24111 Meridian Rd #116 · Grosse Ile, MI 48138

$93,000

1 bd · 1.0 ba · 651 sqft · Condo public records · 9 Days on market

Built 1968 $292/mo HOA · 21% of rent ↓ 6% since listing

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Why this score? — see what drove the C 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 +20.9/30.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• Schools +5.2/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Mackinac Island living at downriver prices. A light-filled and well-maintained one-bedroom, one-bath condo. Low dues ($292/mo) include snow removal, GAS, maintenance of the structure and grounds, sewer, water and trash. Enjoy proximity to the Detroit River International Wildlife refuge, walking trails, the Detroit River, shops, a bakery and restaurants, doctors' offices, a hardware store, and a drug store. Access to your condo is via the Grosse Ile Free Bridge - saving you $3.50 per crossing compared to the pay bridge. This unit includes designated, lighted, and covered parking (#116) plus ample visitor parking. Meticulously landscaped and maintained grounds. This unit also comes with in-unit laundry facilities as well as clean and bright coin-operated laundry in the basement. Note: the currently dryer is not properly vented into attic therefor cannot be used, but a ventless electric dryer will solve that problem. There is also a 5 x 5 storage cage assigned to this unit in the basement. This is a non-smoking building.

Key facts

• Walking trails
• $292 HOA
• Built 1968

Tags

• MACKINAC ISLAND LIVING
• PROXIMITY TO THE DETROIT RIVER
• WALKING TRAILS
• IN UNIT LAUNDRY FACILITIES
• STORAGE CAGE ASSIGNED

Property features AI

Finance

• Other: Property within WAYNE COUNTY CONDO SUB PLAN 141; Directions: From the free bridge, turn north onto Meridian Rd; complex driveway is just past the Mobil gas station
• HOA & community: Monthly association fee of $292; Association fee covers gas, grounds maintenance, structure maintenance, sewer, snow removal, trash and water; Homeowners association present

Exterior

• Parking: No garage; Carport; Assigned parking
• Utilities: Public water; Public sewer
• Home design: Condominium residential property; One level; Ground-level entry with steps
• Construction: Brick construction
• Exterior features: Paved road access; Cats allowed

Interior

• Kitchen: Dishwasher; Free-standing electric oven; Free-standing refrigerator
• Bedrooms: Total of 4 rooms (includes living spaces and bedroom count not separately specified)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Gas water heater; Dishwasher; Free-standing electric oven; Free-standing refrigerator; Unfinished basement
• Laundry & utility: Washer and dryer available; Laundry located in unit and in common area

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $93k.

Deal economics

• At list price, monthly cash flow is $129 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $93k).

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Grosse Ile Township Schools (suburban): math 50% / reading 64% proficiency, ranked #38 of 540 in MI (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: 73 active listings in the ZIP; 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 $643 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 2y 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 21% of rent.

Recommended offer $93,000

Questions for the listing agent

1. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
6. 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.
7. 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: 1.49% ✓
• Cap rate: 7.96%
• Cash-on-cash: 5.95%
• DSCR: 1.26
• GRM: 5.6

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: -6.9%
• Equity multiple: 0.75×
• Total profit: $-6,632
• Equity at exit: $13,867

10-year hold

• IRR: 3.0%
• Equity multiple: 1.22×
• Total profit: $5,696
• Equity at exit: $8,041

Cash invested: $26,040 (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 48138

• Home prices YoY: -34.8%
• Active inventory: 73
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,384 medium
• Mortgage (P&I): −$488
• Tax from tax record: −$145 /mo · $1,746/yr
• Insurance: −$39
• HOA: −$292
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $129

Break-even live

Break-even rent $1,220

Max offer price $93,000

Occupancy floor 86%

Sensitivity live

Price	-10% $182	-5% $155	+0% $129	+5% $103	+10% $76
Rent	-10% $20	-5% $74	+0% $129	+5% $184	+10% $238
Rate	-1.0pp $176	-0.5pp $153	base $129	+0.5pp $105	+1.0pp $80

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: $23,250
• Closing costs: $2,790
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $292 · $3,504/yr
• Likely covers: watersewertrashgaselectriclandscapingsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-18
   days on market $93,000 Active 9 DOM
2. 2026-06-17
   days on market $93,000 Active 8 DOM
3. 2026-06-16
   days on market $93,000 Active 7 DOM
4. 2026-06-15
   days on market $93,000 Active 6 DOM
5. 2026-06-13
   days on market $93,000 Active 4 DOM
6. 2026-06-10
   remarks 699-char remark
7. 2026-06-10
   listed $93,000 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: $1,746 · $145/mo
• Projected year-2 tax: $1,746 · $145/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥97°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: $16,602
• − Mortgage interest: −$5,209
• − Property taxes: −$1,746
• − Insurance: −$465
• − Repairs & maintenance: −$1,328
• − Management: −$1,328
• − HOA: −$3,504
• − Depreciation: −$2,705
• Taxable income: $316
• Est. tax owed @ 24.0%: −$76
• After-tax cash flow: $1,473/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: Grosse Ile Township Schools
• NCES district ID: 2617220
• Math proficiency: 50% ▼ -11.00%
• Reading proficiency: 64% ▼ -5.00%
• Median HH income: $89,099
• Composite: 52.27/100
• National rank: #1597
• State rank: #38 of 540 in MI

Livability — Grosse Ile

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 10,603

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 (89%)
• Race & ethnicity: White 89% Two or more races 5% Hispanic / Latino 4% Asian 2% Black 1%
• Common ancestry: Romanian 15% Lithuanian 4% Slovak 4%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Other Indo-European 3% Russian/Polish/Slavic 1% Other Asian/Pacific 1%

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: ▼ -108.87%
• Current HPI: 204.4348
• 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

-6.1% since first listed

32 events — show timeline

• 2026-06-09 Listed $93,000 MiRealSource-MiMLS
• 2026-06-09 Listed $93,000 REALCOMP
• 2025-08-26 Sold (Public Records) $89,000 Public Records
• 2025-07-25 Sold (MLS) $89,000 REALCOMP
• 2025-07-25 Sold (MLS) $89,000 MiRealSource-MiMLS
• 2025-07-10 Pending — MiRealSource-MiMLS
• 2025-07-10 Pending — REALCOMP
• 2025-07-08 Contingent — MiRealSource-MiMLS
• 2025-07-08 Contingent — REALCOMP
• 2025-06-24 Price Changed $90,000 MiRealSource-MiMLS
• 2025-06-23 Price Changed $90,000 REALCOMP
• 2025-05-12 Listed $92,000 REALCOMP
• 2025-05-12 Listing Removed — MiRealSource-MiMLS
• 2025-05-12 Listing Removed — REALCOMP
• 2025-05-12 Listed $92,000 MiRealSource-MiMLS
• 2025-05-01 Price Changed $92,000 MiRealSource-MiMLS
• 2025-05-01 Price Changed $92,000 REALCOMP
• 2025-01-31 Listing Removed — REALCOMP
• 2025-01-31 Listing Removed — MiRealSource-MiMLS
• 2025-01-31 Listed $96,000 MiRealSource-MiMLS
• 2025-01-31 Listed $96,000 REALCOMP
• 2024-12-10 Listed $98,000 MiRealSource-MiMLS
• 2024-12-10 Listed $98,000 REALCOMP
• 2024-07-23 Sold (Public Records) $98,000 Public Records
• 2024-07-17 Sold (MLS) $98,000 MiRealSource-MiMLS
• 2024-07-17 Sold (MLS) $98,000 REALCOMP
• 2024-07-08 Pending — MiRealSource-MiMLS
• 2024-07-08 Pending — REALCOMP
• 2024-06-28 Listed $99,000 MiRealSource-MiMLS
• 2024-06-28 Listed $99,000 REALCOMP
• 2024-06-25 Coming Soon $99,000 MiRealSource-MiMLS
• 2024-06-25 Coming Soon $99,000 REALCOMP

Property tax history

+5.5%/yr

Latest (2025): $1,746 · +24.8% YoY. Source: county tax records.