4973 E 10 Mile Rd #8 · Warren, MI 48091

$73,500

2 bd · 1.0 ba · 973 sqft · Condo · 79 Days on market

Built 1973 Fair condition $76/sqft · at area comps Est $74k · at est. $310/mo HOA · 24% of rent ↓ 17% since listing

---

Why this score? — see what drove the C+ 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 +26.4/30.0
• 1% rule +10.0/10.0
• DSCR +9.0/10.0
• ARV discount +7.9/15.0
• Livability +3.7/5.0
• Rent growth +3.1/5.0
• Condition / age +2.2/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Condo is sold "AS IS". This is a 2nd floor unit with 2 spacious bedrooms. Lots of closet space. All appliances are included. There is a common laundry room right next to this unit for all 8 units in this building. The condo unit is located near freeway and shopping areas. Schedule your appointment today. HOA is planning for the swimming pool to be functional summer of 2026. Parking lot is scheduled for resurfacing Spring of 2026. A licensed agent MUST be present for ALL showings.

Key facts

• $310 HOA
• Built 1973
• Listed 79 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $74k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $125 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $74k).
• Recommended offer: $69k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 5.3% in Warren — 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 74/100 on livability (#171 in MI, #4,491 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D, amenities D, employment D.
• Center Line Public Schools (suburban): math 14% / reading 29% proficiency, ranked #459 of 540 in MI (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.4%/yr); 168 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $508 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 12 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: flood insurance adds $66/mo; HOA is 24% of rent.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $69,090 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. Crime grade is D 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?
11. 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.
12. 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.
13. 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: 1.74% ✓
• Cap rate: 9.41%
• Cash-on-cash: 11.14%
• DSCR: 1.50
• GRM: 4.8

CMA / ARV

• ARV (median comp): $74,160
• List price: $73,500
• Delta: -0.89%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.35% rent growth · sell at horizon

5-year hold

• IRR: -6.0%
• Equity multiple: 0.78×
• Total profit: $-4,553
• Equity at exit: $10,959

10-year hold

• IRR: 2.7%
• Equity multiple: 1.19×
• Total profit: $3,911
• Equity at exit: $6,355

Cash invested: $20,580 (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 48091

• Rents YoY: 2.4%
• Active inventory: 168
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,277 high
• Mortgage (P&I): −$385
• Tax est. 1.5%: −$92 /mo · $1,102/yr
• Insurance: −$31
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$310
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $125

Break-even live

Break-even rent $1,119

Max offer price $73,500

Occupancy floor 85%

Sensitivity live

Price	-10% $175	-5% $150	+0% $125	+5% $99	+10% $74
Rent	-10% $24	-5% $74	+0% $125	+5% $175	+10% $226
Rate	-1.0pp $162	-0.5pp $143	base $125	+0.5pp $106	+1.0pp $86

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: $18,375
• Closing costs: $2,205
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4652 E 10 Mile Rd Warren, MI	2.0	1.0	950	$1,200	$1.26	44d	1	0.17mi
4385 Frazho Rd Warren, MI	1.0–2.0	1.0	825	$1,305	$1.58	3d	6	0.54mi
3840 Bart Ave Warren, MI	3.0	1.0	1062	$1,350	$1.27	24d	1	1.05mi
22580 Masch Ave Warren, MI	3.0	1.0	988	$1,450	$1.47	24d	1	1.17mi
25005 Lawrence Ave Center Line, MI	1.0–2.0	1.0–1.5	1000	$955	$0.95	44d	1	1.20mi
22622 Panama Ave Warren, MI	3.0	1.5	920	$1,395	$1.52	11d	1	1.25mi
7212 Helen St Unit 7212 Center Line, MI	1.0	1.0	650	$1,000	$1.54	44d	1	1.29mi
2709 Capitol Ave Warren, MI	3.0	2.0	1056	$1,649	$1.56	44d	1	1.38mi

HOA detail condo

• Monthly dues: $310 · $3,720/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-18
   days on market $73,500 Active 79 DOM
2. 2026-06-17
   days on market $73,500 Active 78 DOM
3. 2026-06-16
   days on market $73,500 Active 77 DOM
4. 2026-06-15
   days on market $73,500 Active 76 DOM
5. 2026-06-13
   days on market $73,500 Active 74 DOM
6. 2026-06-09
   days on market $73,500 Active 70 DOM
7. 2026-06-08
   days on market $73,500 Active 69 DOM
8. 2026-06-07
   days on market $73,500 Active 68 DOM
9. 2026-06-04
   days on market $73,500 Active 65 DOM
10. 2026-06-03
    pricedays on market $73,500 Active 64 DOM
11. 2026-06-02
    days on market $74,000 Active 63 DOM
12. 2026-06-01
    days on market $74,000 Active 62 DOM
13. 2026-05-31
    days on market $74,000 Active 61 DOM
14. 2026-03-31
    status Active
15. 2026-03-31
    historical
16. 2026-03-31
    historical
17. 2026-03-31
    historical
18. 2026-03-27
    status Active
19. 2026-03-27
    historical
20. 2026-02-02
    price $74,500
21. 2026-02-01
    price $74,500
22. 2025-12-31
    price $74,900
23. 2025-12-30
    price $74,900
24. 2025-10-27
    price $75,000
25. 2025-10-26
    price $75,000
26. 2025-09-23
    price $78,000
27. 2025-09-22
    price $78,000
28. 2025-09-09
    price $79,000
29. 2025-09-09
    price $79,000
30. 2025-09-06
    status Active
31. 2025-08-09
    price $79,500
32. 2025-08-08
    price $79,500
33. 2025-07-25
    price $79,900
34. 2025-07-25
    price $79,900
35. 2025-07-09
    price $80,000
36. 2025-07-08
    price $80,000
37. 2025-06-23
    price $80,900
38. 2025-06-23
    price $80,900
39. 2025-06-19
    status Active
40. 2025-06-18
    price $81,900
41. 2025-06-17
    price $81,900
42. 2025-06-05
    price $82,900
43. 2025-06-04
    price $82,900
44. 2025-06-04
    price $83,900
45. 2025-06-03
    status Active
46. 2025-06-03
    status Active
47. 2025-06-03
    listed $74,500 Active
48. 2025-06-03
    listed $74,500 Active
49. 2025-05-30
    status Pending
50. 2025-05-30
    status Pending

ⓘ 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 9/10 Extreme FEMA zone X (unshaded) · 99% 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 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,327
• − Mortgage interest: −$4,117
• − Property taxes: −$1,102
• − Insurance: −$1,165
• − Repairs & maintenance: −$1,226
• − Management: −$1,226
• − HOA: −$3,720
• − Depreciation: −$2,138
• Taxable income: $632
• Est. tax owed @ 24.0%: −$152
• After-tax cash flow: $1,344/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 · 1 photo

Fair 45/100 Cosmetic rehab

This 2nd floor condo is in fair condition with cosmetic needs, including resurfacing the parking lot and landscaping improvements. These updates will significantly enhance its resale and rental value.

Repairs flagged

• Major Parking lot resurfacing — The parking lot is scheduled for resurfacing in Spring 2026, indicating a major repair is needed.

Value-add opportunities

• Both Resurfacing the parking lot — This will improve the curb appeal and parking experience, enhancing both resale and rental value.
• Both Landscaping improvements — Enhancing the landscaping will improve the overall appearance and appeal of the property, boosting both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Parking lot resurfacing · The parking lot is scheduled for resurfacing in Spring 2026, indicating a major repair is needed.	Major	$15,000–50,000
Total estimated repair cost · 1 items		$15,000–50,000

Value-add ROI direction

• Both Resurfacing the parking lot — This will improve the curb appeal and parking experience, enhancing both resale and rental value. ↑
• Both Landscaping improvements — Enhancing the landscaping will improve the overall appearance and appeal of the property, boosting both resale and rental value. ↑

ⓘ 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: Center Line Public Schools
• NCES district ID: 2608580
• Math proficiency: 14% ▼ -8.00%
• Reading proficiency: 29% ▼ -3.00%
• Median HH income: $38,011
• Composite: 17.95/100
• National rank: #8992
• State rank: #459 of 540 in MI

Livability — Warren

• Score: 74/100
• State rank: #171
• US rank: #4491

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warren, MI
• County: Macomb County · 638,552 people
• City population: 114,937
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 30,696
• Household income: $54,230
• Rent vs Own: 35.1% rent · 64.9% own
• Severe rent burden: 1296.0

Population outlook (Macomb County) Hauer SSP2

• Today (2025): 925,296 people
• By 2030: 948,226 · +2.5%
• By 2040: 983,961 · +6.3%
• By 2050: 1,010,200 · +9.2%
• By 2075: 1,076,222 · +16.3%
• By 2100: 1,077,065 · +16.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 47% Black 25% Asian 19% Two or more races 5% Hispanic / Latino 3% Native American 2%
• Common ancestry: Romanian 7% Lithuanian 2% Slovak 1%
• Foreign-born: 16% · Canada
• Languages at home: 77% English-only · Other Indo-European 14% Other Asian/Pacific 3% Russian/Polish/Slavic 2%

Political lean MEDSL · Macomb

• 2024 margin: R (+13.7) · D 42.2% · R 55.9% · Other 1.9%
• 2008→2024 swing: -22.3pp toward R · 2008: 8.6pp · 2024: -13.7pp
• All cycles: 2024: R+13.7 2020: R+8.1 2016: R+11.6 2012: D+4.0 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -199.66%
• Current HPI: 177.9273
• Rent YoY: ▲ 2.35%
• 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

-17.2% since first listed

49 events — show timeline

• 2026-03-31 Relisted — REALCOMP
• 2026-03-31 Listing Removed — MiRealSource-MiMLS
• 2026-03-31 Listing Removed — REALCOMP
• 2026-03-31 Listing Removed — REALCOMP
• 2026-03-27 Relisted — REALCOMP
• 2026-03-27 Listing Removed — REALCOMP
• 2026-02-02 Price Changed $74,500 MiRealSource-MiMLS
• 2026-02-01 Price Changed $74,500 REALCOMP
• 2025-12-31 Price Changed $74,900 MiRealSource-MiMLS
• 2025-12-30 Price Changed $74,900 REALCOMP
• 2025-10-27 Price Changed $75,000 MiRealSource-MiMLS
• 2025-10-26 Price Changed $75,000 REALCOMP
• 2025-09-23 Price Changed $78,000 MiRealSource-MiMLS
• 2025-09-22 Price Changed $78,000 REALCOMP
• 2025-09-09 Price Changed $79,000 MiRealSource-MiMLS
• 2025-09-09 Price Changed $79,000 REALCOMP
• 2025-09-06 Relisted — REALCOMP
• 2025-08-09 Price Changed $79,500 MiRealSource-MiMLS
• 2025-08-08 Price Changed $79,500 REALCOMP
• 2025-07-25 Price Changed $79,900 MiRealSource-MiMLS
• 2025-07-25 Price Changed $79,900 REALCOMP
• 2025-07-09 Price Changed $80,000 MiRealSource-MiMLS
• 2025-07-08 Price Changed $80,000 REALCOMP
• 2025-06-23 Price Changed $80,900 MiRealSource-MiMLS
• 2025-06-23 Price Changed $80,900 REALCOMP
• 2025-06-19 Relisted — REALCOMP
• 2025-06-18 Price Changed $81,900 MiRealSource-MiMLS
• 2025-06-17 Price Changed $81,900 REALCOMP
• 2025-06-05 Price Changed $82,900 MiRealSource-MiMLS
• 2025-06-04 Price Changed $82,900 REALCOMP
• 2025-06-04 Price Changed $83,900 REALCOMP
• 2025-06-03 Relisted — MiRealSource-MiMLS
• 2025-06-03 Relisted — REALCOMP
• 2025-06-03 Listed $74,500 REALCOMP
• 2025-06-03 Listed $74,500 MiRealSource-MiMLS
• 2025-05-30 Pending — REALCOMP
• 2025-05-30 Pending — MiRealSource-MiMLS
• 2025-05-30 Listing Removed — REALCOMP
• 2025-05-30 Listing Removed — REALCOMP
• 2025-05-09 Price Changed $84,900 MiRealSource-MiMLS
• 2025-05-08 Price Changed $84,900 REALCOMP
• 2025-04-22 Price Changed $85,000 MiRealSource-MiMLS
• 2025-04-22 Price Changed $85,000 REALCOMP
• 2025-04-22 Relisted — REALCOMP
• 2025-04-09 Listing Removed — REALCOMP
• 2025-03-25 Relisted — REALCOMP
• 2025-03-25 Listed $90,000 MiRealSource-MiMLS
• 2025-03-25 Listing Removed — REALCOMP
• 2025-03-18 Listed $90,000 REALCOMP