2324 Dobler Rd

Skidway Lake, MI 48659

$49,900B+

1 bd · 1.0 ba · 600 sqft · Built 1900 · SingleFamily · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $763/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$160
• Net cashflow: $258/mo
• Annual: $3,091/yr
• Cap rate: 12.49%
• Cash-on-cash: 22.12%
• DSCR: 1.98
• 1% rule: 1.53%
• Cash to close: $13,972

Investor read

• This is a 1-bed/1.0-bath single-family listed at $50k. Condition is rated fair.
• At list price, monthly cash flow is $258 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($763 rent vs $50k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $4k of equity ($345 loan paydown + $3k appreciation (6.7% local appreciation)).
• Location reads 58/100 on livability (#633 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: health & safety C-, schools F, amenities F.
• Standish-Sterling Community Schools (rural): math 37% / reading 51% proficiency, ranked #168 of 540 in MI (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 30 units permitted in Arenac County in 2024 (0 in 5+ unit buildings).
• Arenac County population projected at -32% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — severely worn and outdated
• Major: bathroom fixtures — dated and worn
• Major: HVAC unit — old and exposed ductwork
• Minor: exterior siding — some discoloration