1190 Primrose Ct

Albion, MI 49224

$101,000D+

3 bd · 2.0 ba · 1,568 sqft · Built 2023 · SingleFamily · Active · 346 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,379/mo
• Mortgage (P&I): −$530
• Tax + insurance: −$168
• HOA: −$470
• Vac / Maint / Mgmt: −$290
• Net cashflow: $-79/mo
• Annual: $-943/yr
• Cap rate: 5.36%
• Cash-on-cash: -3.33%
• DSCR: 0.85
• 1% rule: 1.37%
• Cash to close: $28,280

Investor read

• This is a 3-bed/2.0-bath single-family listed at $101k. Condition is rated excellent.
• At list price, monthly cash flow is $-79 ($-943/yr) — negative.
• To cash-flow at today's rent, offer at most $90k (11.3% below list).
• Meets the 1% rule at list price ($1k rent vs $101k).
• It's been on market 346 days — a 12% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $89k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $698 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#328 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute C-, amenities D+, crime F.
• Marshall Public Schools (town): math 28% / reading 44% proficiency, ranked #268 of 540 in MI (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Marshall Middle School (math 22% / reading 40%, grade F, #329 of 493 statewide, top 67%, 547 students, 50% FRL).
• Watch-outs: HOA is 34% of rent.
• Market conditions: 137 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 132 units permitted in Calhoun County in 2024 (0 in 5+ unit buildings).
• Calhoun County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• Cap rate 5.4% vs local median 8.5% in Albion — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 346 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F 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?
• 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?