12767 W M21

Fowler, MI 48835

$119,000D+

3 bd · 2.0 ba · 1,628 sqft · Built 1910 · SingleFamily · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,219/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$129
• HOA: −$0
• Vac / Maint / Mgmt: −$256
• Net cashflow: $210/mo
• Annual: $2,521/yr
• Cap rate: 8.41%
• Cash-on-cash: 7.57%
• DSCR: 1.34
• 1% rule: 1.02%
• Cash to close: $33,320

Investor read

• This is a 3-bed/2.0-bath single-family listed at $119k.
• At list price, monthly cash flow is $210 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• It's been on market 16 days — a 2% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#261 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Fowler Public Schools (rural): math 58% / reading 69% proficiency, ranked #29 of 540 in MI (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 154 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).
• 4 sale attempts since 18y ago 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.

Questions for listing agent

• Built in 1910 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.