452 Leonard Ave · Muskegon, MI 49442

$145,000

2 bd · 1.0 ba · 760 sqft · SingleFamily public records · 12 Days on market

Built 1940 5,009 sqft lot Est $109k · 32% over

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Why this score? — see what drove the F 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 +12.2/30.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• DSCR +3.6/10.0
• 1% rule +3.5/10.0
• Condition / age +2.5/5.0
• Schools +0.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to 452 Leonard Ave! This Muskegon property has been completely gutted and meticulously redone from top to bottom, offering the ultimate move-in-ready experience. Why take on a project when everything is already done? Every inch has been professionally updated so you can simply unpack and start living. The heart of the home is the completely redesigned, brand-new kitchen. Gorgeous new flooring flows seamlessly throughout the house, offering a clean, modern aesthetic that matches any decor. Sleep easy knowing all the expensive updates are taken care of! This home boasts a brand-new roof, all-new windows, entirely new plumbing, and a new water heater. It is practically a brand-new build wrapped in a classic footprint. Located in a great established neighborhood, you will have quick access to local shopping, dining, and Muskegon's incredible lakeshore amenities. Homes renovated to this level of detail and quality do not last long. Schedule your private showing today!

Key facts

• All new windows
• New water heater
• New roof

Tags

• COMPLETELY REDESIGNED KITCHEN
• NEW ROOF
• ALL NEW WINDOWS
• ENTIRELY NEW PLUMBING
• NEW WATER HEATER
• QUICK ACCESS TO LOCAL SHOPPING

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Natural gas connected; Cable connected; Public water
• Home design: Single-family residence; Residential property; Built in 1940
• Construction: Aluminum siding; Composition roof
• Exterior features: Sidewalk; Paved road access; Public water

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: Five total rooms; Partial basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $-28 ($-340/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (3.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (15.1% below list).
• Recommended offer: $123k (15.1% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 4.7% in Muskegon — 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 79/100 on livability (#92 in MI, #2,096 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Muskegon Public Schools Of The City Of (urban): math 4% / reading 12% proficiency, ranked #534 of 540 in MI (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Marquette Elementary School (math 2% / reading 8%, grade F, #1,325 of 1,397 statewide, top 99%, 474 students, 92% FRL); Muskegon Middle School (math 4% / reading 13%, grade F, #480 of 493 statewide, top 97%, 755 students, 87% FRL); Muskegon High School (math 8% / reading 27%, grade F, #632 of 713 statewide, top 89%, 1,039 students, 84% FRL).
• Market conditions: Rents rising fast (+8.2%/yr); 291 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Muskegon County in 2024 (115 in 5+ unit buildings).
• This rent runs 30% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Muskegon County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 19y 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 $53k; list at $145k implies a 174% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,077 (15.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.85% ✗
• Cap rate: 6.06%
• Cash-on-cash: -0.84%
• DSCR: 0.96
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $109,440
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
539 Alva St	0.30mi	2/1.0	780 (+3%)	5mo	$149,900	$192	78
549 Mclaren St	0.33mi	1/1.0 (-1)	755 (-1%)	17mo	$109,000	$144	64
521 Mulder St	0.37mi	3/1.0 (+1)	808 (+6%)	13mo	$92,000	$114	56
603 Wesley Ave	0.39mi	2/1.0	862 (+13%)	14mo	$90,000	$104	47
566 Orchard Ave	0.63mi	2/2.0	862 (+13%)	13mo	$169,900	$197	33

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.2%
• Equity multiple: 0.54×
• Total profit: $-18,777
• Equity at exit: $21,620

10-year hold

• IRR: 3.1%
• Equity multiple: 1.27×
• Total profit: $11,004
• Equity at exit: $12,537

Cash invested: $40,600 (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 49442

• Rents YoY: 8.2%
• Active inventory: 291
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,231 high
• Mortgage (P&I): −$760
• Tax from tax record: −$180 /mo · $2,158/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $-28

Break-even live

Break-even rent $1,267

Max offer price $140,000

Occupancy floor 97%

Sensitivity live

Price	-10% $54	-5% $13	+0% $-28	+5% $-69	+10% $-110
Rent	-10% $-126	-5% $-77	+0% $-28	+5% $20	+10% $69
Rate	-1.0pp $45	-0.5pp $9	base $-28	+0.5pp $-66	+1.0pp $-104

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
751 Leonard Ave Muskegon, MI	2.0	1.0	1000	$1,175	$1.18	45d	1	0.40mi
860 Marquette Ave Unit 15 Muskegon, MI	2.0	1.0	1080	$1,325	$1.23	45d	1	0.54mi
860 Marquette Ave Unit 16 Muskegon, MI	2.0	1.0	1080	$1,250	$1.16	23d	1	0.54mi
313 Orchard Ave Unit 1 Muskegon, MI	3.0	3.0	1121	$1,575	$1.40	23d	1	0.65mi
1000 Marquette Ave Muskegon, MI	1.0–3.0	1.0–1.5	870	$1,070	$1.23	23d	1	0.67mi
310 Allen Ave Unit 2 Muskegon, MI	3.0	3.0	1100	$1,490	$1.35	23d	1	0.75mi
122 W Muskegon Ave Muskegon, MI	2.0	2.0	856	$795	$0.93	23d	1	0.99mi
1101 Spring St Muskegon, MI	2.0	1.0	700	$1,100	$1.57	23d	1	0.99mi
1126 Holt St Muskegon, MI	2.0	1.0	708	$1,095	$1.55	23d	1	1.05mi
292 W Western Ave Muskegon, MI	1.0–2.0	1.0–2.0	1062	$2,450	$2.31	23d	1	1.09mi
1021 Jefferson St Muskegon, MI	1.0	1.0	696	$826	$1.19	23d	3	1.11mi
1223 Terrace St Unit A Muskegon, MI	1.0	1.0	800	$1,000	$1.25	23d	1	1.17mi

Listing history 50 events

1. 2026-06-21
   days on market $145,000 Active 12 DOM
2. 2026-06-19
   days on market $145,000 Active 10 DOM
3. 2026-06-18
   days on market $145,000 Active 9 DOM
4. 2026-06-17
   days on market $145,000 Active 8 DOM
5. 2026-06-16
   days on market $145,000 Active 7 DOM
6. 2026-06-15
   days on market $145,000 Active 6 DOM
7. 2026-06-14
   days on market $145,000 Active 4 DOM
8. 2026-06-13
   status $145,000 Active 3 DOM
9. 2026-06-01
   statusdays on market $145,000 Pending 3 DOM
10. 2026-05-31
    days on market $145,000 Active 2 DOM
11. 2026-05-29
    listed $145,000 Active 990-char remark

    Show marketing remark (990 chars)

    Welcome home to 452 Leonard Ave! This Muskegon property has been completely gutted and meticulously redone from top to bottom, offering the ultimate move-in-ready experience. Why take on a project when everything is already done? Every inch has been professionally updated so you can simply unpack and start living. The heart of the home is the completely redesigned, brand-new kitchen. Gorgeous new flooring flows seamlessly throughout the house, offering a clean, modern aesthetic that matches any decor. Sleep easy knowing all the expensive updates are taken care of! This home boasts a brand-new roof, all-new windows, entirely new plumbing, and a new water heater. It is practically a brand-new build wrapped in a classic footprint. Located in a great established neighborhood, you will have quick access to local shopping, dining, and Muskegon's incredible lakeshore amenities. Homes renovated to this level of detail and quality do not last long. Schedule your private showing today!

12. 2026-05-29
    listed $145,000 Active 990-char remark

    Show marketing remark (990 chars)

    Welcome home to 452 Leonard Ave! This Muskegon property has been completely gutted and meticulously redone from top to bottom, offering the ultimate move-in-ready experience. Why take on a project when everything is already done? Every inch has been professionally updated so you can simply unpack and start living. The heart of the home is the completely redesigned, brand-new kitchen. Gorgeous new flooring flows seamlessly throughout the house, offering a clean, modern aesthetic that matches any decor. Sleep easy knowing all the expensive updates are taken care of! This home boasts a brand-new roof, all-new windows, entirely new plumbing, and a new water heater. It is practically a brand-new build wrapped in a classic footprint. Located in a great established neighborhood, you will have quick access to local shopping, dining, and Muskegon's incredible lakeshore amenities. Homes renovated to this level of detail and quality do not last long. Schedule your private showing today!

13. 2026-05-29
    listed $145,000 Active

    Show marketing remark (990 chars)

    Welcome home to 452 Leonard Ave! This Muskegon property has been completely gutted and meticulously redone from top to bottom, offering the ultimate move-in-ready experience. Why take on a project when everything is already done? Every inch has been professionally updated so you can simply unpack and start living. The heart of the home is the completely redesigned, brand-new kitchen. Gorgeous new flooring flows seamlessly throughout the house, offering a clean, modern aesthetic that matches any decor. Sleep easy knowing all the expensive updates are taken care of! This home boasts a brand-new roof, all-new windows, entirely new plumbing, and a new water heater. It is practically a brand-new build wrapped in a classic footprint. Located in a great established neighborhood, you will have quick access to local shopping, dining, and Muskegon's incredible lakeshore amenities. Homes renovated to this level of detail and quality do not last long. Schedule your private showing today!

14. 2026-05-24
    historical
15. 2026-05-24
    historical
16. 2026-05-15
    price $145,000
17. 2026-05-15
    price $145,000
18. 2026-05-15
    price $145,000
19. 2026-05-14
    price $159,000
20. 2026-05-14
    price $159,000
21. 2026-05-14
    price $169,000
22. 2026-05-14
    price $159,000
23. 2026-05-14
    price $169,000
24. 2026-05-10
    price $149,000
25. 2026-05-09
    price $149,000
26. 2026-05-09
    price $149,000
27. 2026-05-07
    price $159,000
28. 2026-05-07
    price $159,000
29. 2026-05-07
    price $159,000
30. 2026-03-07
    price $169,000
31. 2026-03-06
    price $169,000
32. 2026-03-06
    price $169,000
33. 2026-03-05
    price $175,000
34. 2026-03-05
    price $175,000
35. 2026-03-05
    price $175,000
36. 2026-02-26
    price $169,000
37. 2026-02-26
    price $169,000
38. 2026-02-26
    price $169,000
39. 2026-02-18
    listed $175,000 Active
40. 2026-02-17
    listed $175,000 Active
41. 2025-03-18
    soldstatus $53,000
42. 2014-09-26
    historical
43. 2014-09-25
    historical
44. 2014-09-24
    historical
45. 2009-11-20
    historical
46. 2008-11-20
    listed $24,000
47. 2008-11-20
    listed $24,000
48. 2008-10-25
    historical
49. 2008-04-23
    listed $27,900
50. 2008-04-23
    listed $27,900

ⓘ 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: $2,158 · $180/mo
• Projected year-2 tax: $2,195 · $183/mo
• Expected delta: +$38/yr (+$3/mo · 1.7%)

ⓘ 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 2/10 Low 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,769
• − Mortgage interest: −$8,122
• − Property taxes: −$2,158
• − Insurance: −$725
• − Repairs & maintenance: −$1,182
• − Management: −$1,182
• − Depreciation: −$4,218
• Taxable loss: −$2,817
• Est. tax savings @ 24.0%: +$676
• After-tax cash flow: $336/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: Muskegon Public Schools Of The City Of
• NCES district ID: 2624840
• Math proficiency: 4% ▼ -9.00%
• Reading proficiency: 12% ▼ -9.00%
• Median HH income: $27,622
• Composite: 5.8/100
• National rank: #10017
• State rank: #534 of 540 in MI

Livability — Muskegon

• Score: 79/100
• State rank: #92
• US rank: #2096

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Muskegon, MI
• County: Muskegon County · 107,917 people
• City population: 44,766
• Metro: Muskegon, MI
• Population (ZIP): 44,766
• Household income: $48,563
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 1598.0

Population outlook (Muskegon County) Hauer SSP2

• Today (2025): 174,032 people
• By 2030: 173,365 · -0.4%
• By 2040: 168,877 · -3.0%
• By 2050: 160,306 · -7.9%
• By 2075: 134,426 · -22.8%
• By 2100: 98,836 · -43.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 63% Black 22% Two or more races 10% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Iranian 5% Romanian 4% Lithuanian 3%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Muskegon

• 2024 margin: Toss-up / Even · D 48.4% · R 50.2% · Other 1.5%
• 2008→2024 swing: -31.1pp toward R · 2008: 29.3pp · 2024: -1.8pp
• All cycles: 2024: R+1.8 2020: D+0.6 2016: D+0.9 2012: D+17.8 2008: D+29.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -174.87%
• Current HPI: 287.0558
• Rent YoY: ▲ 8.21%
• Metro: Muskegon, 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

+705.6% since first listed

44 events — show timeline

• 2026-05-29 Listed $145,000 SW Michigan MLS
• 2026-05-29 Listed $145,000 REALCOMP
• 2026-05-29 Listed $145,000 MiRealSource-MiMLS
• 2026-05-24 Listing Removed — REALCOMP
• 2026-05-24 Listing Removed — MiRealSource-MiMLS
• 2026-05-15 Price Changed $145,000 MiRealSource-MiMLS
• 2026-05-15 Price Changed $145,000 REALCOMP
• 2026-05-15 Price Changed $145,000 SW Michigan MLS
• 2026-05-14 Price Changed $159,000 MiRealSource-MiMLS
• 2026-05-14 Price Changed $159,000 REALCOMP
• 2026-05-14 Price Changed $169,000 REALCOMP
• 2026-05-14 Price Changed $159,000 SW Michigan MLS
• 2026-05-14 Price Changed $169,000 SW Michigan MLS
• 2026-05-10 Price Changed $149,000 MiRealSource-MiMLS
• 2026-05-09 Price Changed $149,000 REALCOMP
• 2026-05-09 Price Changed $149,000 SW Michigan MLS
• 2026-05-07 Price Changed $159,000 MiRealSource-MiMLS
• 2026-05-07 Price Changed $159,000 REALCOMP
• 2026-05-07 Price Changed $159,000 SW Michigan MLS
• 2026-03-07 Price Changed $169,000 MiRealSource-MiMLS
• 2026-03-06 Price Changed $169,000 REALCOMP
• 2026-03-06 Price Changed $169,000 SW Michigan MLS
• 2026-03-05 Price Changed $175,000 MiRealSource-MiMLS
• 2026-03-05 Price Changed $175,000 REALCOMP
• 2026-03-05 Price Changed $175,000 SW Michigan MLS
• 2026-02-26 Price Changed $169,000 MiRealSource-MiMLS
• 2026-02-26 Price Changed $169,000 REALCOMP
• 2026-02-26 Price Changed $169,000 SW Michigan MLS
• 2026-02-18 Listed $175,000 REALCOMP
• 2026-02-17 Listed $175,000 MiRealSource-MiMLS
• 2025-03-18 Sold (Public Records) $53,000 Public Records
• 2014-09-26 Listing Removed — SW Michigan MLS
• 2014-09-25 Listing Removed — SW Michigan MLS
• 2014-09-24 Listing Removed — SW Michigan MLS
• 2009-11-20 Listing Removed — REALCOMP
• 2008-11-20 Listed $24,000 REALCOMP
• 2008-11-20 Listed $24,000 SW Michigan MLS
• 2008-10-25 Listing Removed — REALCOMP
• 2008-04-23 Listed $27,900 REALCOMP
• 2008-04-23 Listed $27,900 SW Michigan MLS
• 2008-04-01 Listing Removed — REALCOMP
• 2007-10-01 Listed $27,500 REALCOMP
• 2007-10-01 Listed $27,500 SW Michigan MLS
• 1996-06-21 Sold (Public Records) $18,000 Public Records

Property tax history

+9.8%/yr

Latest (2025): $2,158 · +6.9% YoY. Source: county tax records.