8487 N River Rock Dr · Tittabawassee, MI 48623

$519,900

4 bd · 4.0 ba · 2,800 sqft · MultiFamily · 23 Days on market

Built 2025 Good condition 0.36 ac lot $186/sqft · 14% above area Est $457k · 14% over

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.1/30.0
• DSCR +8.2/10.0
• 1% rule +6.5/10.0
• Schools +5.1/10.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• ARV discount +1.3/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Come and check this new construction duplex out! One unit is already rented for above market rate rents (12 month lease). Grab this property to add to your rental portfolio or move into the vacant size for a very reasonably priced new construction unit.

Key facts

• 0.36 acre lot
• 4 garage spots
• Built 2025

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $520k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $574/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $520k).
• Recommended offer: $512k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Freeland Community School District (suburban): math 54% / reading 61% proficiency, ranked #46 of 540 in MI (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: 94 active listings in the ZIP; 154 units permitted in Saginaw County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Saginaw County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($512k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $512,101 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.15% ✓
• Cap rate: 8.94%
• Cash-on-cash: 9.46%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

• ARV (median comp): $456,711
• List price: $519,900
• Delta: -99.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.0%
• Equity multiple: 0.92×
• Total profit: $-11,097
• Equity at exit: $77,519

10-year hold

• IRR: 7.7%
• Equity multiple: 1.58×
• Total profit: $84,779
• Equity at exit: $44,951

Cash invested: $145,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 48623

• Home prices YoY: -26.7%
• Active inventory: 94
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $6,000 medium
• Mortgage (P&I): −$2,726
• Tax est. 1.5%: −$650 /mo · $7,798/yr
• Insurance: −$217
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,260
• Net cashflow: $1,147

Break-even live

Break-even rent $4,548

Max offer price $519,900

Occupancy floor 76%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$6,000
Total (2 units)			$6,000

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $129,975
• Closing costs: $15,597
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-06
   status Pending 254-char remark

   Show marketing remark (254 chars)

   Come and check this new construction duplex out! One unit is already rented for above market rate rents (12 month lease). Grab this property to add to your rental portfolio or move into the vacant size for a very reasonably priced new construction unit.

2. 2026-05-06
   status Pending 254-char remark

   Show marketing remark (254 chars)

   Come and check this new construction duplex out! One unit is already rented for above market rate rents (12 month lease). Grab this property to add to your rental portfolio or move into the vacant size for a very reasonably priced new construction unit.

3. 2026-04-13
   listed $519,900 Active 254-char remark

   Show marketing remark (254 chars)

   Come and check this new construction duplex out! One unit is already rented for above market rate rents (12 month lease). Grab this property to add to your rental portfolio or move into the vacant size for a very reasonably priced new construction unit.

4. 2026-04-13
   listed $519,900 Active 254-char remark

   Show marketing remark (254 chars)

   Come and check this new construction duplex out! One unit is already rented for above market rate rents (12 month lease). Grab this property to add to your rental portfolio or move into the vacant size for a very reasonably priced new construction unit.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 69% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $72,000
• − Mortgage interest: −$29,122
• − Property taxes: −$7,798
• − Insurance: −$2,600
• − Repairs & maintenance: −$5,760
• − Management: −$5,760
• − Depreciation: −$15,124
• Taxable income: $5,835
• Est. tax owed @ 24.0%: −$1,400
• After-tax cash flow: $12,365/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Good 80/100 None rehab

This newly constructed duplex is in good condition with no visible repairs or maintenance needed. It is move-in ready and has the potential to be enhanced with some exterior and interior painting, as well as landscaping to further increase its value.

Value-add opportunities

• Both Painting the exterior siding and repainting the interior walls — Painting the exterior and interior will enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters.
• Both Landscaping the front yard — Landscaping the front yard will improve the curb appeal and make the property more attractive to potential buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior siding and repainting the interior walls — Painting the exterior and interior will enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters. ↑
• Both Landscaping the front yard — Landscaping the front yard will improve the curb appeal and make the property more attractive to potential buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Freeland Community School District
• NCES district ID: 2615060
• Math proficiency: 54% ▼ -4.00%
• Reading proficiency: 61% ▼ -3.00%
• Median HH income: $70,875
• Composite: 50.98/100
• National rank: #1779
• State rank: #46 of 540 in MI

Livability — Tittabawassee

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Freeland, MI
• Population (ZIP): 15,126

Population outlook (Saginaw County) Hauer SSP2

• Today (2025): 180,568 people
• By 2030: 172,302 · -4.6%
• By 2040: 153,919 · -14.8%
• By 2050: 135,519 · -24.9%
• By 2075: 97,199 · -46.2%
• By 2100: 65,037 · -64.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 5% Black 5% Hispanic / Latino 3%
• Common ancestry: Romanian 11% Lithuanian 5% Slovak 2%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Saginaw

• 2024 margin: Toss-up / Even · D 47.7% · R 51.0% · Other 1.4%
• 2008→2024 swing: -20.6pp toward R · 2008: 17.3pp · 2024: -3.3pp
• All cycles: 2024: R+3.3 2020: D+0.3 2016: R+1.1 2012: D+11.9 2008: D+17.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.02%
• Current HPI: 213.8908
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

+0.0% since first listed

4 events — show timeline

• 2026-05-06 Pending — REALCOMP
• 2026-05-06 Pending — MiRealSource-MiMLS
• 2026-04-13 Listed $519,900 REALCOMP
• 2026-04-13 Listed $519,900 MiRealSource-MiMLS