1332 Aspen St

Columbus, MI 48063

$69,900C+

3 bd · 2.0 ba · 1,700 sqft · Built 1997 · Other · Active · 225 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,349/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$116
• HOA: −$0
• Vac / Maint / Mgmt: −$283
• Net cashflow: $583/mo
• Annual: $6,992/yr
• Cap rate: 16.30%
• Cash-on-cash: 35.72%
• DSCR: 2.59
• 1% rule: 1.93%
• Cash to close: $19,572

Investor read

• This is a 3-bed/2.0-bath other listed at $70k.
• At list price, monthly cash flow is $583 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 225 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• East China School District (suburban): math 32% / reading 46% proficiency, ranked #208 of 540 in MI (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 43 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 232 units permitted in St. Clair County in 2024 (0 in 5+ unit buildings).
• St. Clair County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts; this cycle's ask has dropped $15k (18%) 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 $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 225 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.