24459 Quad Park Ln

St. Clair Shores, MI 48035

$109,900D+

2 bd · 1.5 ba · 1,104 sqft · Built 1975 · Condo · Pending · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,241/mo
• Mortgage (P&I): −$576
• Tax + insurance: −$183
• HOA: −$265
• Vac / Maint / Mgmt: −$261
• Net cashflow: $-44/mo
• Annual: $-526/yr
• Cap rate: 5.81%
• Cash-on-cash: -1.71%
• DSCR: 0.92
• 1% rule: 1.13%
• Cash to close: $30,772

Investor read

• This is a 2-bed/1.5-bath condo listed at $110k. Condition is rated fair.
• At list price, monthly cash flow is $-44 ($-526/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (5.8% below list).
• Meets the 1% rule at list price ($1k rent vs $110k).
• It's been on market 36 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $104k (5.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• L'Anse Creuse Public Schools (suburban): math 31% / reading 51% proficiency, ranked #184 of 540 in MI (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tenniswood Elementary School (math 22% / reading 27%, grade F, #980 of 1,397 statewide, top 74%, 356 students, 73% FRL); Middle School South (math 26% / reading 46%, grade F, #269 of 493 statewide, top 56%, 389 students, 57% FRL); High School (math 24% / reading 50%, grade F, #334 of 713 statewide, top 51%, 1,246 students, 41% FRL) — zoned schools average 57% FRL vs 32% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 21% of rent.
• Market conditions: Rents rising fast (+4.2%/yr); 175 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 31y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $110k implies a 100% gain — meaningful room to come down on a strong offer.
• Cap rate 5.8% vs local median 4.0% in St. Clair Shores — 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.

Questions for listing agent

• 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?
• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

• Moderate: Siding — Weathered and discolored
• Minor: Fencing — Some overgrown vegetation