1345 Logans Run St

Temperance, MI 48182

$544,900C-

4 bd · 2.5 ba · 2,950 sqft · Built 2003 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,995/mo
• Mortgage (P&I): −$2,858
• Tax + insurance: −$403
• HOA: −$0
• Vac / Maint / Mgmt: −$1,259
• Net cashflow: $1,476/mo
• Annual: $17,708/yr
• Cap rate: 9.54%
• Cash-on-cash: 11.61%
• DSCR: 1.52
• 1% rule: 1.10%
• Cash to close: $152,572

Investor read

• This is a 4-bed/2.5-bath single-family listed at $545k.
• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $545k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#229 in MI) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Bedford Public Schools (suburban): math 33% / reading 53% proficiency, ranked #150 of 540 in MI (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 79 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 264 units permitted in Monroe County in 2024 (40 in 5+ unit buildings).
• Monroe County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 21y 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 $375k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $153k cash investment doubles in ~10 years — after that, you're playing with house money.
• At $5,995/mo this rent would consume 87% of the median local household income ($83k/yr) — very limited rent-growth headroom before tenants either downsize or default.

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.