1534 Grummett St

Minden, MI 48456

$144,400C-

3 bd · 2.0 ba · 2,100 sqft · Built 1985 · SingleFamily · Active · 87 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,282/mo
• Mortgage (P&I): −$757
• Tax + insurance: −$113
• HOA: −$0
• Vac / Maint / Mgmt: −$269
• Net cashflow: $143/mo
• Annual: $1,715/yr
• Cap rate: 7.48%
• Cash-on-cash: 4.24%
• DSCR: 1.19
• 1% rule: 0.89%
• Cash to close: $40,432

Investor read

• This is a 3-bed/2.0-bath single-family listed at $144k.
• At list price, monthly cash flow is $143 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (11.2% below list).
• It's been on market 87 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (11.2% below list) — sets the bar for 1% rule.
• In year one you build about $3k of equity ($998 loan paydown + $2k appreciation (1.7% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Ubly Community Schools (rural): math 32% / reading 52% proficiency, ranked #188 of 540 in MI (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 1 active listings in the ZIP; 63 units permitted in Sanilac County in 2024 (0 in 5+ unit buildings).
• Sanilac County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 17y 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 $70k; list at $144k implies a 106% gain — meaningful room to come down on a strong offer.
• At projected returns (1.7% appreciation + 3.0% rent growth), your $40k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 87 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• 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.
• 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.