4620 Leafdale Ave Unit c5 · Royal Oak, MI 48073

$132,200

2 bd · 1.0 ba · 1,170 sqft · Condo public records · 19 Days on market

Built 1964 $280/mo HOA · 16% of rent

---

Why this score? — see what drove the C 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 +20.4/30.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautifully maintained upper end-unit ranch condo in the heart of Royal Oak! Located at 4620 Leafdale Avenue, Unit 5, this clean and move-in-ready 2-bedroom, 1-bath home offers comfortable living in a highly convenient location. Enjoy a bright and spacious layout featuring an inviting living room, updated flooring, and a well-kept kitchen with ample cabinet space and dining area. The newer floors were installed approximately 6 years ago, along with newer windows replaced in 2023 and a new wall A/C unit installed in 2024. Both bedrooms are generously sized, and the home has been exceptionally cared for throughout. The common basement includes a private finished room with a door, perfect for a home office, workout space, hobby room, or additional storage. Conveniently located close to shopping, dining, parks, and major freeways, this condo offers low-maintenance living in a desirable Royal Oak location!

Key facts

• Ample cabinet space
• Well-kept kitchen
• Home office

Tags

• UPPER END-UNIT RANCH CONDO
• BRIGHT AND SPACIOUS LAYOUT
• WELL-KEPT KITCHEN
• AMPLE CABINET SPACE
• PRIVATE FINISHED ROOM
• HOME OFFICE

Property features AI

Finance

• Other: Subdivision: LEAFDALE OCCPN 49; Directions: South of 14 Mile, west of Coolidge
• HOA & community: Monthly association fee of $280; Association covers grounds and structure maintenance, snow removal, and trash

Exterior

• Parking: Assigned parking, no garage
• Utilities: Public water; Public sewer
• Home design: One level; Ground-level entry; Condominium (residential)
• Construction: Brick construction; Block foundation; Built with shingle roof not specified
• Exterior features: Paved road access; Pets allowed (contact for details)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating; Natural gas heating; No cooling
• Interior features: Unfinished basement; Total of 5 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $132k.

Deal economics

• At list price, monthly cash flow is $172 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $132k).
• Recommended offer: $130k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.9% 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: Rents rising (+2.4%/yr); 251 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $914 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($130k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $130,217 (1.5% below list)

Questions for the listing agent

1. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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 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: 1.29% ✓
• Cap rate: 7.86%
• Cash-on-cash: 5.58%
• DSCR: 1.25
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.36% rent growth · sell at horizon

5-year hold

• IRR: -8.4%
• Equity multiple: 0.69×
• Total profit: $-11,362
• Equity at exit: $19,711

10-year hold

• IRR: 0.2%
• Equity multiple: 1.02×
• Total profit: $561
• Equity at exit: $11,430

Cash invested: $37,016 (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

• Rents YoY: 2.4%
• Active inventory: 251
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,710 high
• Mortgage (P&I): −$693
• Tax from tax record: −$150 /mo · $1,803/yr
• Insurance: −$55
• HOA: −$280
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $172

Break-even live

Break-even rent $1,492

Max offer price $132,200

Occupancy floor 85%

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: $33,050
• Closing costs: $3,966
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2400 Parmenter Blvd Royal Oak, MI	1.0–2.0	1.0–1.5	852	$1,715	$2.01	2d	3	0.21mi
4805 Woodland Ave Royal Oak, MI	2.0	1.0	627	$1,465	$2.33	2d	12	0.23mi
2440 Parmenter Blvd #211 Royal Oak, MI	2.0	2.0	890	$1,600	$1.80	24d	1	0.28mi
4905 Crooks Rd Unit A5 Royal Oak, MI	1.0	1.0	703	$1,250	$1.78	24d	1	0.46mi
4302 Mandalay Ave Royal Oak, MI	3.0	1.0	900	$2,200	$2.44	24d	1	0.62mi
5121 N Crooks Rd Royal Oak, MI	1.0	1.0	775	$1,245	$1.61	24d	1	0.63mi
3818 Edgeland Ave Royal Oak, MI	3.0	2.0	1100	$2,400	$2.18	3d	1	0.67mi
4031 Crooks Rd Unit 4061-212 Royal Oak, MI	2.0	1.0	1066	$1,795	$1.68	5d	1	0.71mi
3551 W 14 Mile Rd #3 Royal Oak, MI	1.0	1.0	850	$1,599	$1.88	24d	1	0.72mi
3807 Crooks Rd Royal Oak, MI	2.0	1.0	549	$1,185	$2.16	2d	8	0.82mi
3406 Elmhurst Ave Royal Oak, MI	2.0	1.0	950	$1,800	$1.89	24d	1	0.90mi
3225 Benjamin Ave #2 Royal Oak, MI	2.0	1.0	800	$1,525	$1.91	5d	1	1.00mi
4526 Cooper Ave Royal Oak, MI	3.0	1.0	1000	$2,500	$2.50	18d	1	1.01mi
3009 W 13 Mile Rd Royal Oak, MI	1.0–2.0	1.0	730	$1,599	$2.19	3d	31	1.05mi
3912 Hillside Dr Royal Oak, MI	3.0	1.5	1196	$2,495	$2.09	2d	1	1.18mi
3115 Evergreen Dr Royal Oak, MI	1.0–2.0	1.0	887	$1,630	$1.84	5d	8	1.18mi
304 Tecumseh St Clawson, MI	3.0	1.0	1013	$2,000	$1.97	15d	1	1.22mi
3054 Camden Dr Unit 3054 Troy, MI	2.0	2.5	1400	$2,300	$1.64	24d	1	1.23mi
3257 Newbury Pl Unit 20 Troy, MI	2.0	3.0	1480	$2,450	$1.66	20d	1	1.24mi
3248 Newbury Pl #11 Troy, MI	2.0	2.5	1398	$2,250	$1.61	24d	1	1.24mi
1820 Axtell Dr #1 Troy, MI	2.0	1.0	868	$1,300	$1.50	5d	1	1.28mi
1820 Axtell Dr #6 Troy, MI	1.0	1.0	868	$1,100	$1.27	44d	1	1.28mi
3282 Coolidge Hwy Royal Oak, MI	2.0	1.0	916	$1,650	$1.80	24d	1	1.29mi
2655 E Maple Rd #19 Birmingham, MI	2.0	1.0	791	$1,350	$1.71	24d	1	1.30mi
3264 Coolidge Hwy Royal Oak, MI	2.0	1.0	916	$1,600	$1.75	5d	1	1.30mi
1935 Axtell Dr #3 Troy, MI	2.0	2.0	1060	$1,600	$1.51	15d	1	1.36mi
2457 E Maple Rd Birmingham, MI	1.0–2.0	1.0	760	$1,525	$2.01	24d	1	1.36mi
2233 E Maple Rd Unit B301 Birmingham, MI	1.0	1.0	725	$1,395	$1.92	24d	1	1.43mi
2233 E Maple Rd Unit D104 Birmingham, MI	1.0	1.0	725	$1,275	$1.76	24d	1	1.43mi
2233 E Maple Rd Unit A104 Birmingham, MI	1.0	1.0	725	$1,300	$1.79	24d	1	1.43mi
1997 Villa Rd Birmingham, MI	1.0–3.0	1.0–2.5	1050	$1,975	$1.88	2d	10	1.43mi
2101 E Maple Rd Birmingham, MI	2.0	1.0	1000	$1,695	$1.70	15d	1	1.47mi
4000 W 13 Mile Rd Royal Oak, MI	2.0	1.0	780	$1,444	$1.85	2d	3	1.48mi
629 W Maple Rd Clawson, MI	2.0	1.0	925	$1,274	$1.38	24d	2	1.48mi

HOA detail condo

• Monthly dues: $280 · $3,360/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-02
   statusdays on market $132,200 Pending 19 DOM

   Show marketing remark (930 chars)

   Welcome to this beautifully maintained upper end-unit ranch condo in the heart of Royal Oak! Located at 4620 Leafdale Avenue, Unit 5, this clean and move-in-ready 2-bedroom, 1-bath home offers comfortable living in a highly convenient location. Enjoy a bright and spacious layout featuring an inviting living room, updated flooring, and a well-kept kitchen with ample cabinet space and dining area. The newer floors were installed approximately 6 years ago, along with newer windows replaced in 2023 and a new wall A/C unit installed in 2024. Both bedrooms are generously sized, and the home has been exceptionally cared for throughout. The common basement includes a private finished room with a door, perfect for a home office, workout space, hobby room, or additional storage. Conveniently located close to shopping, dining, parks, and major freeways, this condo offers low-maintenance living in a desirable Royal Oak location!

2. 2026-06-01
   days on market $132,200 Active 18 DOM
3. 2026-05-31
   days on market $132,200 Active 17 DOM
4. 2026-05-14
   listed $132,200 Active 930-char remark

   Show marketing remark (930 chars)

   Welcome to this beautifully maintained upper end-unit ranch condo in the heart of Royal Oak! Located at 4620 Leafdale Avenue, Unit 5, this clean and move-in-ready 2-bedroom, 1-bath home offers comfortable living in a highly convenient location. Enjoy a bright and spacious layout featuring an inviting living room, updated flooring, and a well-kept kitchen with ample cabinet space and dining area. The newer floors were installed approximately 6 years ago, along with newer windows replaced in 2023 and a new wall A/C unit installed in 2024. Both bedrooms are generously sized, and the home has been exceptionally cared for throughout. The common basement includes a private finished room with a door, perfect for a home office, workout space, hobby room, or additional storage. Conveniently located close to shopping, dining, parks, and major freeways, this condo offers low-maintenance living in a desirable Royal Oak location!

5. 2026-05-14
   listed $132,200 Active 930-char remark

   Show marketing remark (930 chars)

   Welcome to this beautifully maintained upper end-unit ranch condo in the heart of Royal Oak! Located at 4620 Leafdale Avenue, Unit 5, this clean and move-in-ready 2-bedroom, 1-bath home offers comfortable living in a highly convenient location. Enjoy a bright and spacious layout featuring an inviting living room, updated flooring, and a well-kept kitchen with ample cabinet space and dining area. The newer floors were installed approximately 6 years ago, along with newer windows replaced in 2023 and a new wall A/C unit installed in 2024. Both bedrooms are generously sized, and the home has been exceptionally cared for throughout. The common basement includes a private finished room with a door, perfect for a home office, workout space, hobby room, or additional storage. Conveniently located close to shopping, dining, parks, and major freeways, this condo offers low-maintenance living in a desirable Royal Oak location!

6. 2020-01-09
   soldstatus $79,900
7. 2017-05-12
   soldstatus $82,500
8. 2014-05-29
   soldstatus $68,700
9. 2005-09-19
   soldstatus $87,500
10. 2004-01-15
    soldstatus $79,000
11. 1991-10-11
    soldstatus $39,900
12. 1972-10-01
    soldstatus $18,500

ⓘ 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: $1,803 · $150/mo
• Projected year-2 tax: $1,919 · $160/mo
• Expected delta: +$117/yr (+$10/mo · 6.5%)

ⓘ 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: $20,518
• − Mortgage interest: −$7,405
• − Property taxes: −$1,803
• − Insurance: −$661
• − Repairs & maintenance: −$1,641
• − Management: −$1,641
• − HOA: −$3,360
• − Depreciation: −$3,846
• Taxable income: $160
• Est. tax owed @ 24.0%: −$38
• After-tax cash flow: $2,028/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
• County: Oakland County · 1,009,092 people
• City population: 57,974
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 33,106
• Household income: $91,627
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 718.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Black 8% Two or more races 6% Asian 4% Hispanic / Latino 3%
• Common ancestry: Romanian 13% Lithuanian 4% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 94% English-only · Spanish 1% Chinese 1% Other Indo-European 1%

Political lean MEDSL · Oakland

• 2024 margin: D (+10.6) · D 54.4% · R 43.8% · Other 1.9%
• 2008→2024 swing: -3.9pp toward R · 2008: 14.5pp · 2024: 10.6pp
• All cycles: 2024: D+10.6 2020: D+14.1 2016: D+8.1 2012: D+8.1 2008: D+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -479.60%
• Current HPI: 215.8425
• Rent YoY: ▲ 2.36%
• 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

+614.6% since first listed

13 events — show timeline

• 2026-06-16 Sold (MLS) $132,200 MiRealSource-MiMLS
• 2026-06-16 Sold (MLS) $132,200 REALCOMP
• 2026-06-02 Pending — MiRealSource-MiMLS
• 2026-06-02 Pending — REALCOMP
• 2026-05-14 Listed $132,200 MiRealSource-MiMLS
• 2026-05-14 Listed $132,200 REALCOMP
• 2020-01-09 Sold (Public Records) $79,900 Public Records
• 2017-05-12 Sold (Public Records) $82,500 Public Records
• 2014-05-29 Sold (Public Records) $68,700 Public Records
• 2005-09-19 Sold (Public Records) $87,500 Public Records
• 2004-01-15 Sold (Public Records) $79,000 Public Records
• 1991-10-11 Sold (Public Records) $39,900 Public Records
• 1972-10-01 Sold (Public Records) $18,500 Public Records

Property tax history

+0.9%/yr

Latest (2025): $1,803 · +2.4% YoY. Source: county tax records.