2922 N Ionia Rd

Vermontville, MI 49096

$99,200C-

2 bd · 1.0 ba · 1,505 sqft · Built 1900 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $994/mo
• Mortgage (P&I): −$520
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$209
• Net cashflow: $182/mo
• Annual: $2,180/yr
• Cap rate: 8.49%
• Cash-on-cash: 7.85%
• DSCR: 1.35
• 1% rule: 1.00%
• Cash to close: $27,776

Investor read

• This is a 2-bed/1.0-bath single-family listed at $99k.
• At list price, monthly cash flow is $182 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($994 rent vs $99k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $686 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#513 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, schools D-, crime F.
• Maple Valley Schools (rural): math 27% / reading 36% proficiency, ranked #332 of 540 in MI (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 98 units permitted in Eaton County in 2024 (0 in 5+ unit buildings).
• Eaton County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 29y ago 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.
• Current owner paid $55k; list at $99k implies a 80% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Built in 1900 — 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 D-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?
• 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.