100 & 102 S Bullock St

Whittemore, MI 48770

$99,000C-

2 bd · 1.0 ba · 1,260 sqft · Built 1964 · SingleFamily · Active · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,060/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$165
• HOA: −$0
• Vac / Maint / Mgmt: −$223
• Net cashflow: $153/mo
• Annual: $1,837/yr
• Cap rate: 8.15%
• Cash-on-cash: 6.63%
• DSCR: 1.29
• 1% rule: 1.07%
• Cash to close: $27,720

Investor read

• This is a 2-bed/1.0-bath single-family listed at $99k. Condition is rated fair.
• At list price, monthly cash flow is $153 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 111 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $90k (9.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($684 loan paydown + $1k appreciation (1.1% local appreciation)).
• Location reads 57/100 on livability (#644 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, crime F.
• Whittemore-Prescott Area Schools (rural): math 11% / reading 25% proficiency, ranked #488 of 540 in MI (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 14 active listings in the ZIP; 58 units permitted in Iosco County in 2024 (0 in 5+ unit buildings).
• Iosco County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts; this cycle's ask has dropped $16k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% 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 1964 — 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — severely worn and outdated
• Major: kitchen countertops — damaged and worn
• Major: bathroom tile — dated and in poor condition
• Moderate: exterior siding — weathered and cracked
• Moderate: concrete driveway — cracked and uneven