8214 24 Mile Rd

Utica, MI 48316

$113,900C+

2 bd · 1.0 ba · 1,000 sqft · Built 1971 · Condo · Pending · 88 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,594/mo
• Mortgage (P&I): −$597
• Tax + insurance: −$190
• HOA: −$320
• Vac / Maint / Mgmt: −$335
• Net cashflow: $152/mo
• Annual: $1,827/yr
• Cap rate: 7.90%
• Cash-on-cash: 5.73%
• DSCR: 1.25
• 1% rule: 1.40%
• Cash to close: $31,892

Investor read

• This is a 2-bed/1.0-bath condo listed at $114k. Condition is rated fair.
• At list price, monthly cash flow is $152 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $114k).
• It's been on market 88 days — a 6% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $787 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#106 in MI, #2,586 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, health & safety D+, employment D.
• Utica Community Schools (suburban): math 38% / reading 53% proficiency, ranked #126 of 540 in MI (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 20% of rent.
• Market conditions: 167 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 2 sale attempts; this cycle's ask has dropped $11k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 7.9% vs local median 3.6% in Utica — 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

• It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% 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 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?

Repairs flagged (vision-AI assessment)

• Moderate: Exterior siding — Weathered appearance
• Moderate: Interior walls — Paint appears faded