2765 Baldwin St

Jenison, MI 49428

$395,900F

3 bd · 2.0 ba · 1,468 sqft · Built 1955 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,689/mo
• Mortgage (P&I): −$2,076
• Tax + insurance: −$402
• HOA: −$0
• Vac / Maint / Mgmt: −$355
• Net cashflow: $-1,144/mo
• Annual: $-13,722/yr
• Cap rate: 2.83%
• Cash-on-cash: -12.38%
• DSCR: 0.45
• 1% rule: 0.43%
• Cash to close: $110,852

Investor read

• This is a 3-bed/2.0-bath single-family listed at $396k.
• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $194k (51.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (57.3% below list).
• It's been on market 17 days — a 2% lower offer ($390k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $169k (57.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#178 in MI, #4,596 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: amenities F, commute F, health & safety F.
• Jenison Public Schools (suburban): math 57% / reading 66% proficiency, ranked #36 of 540 in MI (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 143 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,237 units permitted in Ottawa County in 2024 (443 in 5+ unit buildings).
• Ottawa County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 14 sale attempts since 19y 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 $186k; list at $396k implies a 113% gain — meaningful room to come down on a strong offer.

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?
• Built in 1955 — 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 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.
• 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.