11549 S Us Highway 27

DeWitt, MI 48820

$149,999C-

2 bd · 1.0 ba · 905 sqft · Built 1963 · MultiFamily · Active · 297 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,455/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$250
• HOA: −$0
• Vac / Maint / Mgmt: −$305
• Net cashflow: $112/mo
• Annual: $1,350/yr
• Cap rate: 7.19%
• Cash-on-cash: 3.21%
• DSCR: 1.14
• 1% rule: 0.97%
• Cash to close: $42,000

Investor read

• This is a 2-bed/1.0-bath multifamily listed at $150k. Condition is rated fair.
• At list price, monthly cash flow is $112 ($1k/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 $145k (3.0% below list).
• It's been on market 297 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#99 in MI, #2,361 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety D-.
• Bath Community Schools (suburban): math 25% / reading 47% proficiency, ranked #247 of 540 in MI (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 103 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 154 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).
• 4 sale attempts since 16y 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.
• Cap rate 7.2% vs local median 2.9% in DeWitt — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent is only 16% of the median local income ($113k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 297 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are A-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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen appliances — outdated and need replacement
• Major: bathroom fixtures — outdated and need replacement
• Minor: kitchen flooring — tile needs cleaning