9602 Cornell St · Taylor, MI 48180

$45,999

2 bd · 1.0 ba · 744 sqft · Condo · 367 Days on market

Built 1970 $565/mo HOA · 39% of rent ↓ 16% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Motivated Seller has authorized a generous price improvement! This cooperative membership/unit is 744 sq. ft featuring 2 bedrooms and 1 bath with a basement. The unit is carpeted throughout except bathrooms and kitchen. Cooperative provides an outdoor workout circuit for all ages with new play structures for our youngest members. An indoor/outdoor club house is available for hosting events and entertaining guests at a nominal fee. There is a large playground area near walking paths through a small private wooded area. The cooperative permits one dog up to 25 pounds or two cats. Electric vehicle charging stations and clubhouse rentals exclusively for our members. Monthly carrying charge is $565 and includes gas, water, city taxes, lawn maintenance, maintenance services and snow removal. This is a cash only sale, no loans or payment plans permitted.

Key facts

• $565 HOA
• Built 1970
• Listed 367 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $46k.

Deal economics

• At list price, monthly cash flow is $268 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $46k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.3% vs local median 5.4% in Taylor — 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 76/100 on livability (#144 in MI, #3,684 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, schools F, crime F.
• Taylor School District (urban): math 14% / reading 27% proficiency, ranked #462 of 540 in MI (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.9%/yr); 290 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $318 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $13k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 367 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $9k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 39% of rent.

Recommended offer $40,479 (12.0% below list)

Questions for the listing agent

1. It's been on market 367 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 1970 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F 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?
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: 3.17% ✓
• Cap rate: 13.28%
• Cash-on-cash: 24.97%
• DSCR: 2.11
• GRM: 2.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.9% rent growth · sell at horizon

5-year hold

• IRR: 23.0%
• Equity multiple: 2.00×
• Total profit: $12,819
• Equity at exit: $6,859

10-year hold

• IRR: 33.4%
• Equity multiple: 4.63×
• Total profit: $46,744
• Equity at exit: $3,977

Cash invested: $12,880 (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 48180

• Rents YoY: 4.9%
• Active inventory: 290
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,457 medium
• Mortgage (P&I): −$241
• Tax est. 1.5%: −$57 /mo · $690/yr
• Insurance: −$19
• HOA: −$565
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $268

Break-even live

Break-even rent $1,118

Max offer price $45,999

Occupancy floor 77%

Sensitivity live

Price	-10% $300	-5% $284	+0% $268	+5% $252	+10% $236
Rent	-10% $153	-5% $210	+0% $268	+5% $326	+10% $383
Rate	-1.0pp $291	-0.5pp $280	base $268	+0.5pp $256	+1.0pp $244

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: $11,500
• Closing costs: $1,380
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24268 Haskell St Taylor, MI	1.0–2.0	1.0	880	$1,570	$1.78	0d	7	0.68mi
7873 Syracuse St Taylor, MI	2.0	1.0	728	$1,400	$1.92	44d	1	0.99mi

HOA detail condo

• Monthly dues: $565 · $6,780/yr
• Likely covers: watergaselectricsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2024-12-17
   status Pending
2. 2024-01-03
   status Pending 859-char remark

   Show marketing remark (859 chars)

   Motivated Seller has authorized a generous price improvement! This cooperative membership/unit is 744 sq. ft featuring 2 bedrooms and 1 bath with a basement. The unit is carpeted throughout except bathrooms and kitchen. Cooperative provides an outdoor workout circuit for all ages with new play structures for our youngest members. An indoor/outdoor club house is available for hosting events and entertaining guests at a nominal fee. There is a large playground area near walking paths through a small private wooded area. The cooperative permits one dog up to 25 pounds or two cats. Electric vehicle charging stations and clubhouse rentals exclusively for our members. Monthly carrying charge is $565 and includes gas, water, city taxes, lawn maintenance, maintenance services and snow removal. This is a cash only sale, no loans or payment plans permitted.

3. 2024-01-03
   status Pending

   Show marketing remark (859 chars)

   Motivated Seller has authorized a generous price improvement! This cooperative membership/unit is 744 sq. ft featuring 2 bedrooms and 1 bath with a basement. The unit is carpeted throughout except bathrooms and kitchen. Cooperative provides an outdoor workout circuit for all ages with new play structures for our youngest members. An indoor/outdoor club house is available for hosting events and entertaining guests at a nominal fee. There is a large playground area near walking paths through a small private wooded area. The cooperative permits one dog up to 25 pounds or two cats. Electric vehicle charging stations and clubhouse rentals exclusively for our members. Monthly carrying charge is $565 and includes gas, water, city taxes, lawn maintenance, maintenance services and snow removal. This is a cash only sale, no loans or payment plans permitted.

4. 2023-08-10
   status Pending 859-char remark

   Show marketing remark (859 chars)

   Motivated Seller has authorized a generous price improvement! This cooperative membership/unit is 744 sq. ft featuring 2 bedrooms and 1 bath with a basement. The unit is carpeted throughout except bathrooms and kitchen. Cooperative provides an outdoor workout circuit for all ages with new play structures for our youngest members. An indoor/outdoor club house is available for hosting events and entertaining guests at a nominal fee. There is a large playground area near walking paths through a small private wooded area. The cooperative permits one dog up to 25 pounds or two cats. Electric vehicle charging stations and clubhouse rentals exclusively for our members. Monthly carrying charge is $565 and includes gas, water, city taxes, lawn maintenance, maintenance services and snow removal. This is a cash only sale, no loans or payment plans permitted.

5. 2023-08-10
   status Pending

   Show marketing remark (859 chars)

   Motivated Seller has authorized a generous price improvement! This cooperative membership/unit is 744 sq. ft featuring 2 bedrooms and 1 bath with a basement. The unit is carpeted throughout except bathrooms and kitchen. Cooperative provides an outdoor workout circuit for all ages with new play structures for our youngest members. An indoor/outdoor club house is available for hosting events and entertaining guests at a nominal fee. There is a large playground area near walking paths through a small private wooded area. The cooperative permits one dog up to 25 pounds or two cats. Electric vehicle charging stations and clubhouse rentals exclusively for our members. Monthly carrying charge is $565 and includes gas, water, city taxes, lawn maintenance, maintenance services and snow removal. This is a cash only sale, no loans or payment plans permitted.

6. 2023-08-09
   historical

   Show marketing remark (859 chars)

   Motivated Seller has authorized a generous price improvement! This cooperative membership/unit is 744 sq. ft featuring 2 bedrooms and 1 bath with a basement. The unit is carpeted throughout except bathrooms and kitchen. Cooperative provides an outdoor workout circuit for all ages with new play structures for our youngest members. An indoor/outdoor club house is available for hosting events and entertaining guests at a nominal fee. There is a large playground area near walking paths through a small private wooded area. The cooperative permits one dog up to 25 pounds or two cats. Electric vehicle charging stations and clubhouse rentals exclusively for our members. Monthly carrying charge is $565 and includes gas, water, city taxes, lawn maintenance, maintenance services and snow removal. This is a cash only sale, no loans or payment plans permitted.

7. 2023-08-09
   historical 859-char remark

   Show marketing remark (859 chars)

   Motivated Seller has authorized a generous price improvement! This cooperative membership/unit is 744 sq. ft featuring 2 bedrooms and 1 bath with a basement. The unit is carpeted throughout except bathrooms and kitchen. Cooperative provides an outdoor workout circuit for all ages with new play structures for our youngest members. An indoor/outdoor club house is available for hosting events and entertaining guests at a nominal fee. There is a large playground area near walking paths through a small private wooded area. The cooperative permits one dog up to 25 pounds or two cats. Electric vehicle charging stations and clubhouse rentals exclusively for our members. Monthly carrying charge is $565 and includes gas, water, city taxes, lawn maintenance, maintenance services and snow removal. This is a cash only sale, no loans or payment plans permitted.

8. 2023-07-11
   price $45,999 859-char remark

   Show marketing remark (859 chars)

   Motivated Seller has authorized a generous price improvement! This cooperative membership/unit is 744 sq. ft featuring 2 bedrooms and 1 bath with a basement. The unit is carpeted throughout except bathrooms and kitchen. Cooperative provides an outdoor workout circuit for all ages with new play structures for our youngest members. An indoor/outdoor club house is available for hosting events and entertaining guests at a nominal fee. There is a large playground area near walking paths through a small private wooded area. The cooperative permits one dog up to 25 pounds or two cats. Electric vehicle charging stations and clubhouse rentals exclusively for our members. Monthly carrying charge is $565 and includes gas, water, city taxes, lawn maintenance, maintenance services and snow removal. This is a cash only sale, no loans or payment plans permitted.

9. 2023-07-11
   price $45,999

   Show marketing remark (859 chars)

   Motivated Seller has authorized a generous price improvement! This cooperative membership/unit is 744 sq. ft featuring 2 bedrooms and 1 bath with a basement. The unit is carpeted throughout except bathrooms and kitchen. Cooperative provides an outdoor workout circuit for all ages with new play structures for our youngest members. An indoor/outdoor club house is available for hosting events and entertaining guests at a nominal fee. There is a large playground area near walking paths through a small private wooded area. The cooperative permits one dog up to 25 pounds or two cats. Electric vehicle charging stations and clubhouse rentals exclusively for our members. Monthly carrying charge is $565 and includes gas, water, city taxes, lawn maintenance, maintenance services and snow removal. This is a cash only sale, no loans or payment plans permitted.

10. 2023-02-07
    status Active

    Show marketing remark (859 chars)

    Motivated Seller has authorized a generous price improvement! This cooperative membership/unit is 744 sq. ft featuring 2 bedrooms and 1 bath with a basement. The unit is carpeted throughout except bathrooms and kitchen. Cooperative provides an outdoor workout circuit for all ages with new play structures for our youngest members. An indoor/outdoor club house is available for hosting events and entertaining guests at a nominal fee. There is a large playground area near walking paths through a small private wooded area. The cooperative permits one dog up to 25 pounds or two cats. Electric vehicle charging stations and clubhouse rentals exclusively for our members. Monthly carrying charge is $565 and includes gas, water, city taxes, lawn maintenance, maintenance services and snow removal. This is a cash only sale, no loans or payment plans permitted.

11. 2023-02-07
    status Active 859-char remark

    Show marketing remark (859 chars)

    Motivated Seller has authorized a generous price improvement! This cooperative membership/unit is 744 sq. ft featuring 2 bedrooms and 1 bath with a basement. The unit is carpeted throughout except bathrooms and kitchen. Cooperative provides an outdoor workout circuit for all ages with new play structures for our youngest members. An indoor/outdoor club house is available for hosting events and entertaining guests at a nominal fee. There is a large playground area near walking paths through a small private wooded area. The cooperative permits one dog up to 25 pounds or two cats. Electric vehicle charging stations and clubhouse rentals exclusively for our members. Monthly carrying charge is $565 and includes gas, water, city taxes, lawn maintenance, maintenance services and snow removal. This is a cash only sale, no loans or payment plans permitted.

12. 2023-02-07
    status Active

    Show marketing remark (859 chars)

    Motivated Seller has authorized a generous price improvement! This cooperative membership/unit is 744 sq. ft featuring 2 bedrooms and 1 bath with a basement. The unit is carpeted throughout except bathrooms and kitchen. Cooperative provides an outdoor workout circuit for all ages with new play structures for our youngest members. An indoor/outdoor club house is available for hosting events and entertaining guests at a nominal fee. There is a large playground area near walking paths through a small private wooded area. The cooperative permits one dog up to 25 pounds or two cats. Electric vehicle charging stations and clubhouse rentals exclusively for our members. Monthly carrying charge is $565 and includes gas, water, city taxes, lawn maintenance, maintenance services and snow removal. This is a cash only sale, no loans or payment plans permitted.

13. 2023-02-06
    historical 859-char remark

    Show marketing remark (859 chars)

    Motivated Seller has authorized a generous price improvement! This cooperative membership/unit is 744 sq. ft featuring 2 bedrooms and 1 bath with a basement. The unit is carpeted throughout except bathrooms and kitchen. Cooperative provides an outdoor workout circuit for all ages with new play structures for our youngest members. An indoor/outdoor club house is available for hosting events and entertaining guests at a nominal fee. There is a large playground area near walking paths through a small private wooded area. The cooperative permits one dog up to 25 pounds or two cats. Electric vehicle charging stations and clubhouse rentals exclusively for our members. Monthly carrying charge is $565 and includes gas, water, city taxes, lawn maintenance, maintenance services and snow removal. This is a cash only sale, no loans or payment plans permitted.

14. 2023-02-05
    historical
15. 2023-02-05
    historical
16. 2022-09-09
    price $52,500 859-char remark

    Show marketing remark (859 chars)

    Motivated Seller has authorized a generous price improvement! This cooperative membership/unit is 744 sq. ft featuring 2 bedrooms and 1 bath with a basement. The unit is carpeted throughout except bathrooms and kitchen. Cooperative provides an outdoor workout circuit for all ages with new play structures for our youngest members. An indoor/outdoor club house is available for hosting events and entertaining guests at a nominal fee. There is a large playground area near walking paths through a small private wooded area. The cooperative permits one dog up to 25 pounds or two cats. Electric vehicle charging stations and clubhouse rentals exclusively for our members. Monthly carrying charge is $565 and includes gas, water, city taxes, lawn maintenance, maintenance services and snow removal. This is a cash only sale, no loans or payment plans permitted.

17. 2022-09-08
    price $52,500
18. 2022-08-05
    listed $55,000 Active

    Show marketing remark (859 chars)

    Motivated Seller has authorized a generous price improvement! This cooperative membership/unit is 744 sq. ft featuring 2 bedrooms and 1 bath with a basement. The unit is carpeted throughout except bathrooms and kitchen. Cooperative provides an outdoor workout circuit for all ages with new play structures for our youngest members. An indoor/outdoor club house is available for hosting events and entertaining guests at a nominal fee. There is a large playground area near walking paths through a small private wooded area. The cooperative permits one dog up to 25 pounds or two cats. Electric vehicle charging stations and clubhouse rentals exclusively for our members. Monthly carrying charge is $565 and includes gas, water, city taxes, lawn maintenance, maintenance services and snow removal. This is a cash only sale, no loans or payment plans permitted.

19. 2022-08-05
    listed $55,000 Active 859-char remark

    Show marketing remark (859 chars)

    Motivated Seller has authorized a generous price improvement! This cooperative membership/unit is 744 sq. ft featuring 2 bedrooms and 1 bath with a basement. The unit is carpeted throughout except bathrooms and kitchen. Cooperative provides an outdoor workout circuit for all ages with new play structures for our youngest members. An indoor/outdoor club house is available for hosting events and entertaining guests at a nominal fee. There is a large playground area near walking paths through a small private wooded area. The cooperative permits one dog up to 25 pounds or two cats. Electric vehicle charging stations and clubhouse rentals exclusively for our members. Monthly carrying charge is $565 and includes gas, water, city taxes, lawn maintenance, maintenance services and snow removal. This is a cash only sale, no loans or payment plans permitted.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $17,481
• − Mortgage interest: −$2,577
• − Property taxes: −$690
• − Insurance: −$230
• − Repairs & maintenance: −$1,398
• − Management: −$1,398
• − HOA: −$6,780
• − Depreciation: −$1,338
• Taxable income: $3,069
• Est. tax owed @ 24.0%: −$737
• After-tax cash flow: $2,479/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: Taylor School District
• NCES district ID: 2633540
• Math proficiency: 14% ▼ -7.00%
• Reading proficiency: 27% ▼ -4.00%
• Median HH income: $43,062
• Composite: 17.62/100
• National rank: #9034
• State rank: #462 of 540 in MI

Livability — Taylor

• Score: 76/100
• State rank: #144
• US rank: #3684

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Taylor, MI
• County: Wayne County · 1,562,939 people
• City population: 62,081
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 62,081
• Household income: $61,081
• Rent vs Own: 33.3% rent · 66.7% own
• Severe rent burden: 1957.0

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: Majority White (65%)
• Race & ethnicity: White 65% Black 19% Two or more races 9% Hispanic / Latino 9% Asian 2%
• Hispanic origin (detail): Mexican 6% Puerto Rican 2%
• Common ancestry: Romanian 8% Lithuanian 3% Slovak 2%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 4% Arabic 3% Other Indo-European 3%

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: ▼ -212.33%
• Current HPI: 228.921
• Rent YoY: ▲ 4.90%
• 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

-16.4% since first listed

19 events — show timeline

• 2024-12-17 Pending — REALCOMP
• 2024-01-03 Pending — MiRealSource-MiMLS
• 2024-01-03 Pending — REALCOMP
• 2023-08-10 Pending — MiRealSource-MiMLS
• 2023-08-10 Pending — REALCOMP
• 2023-08-09 Listing Removed — MiRealSource-MiMLS
• 2023-08-09 Listing Removed — REALCOMP
• 2023-07-11 Price Changed $45,999 MiRealSource-MiMLS
• 2023-07-11 Price Changed $45,999 REALCOMP
• 2023-02-07 Relisted — REALCOMP
• 2023-02-07 Relisted — MiRealSource-MiMLS
• 2023-02-07 Relisted — REALCOMP
• 2023-02-06 Listing Removed — MiRealSource-MiMLS
• 2023-02-05 Listing Removed — REALCOMP
• 2023-02-05 Listing Removed — REALCOMP
• 2022-09-09 Price Changed $52,500 MiRealSource-MiMLS
• 2022-09-08 Price Changed $52,500 REALCOMP
• 2022-08-05 Listed $55,000 MiRealSource-MiMLS
• 2022-08-05 Listed $55,000 REALCOMP