52372 D W Seaton Dr

New Baltimore, MI 48047

$260,000D-

3 bd · 2.5 ba · 1,646 sqft · Built 1978 · SingleFamily · Active · 228 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,940/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$567
• HOA: −$0
• Vac / Maint / Mgmt: −$407
• Net cashflow: $-398/mo
• Annual: $-4,771/yr
• Cap rate: 4.46%
• Cash-on-cash: -6.55%
• DSCR: 0.71
• 1% rule: 0.75%
• Cash to close: $72,800

Investor read

• This is a 3-bed/2.5-bath single-family listed at $260k.
• At list price, monthly cash flow is $-398 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $190k (27.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (25.4% below list).
• It's been on market 228 days — a 12% lower offer ($229k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $190k (27.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#30 in MI, #597 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: health & safety D+, amenities F.
• Anchor Bay School District (suburban): math 44% / reading 54% proficiency, ranked #91 of 540 in MI (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: 237 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 13 sale attempts since 26y ago; this cycle's ask has dropped $65k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 4.5% vs local median 2.5% in New Baltimore — 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.

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?
• It's been on market 228 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Built in 1978 — 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 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.