2098 Bent Trail Ct

Pittsfield, MI 48108

$365,000D-

2 bd · 2.0 ba · 1,408 sqft · Built 1989 · Condo · Active · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,418/mo
• Mortgage (P&I): −$1,914
• Tax + insurance: −$584
• HOA: −$475
• Vac / Maint / Mgmt: −$508
• Net cashflow: $-1,063/mo
• Annual: $-12,754/yr
• Cap rate: 2.80%
• Cash-on-cash: -12.48%
• DSCR: 0.44
• 1% rule: 0.66%
• Cash to close: $102,200

Investor read

• This is a 2-bed/2.0-bath condo listed at $365k.
• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $261k (28.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $242k (33.8% below list).
• It's been on market 47 days — a 3% lower offer ($354k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $242k (33.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Ann Arbor Public Schools (urban): math 71% / reading 81% proficiency, ranked #6 of 540 in MI (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Ann Arbor Open At Mack School (math 74% / reading 84%, grade A, #21 of 1,397 statewide, top 2%, 517 students, 11% FRL); Tappan Middle School (math 67% / reading 82%, grade A, #15 of 493 statewide, top 3%, 680 students, 28% FRL); Pioneer High School (math 74% / reading 89%, grade A, #6 of 713 statewide, top 1%, 1,700 students, 23% FRL) — zoned schools at 21% FRL track the district average.
• Market conditions: Rents rising fast (+5.7%/yr); 148 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).
• Washtenaw County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 8y 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.
• This rent runs 32% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 47 days. Have you received any prior offers? Is the seller open to a 34% 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?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.