12450-Unit 8R Crystal Mountain Dr Unit 285/87/89

Weldon, MI 49683

$224,900D

3 bd · 3.0 ba · 1,559 sqft · Built 2017 · Condo · Active · 70 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,310/mo
• Mortgage (P&I): −$1,179
• Tax + insurance: −$375
• HOA: −$284
• Vac / Maint / Mgmt: −$485
• Net cashflow: $-13/mo
• Annual: $-156/yr
• Cap rate: 6.22%
• Cash-on-cash: -0.25%
• DSCR: 0.99
• 1% rule: 1.03%
• Cash to close: $62,972

Investor read

• This is a 3-bed/3.0-bath condo listed at $225k. Condition is rated excellent.
• At list price, monthly cash flow is $-13 ($-156/yr) — negative.
• To cash-flow at today's rent, offer at most $223k (0.8% below list).
• Meets the 1% rule at list price ($2k rent vs $225k).
• It's been on market 70 days — a 6% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $211k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• 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.
• Zoned schools: Benzie Central Middle School (math 32% / reading 42%, grade F, #248 of 493 statewide, top 53%, 264 students, 74% FRL) — zoned schools average 74% FRL vs 52% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 57 active listings in the ZIP; 110 units permitted in Benzie County in 2024 (0 in 5+ unit buildings).
• Benzie County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade 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?
• It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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?
• 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.