2130 Banner Dr SW #21 · Wyoming, MI 49509

$65,900

1 bd · 1.0 ba · 585 sqft · Condo · 215 Days on market

Built 1967 Good condition $505/mo HOA

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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 +15.8/30.0
• 1% rule +10.0/10.0
• DSCR +4.9/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• ARV discount +1.6/15.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for an affordable 1-bed condo in Leisure Acres? This cozy, updated 1-bed, 1-bath unit offers 500 sq ft of easy living in a 55+ cooperative community. Renovations include fresh cabinets, updated bath, and new flooring. Laundry is just outside your back door with extra storage and basement units also available. Monthly fee covers nearly everything: taxes, heat, insurance, lawn, snow, and trash. Includes an installed garage space. Cash-only purchase required. Great location in Wyoming MI with quick access to daily essentials.

Key facts

• Updated bath
• Extra storage
• Fresh cabinets

Tags

• UPDATED BATH
• FRESH CABINETS
• NEW FLOORING
• EXTRA STORAGE
• BASEMENT UNITS
• GREAT LOCATION

🏢 Co-op / cooperative unit. The $65,900 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $66k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $30 ($366/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $66k).
• Recommended offer: $58k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.8% vs local median 3.8% in Wyoming — 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 77/100 on livability (#126 in MI, #3,095 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, amenities F, commute F.
• Godfrey-Lee Public Schools (urban): math 9% / reading 27% proficiency, ranked #482 of 540 in MI (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Godfrey Elementary School (331 students, 94% FRL); Lee Middle School (math 8% / reading 27%, grade F, #436 of 493 statewide, top 89%, 358 students, 92% FRL); Lee High School (math 12% / reading 27%, grade F, #622 of 713 statewide, top 88%, 503 students, 84% FRL).
• Market conditions: 89 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $456 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 215 days — a 12% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 2y 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 $40k; list at $66k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 40% of rent.

Recommended offer $57,992 (12.0% below list)

Questions for the listing agent

1. It's been on market 215 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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?
10. 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.
11. 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.
12. 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: 1.90% ✓
• Cap rate: 6.85%
• Cash-on-cash: 1.98%
• DSCR: 1.09
• GRM: 4.4

CMA / ARV

• ARV (median comp): $58,287
• List price: $65,900
• Delta: 13.06%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -12.6%
• Equity multiple: 0.54×
• Total profit: $-8,409
• Equity at exit: $9,826

10-year hold

• IRR: -2.7%
• Equity multiple: 0.81×
• Total profit: $-3,487
• Equity at exit: $5,698

Cash invested: $18,452 (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 49509

• Active inventory: 89
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,254 high
• Mortgage (P&I): −$346
• Tax est. 1.5%: −$82 /mo · $988/yr
• Insurance: −$27
• HOA: −$505
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $30

Break-even live

Break-even rent $1,216

Max offer price $65,900

Occupancy floor 93%

Sensitivity live

Price	-10% $76	-5% $53	+0% $30	+5% $8	+10% $-15
Rent	-10% $-69	-5% $-19	+0% $30	+5% $80	+10% $130
Rate	-1.0pp $64	-0.5pp $47	base $30	+0.5pp $13	+1.0pp $-4

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: $16,475
• Closing costs: $1,977
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2134 Cleveland Ave SW Wyoming, MI	1.0	1.0	602	$945	$1.57	23d	1	0.52mi
2727 Madelyn Dr SW Unit A Wyoming, MI	2.0	1.0	700	$1,225	$1.75	25d	1	0.87mi
655 High St SW Unit 2 Grand Rapids, MI	—	1.0	600	$1,095	$1.82	45d	1	0.88mi
2040 Division Ave S Unit 202 Grand Rapids, MI	—	1.0	458	$1,117	$2.44	45d	1	1.06mi
2040 Division Ave S Unit 205 Grand Rapids, MI	1.0	1.0	719	$1,490	$2.07	4d	1	1.06mi
1401 Prairie Pkwy SW Wyoming, MI	3.0	1.0–2.0	790	$1,667	$2.11	20d	1	1.18mi
3123 Copley St SW Unit C Wyoming, MI	2.0	1.0	700	$1,495	$2.14	4d	1	1.28mi
3131 Copley St SW Unit A Wyoming, MI	2.0	1.0	700	$1,495	$2.14	4d	1	1.30mi
2931 Burlingame Ave SW Wyoming, MI	1.0–2.0	1.0	800	$505	$0.63	4d	1	1.31mi
3200 Charlesgate Ave SW Unit A Wyoming, MI	2.0	1.0	700	$1,100	$1.57	16d	1	1.41mi
2935 Oak Valley Ave SW Wyoming, MI	1.0–2.0	1.0	695	$925	$1.33	12d	10	1.48mi

HOA detail condo

• Monthly dues: $505 · $6,060/yr
• Likely covers: trash
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 42 events

1. 2026-06-21
   days on market $65,900 Active 215 DOM
2. 2026-06-18
   days on market $65,900 Active 212 DOM
3. 2026-06-17
   days on market $65,900 Active 211 DOM
4. 2026-06-16
   days on market $65,900 Active 210 DOM
5. 2026-06-15
   days on market $65,900 Active 209 DOM
6. 2026-06-14
   days on market $65,900 Active 207 DOM
7. 2026-06-10
   days on market $65,900 Active 204 DOM
8. 2026-06-09
   days on market $65,900 Active 203 DOM
9. 2026-06-08
   days on market $65,900 Active 202 DOM
10. 2026-06-07
    days on market $65,900 Active 201 DOM
11. 2026-06-05
    days on market $65,900 Active 198 DOM
12. 2026-06-03
    days on market $65,900 Active 197 DOM
13. 2026-06-03
    days on market $65,900 Active 196 DOM
14. 2026-06-01
    days on market $65,900 Active 195 DOM
15. 2026-05-31
    days on market $65,900 Active 194 DOM
16. 2025-11-18
    listed $65,900 Active 536-char remark

    Show marketing remark (536 chars)

    Looking for an affordable 1-bed condo in Leisure Acres? This cozy, updated 1-bed, 1-bath unit offers 500 sq ft of easy living in a 55+ cooperative community. Renovations include fresh cabinets, updated bath, and new flooring. Laundry is just outside your back door with extra storage and basement units also available. Monthly fee covers nearly everything: taxes, heat, insurance, lawn, snow, and trash. Includes an installed garage space. Cash-only purchase required. Great location in Wyoming MI with quick access to daily essentials.

17. 2025-11-18
    listed $65,900 Active 536-char remark

    Show marketing remark (536 chars)

    Looking for an affordable 1-bed condo in Leisure Acres? This cozy, updated 1-bed, 1-bath unit offers 500 sq ft of easy living in a 55+ cooperative community. Renovations include fresh cabinets, updated bath, and new flooring. Laundry is just outside your back door with extra storage and basement units also available. Monthly fee covers nearly everything: taxes, heat, insurance, lawn, snow, and trash. Includes an installed garage space. Cash-only purchase required. Great location in Wyoming MI with quick access to daily essentials.

18. 2025-11-18
    listed $65,900 Active

    Show marketing remark (536 chars)

    Looking for an affordable 1-bed condo in Leisure Acres? This cozy, updated 1-bed, 1-bath unit offers 500 sq ft of easy living in a 55+ cooperative community. Renovations include fresh cabinets, updated bath, and new flooring. Laundry is just outside your back door with extra storage and basement units also available. Monthly fee covers nearly everything: taxes, heat, insurance, lawn, snow, and trash. Includes an installed garage space. Cash-only purchase required. Great location in Wyoming MI with quick access to daily essentials.

19. 2024-10-31
    soldstatus $40,000 Sold
20. 2024-10-31
    soldstatus $40,000 Sold
21. 2024-10-31
    soldstatus $40,000 Closed
22. 2024-10-14
    status Pending
23. 2024-10-14
    status Pending
24. 2024-10-14
    status Pending
25. 2024-10-10
    historical
26. 2024-10-10
    historical
27. 2024-10-10
    historical
28. 2024-10-02
    status Active
29. 2024-10-02
    status Active
30. 2024-10-02
    status Active
31. 2024-09-05
    status Pending
32. 2024-09-05
    status Pending
33. 2024-09-05
    status Pending
34. 2024-07-19
    status Active
35. 2024-07-19
    status Active
36. 2024-07-19
    status Active
37. 2024-07-17
    status Pending
38. 2024-07-17
    status Pending
39. 2024-07-17
    status Pending
40. 2024-07-10
    listed $40,000 Active
41. 2024-07-10
    listed $40,000 Active
42. 2024-07-10
    listed $40,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 16 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: $15,051
• − Mortgage interest: −$3,691
• − Property taxes: −$988
• − Insurance: −$330
• − Repairs & maintenance: −$1,204
• − Management: −$1,204
• − HOA: −$6,060
• − Depreciation: −$1,917
• Taxable loss: −$343
• Est. tax savings @ 24.0%: +$82
• After-tax cash flow: $448/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This 1-bedroom, 1-bath condo in Leisure Acres is in good condition with recent updates, making it a great investment opportunity.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value
• Both Replace window screens — Improves comfort and energy efficiency
• Both Install smart home devices — Enhances convenience and marketability

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and value ↑
• Both Replace window screens — Improves comfort and energy efficiency ↑
• Both Install smart home devices — Enhances convenience and marketability ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Godfrey-Lee Public Schools
• NCES district ID: 2616080
• Math proficiency: 9% ▼ -1.00%
• Reading proficiency: 27% ▲ 5.00%
• Median HH income: $39,436
• Composite: 15.17/100
• National rank: #9345
• State rank: #482 of 540 in MI

Livability — Wyoming

• Score: 77/100
• State rank: #126
• US rank: #3095

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wyoming, MI
• County: Kent County · 533,805 people
• City population: 56,117
• Metro: Grand Rapids-Kentwood, MI
• Population (ZIP): 28,152
• Household income: $65,132
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 681.0

Population outlook (Kent County) Hauer SSP2

• Today (2025): 712,484 people
• By 2030: 748,618 · +5.1%
• By 2040: 814,777 · +14.4%
• By 2050: 868,556 · +21.9%
• By 2075: 966,487 · +35.7%
• By 2100: 967,975 · +35.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 49% Hispanic / Latino 34% Two or more races 20% Black 10% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 20% Puerto Rican 2% Cuban 2% Dominican 2%
• Common ancestry: Iranian 12% Romanian 6% Lithuanian 2%
• Foreign-born: 17% · Canada, Vietnam
• Languages at home: 70% English-only · Spanish 26% Vietnamese 1%

Political lean MEDSL · Kent

• 2024 margin: Lean D (+5.4) · D 51.8% · R 46.5% · Other 1.7%
• 2008→2024 swing: +4.8pp toward D · 2008: 0.5pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+6.1 2016: R+3.1 2012: R+7.9 2008: D+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -255.45%
• Current HPI: 345.1978
• Rent YoY: —
• Metro: Grand Rapids-Kentwood, 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

+64.8% since first listed

27 events — show timeline

• 2025-11-18 Listed $65,900 SW Michigan MLS
• 2025-11-18 Listed $65,900 REALCOMP
• 2025-11-18 Listed $65,900 MiRealSource-MiMLS
• 2024-10-31 Sold (MLS) $40,000 MiRealSource-MiMLS
• 2024-10-31 Sold (MLS) $40,000 SW Michigan MLS
• 2024-10-31 Sold (MLS) $40,000 REALCOMP
• 2024-10-14 Pending — REALCOMP
• 2024-10-14 Pending — MiRealSource-MiMLS
• 2024-10-14 Pending — SW Michigan MLS
• 2024-10-10 Listing Removed — SW Michigan MLS
• 2024-10-10 Listing Removed — MiRealSource-MiMLS
• 2024-10-10 Listing Removed — REALCOMP
• 2024-10-02 Relisted — REALCOMP
• 2024-10-02 Relisted — MiRealSource-MiMLS
• 2024-10-02 Relisted — SW Michigan MLS
• 2024-09-05 Pending — REALCOMP
• 2024-09-05 Pending — MiRealSource-MiMLS
• 2024-09-05 Pending — SW Michigan MLS
• 2024-07-19 Relisted — REALCOMP
• 2024-07-19 Relisted — MiRealSource-MiMLS
• 2024-07-19 Relisted — SW Michigan MLS
• 2024-07-17 Pending — REALCOMP
• 2024-07-17 Pending — MiRealSource-MiMLS
• 2024-07-17 Pending — SW Michigan MLS
• 2024-07-10 Listed $40,000 MiRealSource-MiMLS
• 2024-07-10 Listed $40,000 SW Michigan MLS
• 2024-07-10 Listed $40,000 REALCOMP