18846 Maple St

Cleon, MI 49625

$135,000D+

2 bd · 1.0 ba · 1,000 sqft · Built 1895 · SingleFamily · Active · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $901/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$92
• HOA: −$0
• Vac / Maint / Mgmt: −$189
• Net cashflow: $-88/mo
• Annual: $-1,059/yr
• Cap rate: 5.51%
• Cash-on-cash: -2.80%
• DSCR: 0.88
• 1% rule: 0.67%
• Cash to close: $37,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $135k.
• At list price, monthly cash flow is $-88 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (11.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $90k (33.3% below list).
• It's been on market 84 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $90k (33.3% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($933 loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Benzie County Central Schools (rural): math 33% / reading 44% proficiency, ranked #234 of 540 in MI (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 109 units permitted in Manistee County in 2024 (0 in 5+ unit buildings).
• Manistee County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 8 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 $9k; list at $135k implies a 1438% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 84 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
• Built in 1895 — 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.