4655 Leisure Ln #48 · Trenton, MI 48183

$116,500

2 bd · 1.5 ba · 1,085 sqft · Condo · 85 Days on market

Built 1971 Good condition $425/mo HOA · 33% of rent

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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).

• ARV discount +7.5/15.0
• Cash flow +6.1/30.0
• 1% rule +6.0/10.0
• Livability +4.4/5.0
• Schools +4.2/10.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• DSCR +0.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy low-maintenance living in this beautiful 2-bedroom main floor condo, perfectly situated in the highly sought-after Leisure Meadows community of Trenton! HOA fee includes water and Gas. This unit also comes with two covered carport parking spots. Inside, you'll find 2 good size bedrooms with natural hardwood floors , a full and a half bath. The living room has brand new carpet that leads to a dining area with a sliding door that leads to a private patio area, perfect for relaxing or entertaining. The kitchen comes complete with all appliances included in the sale and plenty of shelf space. The full private entrance basement adds extra storage and a full laundry area.

Key facts

• Private patio area
• Full laundry area
• Main floor condo

Tags

• MAIN FLOOR CONDO
• LEISURE MEADOWS COMMUNITY
• PRIVATE PATIO AREA
• FULL PRIVATE ENTRANCE BASEMENT
• FULL LAUNDRY AREA

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $116k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-218 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $85k (27.0% below list).
• Meets the 1% rule at list price ($1k rent vs $116k).
• Recommended offer: $85k (27.0% below list) — sets the bar for cash-flow.

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: 171 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $805 of loan paydown is wiped out by about $3k 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 85 days — a 6% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.

Recommended offer $85,010 (27.0% 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. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 1.10% ✓
• Cap rate: 4.05%
• Cash-on-cash: -8.01%
• DSCR: 0.64
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -30.0%
• Equity multiple: 0.00×
• Total profit: $-32,458
• Equity at exit: $17,371

10-year hold

• IRR: -29.8%
• Equity multiple: -0.38×
• Total profit: $-44,971
• Equity at exit: $10,073

Cash invested: $32,620 (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: 171
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,282 medium
• Mortgage (P&I): −$611
• Tax est. 1.5%: −$146 /mo · $1,748/yr
• Insurance: −$49
• HOA: −$425
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $-218

Break-even live

Break-even rent $1,557

Max offer price $85,010

Occupancy floor —

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: $29,125
• Closing costs: $3,495
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18642 Van Horn Rd Woodhaven, MI	1.0	1.0	800	$995	$1.24	1d	1	0.23mi
18646 Van Horn Rd Woodhaven, MI	1.0	1.0	800	$995	$1.24	1d	1	0.25mi
25010 Marsh Creek Blvd Woodhaven, MI	2.0–3.0	2.0	1150	$1,918	$1.67	1d	6	0.42mi
19400 S Glen Blvd Brownstown Charter Twp, MI	1.0–2.0	1.0	702	$1,350	$1.92	1d	3	1.41mi

HOA detail condo

• Monthly dues: $425 · $5,100/yr
• Likely covers: watergas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-05-07
   status Pending 680-char remark

   Show marketing remark (681 chars)

   Enjoy low-maintenance living in this beautiful 2-bedroom main floor condo, perfectly situated in the highly sought-after Leisure Meadows community of Trenton! HOA fee includes water and Gas. This unit also comes with two covered carport parking spots. Inside, you'll find 2 good size bedrooms with natural hardwood floors , a full and a half bath. The living room has brand new carpet that leads to a dining area with a sliding door that leads to a private patio area, perfect for relaxing or entertaining. The kitchen comes complete with all appliances included in the sale and plenty of shelf space. The full private entrance basement adds extra storage and a full laundry area.

2. 2026-05-07
   status Pending 681-char remark

   Show marketing remark (681 chars)

   Enjoy low-maintenance living in this beautiful 2-bedroom main floor condo, perfectly situated in the highly sought-after Leisure Meadows community of Trenton! HOA fee includes water and Gas. This unit also comes with two covered carport parking spots. Inside, you'll find 2 good size bedrooms with natural hardwood floors , a full and a half bath. The living room has brand new carpet that leads to a dining area with a sliding door that leads to a private patio area, perfect for relaxing or entertaining. The kitchen comes complete with all appliances included in the sale and plenty of shelf space. The full private entrance basement adds extra storage and a full laundry area.

3. 2026-04-20
   price $116,500 680-char remark

   Show marketing remark (681 chars)

   Enjoy low-maintenance living in this beautiful 2-bedroom main floor condo, perfectly situated in the highly sought-after Leisure Meadows community of Trenton! HOA fee includes water and Gas. This unit also comes with two covered carport parking spots. Inside, you'll find 2 good size bedrooms with natural hardwood floors , a full and a half bath. The living room has brand new carpet that leads to a dining area with a sliding door that leads to a private patio area, perfect for relaxing or entertaining. The kitchen comes complete with all appliances included in the sale and plenty of shelf space. The full private entrance basement adds extra storage and a full laundry area.

4. 2026-04-20
   price $116,500 681-char remark

   Show marketing remark (681 chars)

   Enjoy low-maintenance living in this beautiful 2-bedroom main floor condo, perfectly situated in the highly sought-after Leisure Meadows community of Trenton! HOA fee includes water and Gas. This unit also comes with two covered carport parking spots. Inside, you'll find 2 good size bedrooms with natural hardwood floors , a full and a half bath. The living room has brand new carpet that leads to a dining area with a sliding door that leads to a private patio area, perfect for relaxing or entertaining. The kitchen comes complete with all appliances included in the sale and plenty of shelf space. The full private entrance basement adds extra storage and a full laundry area.

5. 2026-02-11
   listed $119,000 Active 681-char remark

   Show marketing remark (681 chars)

   Enjoy low-maintenance living in this beautiful 2-bedroom main floor condo, perfectly situated in the highly sought-after Leisure Meadows community of Trenton! HOA fee includes water and Gas. This unit also comes with two covered carport parking spots. Inside, you'll find 2 good size bedrooms with natural hardwood floors , a full and a half bath. The living room has brand new carpet that leads to a dining area with a sliding door that leads to a private patio area, perfect for relaxing or entertaining. The kitchen comes complete with all appliances included in the sale and plenty of shelf space. The full private entrance basement adds extra storage and a full laundry area.

6. 2026-02-09
   listed $119,000 Active 680-char remark

   Show marketing remark (680 chars)

   Enjoy low-maintenance living in this beautiful 2-bedroom main floor condo, perfectly situated in the highly sought-after Leisure Meadows community of Trenton! HOA fee includes water and Gas. This unit also comes with two covered carport parking spots. Inside, you'll find 2 good size bedrooms with natural hardwood floors , a full and a half bath. The living room has brand new carpet that leads to a dining area with a sliding door that leads to a private patio area, perfect for relaxing or entertaining. The kitchen comes complete with all appliances included in the sale and plenty of shelf space. The full private entrance basement adds extra storage and a full laundry area.

7. 2026-01-28
   historical
8. 2025-12-30
   price $128,500
9. 2025-12-30
   price $128,500
10. 2025-11-24
    listed $134,900 Active
11. 2025-11-24
    listed $134,900 Active
12. 2013-07-23
    historical
13. 2013-07-23
    historical
14. 2013-04-08
    listed $64,900
15. 2013-04-08
    listed $64,900
16. 2008-06-08
    historical
17. 2008-05-02
    historical
18. 2008-04-30
    historical
19. 2007-11-08
    listed $95,000
20. 2007-10-31
    listed $95,000
21. 2007-10-31
    listed $95,000
22. 2007-09-07
    historical
23. 2007-09-05
    historical
24. 2007-06-02
    listed $95,000
25. 2007-06-02
    listed $95,000

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

Taxation est. · year 1

• Rental income: $15,380
• − Mortgage interest: −$6,526
• − Property taxes: −$1,748
• − Insurance: −$582
• − Repairs & maintenance: −$1,230
• − Management: −$1,230
• − HOA: −$5,100
• − Depreciation: −$3,389
• Taxable loss: −$4,426
• Est. tax savings @ 24.0%: +$1,062
• After-tax cash flow: $-1,549/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.

Condition & rehab AI · 2 photos

Good 75/100 Cosmetic rehab

This well-maintained 2-bedroom condo in Leisure Meadows is ready for move-in with a good condition score and minimal repairs needed.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value
• Both Update flooring — Fresh flooring can improve both resale and rental appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and value ↑
• Both Update flooring — Fresh flooring can improve both resale and rental appeal ↑

ⓘ 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: 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

+22.6% since first listed

25 events — show timeline

• 2026-05-07 Pending — MiRealSource-MiMLS
• 2026-05-07 Pending — REALCOMP
• 2026-04-20 Price Changed $116,500 MiRealSource-MiMLS
• 2026-04-20 Price Changed $116,500 REALCOMP
• 2026-02-11 Listed $119,000 REALCOMP
• 2026-02-09 Listed $119,000 MiRealSource-MiMLS
• 2026-01-28 Listing Removed — MiRealSource-MiMLS
• 2025-12-30 Price Changed $128,500 MiRealSource-MiMLS
• 2025-12-30 Price Changed $128,500 REALCOMP
• 2025-11-24 Listed $134,900 REALCOMP
• 2025-11-24 Listed $134,900 MiRealSource-MiMLS
• 2013-07-23 Listing Removed — MiRealSource-MiMLS
• 2013-07-23 Listing Removed — REALCOMP
• 2013-04-08 Listed $64,900 MiRealSource-MiMLS
• 2013-04-08 Listed $64,900 REALCOMP
• 2008-06-08 Listing Removed — REALCOMP
• 2008-05-02 Listing Removed — REALCOMP
• 2008-04-30 Listing Removed — MiRealSource-MiMLS
• 2007-11-08 Listed $95,000 REALCOMP
• 2007-10-31 Listed $95,000 MiRealSource-MiMLS
• 2007-10-31 Listed $95,000 REALCOMP
• 2007-09-07 Listing Removed — REALCOMP
• 2007-09-05 Listing Removed — MiRealSource-MiMLS
• 2007-06-02 Listed $95,000 MiRealSource-MiMLS
• 2007-06-02 Listed $95,000 REALCOMP