4965 Whitefeather Rd

Rhodes, MI 48652

$69,900B+

2 bd · 1.0 ba · 800 sqft · Built 1995 · SingleFamily · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $987/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$108
• HOA: −$0
• Vac / Maint / Mgmt: −$207
• Net cashflow: $306/mo
• Annual: $3,669/yr
• Cap rate: 11.54%
• Cash-on-cash: 18.75%
• DSCR: 1.83
• 1% rule: 1.41%
• Cash to close: $19,572

Investor read

• This is a 2-bed/1.0-bath single-family listed at $70k.
• At list price, monthly cash flow is $306 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($987 rent vs $70k).
• It's been on market 28 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($483 loan paydown + $5k appreciation (6.8% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Pinconning Area Schools (rural): math 26% / reading 45% proficiency, ranked #275 of 540 in MI (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 4 active listings in the ZIP; 90 units permitted in Gladwin County in 2024 (0 in 5+ unit buildings).
• Gladwin County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $70k implies a 100% gain — meaningful room to come down on a strong offer.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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.