29200 Gloede St #135 · Warren, MI 48088

$74,900

1 bd · 1.0 ba · 696 sqft · Condo public records · 1 Days on market

Built 1968 $340/mo HOA · 28% 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 +21.2/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to Lancaster Woods! This inviting and cozy FIRST FLOOR condo has recent updates including new Furnace, new drywall, brand-new carpet, new laminate flooring, new tile flooring and vanity in the bathroom, and new lighting with updated electrical wiring—giving the entire space a fresh, modern feel. The spacious, open-concept layout is filled with natural light. Enjoy sunsets on your patio or in the Living Room through the large sliding door. Community amenities include parking spaces, a swimming pool and clubhouse, common basement with coin laundry and secured storage. The monthly association fee covers gas, water, and common area maintenance. Rentals are permitted after 2 y

Key facts

• New drywall
• New tile flooring
• New furnace

Tags

• FIRST FLOOR CONDO
• NEW FURNACE
• NEW DRYWALL
• BRAND-NEW CARPET
• NEW LAMINATE FLOORING
• NEW TILE FLOORING

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $75k.

Deal economics

• At list price, monthly cash flow is $108 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Cap rate 8.0% 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.
• Warren Woods Public Schools (urban): math 23% / reading 40% proficiency, ranked #336 of 540 in MI (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 109 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% 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 $518 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 14y ago; this cycle's ask has dropped $4k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $19k; list at $75k implies a 294% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.

Recommended offer $74,900

Questions for the listing agent

1. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
6. 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?
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: 1.61% ✓
• Cap rate: 8.02%
• Cash-on-cash: 6.18%
• DSCR: 1.27
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -6.5%
• Equity multiple: 0.76×
• Total profit: $-5,038
• Equity at exit: $11,168

10-year hold

• IRR: 3.5%
• Equity multiple: 1.26×
• Total profit: $5,367
• Equity at exit: $6,476

Cash invested: $20,972 (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 48088

• Active inventory: 109
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,209 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$83 /mo · $1,000/yr
• Insurance: −$31
• HOA: −$340
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $108

Break-even live

Break-even rent $1,073

Max offer price $74,900

Occupancy floor 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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29157 Hayes Rd Warren, MI	1.0	1.0	720	$1,250	$1.74	43d	1	0.12mi
16425 12 Mile Rd Roseville, MI	1.0	1.0	600	$950	$1.58	43d	1	0.85mi
16435 Twelve Mile Rd Roseville, MI	1.0	1.0	600	$950	$1.58	43d	1	0.87mi
28368 Rosemont St Roseville, MI	2.0	1.0	696	$1,500	$2.16	22d	1	1.44mi

HOA detail condo

• Monthly dues: $340 · $4,080/yr
• Likely covers: watergaselectricpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-17
   statusdays on marketlisting id $74,900 Active 1 DOM
2. 2026-05-18
   historical
3. 2026-04-08
   price $74,900
4. 2026-02-18
   listed $79,000 Active
5. 2025-03-06
   historical
6. 2025-03-05
   historical
7. 2025-03-05
   price $85,000
8. 2025-03-05
   price $85,000
9. 2025-03-04
   price $74,900
10. 2025-03-03
    status Active
11. 2025-03-03
    status Active
12. 2025-03-03
    price $74,900
13. 2025-01-17
    historical
14. 2025-01-17
    historical
15. 2024-12-12
    price $79,990
16. 2024-12-12
    price $79,990
17. 2024-11-01
    listed $85,000 Active
18. 2024-11-01
    listed $85,000 Active
19. 2013-06-13
    soldstatus $19,000
20. 2013-01-29
    historical
21. 2013-01-28
    listed $24,900
22. 2012-09-20
    soldstatus $15,000
23. 2012-03-28
    historical
24. 2012-03-28
    historical
25. 2012-01-16
    listed $12,900
26. 2012-01-16
    listed $12,900
27. 2003-08-13
    soldstatus $60,000
28. 2002-11-26
    soldstatus $50,000
29. 1997-02-03
    soldstatus $38,000

ⓘ 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: $1,000 · $83/mo
• Projected year-2 tax: $1,077 · $90/mo
• Expected delta: +$77/yr (+$6/mo · 7.7%)

ⓘ 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 3/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,512
• − Mortgage interest: −$4,196
• − Property taxes: −$1,000
• − Insurance: −$374
• − Repairs & maintenance: −$1,161
• − Management: −$1,161
• − HOA: −$4,080
• − Depreciation: −$2,179
• Taxable income: $360
• Est. tax owed @ 24.0%: −$86
• After-tax cash flow: $1,209/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: Warren Woods Public Schools
• NCES district ID: 2635220
• Math proficiency: 23% ▼ -9.00%
• Reading proficiency: 40% ▼ -5.00%
• Median HH income: $49,013
• Composite: 27.29/100
• National rank: #7003
• State rank: #336 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
• City population: 114,937
• Population (ZIP): 23,443

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: Predominantly White (74%)
• Race & ethnicity: White 74% Black 13% Asian 6% Hispanic / Latino 5% Two or more races 5%
• Common ancestry: Romanian 14% Lithuanian 4% Slovak 2%
• Foreign-born: 11% · Canada
• Languages at home: 84% English-only · Arabic 4% Other Indo-European 3% Spanish 3%

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: ▼ -213.65%
• Current HPI: 206.4018
• Rent YoY: —
• Metro: —
• 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

+97.1% since first listed

28 events — show timeline

• 2026-05-18 Listing Removed — MiRealSource-MiMLS
• 2026-04-08 Price Changed $74,900 MiRealSource-MiMLS
• 2026-02-18 Listed $79,000 MiRealSource-MiMLS
• 2025-03-06 Listing Removed — REALCOMP
• 2025-03-05 Price Changed $85,000 REALCOMP
• 2025-03-05 Price Changed $85,000 MiRealSource-MiMLS
• 2025-03-05 Listing Removed — MiRealSource-MiMLS
• 2025-03-04 Price Changed $74,900 MiRealSource-MiMLS
• 2025-03-03 Relisted — MiRealSource-MiMLS
• 2025-03-03 Relisted — REALCOMP
• 2025-03-03 Price Changed $74,900 REALCOMP
• 2025-01-17 Listing Removed — REALCOMP
• 2025-01-17 Listing Removed — MiRealSource-MiMLS
• 2024-12-12 Price Changed $79,990 MiRealSource-MiMLS
• 2024-12-12 Price Changed $79,990 REALCOMP
• 2024-11-01 Listed $85,000 REALCOMP
• 2024-11-01 Listed $85,000 MiRealSource-MiMLS
• 2013-06-13 Sold (Public Records) $19,000 Public Records
• 2013-01-29 Listing Removed — REALCOMP
• 2013-01-28 Listed $24,900 REALCOMP
• 2012-09-20 Sold (Public Records) $15,000 Public Records
• 2012-03-28 Listing Removed — REALCOMP
• 2012-03-28 Listing Removed — MiRealSource-MiMLS
• 2012-01-16 Listed $12,900 REALCOMP
• 2012-01-16 Listed $12,900 MiRealSource-MiMLS
• 2003-08-13 Sold (Public Records) $60,000 Public Records
• 2002-11-26 Sold (Public Records) $50,000 Public Records
• 1997-02-03 Sold (Public Records) $38,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $1,000 · +2.6% YoY. Source: county tax records.