2428 Fisher Rd

Howell, MI 48855

$359,900F

3 bd · 3.0 ba · 1,080 sqft · Built 2015 · SingleFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,146/mo
• Mortgage (P&I): −$1,887
• Tax + insurance: −$368
• HOA: −$0
• Vac / Maint / Mgmt: −$451
• Net cashflow: $-560/mo
• Annual: $-6,715/yr
• Cap rate: 4.43%
• Cash-on-cash: -6.66%
• DSCR: 0.70
• 1% rule: 0.60%
• Cash to close: $100,772

Investor read

• This is a 3-bed/3.0-bath single-family listed at $360k.
• At list price, monthly cash flow is $-560 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $261k (27.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (40.4% below list).
• It's been on market 41 days — a 3% lower offer ($349k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $215k (40.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#107 in MI, #2,598 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Howell Public Schools (suburban): math 41% / reading 52% proficiency, ranked #116 of 540 in MI (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 148 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 488 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• Livingston County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 9y 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.
• Current owner paid $190k; list at $360k implies a 89% gain — meaningful room to come down on a strong offer.
• Cap rate 4.4% vs local median 3.6% in Howell — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 41 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
• 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.
• 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.