2758 N Ocqueoc Rd

Millersburg, MI 49759

$112,000D

3 bd · 1.5 ba · 990 sqft · Built 1999 · SingleFamily · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $917/mo
• Mortgage (P&I): −$587
• Tax + insurance: −$79
• HOA: −$0
• Vac / Maint / Mgmt: −$193
• Net cashflow: $59/mo
• Annual: $704/yr
• Cap rate: 6.92%
• Cash-on-cash: 2.24%
• DSCR: 1.10
• 1% rule: 0.82%
• Cash to close: $31,360

Investor read

• This is a 3-bed/1.5-bath single-family listed at $112k.
• At list price, monthly cash flow is $59 ($704/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $92k (18.1% below list).
• It's been on market 32 days — a 3% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (18.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $774 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 55/100 on livability (#665 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: health & safety D+, crime F, amenities F.
• Onaway Area Community School District (rural): math 27% / reading 40% proficiency, ranked #328 of 540 in MI (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Onaway Elementary School (math 32% / reading 32%, grade F, #814 of 1,397 statewide, top 61%, 257 students, 62% FRL); Onaway Middle School (math 27% / reading 47%, grade F, #248 of 493 statewide, top 53%, 124 students, 56% FRL); Onaway Senior High School (math 15% / reading 44%, grade F, #428 of 713 statewide, top 62%, 160 students, 48% FRL) — zoned schools at 55% FRL track the district average.
• Market conditions: 39 active listings in the ZIP; 46 units permitted in Presque Isle County in 2024 (0 in 5+ unit buildings).
• Presque Isle County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• 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?
• 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.