6281 Waldon Rd

Village of Clarkston, MI 48346

$229,900D

2 bd · 1.0 ba · 709 sqft · Built 1947 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,916/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$338
• HOA: −$0
• Vac / Maint / Mgmt: −$402
• Net cashflow: $-30/mo
• Annual: $-358/yr
• Cap rate: 6.14%
• Cash-on-cash: -0.56%
• DSCR: 0.98
• 1% rule: 0.83%
• Cash to close: $64,372

Investor read

• This is a 2-bed/1.0-bath single-family listed at $230k.
• At list price, monthly cash flow is $-30 ($-358/yr) — negative.
• To cash-flow at today's rent, offer at most $225k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $192k (16.7% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $192k (16.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#98 in MI, #2,255 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• Clarkston Community School District (suburban): math 48% / reading 58% proficiency, ranked #69 of 540 in MI (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 144 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 2y ago; this cycle's ask is 21% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $188k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.1% vs local median 3.9% in Village of Clarkston — 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?
• Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.