38320 Saratoga Cir · Farmington Hills, MI 48331

$275,000

2 bd · 2.5 ba · 1,304 sqft · Condo public records · 55 Days on market

Built 1997 $211/sqft · 16% below area Est $329k · 16% under $315/mo HOA · 15% 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).

• ARV discount +14.9/15.0
• Cash flow +5.1/30.0
• Rent growth +4.9/5.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to highly sought after Saratoga Farms! Schedule your showing today for this well-maintained 2 bedroom, 2 full bathrooms upstairs, half bathroom on main floor. Many large closets offer ample storage space in this colonial condominium that is move in ready with immediate occupancy! Natural lighting brightens the interior with a beautiful deck off kitchen to enjoy the outside! Or a short distance to the Farmington Hills Golf Club. Condo is close to major Freeways and downtown Farmington, offering many Shops and restaurants.

Key facts

• Beautiful deck
• Large closets
• Downtown farmington

Tags

• LARGE CLOSETS
• BEAUTIFUL DECK
• CLOSE TO MAJOR FREEWAYS
• DOWNTOWN FARMINGTON

Property features AI

Finance

• Other: Residential condominium
• HOA & community: Monthly association fee of $315; Association covers water, trash, snow removal, and lawn/yard care; Property is part of an association

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Natural gas water heater
• Home design: Colonial-style condominium; Built in 1997
• Construction: Brick and vinyl siding exterior; Asphalt roof
• Exterior features: Paved road access; 21.31-acre lot

Interior

• Kitchen: Kitchen (11 x 14)
• Bedrooms: Primary bedroom (11 x 14); Second bedroom (11 x 13)
• Bathrooms: Two full bathrooms; Primary bathroom (5 x 6); Second bathroom (5 x 5)
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Full basement; Six total rooms
• Laundry & utility: Dedicated laundry room (5 x 9)

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $275k.

Deal economics

• At list price, monthly cash flow is $-639 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (41.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (25.5% below list).
• Recommended offer: $162k (41.0% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 81/100 on livability (#64 in MI, #1,364 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, crime A; Watch: amenities D, health & safety F.
• Farmington Public School District (urban): math 45% / reading 58% proficiency, ranked #78 of 540 in MI (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+9.7%/yr); 89 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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 $2k of loan paydown is wiped out by about $8k 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

• It's been on market 55 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y ago; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $165k; list at $275k implies a 67% gain — meaningful room to come down on a strong offer.

Recommended offer $162,168 (41.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
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. 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: 0.74% ✗
• Cap rate: 3.51%
• Cash-on-cash: -9.95%
• DSCR: 0.56
• GRM: 11.2

CMA / ARV

• ARV (median comp): $328,976
• List price: $275,000
• Delta: -16.41%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -27.4%
• Equity multiple: 0.04×
• Total profit: $-74,170
• Equity at exit: $41,003

10-year hold

• IRR: -11.6%
• Equity multiple: 0.13×
• Total profit: $-66,698
• Equity at exit: $23,777

Cash invested: $77,000 (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 48331

• Rents YoY: 9.7%
• Active inventory: 89
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,048 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$385 /mo · $4,617/yr
• Insurance: −$115
• HOA: −$315
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $-639

Break-even live

Break-even rent $2,856

Max offer price $162,168

Occupancy floor —

Sensitivity live

Price	-10% $-483	-5% $-561	+0% $-639	+5% $-717	+10% $-794
Rent	-10% $-800	-5% $-720	+0% $-639	+5% $-558	+10% $-477
Rate	-1.0pp $-500	-0.5pp $-569	base $-639	+0.5pp $-710	+1.0pp $-782

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
26375 Halsted Rd Farmington Hills, MI	2.0–3.0	2.5	1528	$1,999	$1.31	0d	8	0.20mi
37863 Wendy Lee St Farmington Hills, MI	3.0	2.0	1235	$2,450	$1.98	25d	1	0.22mi
24360 Independence Dr Farmington Hills, MI	1.0–3.0	1.0–2.0	967	$1,682	$1.74	0d	119	1.16mi
39500 Champion Cir Novi, MI	1.0–3.0	1.0–3.5	1334	$2,601	$1.95	0d	17	1.29mi
24651 Olde Orchard St Novi, MI	2.0	2.5	1096	$1,795	$1.64	6d	1	1.39mi
24701 Bashian Dr #8 Novi, MI	2.0	2.5	1250	$1,800	$1.44	45d	1	1.47mi

HOA detail condo

• Monthly dues: $315 · $3,780/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-21
   days on market $275,000 Active 55 DOM
2. 2026-06-18
   days on market $275,000 Active 52 DOM
3. 2026-06-17
   days on market $275,000 Active 51 DOM
4. 2026-06-16
   days on market $275,000 Active 50 DOM
5. 2026-06-15
   price $275,000 Active 49 DOM

   Show marketing remark (537 chars)

   Welcome to highly sought after Saratoga Farms! Schedule your showing today for this well-maintained 2 bedroom, 2 full bathrooms upstairs, half bathroom on main floor. Many large closets offer ample storage space in this colonial condominium that is move in ready with immediate occupancy! Natural lighting brightens the interior with a beautiful deck off kitchen to enjoy the outside! Or a short distance to the Farmington Hills Golf Club. Condo is close to major Freeways and downtown Farmington, offering many Shops and restaurants.

6. 2026-06-15
   days on market $285,000 Active 49 DOM

   Show marketing remark (537 chars)

   Welcome to highly sought after Saratoga Farms! Schedule your showing today for this well-maintained 2 bedroom, 2 full bathrooms upstairs, half bathroom on main floor. Many large closets offer ample storage space in this colonial condominium that is move in ready with immediate occupancy! Natural lighting brightens the interior with a beautiful deck off kitchen to enjoy the outside! Or a short distance to the Farmington Hills Golf Club. Condo is close to major Freeways and downtown Farmington, offering many Shops and restaurants.

7. 2026-06-13
   days on market $285,000 Active 47 DOM
8. 2026-06-13
   days on market $285,000 Active 46 DOM
9. 2026-06-09
   days on market $285,000 Active 43 DOM
10. 2026-06-08
    days on market $285,000 Active 42 DOM
11. 2026-06-07
    days on market $285,000 Active 41 DOM
12. 2026-06-04
    days on market $285,000 Active 38 DOM
13. 2026-06-02
    days on market $285,000 Active 36 DOM
14. 2026-06-01
    days on market $285,000 Active 35 DOM
15. 2026-05-31
    days on market $285,000 Active 34 DOM
16. 2026-05-14
    price $285,000 534-char remark

    Show marketing remark (537 chars)

    Welcome to highly sought after Saratoga Farms! Schedule your showing today for this well-maintained 2 bedroom, 2 full bathrooms upstairs, half bathroom on main floor. Many large closets offer ample storage space in this colonial condominium that is move in ready with immediate occupancy! Natural lighting brightens the interior with a beautiful deck off kitchen to enjoy the outside! Or a short distance to the Farmington Hills Golf Club. Condo is close to major Freeways and downtown Farmington, offering many Shops and restaurants.

17. 2026-05-14
    price $285,000 537-char remark

    Show marketing remark (537 chars)

    Welcome to highly sought after Saratoga Farms! Schedule your showing today for this well-maintained 2 bedroom, 2 full bathrooms upstairs, half bathroom on main floor. Many large closets offer ample storage space in this colonial condominium that is move in ready with immediate occupancy! Natural lighting brightens the interior with a beautiful deck off kitchen to enjoy the outside! Or a short distance to the Farmington Hills Golf Club. Condo is close to major Freeways and downtown Farmington, offering many Shops and restaurants.

18. 2026-05-14
    price $285,000

    Show marketing remark (537 chars)

    Welcome to highly sought after Saratoga Farms! Schedule your showing today for this well-maintained 2 bedroom, 2 full bathrooms upstairs, half bathroom on main floor. Many large closets offer ample storage space in this colonial condominium that is move in ready with immediate occupancy! Natural lighting brightens the interior with a beautiful deck off kitchen to enjoy the outside! Or a short distance to the Farmington Hills Golf Club. Condo is close to major Freeways and downtown Farmington, offering many Shops and restaurants.

19. 2026-04-27
    listed $295,000 Active 537-char remark

    Show marketing remark (534 chars)

    Welcome to highly sought after Saratoga Farms! Schedule your showing today for this well-maintained 2 bedroom, 2 full bathrooms upstairs, half bathroom on main floor. Many large closets offer ample storage space in this colonial condominium that is move in ready with immediate occupancy! Natural lighting brightens the interior with a beautiful deck off kitchen to enjoy the outside! Or a short distance to the Farmington Hills Golf Club. Condo is close to major Freeways and downtown Farmington, offering many Shops and restaurants.

20. 2026-04-27
    listed $295,000 Active 534-char remark

    Show marketing remark (534 chars)

    Welcome to highly sought after Saratoga Farms! Schedule your showing today for this well-maintained 2 bedroom, 2 full bathrooms upstairs, half bathroom on main floor. Many large closets offer ample storage space in this colonial condominium that is move in ready with immediate occupancy! Natural lighting brightens the interior with a beautiful deck off kitchen to enjoy the outside! Or a short distance to the Farmington Hills Golf Club. Condo is close to major Freeways and downtown Farmington, offering many Shops and restaurants.

21. 2026-04-27
    listed $295,000 Active

    Show marketing remark (534 chars)

    Welcome to highly sought after Saratoga Farms! Schedule your showing today for this well-maintained 2 bedroom, 2 full bathrooms upstairs, half bathroom on main floor. Many large closets offer ample storage space in this colonial condominium that is move in ready with immediate occupancy! Natural lighting brightens the interior with a beautiful deck off kitchen to enjoy the outside! Or a short distance to the Farmington Hills Golf Club. Condo is close to major Freeways and downtown Farmington, offering many Shops and restaurants.

22. 2014-06-26
    soldstatus $165,000
23. 2014-06-24
    soldstatus $165,000
24. 2014-06-24
    soldstatus $165,000
25. 2014-06-13
    historical
26. 2014-06-11
    listed $165,000
27. 2014-06-11
    listed $165,000
28. 2013-02-11
    soldstatus $147,000
29. 1999-12-20
    soldstatus $185,000
30. 1998-08-24
    soldstatus $134,900

ⓘ 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: $4,617 · $385/mo
• Projected year-2 tax: $4,617 · $385/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low 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: $24,573
• − Mortgage interest: −$15,404
• − Property taxes: −$4,617
• − Insurance: −$1,375
• − Repairs & maintenance: −$1,966
• − Management: −$1,966
• − HOA: −$3,780
• − Depreciation: −$8,000
• Taxable loss: −$12,535
• Est. tax savings @ 24.0%: +$3,008
• After-tax cash flow: $-4,656/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: Farmington Public School District
• NCES district ID: 2614070
• Math proficiency: 45% ▼ -5.00%
• Reading proficiency: 58% ▼ -1.00%
• Median HH income: $72,846
• Composite: 46.17/100
• National rank: #2497
• State rank: #78 of 540 in MI

Livability — Farmington Hills

• Score: 81/100
• State rank: #64
• US rank: #1364

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmington Hills, MI
• County: Oakland County · 1,009,092 people
• City population: 67,612
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 21,562
• Household income: $127,633
• Rent vs Own: 21.2% rent · 78.8% own
• Severe rent burden: 589.0

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: Majority White (65%)
• Race & ethnicity: White 65% Black 16% Asian 12% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 7% Arab 3% Scotch-Irish 2%
• Foreign-born: 23% · Canada, China, South Korea
• Languages at home: 74% English-only · Arabic 7% Other Indo-European 6% Other Asian/Pacific 3%

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: ▼ -174.00%
• Current HPI: 158.1222
• Rent YoY: ▲ 9.66%
• 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

+103.9% since first listed

18 events — show timeline

• 2026-06-15 Price Changed $275,000 MiRealSource-MiMLS
• 2026-06-15 Price Changed $275,000 REALCOMP
• 2026-06-15 Price Changed $275,000 SW Michigan MLS
• 2026-05-14 Price Changed $285,000 MiRealSource-MiMLS
• 2026-05-14 Price Changed $285,000 REALCOMP
• 2026-05-14 Price Changed $285,000 SW Michigan MLS
• 2026-04-27 Listed $295,000 REALCOMP
• 2026-04-27 Listed $295,000 SW Michigan MLS
• 2026-04-27 Listed $295,000 MiRealSource-MiMLS
• 2014-06-26 Sold (Public Records) $165,000 Public Records
• 2014-06-24 Sold (MLS) $165,000 MiRealSource-MiMLS
• 2014-06-24 Sold (MLS) $165,000 REALCOMP
• 2014-06-13 Listing Removed — MiRealSource-MiMLS
• 2014-06-11 Listed $165,000 MiRealSource-MiMLS
• 2014-06-11 Listed $165,000 REALCOMP
• 2013-02-11 Sold (Public Records) $147,000 Public Records
• 1999-12-20 Sold (Public Records) $185,000 Public Records
• 1998-08-24 Sold (Public Records) $134,900 Public Records

Property tax history

+4.9%/yr

Latest (2025): $4,617 · +2.8% YoY. Source: county tax records.