15301 28 Mile Rd

Albion, MI 49224

$125,000C+

3 bd · 1.0 ba · 1,725 sqft · Built 1920 · SingleFamily · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,388/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$208
• HOA: −$0
• Vac / Maint / Mgmt: −$291
• Net cashflow: $233/mo
• Annual: $2,793/yr
• Cap rate: 8.53%
• Cash-on-cash: 7.98%
• DSCR: 1.36
• 1% rule: 1.11%
• Cash to close: $35,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $125k. Condition is rated poor.
• At list price, monthly cash flow is $233 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#328 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute C-, amenities D+, schools F.
• Marshall Public Schools (town): math 28% / reading 44% proficiency, ranked #268 of 540 in MI (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 134 active listings in the ZIP; 132 units permitted in Calhoun County in 2024 (0 in 5+ unit buildings).
• Calhoun County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 12y 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 $28k; list at $125k implies a 346% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1920 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — Severe weathering and damage
• Major: Roof — Exposed framing and missing shingles
• Major: Interior walls — Paint peeling and exposed drywall
• Major: Flooring — Worn and damaged hardwood floors
• Major: Bathrooms — Old fixtures and missing tiles
• Major: Pole barn — Missing doors and overall poor condition