331 S Main St

Bellevue, MI 49021

$49,900B-

3 bd · 1.0 ba · 1,098 sqft · Built 1900 · SingleFamily · Active · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,148/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$241
• Net cashflow: $562/mo
• Annual: $6,748/yr
• Cap rate: 19.82%
• Cash-on-cash: 48.30%
• DSCR: 3.15
• 1% rule: 2.30%
• Cash to close: $13,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $50k. Condition is rated poor.
• At list price, monthly cash flow is $562 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• It's been on market 98 days — a 9% lower offer ($45k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $45k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#355 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools D+, amenities F, commute F.
• Bellevue Community Schools (rural): math 14% / reading 30% proficiency, ranked #445 of 540 in MI (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 56 active listings in the ZIP; 98 units permitted in Eaton County in 2024 (0 in 5+ unit buildings).
• Eaton County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts; this cycle's ask has dropped $10k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.8% vs local median 3.3% in Bellevue — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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?
• 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 D-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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible moss and potential damage.
• Major: exterior siding — The exterior siding is peeling and in poor condition, with visible damage and discoloration.
• Major: flooring — The flooring in the interior appears to be in poor condition, with visible wear and tear.
• Major: interior walls — The interior walls appear to be in poor condition, with visible damage and discoloration.
• Major: bathrooms — The bathrooms appear to be in poor condition, with visible damage and discoloration.
• Major: kitchen — The kitchen appears to be in poor condition, with visible damage and discoloration.