5323 Lathrop St · Trenton, MI 48183

$159,900

3 bd · 1.0 ba · 884 sqft · SingleFamily public records · 88 Days on market

Built 1948 6,098 sqft lot $181/sqft · 13% below area Est $191k · 16% under

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Why this score? — see what drove the B- 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 +24.4/30.0
• ARV discount +14.9/15.0
• DSCR +7.9/10.0
• 1% rule +6.6/10.0
• Livability +4.4/5.0
• Schools +4.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cute as a button and completely remodeled. This 3 bedroom 1 bath Trenton ranch defines move in ready. Updates galore including new flooring, paint, kitchen, bath, roof, etc. etc. Inviting floor plan. Appliances included. Fenced yard has two sheds to accommodate your storage needs. Don't delay, schedule your showing today!

Key facts

• Remodeled
• New bath
• New kitchen

Tags

• REMODELED
• NEW FLOORING
• NEW PAINT
• NEW KITCHEN
• NEW BATH
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $325 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $150k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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.

Location & tenants

• 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: 180 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 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 88 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 21y 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 $95k; list at $160k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.16% ✓
• Cap rate: 8.73%
• Cash-on-cash: 8.71%
• DSCR: 1.39
• GRM: 7.2

CMA / ARV

• ARV (median comp): $191,153
• List price: $159,900
• Delta: -16.35%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5520 Wilson St	0.20mi	2/1.0 (-1)	960 (+9%)	12mo	$149,900	$156	62
5083 Argonne St	0.31mi	3/1.0	1,006 (+14%)	16mo	$190,000	$189	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -3.1%
• Equity multiple: 0.88×
• Total profit: $-5,166
• Equity at exit: $23,842

10-year hold

• IRR: 6.7%
• Equity multiple: 1.50×
• Total profit: $22,344
• Equity at exit: $13,825

Cash invested: $44,772 (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 48183

• Active inventory: 180
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,849 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$231 /mo · $2,770/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $325

Break-even live

Break-even rent $1,438

Max offer price $159,900

Occupancy floor 77%

Sensitivity live

Price	-10% $415	-5% $370	+0% $325	+5% $280	+10% $234
Rent	-10% $179	-5% $252	+0% $325	+5% $398	+10% $471
Rate	-1.0pp $406	-0.5pp $366	base $325	+0.5pp $284	+1.0pp $241

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25010 Marsh Creek Blvd Woodhaven, MI	2.0–3.0	2.0	1150	$2,123	$1.85	0d	6	1.30mi
14221 Park St Rockwood, MI	2.0–3.0	1.5–2.5	1166	$1,795	$1.54	0d	10	1.31mi

Listing history 26 events

1. 2026-04-30
   price $159,900 323-char remark

   Show marketing remark (323 chars)

   Cute as a button and completely remodeled. This 3 bedroom 1 bath Trenton ranch defines move in ready. Updates galore including new flooring, paint, kitchen, bath, roof, etc. etc. Inviting floor plan. Appliances included. Fenced yard has two sheds to accommodate your storage needs. Don't delay, schedule your showing today!

2. 2026-04-30
   price $159,900 323-char remark

   Show marketing remark (323 chars)

   Cute as a button and completely remodeled. This 3 bedroom 1 bath Trenton ranch defines move in ready. Updates galore including new flooring, paint, kitchen, bath, roof, etc. etc. Inviting floor plan. Appliances included. Fenced yard has two sheds to accommodate your storage needs. Don't delay, schedule your showing today!

3. 2026-02-24
   listed $164,900 Active 323-char remark

   Show marketing remark (323 chars)

   Cute as a button and completely remodeled. This 3 bedroom 1 bath Trenton ranch defines move in ready. Updates galore including new flooring, paint, kitchen, bath, roof, etc. etc. Inviting floor plan. Appliances included. Fenced yard has two sheds to accommodate your storage needs. Don't delay, schedule your showing today!

4. 2026-02-24
   listed $164,900 Active 323-char remark

   Show marketing remark (323 chars)

   Cute as a button and completely remodeled. This 3 bedroom 1 bath Trenton ranch defines move in ready. Updates galore including new flooring, paint, kitchen, bath, roof, etc. etc. Inviting floor plan. Appliances included. Fenced yard has two sheds to accommodate your storage needs. Don't delay, schedule your showing today!

5. 2021-03-03
   soldstatus $95,000
6. 2021-02-02
   status Pending
7. 2021-01-29
   soldstatus $95,000 Sold
8. 2021-01-29
   soldstatus $95,000 Closed
9. 2020-12-07
   historical Contingent - Continue To Show
10. 2020-12-06
    historical
11. 2020-11-26
    price $100,000
12. 2020-11-25
    price $100,000
13. 2020-11-08
    listed $105,000 Active
14. 2020-11-08
    listed $100,000
15. 2010-09-14
    soldstatus $28,000
16. 2010-04-02
    listed $26,000
17. 2006-05-08
    soldstatus $104,000
18. 2006-04-17
    soldstatus $104,000
19. 2006-04-17
    soldstatus $104,000
20. 2006-03-09
    historical
21. 2006-02-28
    historical
22. 2005-08-23
    listed $99,900
23. 2005-08-23
    listed $99,900
24. 2005-08-23
    listed $99,900
25. 1998-05-26
    soldstatus $72,000
26. 1997-05-27
    soldstatus $65,000

ⓘ 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: $2,770 · $231/mo
• Projected year-2 tax: $2,770 · $231/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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,192
• − Mortgage interest: −$8,957
• − Property taxes: −$2,770
• − Insurance: −$800
• − Repairs & maintenance: −$1,775
• − Management: −$1,775
• − Depreciation: −$4,652
• Taxable income: $1,463
• Est. tax owed @ 24.0%: −$351
• After-tax cash flow: $3,549/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: Trenton Public Schools
• NCES district ID: 2633900
• Math proficiency: 44% ▼ -7.00%
• Reading proficiency: 53% ▼ -2.00%
• Median HH income: $55,947
• Composite: 42.08/100
• National rank: #3321
• State rank: #109 of 540 in MI

Livability — Trenton

• Score: 88/100
• State rank: #15
• US rank: #250

Category grades

Amenities B+ Commute A Cost of living A+ Crime A+ Employment B+ Housing A+ Health & safety B- User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Trenton, MI
• County: Wayne County · 1,562,939 people
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 41,765
• Household income: $83,508
• Rent vs Own: 23.8% rent · 76.2% own
• Severe rent burden: 836.0

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: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 6% Black 5% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 15% Lithuanian 4% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Other Indo-European 3% Spanish 2%

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: ▼ -222.34%
• Current HPI: 216.3623
• Rent YoY: —
• 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

+146.0% since first listed

26 events — show timeline

• 2026-04-30 Price Changed $159,900 MiRealSource-MiMLS
• 2026-04-30 Price Changed $159,900 REALCOMP
• 2026-02-24 Listed $164,900 REALCOMP
• 2026-02-24 Listed $164,900 MiRealSource-MiMLS
• 2021-03-03 Sold (Public Records) $95,000 Public Records
• 2021-02-02 Pending — REALCOMP
• 2021-01-29 Sold (MLS) $95,000 MiRealSource-MiMLS
• 2021-01-29 Sold (MLS) $95,000 REALCOMP
• 2020-12-07 Contingent — REALCOMP
• 2020-12-06 Listing Removed — MiRealSource-MiMLS
• 2020-11-26 Price Changed $100,000 MiRealSource-MiMLS
• 2020-11-25 Price Changed $100,000 REALCOMP
• 2020-11-08 Listed $100,000 MiRealSource-MiMLS
• 2020-11-08 Listed $105,000 REALCOMP
• 2010-09-14 Sold (MLS) $28,000 REALCOMP
• 2010-04-02 Listed $26,000 REALCOMP
• 2006-05-08 Sold (Public Records) $104,000 Public Records
• 2006-04-17 Sold (MLS) $104,000 MiRealSource-MiMLS
• 2006-04-17 Sold (MLS) $104,000 REALCOMP
• 2006-03-09 Listing Removed — MiRealSource-MiMLS
• 2006-02-28 Listing Removed — REALCOMP
• 2005-08-23 Listed $99,900 REALCOMP
• 2005-08-23 Listed $99,900 MiRealSource-MiMLS
• 2005-08-23 Listed $99,900 REALCOMP
• 1998-05-26 Sold (Public Records) $72,000 Public Records
• 1997-05-27 Sold (Public Records) $65,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $2,770 · -16.5% YoY. Source: county tax records.