613 Trinity Dr #1

Wayland, MI 49316

$179,900D-

2 bd · 1.0 ba · 938 sqft · Built 1996 · Condo · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,739/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$300
• HOA: −$250
• Vac / Maint / Mgmt: −$365
• Net cashflow: $-119/mo
• Annual: $-1,430/yr
• Cap rate: 5.50%
• Cash-on-cash: -2.84%
• DSCR: 0.87
• 1% rule: 0.97%
• Cash to close: $50,372

Investor read

• This is a 2-bed/1.0-bath condo listed at $180k.
• At list price, monthly cash flow is $-119 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $163k (9.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $174k (3.3% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $163k (9.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#117 in MI, #2,796 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Caledonia Community Schools (suburban): math 58% / reading 68% proficiency, ranked #26 of 540 in MI (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Zoned schools: Emmons Lake Elementary School (math 56% / reading 66%, grade B, #190 of 1,397 statewide, top 14%, 400 students, 24% FRL); Kraft Meadows Intermediate School (math 54% / reading 67%, grade B+, #51 of 493 statewide, top 11%, 683 students, 23% FRL); Caledonia High School (math 47% / reading 73%, grade C+, #73 of 713 statewide, top 11%, 1,464 students, 20% FRL).
• Market conditions: 257 active listings in the ZIP; solid renter incomes; 419 units permitted in Allegan County in 2024 (0 in 5+ unit buildings).
• 5 sale attempts since 14y ago 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.
• Cap rate 5.5% vs local median 1.7% in Wayland — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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.