9558 Belding Rd NE

Cannon, MI 49341

$219,900D-

2 bd · 1.0 ba · 506 sqft · Built 1954 · SingleFamily · Active · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,437/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$229
• HOA: −$0
• Vac / Maint / Mgmt: −$302
• Net cashflow: $-247/mo
• Annual: $-2,970/yr
• Cap rate: 4.94%
• Cash-on-cash: -4.82%
• DSCR: 0.79
• 1% rule: 0.65%
• Cash to close: $61,572

Investor read

• This is a 2-bed/1.0-bath single-family listed at $220k.
• At list price, monthly cash flow is $-247 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $176k (19.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (34.7% below list).
• It's been on market 94 days — a 9% lower offer ($200k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $144k (34.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Rockford Public Schools (suburban): math 59% / reading 64% proficiency, ranked #28 of 540 in MI (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Lakes Elementary School (math 68% / reading 66%, grade B+, #105 of 1,397 statewide, top 9%, 509 students, 16% FRL); East Rockford Middle School (math 50% / reading 61%, grade B-, #73 of 493 statewide, top 15%, 740 students, 16% FRL); Rockford High School (math 46% / reading 71%, grade C, #91 of 713 statewide, top 13%, 1,819 students, 14% FRL) — zoned schools at 15% FRL track the district average.
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 274 active listings in the ZIP; high-income renter base; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 9 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.
• Current owner paid $86k; list at $220k implies a 157% gain — meaningful room to come down on a strong offer.
• This rent is only 15% of the median local income ($114k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 94 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
• Built in 1954 — 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?
• 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.