6540 Ridgefield Cir #204 · Farmington Hills, MI 48322

$199,999

2 bd · 2.0 ba · 1,370 sqft · Condo public records · 29 Days on market

Built 1986 $335/mo HOA · 16% 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 +10.6/30.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• DSCR +3.1/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 2nd floor condo features 2-bedroom, 2-bathroom ranch-style condo is located in Maple Ridge community. Step inside and be greeted by a bright and airy open-concept living space, adorned with beautiful hardwood floors that add warmth and elegance to the home. The well-appointed kitchen boasts sleek countertops, ample cabinet space. It seamlessly flows into the spacious living area, perfect for entertaining guests or enjoying cozy evenings with loved ones. The primary bedroom is a true retreat, featuring a walk-in closet and an en-suite bathroom with stunning custom tile work. The second bedroom offers versatility and can be used as a guest room, home office, or whatever suits your needs.

Key facts

• $335 HOA
• Garage
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $-98 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $183k (8.7% below list).
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $183k (8.7% below list) — sets the bar for cash-flow.
• Cap rate 5.7% vs local median 3.5% in Farmington Hills — 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 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.
• Walled Lake Consolidated Schools (suburban): math 52% / reading 60% proficiency, ranked #58 of 540 in MI (top 11%) — 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 soft (-0.4%/yr); 181 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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 $1k of loan paydown is wiped out by about $6k 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 29 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 16 sale attempts since 30y 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.

Recommended offer $182,688 (8.7% 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. 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 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?
6. 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?
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: 1.05% ✓
• Cap rate: 5.70%
• Cash-on-cash: -2.10%
• DSCR: 0.91
• GRM: 8.0

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: -24.0%
• Equity multiple: 0.21×
• Total profit: $-44,519
• Equity at exit: $29,821

10-year hold

• IRR: -36.2%
• Equity multiple: -0.24×
• Total profit: $-69,435
• Equity at exit: $17,292

Cash invested: $56,000 (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 48322

• Rents YoY: -0.4%
• Active inventory: 181
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,091 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$282 /mo · $3,389/yr
• Insurance: −$83
• HOA: −$335
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $-98

Break-even live

Break-even rent $2,215

Max offer price $182,688

Occupancy floor 100%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6560 Ridgefield Cir #104 West Bloomfield, MI	2.0	2.0	1307	$2,000	$1.53	1d	1	0.05mi
6350 Aldingbrooke Circle Rd N West Bloomfield, MI	1.0–3.0	1.0–3.0	1900	$2,644	$1.39	1d	24	0.80mi
5460 Bentley Rd West Bloomfield, MI	2.0	1.0–2.0	1102	$1,875	$1.70	1d	12	0.87mi
5202 Richard Run West Bloomfield, MI	3.0	2.5	1650	$2,500	$1.52	16d	1	0.97mi
5611 Drake Hollow Dr W West Bloomfield, MI	2.0	2.5	1553	$2,295	$1.48	10d	1	0.97mi

HOA detail condo

• Monthly dues: $335 · $4,020/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 49 events

1. 2024-12-17
   status Pending
2. 2024-02-05
   soldstatus $190,000
3. 2024-02-02
   status Pending

   Show marketing remark (699 chars)

   This 2nd floor condo features 2-bedroom, 2-bathroom ranch-style condo is located in Maple Ridge community. Step inside and be greeted by a bright and airy open-concept living space, adorned with beautiful hardwood floors that add warmth and elegance to the home. The well-appointed kitchen boasts sleek countertops, ample cabinet space. It seamlessly flows into the spacious living area, perfect for entertaining guests or enjoying cozy evenings with loved ones. The primary bedroom is a true retreat, featuring a walk-in closet and an en-suite bathroom with stunning custom tile work. The second bedroom offers versatility and can be used as a guest room, home office, or whatever suits your needs.

4. 2024-02-02
   status Pending 699-char remark

   Show marketing remark (699 chars)

   This 2nd floor condo features 2-bedroom, 2-bathroom ranch-style condo is located in Maple Ridge community. Step inside and be greeted by a bright and airy open-concept living space, adorned with beautiful hardwood floors that add warmth and elegance to the home. The well-appointed kitchen boasts sleek countertops, ample cabinet space. It seamlessly flows into the spacious living area, perfect for entertaining guests or enjoying cozy evenings with loved ones. The primary bedroom is a true retreat, featuring a walk-in closet and an en-suite bathroom with stunning custom tile work. The second bedroom offers versatility and can be used as a guest room, home office, or whatever suits your needs.

5. 2023-12-28
   status Pending 699-char remark

   Show marketing remark (699 chars)

   This 2nd floor condo features 2-bedroom, 2-bathroom ranch-style condo is located in Maple Ridge community. Step inside and be greeted by a bright and airy open-concept living space, adorned with beautiful hardwood floors that add warmth and elegance to the home. The well-appointed kitchen boasts sleek countertops, ample cabinet space. It seamlessly flows into the spacious living area, perfect for entertaining guests or enjoying cozy evenings with loved ones. The primary bedroom is a true retreat, featuring a walk-in closet and an en-suite bathroom with stunning custom tile work. The second bedroom offers versatility and can be used as a guest room, home office, or whatever suits your needs.

6. 2023-12-28
   status Pending

   Show marketing remark (699 chars)

   This 2nd floor condo features 2-bedroom, 2-bathroom ranch-style condo is located in Maple Ridge community. Step inside and be greeted by a bright and airy open-concept living space, adorned with beautiful hardwood floors that add warmth and elegance to the home. The well-appointed kitchen boasts sleek countertops, ample cabinet space. It seamlessly flows into the spacious living area, perfect for entertaining guests or enjoying cozy evenings with loved ones. The primary bedroom is a true retreat, featuring a walk-in closet and an en-suite bathroom with stunning custom tile work. The second bedroom offers versatility and can be used as a guest room, home office, or whatever suits your needs.

7. 2023-12-28
   historical

   Show marketing remark (699 chars)

   This 2nd floor condo features 2-bedroom, 2-bathroom ranch-style condo is located in Maple Ridge community. Step inside and be greeted by a bright and airy open-concept living space, adorned with beautiful hardwood floors that add warmth and elegance to the home. The well-appointed kitchen boasts sleek countertops, ample cabinet space. It seamlessly flows into the spacious living area, perfect for entertaining guests or enjoying cozy evenings with loved ones. The primary bedroom is a true retreat, featuring a walk-in closet and an en-suite bathroom with stunning custom tile work. The second bedroom offers versatility and can be used as a guest room, home office, or whatever suits your needs.

8. 2023-12-28
   historical 699-char remark

   Show marketing remark (699 chars)

   This 2nd floor condo features 2-bedroom, 2-bathroom ranch-style condo is located in Maple Ridge community. Step inside and be greeted by a bright and airy open-concept living space, adorned with beautiful hardwood floors that add warmth and elegance to the home. The well-appointed kitchen boasts sleek countertops, ample cabinet space. It seamlessly flows into the spacious living area, perfect for entertaining guests or enjoying cozy evenings with loved ones. The primary bedroom is a true retreat, featuring a walk-in closet and an en-suite bathroom with stunning custom tile work. The second bedroom offers versatility and can be used as a guest room, home office, or whatever suits your needs.

9. 2023-11-29
   listed $199,999 Active

   Show marketing remark (699 chars)

   This 2nd floor condo features 2-bedroom, 2-bathroom ranch-style condo is located in Maple Ridge community. Step inside and be greeted by a bright and airy open-concept living space, adorned with beautiful hardwood floors that add warmth and elegance to the home. The well-appointed kitchen boasts sleek countertops, ample cabinet space. It seamlessly flows into the spacious living area, perfect for entertaining guests or enjoying cozy evenings with loved ones. The primary bedroom is a true retreat, featuring a walk-in closet and an en-suite bathroom with stunning custom tile work. The second bedroom offers versatility and can be used as a guest room, home office, or whatever suits your needs.

10. 2023-11-29
    listed $199,999 Active 699-char remark

    Show marketing remark (699 chars)

    This 2nd floor condo features 2-bedroom, 2-bathroom ranch-style condo is located in Maple Ridge community. Step inside and be greeted by a bright and airy open-concept living space, adorned with beautiful hardwood floors that add warmth and elegance to the home. The well-appointed kitchen boasts sleek countertops, ample cabinet space. It seamlessly flows into the spacious living area, perfect for entertaining guests or enjoying cozy evenings with loved ones. The primary bedroom is a true retreat, featuring a walk-in closet and an en-suite bathroom with stunning custom tile work. The second bedroom offers versatility and can be used as a guest room, home office, or whatever suits your needs.

11. 2023-11-28
    historical
12. 2023-11-28
    historical
13. 2023-11-10
    price $201,999
14. 2023-11-10
    price $201,999
15. 2023-10-23
    price $202,999
16. 2023-10-23
    price $202,999
17. 2023-10-16
    status Active
18. 2023-10-16
    status Active
19. 2023-07-25
    historical
20. 2023-07-25
    historical
21. 2023-05-17
    listed $204,999 Active
22. 2023-05-17
    listed $204,999 Active
23. 2021-07-20
    soldstatus $165,000 Sold
24. 2021-07-20
    soldstatus $165,000 Closed
25. 2021-06-24
    status Pending
26. 2021-06-24
    status Pending
27. 2021-06-08
    listed $175,000 Active
28. 2021-06-08
    listed $175,000 Active
29. 2019-03-27
    historical
30. 2019-03-27
    historical
31. 2019-03-12
    status Active
32. 2019-03-12
    status Active
33. 2019-03-08
    status Pending
34. 2019-03-07
    status Pending
35. 2019-02-27
    listed $159,900 Active
36. 2019-02-27
    listed $159,900 Active
37. 2015-05-05
    soldstatus $112,000
38. 2015-04-29
    soldstatus $112,000 Sold
39. 2015-04-29
    soldstatus $112,000
40. 2015-04-16
    historical
41. 2015-04-16
    historical
42. 2015-04-06
    listed $120,000 Active
43. 2015-04-06
    listed $120,000
44. 1999-12-16
    soldstatus $143,000
45. 1999-11-30
    soldstatus $143,000
46. 1999-10-19
    listed $144,950
47. 1996-08-19
    soldstatus $115,000
48. 1996-08-12
    soldstatus $115,000
49. 1996-05-14
    listed $120,000

ⓘ 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: $3,389 · $282/mo
• Projected year-2 tax: $3,389 · $282/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 ≥96°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: $25,087
• − Mortgage interest: −$11,203
• − Property taxes: −$3,389
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,007
• − Management: −$2,007
• − HOA: −$4,020
• − Depreciation: −$5,818
• Taxable loss: −$4,357
• Est. tax savings @ 24.0%: +$1,046
• After-tax cash flow: $-130/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: Walled Lake Consolidated Schools
• NCES district ID: 2635160
• Math proficiency: 52% ▼ -4.00%
• Reading proficiency: 60% ▼ -1.00%
• Median HH income: $69,184
• Composite: 49.57/100
• National rank: #1987
• State rank: #58 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

• County: Oakland County · 1,009,092 people
• City population: 67,612
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 32,885
• Household income: $113,865
• Rent vs Own: 22.6% rent · 77.4% own
• Severe rent burden: 911.0

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 (64%)
• Race & ethnicity: White 64% Black 20% Asian 10% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Arab 9% Romanian 5% Scotch-Irish 4%
• Foreign-born: 25% · Canada, China
• Languages at home: 71% English-only · Arabic 8% Other Indo-European 5% 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: ▼ -220.52%
• Current HPI: 149.0523
• Rent YoY: ▼ -0.43%
• 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

+58.3% since first listed

49 events — show timeline

• 2024-12-17 Pending — REALCOMP
• 2024-02-05 Sold (Public Records) $190,000 Public Records
• 2024-02-02 Pending — REALCOMP
• 2024-02-02 Pending — MiRealSource-MiMLS
• 2023-12-28 Pending — MiRealSource-MiMLS
• 2023-12-28 Pending — REALCOMP
• 2023-12-28 Listing Removed — MiRealSource-MiMLS
• 2023-12-28 Listing Removed — REALCOMP
• 2023-11-29 Listed $199,999 MiRealSource-MiMLS
• 2023-11-29 Listed $199,999 REALCOMP
• 2023-11-28 Listing Removed — MiRealSource-MiMLS
• 2023-11-28 Listing Removed — REALCOMP
• 2023-11-10 Price Changed $201,999 MiRealSource-MiMLS
• 2023-11-10 Price Changed $201,999 REALCOMP
• 2023-10-23 Price Changed $202,999 MiRealSource-MiMLS
• 2023-10-23 Price Changed $202,999 REALCOMP
• 2023-10-16 Relisted — MiRealSource-MiMLS
• 2023-10-16 Relisted — REALCOMP
• 2023-07-25 Listing Removed — MiRealSource-MiMLS
• 2023-07-25 Listing Removed — REALCOMP
• 2023-05-17 Listed $204,999 MiRealSource-MiMLS
• 2023-05-17 Listed $204,999 REALCOMP
• 2021-07-20 Sold (MLS) $165,000 MiRealSource-MiMLS
• 2021-07-20 Sold (MLS) $165,000 REALCOMP
• 2021-06-24 Pending — MiRealSource-MiMLS
• 2021-06-24 Pending — REALCOMP
• 2021-06-08 Listed $175,000 MiRealSource-MiMLS
• 2021-06-08 Listed $175,000 REALCOMP
• 2019-03-27 Listing Removed — REALCOMP
• 2019-03-27 Listing Removed — MiRealSource-MiMLS
• 2019-03-12 Relisted — MiRealSource-MiMLS
• 2019-03-12 Relisted — REALCOMP
• 2019-03-08 Pending — MiRealSource-MiMLS
• 2019-03-07 Pending — REALCOMP
• 2019-02-27 Listed $159,900 MiRealSource-MiMLS
• 2019-02-27 Listed $159,900 REALCOMP
• 2015-05-05 Sold (Public Records) $112,000 Public Records
• 2015-04-29 Sold (MLS) $112,000 MiRealSource-MiMLS
• 2015-04-29 Sold (MLS) $112,000 REALCOMP
• 2015-04-16 Listing Removed — REALCOMP
• 2015-04-16 Listing Removed — MiRealSource-MiMLS
• 2015-04-06 Listed $120,000 REALCOMP
• 2015-04-06 Listed $120,000 MiRealSource-MiMLS
• 1999-12-16 Sold (Public Records) $143,000 Public Records
• 1999-11-30 Sold (MLS) $143,000 REALCOMP
• 1999-10-19 Listed $144,950 REALCOMP
• 1996-08-19 Sold (MLS) $115,000 REALCOMP
• 1996-08-12 Sold (Public Records) $115,000 Public Records
• 1996-05-14 Listed $120,000 REALCOMP

Property tax history

+9.3%/yr

Latest (2025): $3,389 · +17.5% YoY. Source: county tax records.