19942 Vernier Rd · Harper Woods, MI 48225

$90,000

3 bd · 2.5 ba · 1,486 sqft · Condo · 24 Days on market

Built 1964 Fair condition $235/mo HOA · 14% of rent

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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
• Schools +5.7/10.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover a unique opportunity at 19942 Vernier RD, Harper Woods, MI. priced to sell quickly, this condominium offers 3 bedrooms with 2 1/2 baths, unfinished basement, and 1 covered carport. If you're seeking comfort and convenience, this is it. Grosse Pointe School District.

Key facts

• $235 HOA
• Built 1964
• Listed 24 days

Property features AI

Finance

• Other: Condo subdivision: WAYNE COUNTY CONDO SUB PLAN 66
• HOA & community: Homeowners association with grounds maintenance; Association fee $235 monthly

Exterior

• Parking: Covered parking; Parking lot; Carport; No garage
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Residential condominium; Two levels; Ground-level entry; Brick construction
• Construction: Brick construction
• Exterior features: Porch; Paved access/road

Interior

• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Unfinished basement; Smoke detectors installed; Private entrance; Lighting

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $90k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $450 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 7.7% in Harper Woods — 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 73/100 on livability (#199 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, health & safety D+, schools D-.
• Grosse Pointe Public Schools (suburban): math 56% / reading 68% proficiency, ranked #24 of 540 in MI (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.1%/yr); 134 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• This rent runs 32% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k 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 + 5.1% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 31y 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 $73k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $88,650 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1964 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
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: 1.84% ✓
• Cap rate: 12.29%
• Cash-on-cash: 21.41%
• DSCR: 1.95
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.1% rent growth · sell at horizon

5-year hold

• IRR: 16.9%
• Equity multiple: 1.71×
• Total profit: $17,787
• Equity at exit: $13,419

10-year hold

• IRR: 27.3%
• Equity multiple: 3.71×
• Total profit: $68,329
• Equity at exit: $7,782

Cash invested: $25,200 (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 48225

• Rents YoY: 5.1%
• Active inventory: 134
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,654 high
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$235
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $450

Break-even live

Break-even rent $1,085

Max offer price $90,000

Occupancy floor 68%

Sensitivity live

Price	-10% $512	-5% $481	+0% $450	+5% $418	+10% $387
Rent	-10% $319	-5% $384	+0% $450	+5% $515	+10% $580
Rate	-1.0pp $495	-0.5pp $472	base $450	+0.5pp $426	+1.0pp $403

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20600 Balfour St Harper Woods, MI	1.0–2.0	1.0–2.0	971	$1,640	$1.69	0d	14	0.06mi
20270 Hollywood St Harper Woods, MI	3.0	1.0	1228	$1,650	$1.34	0d	1	0.24mi
20015 Lochmoor St Harper Woods, MI	3.0	1.0	1006	$1,500	$1.49	17d	1	0.41mi
2175 Ridgemont Rd Grosse Pointe Woods, MI	2.0	1.0	1100	$1,300	$1.18	44d	1	0.77mi
1992 Hawthorne Rd Grosse Pointe Woods, MI	3.0	2.0	1071	$2,100	$1.96	11d	1	0.92mi
1883 Lochmoor Blvd Grosse Pointe Woods, MI	3.0	2.5	1744	$2,900	$1.66	0d	1	1.09mi
19152 Woodside St Harper Woods, MI	3.0	1.0	916	$1,500	$1.64	18d	1	1.15mi
19661 Kenosha St Harper Woods, MI	3.0	2.0	1000	$1,400	$1.40	25d	1	1.24mi
21727 California St Saint Clair Shores, MI	3.0	2.0	1368	$1,925	$1.41	0d	1	1.26mi
16446 E State Fair St Detroit, MI	2.0	1.0	1200	$1,350	$1.12	25d	1	1.28mi
20625 Elizabeth St Saint Clair Shores, MI	3.0	2.0	1074	$1,895	$1.76	44d	1	1.29mi
22126 Alger St Saint Clair Shores, MI	2.0	1.5	1060	$1,750	$1.65	12d	1	1.30mi
16291 Eastburn St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	25d	1	1.33mi
22030 Cushing Ave Eastpointe, MI	3.0	2.0	1300	$1,650	$1.27	5d	1	1.34mi
16242 Bringard Dr Detroit, MI	3.0	1.0	1350	$1,300	$0.96	6d	1	1.37mi
19365 Kingsville St Harper Woods, MI	4.0	1.5	996	$1,650	$1.66	16d	1	1.37mi
19442 Kingsville St Harper Woods, MI	3.0	1.0	1000	$1,500	$1.50	18d	1	1.38mi
19435 McCormick St Detroit, MI	3.0	2.0	1148	$1,300	$1.13	18d	1	1.41mi
20461 Kingsville St Harper Woods, MI	4.0	1.0	1100	$1,399	$1.27	16d	1	1.42mi
16225 Manning St Detroit, MI	4.0	2.0	1036	$1,475	$1.42	44d	1	1.45mi
19639 Moross Rd Unit 1 Detroit, MI	2.0	1.0	900	$1,100	$1.22	44d	1	1.46mi

HOA detail condo

• Monthly dues: $235 · $2,820/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-15
   statusdays on market $90,000 Pending 24 DOM
2. 2026-06-13
   days on market $90,000 Active 23 DOM
3. 2026-06-13
   days on market $90,000 Active 22 DOM
4. 2026-06-09
   days on market $90,000 Active 19 DOM
5. 2026-06-08
   days on market $90,000 Active 18 DOM
6. 2026-06-07
   days on market $90,000 Active 17 DOM
7. 2026-06-04
   remarks 699-char remark
8. 2026-06-04
   days on market $90,000 Active 14 DOM
9. 2026-06-03
   days on market $90,000 Active 13 DOM
10. 2026-06-02
    days on market $90,000 Active 12 DOM
11. 2026-06-01
    days on market $90,000 Active 11 DOM
12. 2026-05-31
    days on market $90,000 Active 10 DOM
13. 2026-05-21
    listed $90,000 Active

    Show marketing remark (275 chars)

    Discover a unique opportunity at 19942 Vernier RD, Harper Woods, MI. priced to sell quickly, this condominium offers 3 bedrooms with 2 1/2 baths, unfinished basement, and 1 covered carport. If you're seeking comfort and convenience, this is it. Grosse Pointe School District.

14. 2026-05-21
    listed $90,000 Active 275-char remark

    Show marketing remark (275 chars)

    Discover a unique opportunity at 19942 Vernier RD, Harper Woods, MI. priced to sell quickly, this condominium offers 3 bedrooms with 2 1/2 baths, unfinished basement, and 1 covered carport. If you're seeking comfort and convenience, this is it. Grosse Pointe School District.

15. 1995-10-31
    soldstatus $73,000
16. 1995-10-02
    historical
17. 1995-08-14
    listed $79,900

ⓘ 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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,846
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$1,588
• − Management: −$1,588
• − HOA: −$2,820
• − Depreciation: −$2,618
• Taxable income: $4,391
• Est. tax owed @ 24.0%: −$1,054
• After-tax cash flow: $4,341/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 · 2 photos

Fair 45/100 Moderate rehab

This condo requires significant repairs and updates to its exterior and interior, including major work on the roof and siding. Paint and roof repair would significantly increase its value for both resale and rental.

Repairs flagged

• Major roof — Significant wear and tear
• Major siding — Peeling paint and visible wear

Value-add opportunities

• Both paint and roof repair — Both improve the home's appearance and functionality
• Both interior updates — Enhances the home's livability and appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant wear and tear	Major	$15,000–50,000
siding · Peeling paint and visible wear	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both paint and roof repair — Both improve the home's appearance and functionality ↑
• Both interior updates — Enhances the home's livability and appeal ↑

ⓘ 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: Grosse Pointe Public Schools
• NCES district ID: 2625740
• Math proficiency: 56% ▼ -2.00%
• Reading proficiency: 68% ▲ 2.00%
• Median HH income: $89,975
• Composite: 56.51/100
• National rank: #1152
• State rank: #24 of 540 in MI

Livability — Harper Woods

• Score: 73/100
• State rank: #199
• US rank: #5054

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harper Woods, MI
• County: Wayne County · 1,562,939 people
• City population: 16,098
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 16,098
• Household income: $61,750
• Rent vs Own: 33.8% rent · 66.2% own
• Severe rent burden: 410.0

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: Predominantly Black (65%)
• Race & ethnicity: Black 65% White 28% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Romanian 4% Lithuanian 1% German 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Arabic 2% Spanish 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: ▼ -150.40%
• Current HPI: 181.4961
• Rent YoY: ▲ 5.10%
• 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

+12.6% since first listed

5 events — show timeline

• 2026-05-21 Listed $90,000 MiRealSource-MiMLS
• 2026-05-21 Listed $90,000 REALCOMP
• 1995-10-31 Sold (MLS) $73,000 MiRealSource-MiMLS
• 1995-10-02 Listing Removed — MiRealSource-MiMLS
• 1995-08-14 Listed $79,900 MiRealSource-MiMLS