24777 Ashley Ct · Redford, MI 48239

$169,900

2 bd · 2.0 ba · 1,259 sqft · Condo public records · 42 Days on market

Built 2003 $350/mo HOA · 31% of rent ↓ 19% since listing

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Why this score? — see what drove the F 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
• Rent growth +3.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +2.2/30.0
• Schools +1.8/10.0
• 1% rule +1.6/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity awaits! Value-add condo ready for your vision. With some cleanup and TLC, this property has strong potential as a home or investment. Sold as-is. Perfect for investors or buyers looking to build equity.

Key facts

• $350 HOA
• 2 garage spots
• Built 2003

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $170k.

Deal economics

• At list price, monthly cash flow is $-613 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $62k (63.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (34.3% below list).
• Recommended offer: $62k (63.7% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• 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); 192 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 98% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 7 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 31% of rent.

Recommended offer $61,613 (63.7% 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 42 days. Have you received any prior offers? Is the seller open to a 64% 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. 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?
7. 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.
8. 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.
9. 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: 0.66% ✗
• Cap rate: 1.96%
• Cash-on-cash: -15.46%
• DSCR: 0.31
• GRM: 12.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -45.5%
• Equity multiple: -0.39×
• Total profit: $-66,077
• Equity at exit: $25,333

10-year hold

• IRR: -79.3%
• Equity multiple: -1.22×
• Total profit: $-105,778
• Equity at exit: $14,690

Cash invested: $47,572 (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: 192
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $1,117 high
• Mortgage (P&I): −$891
• Tax from tax record: −$184 /mo · $2,205/yr
• Insurance: −$71
• HOA: −$350
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $-613

Break-even live

Break-even rent $1,893

Max offer price $61,613

Occupancy floor —

Sensitivity live

Price	-10% $-517	-5% $-565	+0% $-613	+5% $-661	+10% $-709
Rent	-10% $-701	-5% $-657	+0% $-613	+5% $-569	+10% $-525
Rate	-1.0pp $-527	-0.5pp $-570	base $-613	+0.5pp $-657	+1.0pp $-702

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14256 Salem Redford, MI	3.0	1.5	1168	$1,675	$1.43	18d	1	0.26mi
14211 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.47mi
14207 Dale St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	0.47mi
14205 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.47mi
14201 Dale St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	0.47mi
14308 Riverview St Detroit, MI	2.0	1.0	900	$895	$0.99	45d	1	0.48mi
14306 Riverview St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	0.48mi
14304 Riverview St Detroit, MI	2.0	1.0	900	$930	$1.03	45d	1	0.48mi
14197 Dale St Detroit, MI	2.0	1.0	900	$895	$0.99	45d	1	0.48mi
23818 Riverview St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	0.49mi
14195 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.49mi
14193 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.49mi
23832 Schoolcraft Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	0.49mi
23852 Schoolcraft Rd Detroit, MI	1.0	1.0	900	$950	$1.06	45d	1	0.49mi
14191 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.49mi
14218 Dale St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	0.50mi
14226 Dale St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	0.50mi
14224 Dale St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	0.50mi
14183 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.50mi
23846 Schoolcraft Rd Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	0.50mi
14179 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.50mi
14288 Riverview St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.50mi
14246 Dale St Detroit, MI	2.0	1.0	900	$750	$0.83	45d	1	0.50mi
14236 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.50mi
14232 Dale St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	0.50mi
14230 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.50mi
14238 Dale St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	0.50mi
14234 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.50mi
14256 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.50mi
14250 Dale St Detroit, MI	2.0	1.0	900	$1,250	$1.39	45d	1	0.50mi
14252 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.50mi
14254 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.50mi
14258 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.50mi
14260 Dale St Detroit, MI	2.0	1.0	950	$899	$0.95	45d	1	0.50mi
14216 Dale St Detroit, MI	2.0	1.0	900	$1,050	$1.17	45d	1	0.50mi
14175 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.51mi
14093 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.51mi
14095 Dale St Detroit, MI	2.0	1.0	900	$900	$1.00	45d	1	0.51mi
14075 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.51mi
14081 Dale St Detroit, MI	2.0	1.0	900	$985	$1.09	45d	1	0.51mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-01
   days on market $169,900 Active 42 DOM
2. 2026-05-31
   days on market $169,900 Active 41 DOM
3. 2026-05-05
   status Active 214-char remark

   Show marketing remark (214 chars)

   Opportunity awaits! Value-add condo ready for your vision. With some cleanup and TLC, this property has strong potential as a home or investment. Sold as-is. Perfect for investors or buyers looking to build equity.

4. 2026-05-05
   historical 214-char remark

   Show marketing remark (214 chars)

   Opportunity awaits! Value-add condo ready for your vision. With some cleanup and TLC, this property has strong potential as a home or investment. Sold as-is. Perfect for investors or buyers looking to build equity.

5. 2026-05-02
   status Active 214-char remark

   Show marketing remark (214 chars)

   Opportunity awaits! Value-add condo ready for your vision. With some cleanup and TLC, this property has strong potential as a home or investment. Sold as-is. Perfect for investors or buyers looking to build equity.

6. 2026-05-02
   status Active 214-char remark

   Show marketing remark (214 chars)

   Opportunity awaits! Value-add condo ready for your vision. With some cleanup and TLC, this property has strong potential as a home or investment. Sold as-is. Perfect for investors or buyers looking to build equity.

7. 2026-04-23
   historical Accepting Backup Offers 214-char remark

   Show marketing remark (214 chars)

   Opportunity awaits! Value-add condo ready for your vision. With some cleanup and TLC, this property has strong potential as a home or investment. Sold as-is. Perfect for investors or buyers looking to build equity.

8. 2026-04-23
   historical Active Under Contract 214-char remark

   Show marketing remark (214 chars)

   Opportunity awaits! Value-add condo ready for your vision. With some cleanup and TLC, this property has strong potential as a home or investment. Sold as-is. Perfect for investors or buyers looking to build equity.

9. 2026-04-21
   listed $169,900 Active 214-char remark

   Show marketing remark (214 chars)

   Opportunity awaits! Value-add condo ready for your vision. With some cleanup and TLC, this property has strong potential as a home or investment. Sold as-is. Perfect for investors or buyers looking to build equity.

10. 2026-04-21
    listed $169,900 Active 214-char remark

    Show marketing remark (214 chars)

    Opportunity awaits! Value-add condo ready for your vision. With some cleanup and TLC, this property has strong potential as a home or investment. Sold as-is. Perfect for investors or buyers looking to build equity.

11. 2026-04-15
    historical $169,900 214-char remark

    Show marketing remark (214 chars)

    Opportunity awaits! Value-add condo ready for your vision. With some cleanup and TLC, this property has strong potential as a home or investment. Sold as-is. Perfect for investors or buyers looking to build equity.

12. 2025-10-15
    historical
13. 2025-09-04
    listed $210,000 Active
14. 2025-09-04
    listed $210,000 Active
15. 2025-09-02
    historical

ⓘ 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: $2,205 · $184/mo
• Projected year-2 tax: $2,411 · $201/mo
• Expected delta: +$206/yr (+$17/mo · 9.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $13,405
• − Mortgage interest: −$9,517
• − Property taxes: −$2,205
• − Insurance: −$850
• − Repairs & maintenance: −$1,072
• − Management: −$1,072
• − HOA: −$4,200
• − Depreciation: −$4,943
• Taxable loss: −$10,454
• Est. tax savings @ 24.0%: +$2,509
• After-tax cash flow: $-4,847/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: 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 — Redford

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Wayne County · 1,562,939 people
• City population: 36,976
• 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

-19.1% since first listed

13 events — show timeline

• 2026-05-05 Relisted — REALCOMP
• 2026-05-05 Listing Removed — REALCOMP
• 2026-05-02 Relisted — MiRealSource-MiMLS
• 2026-05-02 Relisted — REALCOMP
• 2026-04-23 Contingent — MiRealSource-MiMLS
• 2026-04-23 Contingent — REALCOMP
• 2026-04-21 Listed $169,900 MiRealSource-MiMLS
• 2026-04-21 Listed $169,900 REALCOMP
• 2026-04-15 Coming Soon $169,900 MiRealSource-MiMLS
• 2025-10-15 Listing Removed — MiRealSource-MiMLS
• 2025-09-04 Listed $210,000 MiRealSource-MiMLS
• 2025-09-04 Listed $210,000 REALCOMP
• 2025-09-02 Coming Soon — MiRealSource-MiMLS

Property tax history

+0.3%/yr

Latest (2025): $2,205 · -65.0% YoY. Source: county tax records.