8990 S Crosby Rd

Yates, MI 49642

$39,000B

2 bd · 2.0 ba · 1,050 sqft · Built 1994 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $958/mo
• Mortgage (P&I): −$205
• Tax + insurance: −$60
• HOA: −$0
• Vac / Maint / Mgmt: −$201
• Net cashflow: $493/mo
• Annual: $5,911/yr
• Cap rate: 21.45%
• Cash-on-cash: 54.13%
• DSCR: 3.41
• 1% rule: 2.46%
• Cash to close: $10,920

Investor read

• This is a 2-bed/2.0-bath single-family listed at $39k.
• At list price, monthly cash flow is $493 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($958 rent vs $39k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $1k of equity ($270 loan paydown + $1k appreciation (3.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Baldwin Community Schools (rural): math 21% / reading 28% proficiency, ranked #618 of 760 in MI (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 46 active listings in the ZIP; 30 units permitted in Lake County in 2024 (0 in 5+ unit buildings).
• Lake County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 8 sale attempts since 4y 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.