302 Salvia Rd

Temperance, MI 48133

$49,900B

3 bd · 2.0 ba · 1,500 sqft · Built 1997 · SingleFamily · Pending · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,907/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$83
• HOA: −$500
• Vac / Maint / Mgmt: −$400
• Net cashflow: $662/mo
• Annual: $7,940/yr
• Cap rate: 22.21%
• Cash-on-cash: 56.83%
• DSCR: 3.53
• 1% rule: 3.82%
• Cash to close: $13,972

Investor read

• This is a 3-bed/2.0-bath single-family listed at $50k. Condition is rated average.
• At list price, monthly cash flow is $662 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• It's been on market 41 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#229 in MI) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Bedford Public Schools (suburban): math 33% / reading 53% proficiency, ranked #150 of 540 in MI (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Jackman Road Elementary School (math 36% / reading 49%, grade F, #544 of 1,397 statewide, top 39%, 597 students, 29% FRL); Bedford Junior High School (math 30% / reading 52%, grade F, #195 of 493 statewide, top 41%, 911 students, 29% FRL); Bedford Senior High School (math 38% / reading 64%, grade D+, #142 of 713 statewide, top 20%, 1,294 students, 27% FRL).
• Watch-outs: HOA is 26% of rent.
• Market conditions: 42 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 264 units permitted in Monroe County in 2024 (40 in 5+ unit buildings).
• Monroe County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• This rent runs 35% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: interior walls/paint — The interior walls and paint show some minor wear.
• Minor: landscaping — The landscaping shows some minor wear and could benefit from some maintenance.