22241 Atlantic · Farmington Hills, MI 48336

$155,000

2 bd · 2.5 ba · 1,015 sqft · Condo · 43 Days on market

Built 1995 Good condition $305/mo HOA · 21% 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).

• ARV discount +7.5/15.0
• Cash flow +6.9/30.0
• Rent growth +5.0/5.0
• Schools +4.6/10.0
• 1% rule +4.3/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• DSCR +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this well-maintained ground-floor condo featuring newer carpeting and a desirable private entrance. The home offers two spacious bedrooms, each with its own full en-suite bathroom, providing comfort and privacy. Enjoy the convenience of in-unit laundry, a first-floor guest lavatory, and a fully equipped kitchen with all appliances included-highlighted by a newer stove and microwave. Residents of the community enjoy access to a clubhouse and swimming pool, along with assigned carport parking and additional guest parking. The association fee includes water, lawn care, exterior maintenance, and snow removal, making for easy, low-maintenance living. Ideally located close to shopping,

Key facts

• Guest parking
• In-unit laundry
• Swimming pool

Tags

• PRIVATE ENTRANCE
• IN-UNIT LAUNDRY
• FULLY EQUIPPED KITCHEN
• SWIMMING POOL
• ASSIGNED CARPORT PARKING
• GUEST PARKING

Property features AI

Finance

• HOA & community: Homeowners association with monthly fee of $305

Exterior

• Parking: 2-car garage; Carport
• Utilities: Public water; Public sewer
• Home design: Residential condominium; Two levels
• Construction: Vinyl siding; Slab foundation
• Exterior features: No pool; Pets allowed (contact for details)

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Gas water heater; Dishwasher; Dryer; Microwave; Oven; Refrigerator; Range; Washer
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $155k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-236 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $121k (22.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (6.9% below list).
• Recommended offer: $121k (22.0% below list) — sets the bar for cash-flow.
• Cap rate 4.5% vs local median 3.4% in Farmington Hills — 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 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.
• Farmington Public School District (urban): math 45% / reading 58% proficiency, ranked #78 of 540 in MI (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Gill Elementary School (math 42% / reading 42%, grade F, #547 of 1,397 statewide, top 41%, 485 students, 31% FRL); Power Middle School (math 42% / reading 60%, grade C, #106 of 493 statewide, top 22%, 605 students, 29% FRL); Farmington High School (math 49% / reading 75%, grade B-, #58 of 713 statewide, top 9%, 1,400 students, 30% FRL).
• Market conditions: Rents rising fast (+10.8%/yr); 157 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $1k of loan paydown is wiped out by about $5k 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 43 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 21% of rent.

Recommended offer $120,841 (22.0% 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 43 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.93% ✗
• Cap rate: 4.47%
• Cash-on-cash: -6.53%
• DSCR: 0.71
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -20.3%
• Equity multiple: 0.26×
• Total profit: $-32,316
• Equity at exit: $23,111

10-year hold

• IRR: -3.2%
• Equity multiple: 0.72×
• Total profit: $-11,937
• Equity at exit: $13,402

Cash invested: $43,400 (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 48336

• Rents YoY: 10.8%
• Active inventory: 157
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,443 high
• Mortgage (P&I): −$813
• Tax est. 1.5%: −$194 /mo · $2,325/yr
• Insurance: −$65
• HOA: −$305
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $-236

Break-even live

Break-even rent $1,742

Max offer price $120,841

Occupancy floor —

Sensitivity live

Price	-10% $-129	-5% $-183	+0% $-236	+5% $-290	+10% $-343
Rent	-10% $-350	-5% $-293	+0% $-236	+5% $-179	+10% $-122
Rate	-1.0pp $-158	-0.5pp $-197	base $-236	+0.5pp $-276	+1.0pp $-317

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23085 Floral St Farmington, MI	2.0	1.0	950	$1,495	$1.57	13d	1	0.54mi
23237 Tulane Ave Farmington Hills, MI	3.0	1.5	1104	$2,000	$1.81	13d	1	0.68mi
23210 Middlebelt Rd Unit 108 Farmington Hills, MI	1.0	1.0	750	$1,195	$1.59	7d	1	0.71mi
23210 Middlebelt Rd Unit 205 Farmington Hills, MI	1.0	1.0	750	$1,195	$1.59	13d	1	0.71mi
23210 Middlebelt Rd Farmington Hills, MI	1.0	1.0	750	$1,195	$1.59	14d	1	0.71mi
23210 Middlebelt Rd Unit 206 Farmington Hills, MI	1.0	1.0	750	$1,195	$1.59	45d	1	0.71mi
23812 Middlebelt Rd Farmington Hills, MI	1.0	1.0	750	$1,110	$1.48	45d	1	0.95mi
28532 Grayling Ave Farmington Hills, MI	2.0	1.0	700	$1,395	$1.99	26d	1	1.13mi
31200 Morlock St Livonia, MI	1.0–2.0	1.0	900	$1,505	$1.67	1d	12	1.20mi
27883 Independence St Farmington Hills, MI	1.0	1.0	750	$975	$1.30	26d	1	1.23mi
23611 Bicking Ct Farmington, MI	3.0	1.0	1117	$2,100	$1.88	45d	1	1.27mi
33203 N Manor Dr Farmington, MI	1.0–2.0	1.0	855	$1,454	$1.70	0d	13	1.44mi

HOA detail condo

• Monthly dues: $305 · $3,660/yr
• Likely covers: waterlandscapingsnow removalexterior maint.pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-15
   statusdays on market $155,000 Pending 43 DOM
2. 2026-06-13
   days on market $155,000 Active 42 DOM
3. 2026-06-13
   days on market $155,000 Active 41 DOM
4. 2026-06-09
   days on market $155,000 Active 38 DOM
5. 2026-06-08
   days on market $155,000 Active 37 DOM
6. 2026-06-07
   days on market $155,000 Active 36 DOM
7. 2026-06-04
   days on market $155,000 Active 33 DOM
8. 2026-06-02
   days on market $155,000 Active 31 DOM
9. 2026-06-01
   days on market $155,000 Active 30 DOM
10. 2026-05-31
    days on market $155,000 Active 29 DOM
11. 2026-05-07
    status Active 804-char remark
12. 2026-04-26
    status Pending 804-char remark
13. 2026-04-21
    listed $155,000 Active 804-char remark

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

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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,318
• − Mortgage interest: −$8,682
• − Property taxes: −$2,325
• − Insurance: −$775
• − Repairs & maintenance: −$1,385
• − Management: −$1,385
• − HOA: −$3,660
• − Depreciation: −$4,509
• Taxable loss: −$5,404
• Est. tax savings @ 24.0%: +$1,297
• After-tax cash flow: $-1,536/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained ground-floor condo is in good condition with minimal repairs needed. It offers a good ROI with updates that can significantly increase its value.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and property value.
• Both Clean gutters — Improves drainage and property value.
• Resale Replace kitchen appliances — Modernizes the kitchen and appeals to buyers.
• Both Install smart home devices — Enhances convenience and adds value to the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and property value. ↑
• Both Clean gutters — Improves drainage and property value. ↑
• Resale Replace kitchen appliances — Modernizes the kitchen and appeals to buyers. ↑
• Both Install smart home devices — Enhances convenience and adds value to the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Farmington Public School District
• NCES district ID: 2614070
• Math proficiency: 45% ▼ -5.00%
• Reading proficiency: 58% ▼ -1.00%
• Median HH income: $72,846
• Composite: 46.17/100
• National rank: #2497
• State rank: #78 of 540 in MI

Livability — Farmington Hills

• Score: 81/100
• State rank: #64
• US rank: #1364

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmington Hills, MI
• County: Oakland County · 1,009,092 people
• City population: 67,612
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 26,432
• Household income: $88,938
• Rent vs Own: 28.8% rent · 71.2% own
• Severe rent burden: 733.0

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 (71%)
• Race & ethnicity: White 71% Black 13% Two or more races 7% Asian 6% Hispanic / Latino 4%
• Common ancestry: Romanian 10% Slovak 3% Lithuanian 3%
• Foreign-born: 12% · Canada, China, South Korea
• Languages at home: 85% English-only · Other Indo-European 5% Arabic 2% Spanish 2%

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: ▼ -273.86%
• Current HPI: 177.4299
• Rent YoY: ▲ 10.83%
• 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

4 events — show timeline

• 2026-06-15 Pending — REALCOMP
• 2026-05-07 Relisted — REALCOMP
• 2026-04-26 Pending — REALCOMP
• 2026-04-21 Listed $155,000 REALCOMP