4355 Woodland St

Elkland, MI 48726

$123,456C-

4 bd · 1.0 ba · 1,106 sqft · Built 1900 · SingleFamily · Active · 89 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,084/mo
• Mortgage (P&I): −$647
• Tax + insurance: −$107
• HOA: −$0
• Vac / Maint / Mgmt: −$228
• Net cashflow: $102/mo
• Annual: $1,225/yr
• Cap rate: 7.28%
• Cash-on-cash: 3.54%
• DSCR: 1.16
• 1% rule: 0.88%
• Cash to close: $34,568

Investor read

• This is a 4-bed/1.0-bath single-family listed at $123k.
• At list price, monthly cash flow is $102 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (12.2% below list).
• It's been on market 89 days — a 6% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (12.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $854 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Cass City Public Schools (rural): math 37% / reading 56% proficiency, ranked #134 of 540 in MI (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cass City Elementary (math 43% / reading 57%, grade D+, #371 of 1,397 statewide, top 27%, 485 students, 53% FRL); Cass City Jr And Sr High School (math 32% / reading 52%, grade F, #264 of 713 statewide, top 41%, 452 students, 51% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 56 units permitted in Tuscola County in 2024 (0 in 5+ unit buildings).
• Tuscola County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 10y 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.
• Current owner paid $16k; list at $123k implies a 672% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 89 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• 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.