24777 Ashley Ct

Redford, MI 48239

$169,900F

2 bd · 2.0 ba · 1,259 sqft · Built 2003 · Condo · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,117/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$255
• HOA: −$350
• Vac / Maint / Mgmt: −$235
• Net cashflow: $-613/mo
• Annual: $-7,356/yr
• Cap rate: 1.96%
• Cash-on-cash: -15.46%
• DSCR: 0.31
• 1% rule: 0.66%
• Cash to close: $47,572

Investor read

• This is a 2-bed/2.0-bath condo listed at $170k.
• 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).
• It's been on market 42 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (63.7% below list) — sets the bar for cash-flow.
• 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.
• 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.
• Zoned schools: Jane Addams Elementary School (math 12% / reading 32%, grade F, #1,035 of 1,397 statewide, top 77%, 297 students, 68% FRL); John D Pierce Middle School (math 8% / reading 29%, grade F, #432 of 493 statewide, top 88%, 602 students, 68% FRL); Lee M Thurston High School (math 12% / reading 32%, grade F, #582 of 713 statewide, top 83%, 883 students, 62% FRL).
• Watch-outs: HOA is 31% of rent.
• Market conditions: Rents rising (+3.2%/yr); 193 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 46d 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).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.

Questions for listing agent

• 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?
• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.