1724 Graefield Rd · Birmingham, MI 48009

$275,000

2 bd · 1.0 ba · 1,359 sqft · Condo · 193 Days on market

Built 1949 $310/mo HOA · 10% of rent

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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 +18.3/30.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Schools +6.1/10.0
• DSCR +5.7/10.0
• Livability +4.4/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

In the heart of Birmingham located near cafes and great restaurants and shopping centers. This beautifully remodeled condo showcases a comprehensive array of high-quality upgrades, including an upgraded kitchen, newly renovated bathrooms(2025), updated flooring(2025), and professionally sanded and stained countertops(2025). The residence further features new lighting fixtures throughout(2025), upgraded electrical outlets(2025), and newly installed baseboards(2025). Thoughtfully improved with exceptional attention to detail, this home offers a refined and move-in-ready living experience.

Key facts

• Upgraded kitchen
• Updated flooring
• $310 HOA

Tags

• UPGRADED KITCHEN
• NEWLY RENOVATED BATHROOMS
• UPDATED FLOORING
• NEW LIGHTING FIXTURES
• UPGRADED ELECTRICAL OUTLETS
• NEWLY INSTALLED BASEBOARDS

Property features AI

Finance

• Other: Subdivision: WILLIAMSBURG OF BIRMINGHAM OCCPN 307; Directions: West off Eaton and north of Maple; Cross street: North of Maple, west of Eaton
• HOA & community: Monthly association fee of $310; HOA covers grounds and structure maintenance, snow removal, and trash

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Condominium; Residential property; Two levels; Ground-level entry with steps
• Construction: Brick construction; Block foundation
• Exterior features: Paved road access; Pets allowed (contact for details)

Interior

• Kitchen: Free-standing gas oven; Free-standing refrigerator; Microwave
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Finished basement; 6 total rooms
• Laundry & utility: Laundry room; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $275k.

Deal economics

• At list price, monthly cash flow is $250 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 1.5% in Birmingham — 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 88/100 on livability (#12 in MI, #200 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities A+; Watch: cost of living F.
• Birmingham Public Schools (suburban): math 58% / reading 71% proficiency, ranked #18 of 540 in MI (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 6% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.8%/yr); 212 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 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 193 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 14y ago; this cycle's ask is 12400% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $80k; list at $275k implies a 244% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 193 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 1949 — 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 A-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?
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: 1.13% ✓
• Cap rate: 7.39%
• Cash-on-cash: 3.90%
• DSCR: 1.17
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.75% rent growth · sell at horizon

5-year hold

• IRR: -9.1%
• Equity multiple: 0.66×
• Total profit: $-26,014
• Equity at exit: $41,003

10-year hold

• IRR: 1.5%
• Equity multiple: 1.11×
• Total profit: $8,707
• 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 48009

• Rents YoY: 3.8%
• Active inventory: 212
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $3,115 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$310
• Vacancy / Maint / Mgmt: −$654
• Net cashflow: $250

Break-even live

Break-even rent $2,798

Max offer price $275,000

Occupancy floor 87%

Sensitivity live

Price	-10% $440	-5% $345	+0% $250	+5% $155	+10% $60
Rent	-10% $4	-5% $127	+0% $250	+5% $373	+10% $496
Rate	-1.0pp $389	-0.5pp $320	base $250	+0.5pp $179	+1.0pp $107

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 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1245 Derby Rd #4 Birmingham, MI	2.0	1.5	1400	$1,500	$1.07	26d	1	0.32mi
2101 E Maple Rd Birmingham, MI	2.0	1.0	1000	$1,695	$1.70	16d	1	0.38mi
2453 Windemere Rd Birmingham, MI	3.0	2.5	1486	$3,200	$2.15	0d	1	0.40mi
1711 Villa Rd Birmingham, MI	3.0	1.5	1653	$2,500	$1.51	26d	1	0.46mi
1997 Villa Rd Birmingham, MI	1.0–3.0	1.0–2.5	1050	$1,975	$1.88	1d	10	0.47mi
1037 Putney St Birmingham, MI	2.0	1.0	1650	$1,890	$1.15	1d	1	0.51mi
401 S Eton St Birmingham, MI	2.0–4.0	2.5	2277	$5,500	$2.42	6d	2	0.53mi
3286 Camden Dr Troy, MI	2.0	2.5	1550	$2,450	$1.58	25d	1	0.54mi
3248 Newbury Pl #11 Troy, MI	2.0	2.5	1398	$2,250	$1.61	26d	1	0.61mi
3257 Newbury Pl Unit 20 Troy, MI	2.0	3.0	1480	$2,450	$1.66	0d	1	0.61mi
3054 Camden Dr Unit 3054 Troy, MI	2.0	2.5	1400	$2,300	$1.64	26d	1	0.65mi
343 S Elm St Unit A Birmingham, MI	2.0	1.5	1100	$3,000	$2.73	18d	1	0.67mi
707 S Worth St Birmingham, MI	1.0–2.0	1.0–2.0	1290	$6,900	$5.35	0d	21	0.78mi
1935 Axtell Dr #3 Troy, MI	2.0	2.0	1060	$1,600	$1.51	16d	1	0.80mi
555 S Old Woodward Ave Birmingham, MI	1.0–2.0	1.0–2.0	1036	$4,161	$4.02	0d	4	0.84mi
202 N Old Woodward Ave Unit 202 Birmingham, MI	2.0	2.0	1475	$5,900	$4.00	26d	1	0.86mi
211 E Merrill St Birmingham, MI	1.0–3.0	1.0–2.0	1059	$4,078	$3.85	0d	7	0.89mi
111 Willits St #305 Birmingham, MI	2.0	2.5	1698	$6,750	$3.98	26d	1	0.95mi
856 N Old Woodward Ave Birmingham, MI	1.0–3.0	1.5–3.0	1697	$6,425	$3.78	26d	6	1.01mi
856 N Old Woodward Ave Unit 208 Birmingham, MI	2.0	2.0	1400	$4,975	$3.55	26d	1	1.02mi
633 N Old Woodward Ave Birmingham, MI	2.0	2.5	1392	$4,300	$3.09	26d	1	1.03mi
991 Humphrey Ave Birmingham, MI	3.0	1.0	1115	$2,200	$1.97	0d	1	1.07mi
771 Henrietta St Unit 773 Birmingham, MI	1.0	1.0	1054	$1,925	$1.83	26d	1	1.13mi
115 E Lincoln St Birmingham, MI	3.0	3.0	1637	$4,200	$2.57	26d	1	1.18mi
1113 N Old Woodward Ave #37 Birmingham, MI	2.0	2.0	1191	$2,900	$2.43	26d	1	1.23mi
755 Emmons Ave Birmingham, MI	3.0	1.0	1160	$1,900	$1.64	26d	1	1.25mi
1115 N Old Woodward Ave #58 Birmingham, MI	2.0	2.0	1239	$2,900	$2.34	0d	1	1.27mi
1911 Golfview Dr Troy, MI	1.0–3.0	1.0–2.0	1300	$1,910	$1.47	0d	18	1.36mi
487 Smith Ave Birmingham, MI	3.0	2.0	1326	$3,950	$2.98	6d	1	1.40mi
2845 Summers Pl Troy, MI	3.0	2.5	1665	$3,600	$2.16	45d	1	1.45mi
2751 Melcombe Cir Troy, MI	1.0–3.0	1.0–2.5	1687	$2,644	$1.57	0d	31	1.46mi

HOA detail condo

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

Listing history 28 events

1. 2026-06-21
   days on market $275,000 Active 193 DOM
2. 2026-06-18
   days on market $275,000 Active 190 DOM
3. 2026-06-17
   days on market $275,000 Active 189 DOM
4. 2026-06-16
   days on market $275,000 Active 188 DOM
5. 2026-06-15
   days on market $275,000 Active 187 DOM
6. 2026-06-13
   days on market $275,000 Active 185 DOM
7. 2026-06-09
   days on market $275,000 Active 181 DOM
8. 2026-06-08
   days on market $275,000 Active 180 DOM
9. 2026-06-07
   days on market $275,000 Active 179 DOM
10. 2026-06-04
    days on market $275,000 Active 176 DOM
11. 2026-06-03
    days on market $275,000 Active 175 DOM
12. 2026-06-02
    days on market $275,000 Active 174 DOM
13. 2026-06-01
    days on market $275,000 Active 173 DOM
14. 2026-05-31
    days on market $275,000 Active 172 DOM
15. 2026-05-12
    historical $2,200
16. 2026-04-01
    price $275,000 593-char remark

    Show marketing remark (593 chars)

    In the heart of Birmingham located near cafes and great restaurants and shopping centers. This beautifully remodeled condo showcases a comprehensive array of high-quality upgrades, including an upgraded kitchen, newly renovated bathrooms(2025), updated flooring(2025), and professionally sanded and stained countertops(2025). The residence further features new lighting fixtures throughout(2025), upgraded electrical outlets(2025), and newly installed baseboards(2025). Thoughtfully improved with exceptional attention to detail, this home offers a refined and move-in-ready living experience.

17. 2026-03-31
    price $275,000
18. 2026-01-23
    listed $2,200
19. 2026-01-23
    historical $2,200
20. 2026-01-23
    listed $2,200
21. 2025-12-26
    status Active 593-char remark

    Show marketing remark (593 chars)

    In the heart of Birmingham located near cafes and great restaurants and shopping centers. This beautifully remodeled condo showcases a comprehensive array of high-quality upgrades, including an upgraded kitchen, newly renovated bathrooms(2025), updated flooring(2025), and professionally sanded and stained countertops(2025). The residence further features new lighting fixtures throughout(2025), upgraded electrical outlets(2025), and newly installed baseboards(2025). Thoughtfully improved with exceptional attention to detail, this home offers a refined and move-in-ready living experience.

22. 2025-12-20
    historical 593-char remark

    Show marketing remark (593 chars)

    In the heart of Birmingham located near cafes and great restaurants and shopping centers. This beautifully remodeled condo showcases a comprehensive array of high-quality upgrades, including an upgraded kitchen, newly renovated bathrooms(2025), updated flooring(2025), and professionally sanded and stained countertops(2025). The residence further features new lighting fixtures throughout(2025), upgraded electrical outlets(2025), and newly installed baseboards(2025). Thoughtfully improved with exceptional attention to detail, this home offers a refined and move-in-ready living experience.

23. 2025-12-10
    listed $289,900 Active

    Show marketing remark (593 chars)

    In the heart of Birmingham located near cafes and great restaurants and shopping centers. This beautifully remodeled condo showcases a comprehensive array of high-quality upgrades, including an upgraded kitchen, newly renovated bathrooms(2025), updated flooring(2025), and professionally sanded and stained countertops(2025). The residence further features new lighting fixtures throughout(2025), upgraded electrical outlets(2025), and newly installed baseboards(2025). Thoughtfully improved with exceptional attention to detail, this home offers a refined and move-in-ready living experience.

24. 2025-12-10
    listed $289,900 Active 593-char remark

    Show marketing remark (593 chars)

    In the heart of Birmingham located near cafes and great restaurants and shopping centers. This beautifully remodeled condo showcases a comprehensive array of high-quality upgrades, including an upgraded kitchen, newly renovated bathrooms(2025), updated flooring(2025), and professionally sanded and stained countertops(2025). The residence further features new lighting fixtures throughout(2025), upgraded electrical outlets(2025), and newly installed baseboards(2025). Thoughtfully improved with exceptional attention to detail, this home offers a refined and move-in-ready living experience.

25. 2012-05-21
    soldstatus $80,000 452-char remark

    Show marketing remark (452 chars)

    Beautiful Town-Home on quiet Birmingham Street. Located moments from downtown, walk the tree lined streets to shops, restaurants and cafes. This two bedroom home is complete with flawless oak hardwood flooring in living and dining area. Semi-open staircase in living area with wall of built in shelves. This is move-in ready home with as much character and charm as you'd expect from any Birmingham home. And all priced under $100K. This can't be beat.

26. 2012-05-21
    soldstatus $80,000

    Show marketing remark (452 chars)

    Beautiful Town-Home on quiet Birmingham Street. Located moments from downtown, walk the tree lined streets to shops, restaurants and cafes. This two bedroom home is complete with flawless oak hardwood flooring in living and dining area. Semi-open staircase in living area with wall of built in shelves. This is move-in ready home with as much character and charm as you'd expect from any Birmingham home. And all priced under $100K. This can't be beat.

27. 2012-04-10
    listed $99,800 452-char remark

    Show marketing remark (452 chars)

    Beautiful Town-Home on quiet Birmingham Street. Located moments from downtown, walk the tree lined streets to shops, restaurants and cafes. This two bedroom home is complete with flawless oak hardwood flooring in living and dining area. Semi-open staircase in living area with wall of built in shelves. This is move-in ready home with as much character and charm as you'd expect from any Birmingham home. And all priced under $100K. This can't be beat.

28. 2012-04-10
    listed $99,800

    Show marketing remark (452 chars)

    Beautiful Town-Home on quiet Birmingham Street. Located moments from downtown, walk the tree lined streets to shops, restaurants and cafes. This two bedroom home is complete with flawless oak hardwood flooring in living and dining area. Semi-open staircase in living area with wall of built in shelves. This is move-in ready home with as much character and charm as you'd expect from any Birmingham home. And all priced under $100K. This can't be beat.

ⓘ 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 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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,379
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,990
• − Management: −$2,990
• − HOA: −$3,720
• − Depreciation: −$8,000
• Taxable loss: −$1,226
• Est. tax savings @ 24.0%: +$294
• After-tax cash flow: $3,298/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: Birmingham Public Schools
• NCES district ID: 2605850
• Math proficiency: 58% ▼ -8.00%
• Reading proficiency: 71% ▼ -3.00%
• Median HH income: $110,445
• Composite: 60.54/100
• National rank: #839
• State rank: #18 of 540 in MI

Livability — Birmingham

• Score: 88/100
• State rank: #12
• US rank: #200

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Birmingham, MI
• County: Oakland County · 1,009,092 people
• City population: 21,772
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 21,772
• Household income: $153,401
• Rent vs Own: 22.9% rent · 77.1% own
• Severe rent burden: 476.0

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 (84%)
• Race & ethnicity: White 84% Two or more races 6% Asian 5% Hispanic / Latino 4% Black 4%
• Common ancestry: Romanian 8% Lithuanian 3% Scotch-Irish 3%
• Foreign-born: 10% · Canada, South Korea
• Languages at home: 90% English-only · Other Indo-European 3% Arabic 1% Spanish 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: ▼ -644.58%
• Current HPI: 201.3418
• Rent YoY: ▲ 3.75%
• 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

-97.8% since first listed

14 events — show timeline

• 2026-05-12 Rental Removed $2,200 REALCOMP
• 2026-04-01 Price Changed $275,000 MiRealSource-MiMLS
• 2026-03-31 Price Changed $275,000 REALCOMP
• 2026-01-23 Listed for Rent $2,200 REALCOMP
• 2026-01-23 Rental Removed $2,200 REALSOURCE
• 2026-01-23 Listed for Rent $2,200 REALSOURCE
• 2025-12-26 Relisted — MiRealSource-MiMLS
• 2025-12-20 Listing Removed — MiRealSource-MiMLS
• 2025-12-10 Listed $289,900 REALCOMP
• 2025-12-10 Listed $289,900 MiRealSource-MiMLS
• 2012-05-21 Sold (MLS) $80,000 MiRealSource-MiMLS
• 2012-05-21 Sold (MLS) $80,000 REALCOMP
• 2012-04-10 Listed $99,800 MiRealSource-MiMLS
• 2012-04-10 Listed $99,800 REALCOMP