104 Shoreline Dr E

Port Sanilac, MI 48469

$74,900D+

3 bd · 2.0 ba · 1,600 sqft · Built 1992 · SingleFamily · Pending · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,231/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$125
• HOA: −$573
• Vac / Maint / Mgmt: −$259
• Net cashflow: $-118/mo
• Annual: $-1,417/yr
• Cap rate: 4.40%
• Cash-on-cash: -6.76%
• DSCR: 0.70
• 1% rule: 1.64%
• Cash to close: $20,972

Investor read

• This is a 3-bed/2.0-bath single-family listed at $75k. Condition is rated good.
• At list price, monthly cash flow is $-118 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $58k (22.8% below list).
• Meets the 1% rule at list price ($1k rent vs $75k).
• It's been on market 45 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (22.8% below list) — sets the bar for cash-flow.
• In year one you build about $5k of equity ($518 loan paydown + $4k appreciation (5.8% local appreciation)).
• Location reads 61/100 on livability (#576 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, schools F, amenities F.
• Carsonville-Port Sanilac School District (rural): math 25% / reading 40% proficiency, ranked #498 of 760 in MI (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 47% of rent.
• Market conditions: 23 active listings in the ZIP; 63 units permitted in Sanilac County in 2024 (0 in 5+ unit buildings).
• Sanilac County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 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.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 45 days. Have you received any prior offers? Is the seller open to a 23% 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?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — dated and could be replaced
• Minor: kitchen countertops — dated and could be replaced
• Minor: kitchen appliances — dated and could be replaced