1910 W Pratt Rd

Olive, MI 48820

$319,900D

6 bd · 3.0 ba · 2,880 sqft · Built 1880 · SingleFamily · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,391/mo
• Mortgage (P&I): −$1,678
• Tax + insurance: −$333
• HOA: −$0
• Vac / Maint / Mgmt: −$502
• Net cashflow: $-121/mo
• Annual: $-1,456/yr
• Cap rate: 5.84%
• Cash-on-cash: -1.63%
• DSCR: 0.93
• 1% rule: 0.75%
• Cash to close: $89,572

Investor read

• This is a 6-bed/3.0-bath single-family listed at $320k.
• At list price, monthly cash flow is $-121 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $298k (6.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $239k (25.3% below list).
• It's been on market 58 days — a 3% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $239k (25.3% 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 $10k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• St. Johns Public Schools (rural): math 33% / reading 50% proficiency, ranked #177 of 540 in MI (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: St Johns Middle School (math 28% / reading 54%, grade F, #195 of 493 statewide, top 41%, 569 students, 41% FRL) — zoned schools average 41% FRL vs 26% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 104 active listings in the ZIP; high-income renter base; 154 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $30k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 58 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1880 — 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.
• 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.