4658 E Territorial Rd · Leslie, MI 49272

$50,000

4 bd · 2.0 ba · 1,728 sqft · SingleFamily · 13 Days on market

Built 1920 1.90 ac lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Set on nearly 1.7 acres in the quiet countryside near Pleasant Lake, this property offers the kind of land and location that’s getting harder to find at this price point. Surrounded by mature trees with plenty of open space, the value here is in the usability of the lot, privacy, and long-term potential. Whether you’re looking to renovate, rebuild, or create a weekend retreat, the setting gives buyers a strong foundation to work with. The existing 4-bedroom home is in rough condition and will require significant work, making this best suited for buyers with vision, investors, or anyone searching for a property where the land carries the value. Similar renovated properties sellin

Key facts

• 1.9 acre lot
• Garage
• Built 1920

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Private well water; Septic sewer
• Home design: Residential property; One-story structure; Built in 1920
• Construction: Michigan-style basement
• Exterior features: Vinyl siding; Paved street access; Approximately 1.9 acres of land; Frontage about 429 feet

Interior

• Bedrooms: Four bedrooms, all on the entry level (approx. dimensions: three listed as 2 x 2, one listed as W=2)
• Bathrooms: 2 full bathrooms (one on the second level, one on the entry level)
• Heating & cooling: Forced air heating; Wood fuel
• Interior features: 6 total rooms; Basement present

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $755 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Cap rate 24.4% vs local median 3.9% in Leslie — 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 75/100 on livability (#159 in MI, #4,066 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment D+, amenities F.
• Northwest Community Schools (suburban): math 19% / reading 41% proficiency, ranked #360 of 540 in MI (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 12 active listings in the ZIP; 317 units permitted in Jackson County in 2024 (103 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Jackson County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $50,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 2.79% ✓
• Cap rate: 24.41%
• Cash-on-cash: 64.71%
• DSCR: 3.88
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $359,424
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4700 Lowden Rd	0.35mi	3/2.0 (-1)	1,640 (-5%)	19mo	$312,500	$191	55
11525 N Meridian Rd	0.62mi	3/2.0 (-1)	1,680 (-3%)	12mo	$349,900	$208	52

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 63.9%
• Equity multiple: 3.86×
• Total profit: $40,000
• Equity at exit: $7,455

10-year hold

• IRR: 68.3%
• Equity multiple: 7.92×
• Total profit: $96,828
• Equity at exit: $4,323

Cash invested: $14,000 (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 49272

• Home prices YoY: -26.4%
• Active inventory: 12
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,393 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$62 /mo · $746/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $755

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 41%

Sensitivity live

Price	-10% $783	-5% $769	+0% $755	+5% $741	+10% $727
Rent	-10% $645	-5% $700	+0% $755	+5% $810	+10% $865
Rate	-1.0pp $780	-0.5pp $768	base $755	+0.5pp $742	+1.0pp $729

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-13
   status $50,000 Pending 13 DOM
2. 2026-06-10
   days on market $50,000 Active 13 DOM
3. 2026-06-09
   days on market $50,000 Active 12 DOM
4. 2026-06-08
   days on market $50,000 Active 11 DOM
5. 2026-06-07
   days on market $50,000 Active 10 DOM
6. 2026-06-05
   days on market $50,000 Active 7 DOM
7. 2026-06-03
   days on market $50,000 Active 6 DOM
8. 2026-06-02
   days on market $50,000 Active 5 DOM
9. 2026-06-01
   days on market $50,000 Active 4 DOM
10. 2026-05-31
    days on market $50,000 Active 3 DOM
11. 2026-05-30
    days on market $50,000 Active 2 DOM
12. 2026-05-26
    historical $50,000

ⓘ 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: $746 · $62/mo
• Projected year-2 tax: $758 · $63/mo
• Expected delta: +$12/yr (+$1/mo · 1.6%)

ⓘ 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 2/10 Low 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,711
• − Mortgage interest: −$2,801
• − Property taxes: −$746
• − Insurance: −$250
• − Repairs & maintenance: −$1,337
• − Management: −$1,337
• − Depreciation: −$1,455
• Taxable income: $8,786
• Est. tax owed @ 24.0%: −$2,109
• After-tax cash flow: $6,950/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: Northwest Community Schools
• NCES district ID: 2626010
• Math proficiency: 19% ▼ -8.00%
• Reading proficiency: 41% ▼ -1.00%
• Median HH income: $47,509
• Composite: 25.88/100
• National rank: #7342
• State rank: #360 of 540 in MI

Livability — Leslie

• Score: 75/100
• State rank: #159
• US rank: #4066

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,673

Population outlook (Jackson County) Hauer SSP2

• Today (2025): 156,365 people
• By 2030: 153,123 · -2.1%
• By 2040: 144,981 · -7.3%
• By 2050: 135,671 · -13.2%
• By 2075: 113,833 · -27.2%
• By 2100: 86,592 · -44.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 4% Two or more races 3% Asian 2%
• Common ancestry: Romanian 4% Lithuanian 4% Italian 3%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Asian/Pacific 2%

Political lean MEDSL · Jackson

• 2024 margin: Strong R (+21.3) · D 38.6% · R 59.9% · Other 1.5%
• 2008→2024 swing: -23.7pp toward R · 2008: 2.4pp · 2024: -21.3pp
• All cycles: 2024: R+21.3 2020: R+19.0 2016: R+20.1 2012: R+5.8 2008: D+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.23%
• Current HPI: 184.1922
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-05-26 Coming Soon $50,000 MiRealSource-MiMLS

Property tax history

+2.5%/yr

Latest (2025): $746 · +2.4% YoY. Source: county tax records.