1754 Fort St

Trenton, MI 48183 2008

$115,000B-

2 bd · 2.0 ba · 990 sqft · Built 1969 · Condo · Coming Soon · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,650/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$192
• HOA: −$300
• Vac / Maint / Mgmt: −$346
• Net cashflow: $209/mo
• Annual: $2,505/yr
• Cap rate: 8.47%
• Cash-on-cash: 7.78%
• DSCR: 1.35
• 1% rule: 1.43%
• Cash to close: $32,200

Investor read

• This is a 2-bed/2.0-bath condo listed at $115k.
• At list price, monthly cash flow is $209 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $4k of equity ($795 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 88/100 on livability (#15 in MI, #250 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+.
• Trenton Public Schools (suburban): math 44% / reading 53% proficiency, ranked #109 of 540 in MI (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 2 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 2 sale attempts since 18y ago; this cycle's ask is 64% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.5% vs local median 4.0% in Trenton — 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.

Questions for listing agent

• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.
• 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.