4655 Leisure Ln #48

Trenton, MI 48183

$116,500F

2 bd · 1.5 ba · 1,085 sqft · Built 1971 · Condo · Pending · 85 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,282/mo
• Mortgage (P&I): −$611
• Tax + insurance: −$194
• HOA: −$425
• Vac / Maint / Mgmt: −$269
• Net cashflow: $-218/mo
• Annual: $-2,611/yr
• Cap rate: 4.05%
• Cash-on-cash: -8.01%
• DSCR: 0.64
• 1% rule: 1.10%
• Cash to close: $32,620

Investor read

• This is a 2-bed/1.5-bath condo listed at $116k. Condition is rated good.
• 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).
• It's been on market 85 days — a 6% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $85k (27.0% below list) — sets the bar for cash-flow.
• 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.
• 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.
• Watch-outs: HOA is 33% of rent.
• 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).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.

Questions for listing agent

• 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?
• 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?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?