31915 W Forteen Mile Rd APT 247Farmington HillsMI48334
INVESTMENT ANALYSIS
Investment Verdict
Solid IncomeInvestors who treat current yield as secondary to long-run equity growth will find 31915 W Forteen Mile Rd APT 247, Farmington Hills, MI, 48334 in Farmington Hills worth modelling. At $225,000 with a 8.03% gross yield, the $1,506/mo rent leaves $22/mo after the $1,012/mo payment, sufficient to cover costs, modest in distribution. Ziffy Mortgage's 1.49 DSCR loan can finance the acquisition without personal income documentation. Appreciation of 5%/yr is projected to add $62,163 by year five; $2,072/yr in principal reduction adds further equity. Total projected return: $87,156.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 8% | 7.8% |
| Monthly Cash Flow | $22 | $350 |
City averages based on Farmington Hills market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $1,506 |
| Total Monthly Debt Service | $1,394 |
| DSCR Ratio | 1.08x |
Ziffy Mortgage: Your DSCR most likely meets our 1.0+ requirement, so you'll most probably qualify for our standard DSCR investment loan program. To pre-qualify, book time with your loan officer →
Estimates assume 6.0% rate / 30-yr fixed, 30% down, 1% tax, 0.5% insurance. Not a commitment to lend.
Condo
Built in 1974
N/A lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 48334, Farmington, MI area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 8,410 (100%) |
| Owner Occupied HU | 5,175 (61.5%) |
| Renter Occupied HU | 2,716 (32.3%) |
| Vacant Housing Units | 519 ( 6.2%) |
| Median Home Value | $342,899 |
| Average Home Value | $374,387 |
Housing Distribution
Address Breakdown
Residential
7,976
Single Family
5,409
Multi-Family
2,567
Businesses
1,380
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Condo
Built in 1974
N/A lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 48334, Farmington, MI area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 8,410 (100%) |
| Owner Occupied HU | 5,175 (61.5%) |
| Renter Occupied HU | 2,716 (32.3%) |
| Vacant Housing Units | 519 ( 6.2%) |
| Median Home Value | $342,899 |
| Average Home Value | $374,387 |
Housing Distribution
Address Breakdown
Residential
7,976
Single Family
5,409
Multi-Family
2,567
Businesses
1,380
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: Margo A Borkin • Real Estate One-WB/FH
Mls Name: Realcomp II
Mls ID: #20251029772