1882 Wickham St · Royal Oak, MI 48073 1162

$230,000

2 bd · 1.5 ba · 1,869 sqft · Condo public records · 1 Days on market

Built 1971 $438/mo HOA · 16% 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).

• Cash flow +13.3/30.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Appreciation +5.0/10.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• DSCR +4.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Bright, updated end-unit townhouse in Royal Oak’s desirable Coventry Park. The open main level features new LVP flooring, fresh interior paint, a gas fireplace, and a door wall leading to a fenced, spacious, private brick paver patio. Updated baths, new carpet upstairs, generous bedroom sizes, excellent closet space, and a professionally finished lower level provide flexible living space. Recent updates include a new roof and newer water heater. Coventry Park features a pool, clubhouse, library, common park area, and an active community atmosphere with food truck nights, Bunco, and seasonal gatherings. HOA includes gas and water. * * Taxes are non-homestead * * BATVAI

Key facts

• Updated baths
• $438 HOA
• 2 parking spots

Tags

• UPDATED BATHS

Property features AI

Finance

• Other: Pets allowed (cats and dogs) with limits; Paved street access; Directions: Wickham West off of Crooks, take the second right; 1882 is at the end on the left
• HOA & community: Monthly association fee of $438; Association fee covers gas, water/sewer, trash removal, lawn maintenance, snow removal, and clubhouse; Community amenities include clubhouse, private entry, and laundry facility; Association phone available

Exterior

• Parking: 2 parking spaces
• Utilities: Public water; Natural gas
• Home design: Condominium; 2-story structure; Built in 1971
• Construction: Brick and wood construction; Basement foundation
• Exterior features: Fenced yard; Inground pool; Patio; Built-in BBQ/grill

Interior

• Kitchen: Kitchen at entry level (approx. 11 x 8); Range/oven; Microwave; Dishwasher; Refrigerator; Disposal
• Bedrooms: Two bedrooms located on the second floor (approx. 17 x 12 and 15 x 10)
• Bathrooms: Two total bathrooms (1 full, 1 lavatory); Main bath located on second floor; lavatory at entry
• Heating & cooling: Forced air heating; Central air conditioning; Ceiling fans
• Interior features: DSL available; Gas fireplace in living room; Finished basement
• Laundry & utility: Washer and dryer included; Laundry facility in association

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $230k.

Deal economics

• At list price, monthly cash flow is $-1 ($-10/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (0.1% below list).
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $230k (0.1% below list) — sets the bar for cash-flow.
• Cap rate 6.3% vs local median 3.8% in Royal Oak — 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 83/100 on livability (#50 in MI, #1,020 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities D+.
• Royal Oak Schools (suburban): math 41% / reading 59% proficiency, ranked #89 of 540 in MI (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: 1 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($2k loan paydown + $7k appreciation (3.0% local appreciation)).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 14 sale attempts since 22y 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 $155k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $229,853

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. Built in 1971 — 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 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: 1.16% ✓
• Cap rate: 6.29%
• Cash-on-cash: -0.02%
• DSCR: 1.00
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 7.6%
• Equity multiple: 1.44×
• Total profit: $28,015
• Equity at exit: $103,418

10-year hold

• IRR: 10.3%
• Equity multiple: 2.56×
• Total profit: $100,338
• Equity at exit: $159,379

Cash invested: $64,400 (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 48073 1162

• Active inventory: 1
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,672 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$372 /mo · $4,462/yr
• Insurance: −$96
• HOA: −$438
• Vacancy / Maint / Mgmt: −$561
• Net cashflow: $-1

Break-even live

Break-even rent $2,673

Max offer price $229,853

Occupancy floor 95%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1976 Ridge Ct Royal Oak, MI	2.0	1.5	1929	$2,500	$1.30	1d	1	0.22mi
4014 Durham Rd Royal Oak, MI	3.0	1.0	1827	$2,400	$1.31	2d	1	1.08mi
516 N Main St Clawson, MI	2.0	2.0	1515	$2,986	$1.97	1d	1	1.13mi
3054 Camden Dr Unit 3054 Troy, MI	2.0	2.5	1400	$2,300	$1.64	24d	1	1.14mi
1911 Golfview Dr Troy, MI	1.0–3.0	1.0–2.0	1300	$1,942	$1.49	1d	19	1.17mi
3248 Newbury Pl #11 Troy, MI	2.0	2.5	1398	$2,250	$1.61	24d	1	1.21mi
1300 Livernois Rd Troy, MI	1.0–3.0	1.0–2.0	1000	$2,326	$2.33	1d	18	1.21mi
3257 Newbury Pl Unit 20 Troy, MI	2.0	3.0	1480	$2,450	$1.66	20d	1	1.21mi
3202 Camden Dr Troy, MI	2.0	2.5	1959	$2,300	$1.17	2d	1	1.22mi
3286 Camden Dr Troy, MI	2.0	2.5	1550	$2,450	$1.58	23d	1	1.27mi
2751 Melcombe Cir Troy, MI	1.0–3.0	1.0–2.5	1687	$2,644	$1.57	2d	30	1.28mi
2690 Crooks Rd Troy, MI	1.0–2.0	1.0–2.0	1259	$2,635	$2.09	1d	1	1.30mi
2845 Summers Pl Troy, MI	3.0	2.5	1665	$3,600	$2.16	43d	1	1.39mi
401 S Eton St Birmingham, MI	2.0–4.0	2.5	2277	$5,500	$2.42	5d	2	1.44mi
2194 Dorchester Rd Birmingham, MI	3.0	2.0	1909	$3,500	$1.83	24d	1	1.46mi
1997 Villa Rd Birmingham, MI	1.0–3.0	1.0–2.5	1050	$1,975	$1.88	1d	10	1.49mi

HOA detail condo

• Monthly dues: $438 · $5,256/yr
• Likely covers: watergaspool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-19
   remarks 681-char remark

   Show marketing remark (687 chars)

   Bright, updated end-unit townhouse in Royal Oak’s desirable Coventry Park. The open main level features new LVP flooring, fresh interior paint, a gas fireplace, and a door wall leading to a fenced, spacious, private brick paver patio. Updated baths, new carpet upstairs, generous bedroom sizes, excellent closet space, and a professionally finished lower level provide flexible living space. Recent updates include a new roof and newer water heater. Coventry Park features a pool, clubhouse, library, common park area, and an active community atmosphere with food truck nights, Bunco, and seasonal gatherings. HOA includes gas and water. * * Taxes are non-homestead * * BATVAI

2. 2026-06-19
   listed $230,000 Coming Soon 1 DOM

   Show marketing remark (687 chars)

   Bright, updated end-unit townhouse in Royal Oak’s desirable Coventry Park. The open main level features new LVP flooring, fresh interior paint, a gas fireplace, and a door wall leading to a fenced, spacious, private brick paver patio. Updated baths, new carpet upstairs, generous bedroom sizes, excellent closet space, and a professionally finished lower level provide flexible living space. Recent updates include a new roof and newer water heater. Coventry Park features a pool, clubhouse, library, common park area, and an active community atmosphere with food truck nights, Bunco, and seasonal gatherings. HOA includes gas and water. * * Taxes are non-homestead * * BATVAI

ⓘ 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: $4,462 · $372/mo
• Projected year-2 tax: $4,462 · $372/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

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 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,066
• − Mortgage interest: −$12,884
• − Property taxes: −$4,462
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,565
• − Management: −$2,565
• − HOA: −$5,256
• − Depreciation: −$6,691
• Taxable loss: −$3,507
• Est. tax savings @ 24.0%: +$842
• After-tax cash flow: $832/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: Royal Oak Schools
• NCES district ID: 2630300
• Math proficiency: 41% ▼ -10.00%
• Reading proficiency: 59% ▼ -3.00%
• Median HH income: $65,456
• Composite: 44.19/100
• National rank: #2853
• State rank: #89 of 540 in MI

Livability — Royal Oak

• Score: 83/100
• State rank: #50
• US rank: #1020

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Royal Oak, MI

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

+230.9% since first listed

40 events — show timeline

• 2026-06-19 Listed $230,000 MiRealSource-MiMLS
• 2026-06-19 Listed $230,000 REALCOMP
• 2026-06-19 Coming Soon $230,000 MiRealSource-MiMLS
• 2025-05-16 Rental Removed $1,900 REALSOURCE
• 2025-05-09 Listed for Rent $1,900 REALSOURCE
• 2025-01-15 Rental Removed $1,900 REALCOMP
• 2024-12-18 Listed for Rent $1,900 REALCOMP
• 2024-12-18 Rental Removed $1,900 REALCOMP
• 2024-12-07 Listed for Rent $1,900 REALCOMP
• 2018-01-30 Sold (Public Records) $155,000 Public Records
• 2018-01-30 Sold (MLS) $155,000 MiRealSource-MiMLS
• 2018-01-30 Sold (MLS) $155,000 REALCOMP
• 2018-01-08 Pending — MiRealSource-MiMLS
• 2018-01-08 Pending — REALCOMP
• 2018-01-04 Listed $159,900 MiRealSource-MiMLS
• 2018-01-04 Listed $159,900 REALCOMP
• 2017-06-14 Sold (Public Records) $146,000 Public Records
• 2017-06-06 Sold (MLS) $146,000 MiRealSource-MiMLS
• 2017-06-06 Sold (MLS) $146,000 REALCOMP
• 2017-05-16 Pending — MiRealSource-MiMLS
• 2017-05-16 Pending — REALCOMP
• 2017-04-27 Listed $145,900 MiRealSource-MiMLS
• 2017-04-27 Listed $145,900 REALCOMP
• 2009-01-08 Listing Removed — MiRealSource-MiMLS
• 2008-01-27 Listing Removed — MiRealSource-MiMLS
• 2008-01-27 Listed $139,900 MiRealSource-MiMLS
• 2007-10-02 Listing Removed — MiRealSource-MiMLS
• 2007-09-28 Listed $147,900 MiRealSource-MiMLS
• 2007-09-26 Listing Removed — REALCOMP
• 2007-07-09 Listed $149,900 REALCOMP
• 2007-07-06 Listed $149,900 MiRealSource-MiMLS
• 2005-08-31 Sold (Public Records) $154,000 Public Records
• 2004-06-09 Sold (Public Records) $148,900 Public Records
• 2004-04-23 Sold (MLS) $148,900 MiRealSource-MiMLS
• 2004-04-02 Listed $154,700 MiRealSource-MiMLS
• 2004-04-02 Listing Removed — MiRealSource-MiMLS
• 1998-05-01 Sold (Public Records) $124,000 Public Records
• 1991-06-10 Sold (Public Records) $75,000 Public Records
• 1987-05-01 Sold (Public Records) $77,900 Public Records
• 1979-06-01 Sold (Public Records) $69,500 Public Records

Property tax history

+7.7%/yr

Latest (2025): $4,462 · +2.7% YoY. Source: county tax records.