4694 King Rd

Bridgeport, MI 48601

$149,000D-

2 bd · 1.0 ba · 986 sqft · Built 1955 · SingleFamily · Pending · 115 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,027/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$111
• HOA: −$0
• Vac / Maint / Mgmt: −$216
• Net cashflow: $-81/mo
• Annual: $-966/yr
• Cap rate: 5.64%
• Cash-on-cash: -2.32%
• DSCR: 0.90
• 1% rule: 0.69%
• Cash to close: $41,720

Investor read

• This is a 2-bed/1.0-bath single-family listed at $149k.
• At list price, monthly cash flow is $-81 ($-966/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (9.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $103k (31.1% below list).
• It's been on market 115 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (31.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#638 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: health & safety C-, crime D, amenities F.
• Bridgeport-Spaulding Community School District (suburban): math 7% / reading 17% proficiency, ranked #513 of 540 in MI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Martin G Atkins Elementary School (math 8% / reading 12%, grade F, #1,277 of 1,397 statewide, top 93%, 346 students, 95% FRL); Bridgeportspaulding Middle Schoolschrah (math 7% / reading 20%, grade F, #462 of 493 statewide, top 94%, 365 students, 97% FRL); Bridgeport High School (math 8% / reading 22%, grade F, #640 of 713 statewide, top 91%, 501 students, 88% FRL) — zoned schools average 93% FRL vs 75% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 201 active listings in the ZIP; 154 units permitted in Saginaw County in 2024 (0 in 5+ unit buildings).
• Saginaw County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 12 sale attempts since 10y ago; this cycle's ask has dropped $11k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 115 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Built in 1955 — 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 D 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?
• 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?