26760 Joy Unit E 8 · Dearborn Heights, MI 48239

$44,900

1 bd · 1.0 ba · 646 sqft · Condo · 145 Days on market

Built 1966 Fair condition $70/sqft · 24% below area Est $59k · 24% under $325/mo HOA · 28% of rent ↓ 25% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.2/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable condo waiting on new owners to put their own stamp on it. Stove, refrigerator, and dw stay. Laundry in common bsmt. Covered carport and visitor parking available. The assoc. fee covers water and heat, as well as outside maintenance. Must be owner-occupied. Unit sold "as is"

Key facts

• $325 HOA
• Built 1966
• Listed 144 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $45k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $269 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.5% vs local median 5.5% in Dearborn Heights — 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 79/100 on livability (#82 in MI, #1,885 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools C-, crime D+, employment D+.
• South Redford School District (suburban): math 11% / reading 29% proficiency, ranked #455 of 540 in MI (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.2%/yr); 188 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 $310 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 + 3.2% 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 145 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $10k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.

Recommended offer $39,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 145 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1966 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Crime grade is D 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: 2.55% ✓
• Cap rate: 13.48%
• Cash-on-cash: 25.68%
• DSCR: 2.14
• GRM: 3.3

CMA / ARV

• ARV (median comp): $59,076
• List price: $44,900
• Delta: -24.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.25% rent growth · sell at horizon

5-year hold

• IRR: 20.1%
• Equity multiple: 1.82×
• Total profit: $10,366
• Equity at exit: $6,695

10-year hold

• IRR: 28.8%
• Equity multiple: 3.64×
• Total profit: $33,164
• Equity at exit: $3,882

Cash invested: $12,572 (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 48239

• Rents YoY: 3.2%
• Active inventory: 188
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,145 medium
• Mortgage (P&I): −$235
• Tax est. 1.5%: −$56 /mo · $674/yr
• Insurance: −$19
• HOA: −$325
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $269

Break-even live

Break-even rent $804

Max offer price $44,900

Occupancy floor 72%

Sensitivity live

Price	-10% $300	-5% $285	+0% $269	+5% $254	+10% $238
Rent	-10% $179	-5% $224	+0% $269	+5% $314	+10% $359
Rate	-1.0pp $292	-0.5pp $280	base $269	+0.5pp $257	+1.0pp $246

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
27201 Canfield St W Dearborn Heights, MI	1.0–2.0	1.0–2.0	852	$1,024	$1.20	2d	22	0.42mi
6954 Inkster Rd Dearborn Heights, MI	1.0–2.0	1.0–1.5	837	$949	$1.13	0d	9	1.33mi

HOA detail condo

• Monthly dues: $325 · $3,900/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-04
   days on market $44,900 Active 145 DOM
2. 2026-06-03
   days on market $44,900 Active 144 DOM
3. 2026-06-02
   days on market $44,900 Active 143 DOM
4. 2026-06-01
   days on market $44,900 Active 142 DOM
5. 2026-05-31
   days on market $44,900 Active 141 DOM
6. 2026-04-05
   price $44,900 295-char remark

   Show marketing remark (295 chars)

   Affordable condo waiting on new owners to put their own stamp on it. Stove, refrigerator, and dw stay. Laundry in common bsmt. Covered carport and visitor parking available. The assoc. fee covers water and heat, as well as outside maintenance. Must be owner-occupied. Unit sold "as is"

7. 2026-04-05
   price $44,900 295-char remark

   Show marketing remark (295 chars)

   Affordable condo waiting on new owners to put their own stamp on it. Stove, refrigerator, and dw stay. Laundry in common bsmt. Covered carport and visitor parking available. The assoc. fee covers water and heat, as well as outside maintenance. Must be owner-occupied. Unit sold "as is"

8. 2026-01-11
   price $49,900 295-char remark

   Show marketing remark (295 chars)

   Affordable condo waiting on new owners to put their own stamp on it. Stove, refrigerator, and dw stay. Laundry in common bsmt. Covered carport and visitor parking available. The assoc. fee covers water and heat, as well as outside maintenance. Must be owner-occupied. Unit sold "as is"

9. 2026-01-10
   price $49,900 295-char remark

   Show marketing remark (295 chars)

   Affordable condo waiting on new owners to put their own stamp on it. Stove, refrigerator, and dw stay. Laundry in common bsmt. Covered carport and visitor parking available. The assoc. fee covers water and heat, as well as outside maintenance. Must be owner-occupied. Unit sold "as is"

10. 2026-01-10
    listed $54,900 Active 295-char remark

    Show marketing remark (295 chars)

    Affordable condo waiting on new owners to put their own stamp on it. Stove, refrigerator, and dw stay. Laundry in common bsmt. Covered carport and visitor parking available. The assoc. fee covers water and heat, as well as outside maintenance. Must be owner-occupied. Unit sold "as is"

11. 2026-01-10
    listed $54,900 Active 295-char remark

    Show marketing remark (295 chars)

    Affordable condo waiting on new owners to put their own stamp on it. Stove, refrigerator, and dw stay. Laundry in common bsmt. Covered carport and visitor parking available. The assoc. fee covers water and heat, as well as outside maintenance. Must be owner-occupied. Unit sold "as is"

12. 2026-01-10
    historical

    Show marketing remark (295 chars)

    Affordable condo waiting on new owners to put their own stamp on it. Stove, refrigerator, and dw stay. Laundry in common bsmt. Covered carport and visitor parking available. The assoc. fee covers water and heat, as well as outside maintenance. Must be owner-occupied. Unit sold "as is"

13. 2026-01-10
    historical

    Show marketing remark (295 chars)

    Affordable condo waiting on new owners to put their own stamp on it. Stove, refrigerator, and dw stay. Laundry in common bsmt. Covered carport and visitor parking available. The assoc. fee covers water and heat, as well as outside maintenance. Must be owner-occupied. Unit sold "as is"

14. 2025-12-07
    price $54,900
15. 2025-12-06
    price $54,900
16. 2025-11-13
    listed $59,900 Active
17. 2025-11-13
    listed $59,900 Active

ⓘ 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: $13,737
• − Mortgage interest: −$2,515
• − Property taxes: −$674
• − Insurance: −$224
• − Repairs & maintenance: −$1,099
• − Management: −$1,099
• − HOA: −$3,900
• − Depreciation: −$1,306
• Taxable income: $2,920
• Est. tax owed @ 24.0%: −$701
• After-tax cash flow: $2,528/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 · 1 photo

Fair 45/100 Cosmetic rehab

This affordable condo requires cosmetic updates to its exterior, interior, and landscaping to improve its resale and rental value.

Repairs flagged

• Minor Exterior siding — Weathered appearance
• Minor Interior walls — Discoloration
• Minor Flooring — Worn appearance
• Minor Bathroom fixtures — Dated appearance
• Minor Kitchen cabinets and appliances — Dated appearance
• Minor Landscaping — Not well-maintained

Value-add opportunities

• Both Paint interior walls — Fresh paint can improve appearance and value
• Both Replace flooring — New flooring can significantly improve the home's appeal
• Both Update kitchen cabinets and appliances — Modernizing the kitchen can attract more buyers
• Both Landscaping and curb appeal — Well-maintained landscaping can enhance curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered appearance	Minor	$500–3,000
Interior walls · Discoloration	Minor	$500–3,000
Flooring · Worn appearance	Minor	$500–3,000
Bathroom fixtures · Dated appearance	Minor	$500–3,000
Kitchen cabinets and appliances · Dated appearance	Minor	$500–3,000
Landscaping · Not well-maintained	Minor	$500–3,000
Total estimated repair cost · 6 items		$3,000–18,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint can improve appearance and value ↑
• Both Replace flooring — New flooring can significantly improve the home's appeal ↑
• Both Update kitchen cabinets and appliances — Modernizing the kitchen can attract more buyers ↑
• Both Landscaping and curb appeal — Well-maintained landscaping can enhance curb appeal and value ↑

ⓘ 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: South Redford School District
• NCES district ID: 2632280
• Math proficiency: 11% ▼ -9.00%
• Reading proficiency: 29% ▼ -7.00%
• Median HH income: $52,775
• Composite: 18.1/100
• National rank: #8972
• State rank: #455 of 540 in MI

Livability — Dearborn Heights

• Score: 79/100
• State rank: #82
• US rank: #1885

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Wayne County · 1,562,939 people
• City population: 61,771
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 36,976
• Household income: $71,151
• Rent vs Own: 21.1% rent · 78.9% own
• Severe rent burden: 1052.0

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 Black (58%)
• Race & ethnicity: Black 58% White 34% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Romanian 7% Slovak 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% Other Indo-European 1% Arabic 1%

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: ▼ -202.97%
• Current HPI: 236.1136
• Rent YoY: ▲ 3.25%
• 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

-25.0% since first listed

12 events — show timeline

• 2026-04-05 Price Changed $44,900 MiRealSource-MiMLS
• 2026-04-05 Price Changed $44,900 REALCOMP
• 2026-01-11 Price Changed $49,900 MiRealSource-MiMLS
• 2026-01-10 Price Changed $49,900 REALCOMP
• 2026-01-10 Listed $54,900 REALCOMP
• 2026-01-10 Listing Removed — REALCOMP
• 2026-01-10 Listing Removed — MiRealSource-MiMLS
• 2026-01-10 Listed $54,900 MiRealSource-MiMLS
• 2025-12-07 Price Changed $54,900 MiRealSource-MiMLS
• 2025-12-06 Price Changed $54,900 REALCOMP
• 2025-11-13 Listed $59,900 REALCOMP
• 2025-11-13 Listed $59,900 MiRealSource-MiMLS