711 N Eaton St

Albion, MI 49224

$87,000B

3 bd · 2.0 ba · 1,248 sqft · Built 1914 · SingleFamily · Active · 392 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,046/mo
• Mortgage (P&I): −$456
• Tax + insurance: −$73
• HOA: −$0
• Vac / Maint / Mgmt: −$220
• Net cashflow: $297/mo
• Annual: $3,559/yr
• Cap rate: 10.38%
• Cash-on-cash: 14.61%
• DSCR: 1.65
• 1% rule: 1.20%
• Cash to close: $24,360

Investor read

• This is a 3-bed/2.0-bath single-family listed at $87k.
• At list price, monthly cash flow is $297 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $87k).
• It's been on market 392 days — a 12% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $77k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $601 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#328 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute C-, amenities D+, schools F.
• Marshall Public Schools (town): math 28% / reading 44% proficiency, ranked #268 of 540 in MI (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 134 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 132 units permitted in Calhoun County in 2024 (0 in 5+ unit buildings).
• Calhoun County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 5y ago; this cycle's ask has dropped $8k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.4% vs local median 8.6% in Albion — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• It's been on market 392 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.