6361 S Outer Loop Dr

Logan, MI 49405

$89,900D+

2 bd · 1.0 ba · 700 sqft · Built 2000 · SingleFamily · Active · 104 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $817/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$150
• HOA: −$25
• Vac / Maint / Mgmt: −$172
• Net cashflow: $-1/mo
• Annual: $-7/yr
• Cap rate: 6.29%
• Cash-on-cash: -0.03%
• DSCR: 1.00
• 1% rule: 0.91%
• Cash to close: $25,172

Investor read

• This is a 2-bed/1.0-bath single-family listed at $90k. Condition is rated fair.
• At list price, monthly cash flow is $-1 ($-7/yr) — negative.
• To cash-flow at today's rent, offer at most $90k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $82k (9.1% below list).
• It's been on market 104 days — a 9% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $82k (9.1% below list) — sets the bar for 1% rule.
• In year one you build about $8k of equity ($622 loan paydown + $7k appreciation (8.1% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Mason County Central Schools (rural): math 24% / reading 39% proficiency, ranked #345 of 540 in MI (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Scottville Elementary School (254 students, 72% FRL); Mason County Central Ms (math 22% / reading 37%, grade F, #343 of 493 statewide, top 72%, 297 students, 66% FRL); Mason County Central Hs (math 17% / reading 57%, grade F, #334 of 713 statewide, top 51%, 407 students, 53% FRL).
• Market conditions: 29 active listings in the ZIP; 177 units permitted in Mason County in 2024 (97 in 5+ unit buildings).
• Mason County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 5 sale attempts since 22y ago; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (8.1% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen backsplash — simple backsplash could be replaced for a fresh look
• Minor: bathroom fixtures — standard fixtures could be upgraded for a more modern look