215 Elmwood St

Hartford, MI 49057

$72,500C

2 bd · 1.0 ba · 828 sqft · Built 1955 · SingleFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $863/mo
• Mortgage (P&I): −$380
• Tax + insurance: −$131
• HOA: −$0
• Vac / Maint / Mgmt: −$181
• Net cashflow: $171/mo
• Annual: $2,057/yr
• Cap rate: 9.13%
• Cash-on-cash: 10.13%
• DSCR: 1.45
• 1% rule: 1.19%
• Cash to close: $20,300

Investor read

• This is a 2-bed/1.0-bath single-family listed at $72k.
• At list price, monthly cash flow is $171 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($863 rent vs $72k).
• It's been on market 18 days — a 2% lower offer ($71k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $71k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $501 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#451 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, employment F.
• Hartford Public Schools (town): math 14% / reading 26% proficiency, ranked #469 of 540 in MI (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Redwood Elementary (math 18% / reading 18%, grade F, #1,139 of 1,397 statewide, top 82%, 567 students, 86% FRL); Hartford Middle School (math 12% / reading 34%, grade F, #402 of 493 statewide, top 82%, 295 students, 85% FRL); Hartford High School (math 12% / reading 32%, grade F, #582 of 713 statewide, top 83%, 404 students, 78% FRL).
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 25 active listings in the ZIP; 165 units permitted in Van Buren County in 2024 (0 in 5+ unit buildings).
• Van Buren County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 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.

Questions for listing agent

• Built in 1955 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.