18403 University Park Dr · Livonia, MI 48152

$169,900

1 bd · 1.0 ba · 1,280 sqft · Condo public records · 35 Days on market

Built 1974 $405/mo HOA · 22% 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 +12.6/30.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• Schools +4.6/10.0
• Livability +3.9/5.0
• DSCR +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The condo you've been waiting for in the perfect location - welcome to The Woods! This beautifully maintained one-bedroom, one-bath private-entry condo is located in one of Livonia's quiet, desirable communities. This upper ranch-style unit is move-in ready, freshly painted throughout, and features brand-new carpet, giving it a clean, immaculate, and pristine feel from the moment you walk in. Enjoy the convenience of in-unit laundry with the washer and dryer included. The kitchen offers plenty of cabinet and counter space, along with all appliances included. The spacious living and dining room combination provides a comfortable open layout, with access to a covered, enclosed patio from both the living room and bedroom. The large bedroom offers generous closet space, along with a vanity area and full bathroom. This unit is located in Building 9 and includes one assigned carport space, #5. Take advantage of the community's spectacular amenities, including an indoor pool, large locker rooms, sauna, complete fitness center, library, and event space. You'll also love the beautifully landscaped, park-like setting with ample guest parking, plus close proximity to shopping, restaurants, and expressways. A perfect opportunity for anyone looking for easy, low-maintenance living in a wonderful Livonia location. We look forward to showing you this beautiful property!

Key facts

• Private-entry condo
• Community amenities
• In-unit laundry

Tags

• PRIVATE-ENTRY CONDO
• IN-UNIT LAUNDRY
• COVERED ENCLOSED PATIO
• GENEROUS CLOSET SPACE
• COMMUNITY AMENITIES
• INDOOR POOL

Property features AI

Finance

• Other: Pets allowed (cats and dogs; contact for details)
• HOA & community: Homeowners association with monthly fee of $405; HOA covers gas, insurance, structure and grounds maintenance, pest control, sewer, snow removal, trash, and water; Community pool; HOA provides grounds maintenance

Exterior

• Parking: Carport; No garage
• Utilities: Public sewer; Water available; Sewer available
• Home design: Condominium (residential); One level; Ground-level entry; Brick construction
• Construction: Brick construction; Slab foundation; One-story
• Exterior features: Enclosed patio; Patio; Exterior lighting; Paved road

Interior

• Kitchen: Dishwasher; Free-standing gas range; Free-standing refrigerator; Disposal
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Dishwasher; Disposal; Free-standing gas range; Free-standing refrigerator; Gas water heater; 5 total rooms
• Laundry & utility: Washer; Dryer; In-unit laundry in a laundry room; Washer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $170k.

Deal economics

• At list price, monthly cash flow is $-21 ($-247/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (2.1% below list).
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.1% vs local median 4.9% in Livonia — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 77/100 on livability (#116 in MI, #2,784 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities D, health & safety D, commute F.
• Livonia Public Schools School District (urban): math 46% / reading 59% proficiency, ranked #77 of 540 in MI (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hoover Elementary School (math 72% / reading 72%, grade A-, #51 of 1,397 statewide, top 5%, 500 students, 17% FRL); Holmes Middle School (math 42% / reading 65%, grade C+, #86 of 493 statewide, top 18%, 656 students, 25% FRL); Stevenson High School (math 51% / reading 72%, grade B-, #66 of 713 statewide, top 9%, 1,636 students, 23% FRL) — zoned schools at 22% FRL track the district average.
• Market conditions: 124 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,639 units permitted in Wayne County in 2024 (1,216 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 $5k of value loss. Plan a longer hold.
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y 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.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $164,803 (3.0% 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 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.06% ✓
• Cap rate: 6.15%
• Cash-on-cash: -0.52%
• DSCR: 0.98
• GRM: 7.8

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: -17.0%
• Equity multiple: 0.40×
• Total profit: $-28,649
• Equity at exit: $25,333

10-year hold

• IRR: -8.7%
• Equity multiple: 0.46×
• Total profit: $-25,844
• Equity at exit: $14,690

Cash invested: $47,572 (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 48152

• Active inventory: 124
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,806 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$81 /mo · $968/yr
• Insurance: −$71
• HOA: −$405
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $-21

Break-even live

Break-even rent $1,832

Max offer price $166,259

Occupancy floor 96%

Sensitivity live

Price	-10% $76	-5% $27	+0% $-21	+5% $-69	+10% $-117
Rent	-10% $-163	-5% $-92	+0% $-21	+5% $51	+10% $122
Rate	-1.0pp $65	-0.5pp $23	base $-21	+0.5pp $-65	+1.0pp $-109

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
39475 Springwater Dr Northville, MI	2.0	2.5	1536	$2,045	$1.33	0d	1	0.93mi
39460 Springwater Dr Northville, MI	2.0	2.5	1764	$2,400	$1.36	0d	1	0.93mi
19752 Haggerty Rd Livonia, MI	1.0–3.0	1.0–2.0	1080	$1,924	$1.78	0d	18	0.96mi
39700 Rockcrest Ln Northville, MI	2.0	2.0	1756	$2,200	$1.25	0d	1	1.00mi

HOA detail condo

• Monthly dues: $405 · $4,860/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $169,900 Active 35 DOM
2. 2026-06-18
   days on market $169,900 Active 32 DOM
3. 2026-06-17
   days on market $169,900 Active 31 DOM
4. 2026-06-16
   days on market $169,900 Active 30 DOM
5. 2026-06-15
   days on market $169,900 Active 29 DOM
6. 2026-06-13
   days on market $169,900 Active 27 DOM
7. 2026-06-09
   days on market $169,900 Active 23 DOM
8. 2026-06-08
   days on market $169,900 Active 22 DOM
9. 2026-06-07
   days on market $169,900 Active 21 DOM
10. 2026-06-04
    days on market $169,900 Active 18 DOM
11. 2026-06-03
    days on market $169,900 Active 17 DOM
12. 2026-06-02
    days on market $169,900 Active 16 DOM
13. 2026-06-01
    days on market $169,900 Active 15 DOM
14. 2026-05-31
    days on market $169,900 Active 14 DOM
15. 2026-05-17
    listed $169,900 Active

    Show marketing remark (1379 chars)

    The condo you've been waiting for in the perfect location - welcome to The Woods! This beautifully maintained one-bedroom, one-bath private-entry condo is located in one of Livonia's quiet, desirable communities. This upper ranch-style unit is move-in ready, freshly painted throughout, and features brand-new carpet, giving it a clean, immaculate, and pristine feel from the moment you walk in. Enjoy the convenience of in-unit laundry with the washer and dryer included. The kitchen offers plenty of cabinet and counter space, along with all appliances included. The spacious living and dining room combination provides a comfortable open layout, with access to a covered, enclosed patio from both the living room and bedroom. The large bedroom offers generous closet space, along with a vanity area and full bathroom. This unit is located in Building 9 and includes one assigned carport space, #5. Take advantage of the community's spectacular amenities, including an indoor pool, large locker rooms, sauna, complete fitness center, library, and event space. You'll also love the beautifully landscaped, park-like setting with ample guest parking, plus close proximity to shopping, restaurants, and expressways. A perfect opportunity for anyone looking for easy, low-maintenance living in a wonderful Livonia location. We look forward to showing you this beautiful property!

16. 2026-05-17
    listed $169,900 Active 1379-char remark

    Show marketing remark (1379 chars)

    The condo you've been waiting for in the perfect location - welcome to The Woods! This beautifully maintained one-bedroom, one-bath private-entry condo is located in one of Livonia's quiet, desirable communities. This upper ranch-style unit is move-in ready, freshly painted throughout, and features brand-new carpet, giving it a clean, immaculate, and pristine feel from the moment you walk in. Enjoy the convenience of in-unit laundry with the washer and dryer included. The kitchen offers plenty of cabinet and counter space, along with all appliances included. The spacious living and dining room combination provides a comfortable open layout, with access to a covered, enclosed patio from both the living room and bedroom. The large bedroom offers generous closet space, along with a vanity area and full bathroom. This unit is located in Building 9 and includes one assigned carport space, #5. Take advantage of the community's spectacular amenities, including an indoor pool, large locker rooms, sauna, complete fitness center, library, and event space. You'll also love the beautifully landscaped, park-like setting with ample guest parking, plus close proximity to shopping, restaurants, and expressways. A perfect opportunity for anyone looking for easy, low-maintenance living in a wonderful Livonia location. We look forward to showing you this beautiful property!

17. 2022-02-26
    price $1,000
18. 2006-08-11
    historical
19. 2006-05-11
    listed $119,900

ⓘ 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: $968 · $81/mo
• Projected year-2 tax: $1,792 · $149/mo
• Expected delta: +$824/yr (+$69/mo · 85.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $21,673
• − Mortgage interest: −$9,517
• − Property taxes: −$968
• − Insurance: −$850
• − Repairs & maintenance: −$1,734
• − Management: −$1,734
• − HOA: −$4,860
• − Depreciation: −$4,943
• Taxable loss: −$2,932
• Est. tax savings @ 24.0%: +$704
• After-tax cash flow: $456/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: Livonia Public Schools School District
• NCES district ID: 2621840
• Math proficiency: 46% ▼ -5.00%
• Reading proficiency: 59% ▬ 0.00%
• Median HH income: $65,268
• Composite: 46.27/100
• National rank: #2480
• State rank: #77 of 540 in MI

Livability — Livonia

• Score: 77/100
• State rank: #116
• US rank: #2784

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Livonia, MI
• County: Wayne County · 1,562,939 people
• City population: 56,806
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 30,119
• Household income: $88,288
• Rent vs Own: 18.7% rent · 81.3% own
• Severe rent burden: 475.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 1,675,273 people
• By 2030: 1,620,300 · -3.3%
• By 2040: 1,502,341 · -10.3%
• By 2050: 1,384,039 · -17.4%
• By 2075: 1,124,592 · -32.9%
• By 2100: 881,193 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Asian 8% Black 6% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Romanian 12% Lithuanian 4% Slovak 3%
• Foreign-born: 11% · Canada, South Korea, China
• Languages at home: 84% English-only · Other Indo-European 5% Arabic 3% Spanish 2%

Political lean MEDSL · Wayne

• 2024 margin: Strong D (+29.0) · D 62.7% · R 33.7% · Other 3.6%
• 2008→2024 swing: -20.5pp toward R · 2008: 49.5pp · 2024: 29.0pp
• All cycles: 2024: D+29.0 2020: D+38.1 2016: D+37.3 2012: D+46.9 2008: D+49.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -260.38%
• Current HPI: 178.5761
• Rent YoY: —
• 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

+41.7% since first listed

5 events — show timeline

• 2026-05-17 Listed $169,900 REALCOMP
• 2026-05-17 Listed $169,900 MiRealSource-MiMLS
• 2022-02-26 Price Changed $1,000 RENT.
• 2006-08-11 Listing Removed — REALCOMP
• 2006-05-11 Listed $119,900 REALCOMP

Property tax history

-3.1%/yr

Latest (2025): $968 · -45.5% YoY. Source: county tax records.