1545 Harbour Blvd #198 · Trenton, MI 48183

$139,900

2 bd · 2.0 ba · 1,072 sqft · Condo public records · 7 Days on market

Built 1991 $220/mo HOA · 16% of rent

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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 +10.7/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• Livability +4.4/5.0
• Schools +4.2/10.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 1545 Harbour Blvd #189 Move-In Ready Condo Living in the Heart of Trenton This beautifully maintained and thoughtfully updated condo offers the perfect blend of comfort, style, and low-maintenance living. Step inside to find newer flooring flowing through the main living areas, creating a modern look with durability that's perfect for everyday living. The spacious living room is filled with natural light and opens directly to your private deck - ideal for morning coffee or evening relaxation. Both bedrooms are generously sized with great closets. Additional highlights include: In-unit laundry Private deck space. Newer paint throughout Well-maintained mechanicals Dedicated storag

Key facts

• Move-in ready
• Private deck
• Newer flooring

Tags

• MOVE-IN READY
• NEWER FLOORING
• PRIVATE DECK
• IN-UNIT LAUNDRY
• DEDICATED STORAGE
• ASSIGNED PARKING

Property features AI

Finance

• HOA & community: Monthly association fee of $220

Exterior

• Parking: Carport
• Utilities: Public water; Public sanitary sewer; Natural gas
• Home design: Condominium; Condo/Ranch style (2nd floor or above); Unit/building number 198; Built in 1991
• Construction: Slab foundation
• Exterior features: Brick and vinyl siding exterior; Site condominium

Interior

• Kitchen: Kitchen on the entry level (approx. 9 x 12); Dining room adjacent to kitchen (approx. 12 x 12)
• Bedrooms: Two bedrooms on the entry level (approx. 12 x 14 and 12 x 11)
• Bathrooms: Two full bathrooms on the entry level
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: Total of 4 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $-66 ($-788/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (8.3% below list).
• Meets the 1% rule at list price ($1k rent vs $140k).
• Recommended offer: $128k (8.3% below list) — sets the bar for cash-flow.
• Cap rate 5.7% vs local median 3.9% in Trenton — 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 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.
• Zoned schools: Jesse L Anderson Elementary School (math 52% / reading 58%, grade C, #271 of 1,397 statewide, top 20%, 582 students, 31% FRL); Boyd W Arthurs Middle School (math 40% / reading 53%, grade D+, #150 of 493 statewide, top 31%, 513 students, 32% FRL); Trenton High School (math 47% / reading 62%, grade C-, #109 of 713 statewide, top 17%, 892 students, 30% FRL).
• Market conditions: 184 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $967 of loan paydown is wiped out by about $4k 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 23y 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.

Recommended offer $128,306 (8.3% 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. 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. 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 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: 1.00% ✓
• Cap rate: 5.73%
• Cash-on-cash: -2.01%
• DSCR: 0.91
• GRM: 8.3

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: -19.5%
• Equity multiple: 0.32×
• Total profit: $-26,702
• Equity at exit: $20,860

10-year hold

• IRR: -12.0%
• Equity multiple: 0.28×
• Total profit: $-28,033
• Equity at exit: $12,096

Cash invested: $39,172 (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: 184
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,402 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$161 /mo · $1,936/yr
• Insurance: −$58
• HOA: −$220
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $-66

Break-even live

Break-even rent $1,485

Max offer price $128,306

Occupancy floor 100%

Sensitivity live

Price	-10% $14	-5% $-26	+0% $-66	+5% $-105	+10% $-145
Rent	-10% $-176	-5% $-121	+0% $-66	+5% $-10	+10% $45
Rate	-1.0pp $5	-0.5pp $-30	base $-66	+0.5pp $-102	+1.0pp $-139

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2901 W Jefferson Ave Unit 2901 Trenton, MI	2.0	1.0	850	$1,650	$1.94	0d	1	0.67mi

HOA detail condo

• Monthly dues: $220 · $2,640/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-13
   statusdays on market $139,900 Pending 7 DOM
2. 2026-06-09
   days on market $139,900 Active 6 DOM
3. 2026-06-08
   days on market $139,900 Active 5 DOM
4. 2026-06-07
   days on market $139,900 Active 4 DOM
5. 2026-06-04
   remarks 699-char remark
6. 2026-06-04
   listed $139,900 Active 1 DOM

ⓘ 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: $1,936 · $161/mo
• Projected year-2 tax: $2,045 · $170/mo
• Expected delta: +$109/yr (+$9/mo · 5.6%)

ⓘ 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 4/10 Moderate 7 d/yr ≥96°F today · 15 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: $16,826
• − Mortgage interest: −$7,837
• − Property taxes: −$1,936
• − Insurance: −$700
• − Repairs & maintenance: −$1,346
• − Management: −$1,346
• − HOA: −$2,640
• − Depreciation: −$4,070
• Taxable loss: −$3,049
• Est. tax savings @ 24.0%: +$732
• After-tax cash flow: $-56/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: 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

+32.1% since first listed

5 events — show timeline

• 2026-06-03 Listed $139,900 MiRealSource-MiMLS
• 2003-09-12 Listing Removed — REALCOMP
• 2003-09-12 Listing Removed — MiRealSource-MiMLS
• 2003-06-12 Listed $105,900 REALCOMP
• 2003-06-12 Listed $105,900 MiRealSource-MiMLS

Property tax history

+3.3%/yr

Latest (2025): $1,936 · +7.9% YoY. Source: county tax records.