190 Maple St

Concord, MI 49237

$699,000D+

91 bd · 196.0 ba · 9,516 sqft · Built 1957 · MultiFamily · Active · 137 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,014/mo
• Mortgage (P&I): −$3,666
• Tax + insurance: −$1,165
• HOA: −$0
• Vac / Maint / Mgmt: −$1,473
• Net cashflow: $710/mo
• Annual: $8,525/yr
• Cap rate: 7.51%
• Cash-on-cash: 4.36%
• DSCR: 1.19
• 1% rule: 1.00%
• Cash to close: $195,720

Investor read

• This is a 7 × 1-bed/1-bath units multifamily listed at $699k. Condition is rated fair.
• At list price, monthly cash flow is $710 ($9k/yr) — positive. Per door: $101/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $699k).
• It's been on market 137 days — a 12% lower offer ($615k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $615k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#396 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A; Watch: schools C-, amenities F, commute F.
• Concord Community Schools (rural): math 23% / reading 41% proficiency, ranked #319 of 540 in MI (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 32 active listings in the ZIP; 317 units permitted in Jackson County in 2024 (103 in 5+ unit buildings).
• Jackson County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $101k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $600k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Questions for listing agent

• It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1957 — 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.
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — Snow and potential ice dams
• Major: exterior siding — Weathered brick
• Major: exterior windows — Visible snow and potential ice dams