 127 DOM
2. 2026-06-03
   days on market $47,500 Active Under Contract 127 DOM
3. 2026-06-02
   days on market $47,500 Active Under Contract 126 DOM
4. 2026-06-01
   days on market $47,500 Active Under Contract 125 DOM
5. 2026-05-31
   days on market $47,500 Active Under Contract 124 DOM
6. 2026-04-07
   historical Accepting Backup Offers 459-char remark

   Show marketing remark (459 chars)

   This Bright and Cozy two-bedroom Harper Woods Coop with brand new carpeting and neutral paint is a great value. Two spacious bedrooms with generous closet space. Located close to Grosse Pointe with all the shopping and professional amenities as well as being minutes from the excitement of Downtown Detroit. The monthly fee includes taxes, heat, water, master insurance & exterior maintenance. Owner occupants only. Co op does not allow Leasing or Pets.

7. 2026-04-07
   historical Active Under Contract

   Show marketing remark (459 chars)

   This Bright and Cozy two-bedroom Harper Woods Coop with brand new carpeting and neutral paint is a great value. Two spacious bedrooms with generous closet space. Located close to Grosse Pointe with all the shopping and professional amenities as well as being minutes from the excitement of Downtown Detroit. The monthly fee includes taxes, heat, water, master insurance & exterior maintenance. Owner occupants only. Co op does not allow Leasing or Pets.

8. 2026-01-21
   listed $47,500 Active 459-char remark

   Show marketing remark (459 chars)

   This Bright and Cozy two-bedroom Harper Woods Coop with brand new carpeting and neutral paint is a great value. Two spacious bedrooms with generous closet space. Located close to Grosse Pointe with all the shopping and professional amenities as well as being minutes from the excitement of Downtown Detroit. The monthly fee includes taxes, heat, water, master insurance & exterior maintenance. Owner occupants only. Co op does not allow Leasing or Pets.

9. 2026-01-21
   listed $47,500 Active

   Show marketing remark (459 chars)

   This Bright and Cozy two-bedroom Harper Woods Coop with brand new carpeting and neutral paint is a great value. Two spacious bedrooms with generous closet space. Located close to Grosse Pointe with all the shopping and professional amenities as well as being minutes from the excitement of Downtown Detroit. The monthly fee includes taxes, heat, water, master insurance & exterior maintenance. Owner occupants only. Co op does not allow Leasing or Pets.

10. 2026-01-01
    historical
11. 2026-01-01
    historical
12. 2025-07-28
    price $49,900
13. 2025-07-28
    price $49,900
14. 2025-06-11
    price $52,500
15. 2025-06-11
    price $52,500
16. 2025-03-14
    listed $55,000 Active
17. 2025-03-14
    listed $55,000 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: $16,370
• − Mortgage interest: −$2,661
• − Property taxes: −$712
• − Insurance: −$238
• − Repairs & maintenance: −$1,310
• − Management: −$1,310
• − HOA: −$4,680
• − Depreciation: −$1,382
• Taxable income: $4,078
• Est. tax owed @ 24.0%: −$979
• After-tax cash flow: $3,335/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: Harper Woods School District
• NCES district ID: 2617760
• Math proficiency: 4% ▼ -7.00%
• Reading proficiency: 15% ▼ -9.00%
• Median HH income: $46,155
• Composite: 8.8/100
• National rank: #9892
• State rank: #524 of 540 in MI

Livability — Harper Woods

• Score: 73/100
• State rank: #199
• US rank: #5054

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harper Woods, MI
• County: Wayne County · 1,562,939 people
• City population: 16,098
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 16,098
• Household income: $61,750
• Rent vs Own: 33.8% rent · 66.2% own
• Severe rent burden: 410.0

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: Predominantly Black (65%)
• Race & ethnicity: Black 65% White 28% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Romanian 4% Lithuanian 1% German 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Arabic 2% Spanish 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: ▼ -150.40%
• Current HPI: 181.4961
• Rent YoY: ▲ 5.10%
• 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

-13.6% since first listed

12 events — show timeline

• 2026-04-07 Contingent — MiRealSource-MiMLS
• 2026-04-07 Contingent — REALCOMP
• 2026-01-21 Listed $47,500 REALCOMP
• 2026-01-21 Listed $47,500 MiRealSource-MiMLS
• 2026-01-01 Listing Removed — REALCOMP
• 2026-01-01 Listing Removed — MiRealSource-MiMLS
• 2025-07-28 Price Changed $49,900 MiRealSource-MiMLS
• 2025-07-28 Price Changed $49,900 REALCOMP
• 2025-06-11 Price Changed $52,500 MiRealSource-MiMLS
• 2025-06-11 Price Changed $52,500 REALCOMP
• 2025-03-14 Listed $55,000 REALCOMP
• 2025-03-14 Listed $55,000 MiRealSource-MiMLS