1035 N Old Woodward Ave #5 · Birmingham, MI 48009

$389,900

2 bd · 1.5 ba · 1,036 sqft · Condo public records · 58 Days on market

Built 1958 $297/mo HOA · 9% 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 +12.3/30.0
• ARV discount +7.5/15.0
• Schools +6.1/10.0
• Livability +4.4/5.0
• 1% rule +3.8/10.0
• DSCR +3.7/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Glenn Woods Terrace, a sought-after community tucked away off N Old Woodward in the heart of downtown Birmingham! Beautifully updated throughout; the kitchen has been completely remodeled featuring crisp white cabinetry, quartz countertops, new refrigerator, stove, and microwave, new garbage disposal. Both bathrooms have been updated with new cabinetry and sinks. Hardwood floors have been professionally refinished, fresh professional paint flows throughout, all new light fixtures have been installed, and a new humidifier adds year-round comfort. The main living area leads directly to a private back patio. An assigned parking space directly in front of your unit door adds everyday convenience. The lower level provides an additional living space ideal for a family room, home office, workout space, or additional storage. All of this just steps from the shops, restaurants, and energy of downtown Birmingham. Move right in and enjoy the lifestyle!

Key facts

• $297 HOA
• Built 1958
• Listed 57 days

Property features AI

Finance

• Other: Located in the Glenn Wood Terrace condominium subdivision; Directions: Enter Glenn Wood Terrace off Old Woodward, just north of Oak; last building on the left near middle of complex - Unit #5
• HOA & community: Homeowners association with monthly fee of $297; HOA covers grounds maintenance, snow removal, trash, and water

Exterior

• Parking: Assigned parking in a parking lot, no garage
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Cable available
• Home design: Condominium; Residential property; Two levels; Ground-level entry with steps; Faces not specified
• Construction: Brick, vinyl siding, and wood siding construction; Asphalt roof; Has unfinished basement
• Exterior features: Covered patio and porch; Patio; Porch; Exterior lighting; Paved road

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Free-standing refrigerator; Plumbed for ice maker; Gas water heater
• Bedrooms: Total of 6 rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Interior features: Partially furnished; Smoke detector(s); Unfinished basement
• Laundry & utility: Laundry room with washer hookup and gas dryer hookup; Washer included; Dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $390k.

Deal economics

• At list price, monthly cash flow is $-68 ($-817/yr) — negative.
• To cash-flow at today's rent, offer at most $378k (3.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $343k (11.9% below list).
• Recommended offer: $343k (11.9% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $3k of loan paydown is wiped out by about $12k 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 58 days — a 3% lower offer ($378k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y 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.
• Current owner paid $120k; list at $390k implies a 225% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $343,307 (11.9% 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 58 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1958 — 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 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. 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: 0.88% ✗
• Cap rate: 6.08%
• Cash-on-cash: -0.75%
• DSCR: 0.97
• GRM: 9.5

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: -16.6%
• Equity multiple: 0.41×
• Total profit: $-64,802
• Equity at exit: $58,135

10-year hold

• IRR: -7.1%
• Equity multiple: 0.54×
• Total profit: $-50,713
• Equity at exit: $33,711

Cash invested: $109,172 (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: 9.5×

Monthly cashflow live

• Estimated rent: $3,433 high
• Mortgage (P&I): −$2,045
• Tax from tax record: −$276 /mo · $3,313/yr
• Insurance: −$162
• HOA: −$297
• Vacancy / Maint / Mgmt: −$721
• Net cashflow: $-68

Break-even live

Break-even rent $3,519

Max offer price $377,874

Occupancy floor 97%

Sensitivity live

Price	-10% $153	-5% $42	+0% $-68	+5% $-178	+10% $-289
Rent	-10% $-339	-5% $-204	+0% $-68	+5% $68	+10% $203
Rate	-1.0pp $128	-0.5pp $31	base $-68	+0.5pp $-169	+1.0pp $-272

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: $97,475
• Closing costs: $11,697
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1113 N Old Woodward Ave #37 Birmingham, MI	2.0	2.0	1191	$2,900	$2.43	26d	1	0.07mi
1115 N Old Woodward Ave #58 Birmingham, MI	2.0	2.0	1239	$2,900	$2.34	0d	1	0.09mi
856 N Old Woodward Ave Birmingham, MI	1.0–3.0	1.5–3.0	1697	$6,425	$3.78	26d	6	0.21mi
856 N Old Woodward Ave Unit 208 Birmingham, MI	2.0	2.0	1400	$4,975	$3.55	26d	1	0.21mi
633 N Old Woodward Ave Birmingham, MI	2.0	2.5	1392	$4,300	$3.09	26d	1	0.26mi
35300 Woodward Ave #507 Birmingham, MI	1.0	1.0	730	$2,000	$2.74	26d	1	0.60mi
202 N Old Woodward Ave Unit 202 Birmingham, MI	2.0	2.0	1475	$5,900	$4.00	26d	1	0.64mi
211 E Merrill St Birmingham, MI	1.0–3.0	1.0–2.0	1059	$4,078	$3.85	0d	7	0.77mi
1109 Derby Rd Birmingham, MI	1.0	1.0	780	$1,400	$1.79	16d	1	0.87mi
1245 Derby Rd #4 Birmingham, MI	2.0	1.5	1400	$1,500	$1.07	26d	1	0.90mi
411 S Old Woodward Ave Birmingham, MI	1.0–2.0	1.0–2.0	743	$3,850	$5.18	5d	6	0.92mi
343 S Elm St Unit A Birmingham, MI	2.0	1.5	1100	$3,000	$2.73	18d	1	0.96mi
771 Henrietta St Unit 773 Birmingham, MI	1.0	1.0	1054	$1,925	$1.83	26d	1	1.00mi
555 S Old Woodward Ave Birmingham, MI	1.0–2.0	1.0–2.0	1036	$4,161	$4.02	0d	4	1.03mi
650 Ann St Birmingham, MI	1.0	1.0	700	$1,462	$2.09	26d	1	1.03mi
707 S Worth St Birmingham, MI	1.0–2.0	1.0–2.0	1290	$6,900	$5.35	0d	21	1.20mi
1802 E Maple Rd Birmingham, MI	1.0–2.0	1.0	775	$1,565	$2.02	16d	3	1.36mi
991 Humphrey Ave Birmingham, MI	3.0	1.0	1115	$2,200	$1.97	0d	1	1.43mi
1997 Villa Rd Birmingham, MI	1.0–3.0	1.0–2.5	1050	$1,975	$1.88	1d	10	1.47mi
1188 Ruffner Ave Birmingham, MI	2.0	1.0	849	$2,300	$2.71	6d	1	1.47mi
2101 E Maple Rd Birmingham, MI	2.0	1.0	1000	$1,695	$1.70	16d	1	1.49mi

HOA detail condo

• Monthly dues: $297 · $3,564/yr
• Likely covers: trashparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-21
   days on market $389,900 Active 58 DOM
2. 2026-06-18
   days on market $389,900 Active 55 DOM
3. 2026-06-17
   days on market $389,900 Active 54 DOM
4. 2026-06-16
   days on market $389,900 Active 53 DOM
5. 2026-06-15
   days on market $389,900 Active 52 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $389,900 Active 50 DOM

ⓘ 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: $3,313 · $276/mo
• Projected year-2 tax: $4,659 · $388/mo
• Expected delta: +$1,346/yr (+$112/mo · 40.6%)

ⓘ 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 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: $41,197
• − Mortgage interest: −$21,840
• − Property taxes: −$3,313
• − Insurance: −$1,950
• − Repairs & maintenance: −$3,296
• − Management: −$3,296
• − HOA: −$3,564
• − Depreciation: −$11,343
• Taxable loss: −$7,404
• Est. tax savings @ 24.0%: +$1,777
• After-tax cash flow: $960/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

+333.7% since first listed

13 events — show timeline

• 2026-06-03 Price Changed $389,900 MiRealSource-MiMLS
• 2026-06-02 Price Changed $389,900 REALCOMP
• 2026-04-25 Listed $399,000 MiRealSource-MiMLS
• 2026-04-25 Listed $399,000 REALCOMP
• 2026-04-23 Coming Soon $399,000 MiRealSource-MiMLS
• 2012-10-15 Sold (Public Records) $120,000 Public Records
• 2009-08-17 Listing Removed — REALCOMP
• 2009-02-18 Listed $159,900 REALCOMP
• 2008-05-28 Listing Removed — REALCOMP
• 2007-09-24 Listed $220,000 REALCOMP
• 2007-09-23 Listing Removed — REALCOMP
• 2007-05-23 Listed $220,000 REALCOMP
• 1994-12-23 Sold (Public Records) $89,900 Public Records

Property tax history

+2.0%/yr

Latest (2025): $3,313 · +2.6% YoY. Source: county tax records.