5678 N Crossover Dr Unit 2

Kearney, MI 49615

$1,500D

2 bd · 2.0 ba · 1,026 sqft · Built 2002 · Condo · Active · 851 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $947/mo
• Mortgage (P&I): −$8
• Tax + insurance: −$2
• HOA: −$450
• Vac / Maint / Mgmt: −$199
• Net cashflow: $288/mo
• Annual: $3,451/yr
• Cap rate: 236.34%
• Cash-on-cash: 821.60%
• DSCR: 37.56
• 1% rule: 63.12%
• Cash to close: $420

Investor read

• This is a 2-bed/2.0-bath condo listed at $2k.
• At list price, monthly cash flow is $288 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($947 rent vs $2k).
• It's been on market 851 days — a 12% lower offer ($1k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $10 of loan paydown is wiped out by about $45 of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Bellaire Public Schools (rural): math 40% / reading 55% proficiency, ranked #217 of 760 in MI (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 48% of rent.
• Market conditions: 207 active listings in the ZIP; 101 units permitted in Antrim County in 2024 (0 in 5+ unit buildings).
• Antrim County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $500 (25%) 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 $420 cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 851 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• 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?
• 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.