6605 Firestone Ct

Farmington Hills, MI 48322

$249,900F

2 bd · 2.0 ba · 1,450 sqft · Built 1984 · Condo · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,021/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$406
• HOA: −$489
• Vac / Maint / Mgmt: −$424
• Net cashflow: $-610/mo
• Annual: $-7,314/yr
• Cap rate: 3.37%
• Cash-on-cash: -10.45%
• DSCR: 0.53
• 1% rule: 0.81%
• Cash to close: $69,972

Investor read

• This is a 2-bed/2.0-bath condo listed at $250k.
• At list price, monthly cash flow is $-610 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $142k (43.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $202k (19.1% below list).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $142k (43.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#64 in MI, #1,364 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, crime A; Watch: amenities D, health & safety F.
• West Bloomfield School District (suburban): math 42% / reading 55% proficiency, ranked #83 of 540 in MI (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Doherty Elementary School (479 students, 36% FRL); West Bloomfield Middle School (math 46% / reading 55%, grade C, #110 of 493 statewide, top 23%, 941 students, 42% FRL); West Bloomfield High School (math 40% / reading 61%, grade D+, #146 of 713 statewide, top 21%, 1,652 students, 34% FRL).
• Watch-outs: HOA is 24% of rent.
• Market conditions: Rents soft (-0.4%/yr); 185 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 10y ago; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; list at $250k implies a 92% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.