2941 Parkside Dr #88

Jenison, MI 49428

$289,900F

3 bd · 2.0 ba · 1,058 sqft · Built 1993 · Condo · Pending · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,694/mo
• Mortgage (P&I): −$1,520
• Tax + insurance: −$286
• HOA: −$375
• Vac / Maint / Mgmt: −$356
• Net cashflow: $-843/mo
• Annual: $-10,111/yr
• Cap rate: 2.81%
• Cash-on-cash: -12.46%
• DSCR: 0.45
• 1% rule: 0.58%
• Cash to close: $81,172

Investor read

• This is a 3-bed/2.0-bath condo listed at $290k.
• At list price, monthly cash flow is $-843 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $141k (51.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (41.6% below list).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $141k (51.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#178 in MI, #4,596 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: amenities F, commute F, health & safety F.
• Hudsonville Public School District (suburban): math 55% / reading 70% proficiency, ranked #32 of 540 in MI (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Georgetown Elementary School (math 67% / reading 74%, grade A-, #70 of 1,397 statewide, top 5%, 581 students, 10% FRL); Baldwin Street Middle School (math 48% / reading 73%, grade B+, #51 of 493 statewide, top 11%, 844 students, 13% FRL); Hudsonville High School (math 52% / reading 68%, grade C+, #73 of 713 statewide, top 11%, 1,513 students, 12% FRL) — zoned schools at 11% FRL track the district average.
• Watch-outs: HOA is 22% of rent.
• Market conditions: 143 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,237 units permitted in Ottawa County in 2024 (443 in 5+ unit buildings).
• Ottawa County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 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.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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.