3666 E 18 Mile Rd

Pickford, MI 49774

$48,000B

4 bd · 1.0 ba · 1,392 sqft · Built 1890 · SingleFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,240/mo
• Mortgage (P&I): −$252
• Tax + insurance: −$103
• HOA: −$0
• Vac / Maint / Mgmt: −$260
• Net cashflow: $625/mo
• Annual: $7,504/yr
• Cap rate: 21.93%
• Cash-on-cash: 55.83%
• DSCR: 3.48
• 1% rule: 2.58%
• Cash to close: $13,440

Investor read

• This is a 4-bed/1.0-bath single-family listed at $48k.
• At list price, monthly cash flow is $625 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• It's been on market 15 days — a 2% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $47k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $332 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Pickford Public Schools (rural): math 29% / reading 42% proficiency, ranked #279 of 540 in MI (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 active listings in the ZIP; 92 units permitted in Chippewa County in 2024 (40 in 5+ unit buildings).
• Chippewa County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1890 — 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.
• 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.