5122 Parkview Ln

South Haven, MI 49090

$353,500D+

3 bd · 2.5 ba · 2,184 sqft · Built 2023 · Land · Pending · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,500/mo
• Mortgage (P&I): −$1,854
• Tax + insurance: −$589
• HOA: −$63
• Vac / Maint / Mgmt: −$735
• Net cashflow: $259/mo
• Annual: $3,108/yr
• Cap rate: 7.17%
• Cash-on-cash: 3.14%
• DSCR: 1.14
• 1% rule: 0.99%
• Cash to close: $98,980

Investor read

• This is a 3-bed/2.5-bath land listed at $354k.
• At list price, monthly cash flow is $259 ($3k/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 $350k (1.0% below list).
• It's been on market 73 days — a 6% lower offer ($332k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $332k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#353 in MI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: crime F, commute F.
• South Haven Public Schools (town): math 20% / reading 37% proficiency, ranked #383 of 540 in MI (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Maple Grove Elementary School (math 22% / reading 17%, grade F, #1,110 of 1,397 statewide, top 81%, 302 students, 72% FRL); Baseline Middle School (math 17% / reading 38%, grade F, #363 of 493 statewide, top 75%, 412 students, 71% FRL); South Haven High School (math 22% / reading 52%, grade F, #334 of 713 statewide, top 51%, 569 students, 61% FRL).
• Market conditions: 216 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 165 units permitted in Van Buren County in 2024 (0 in 5+ unit buildings).
• Van Buren County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 14 sale attempts since 13y 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.
• Cap rate 7.2% vs local median 0.5% in South Haven — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% 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.
• 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.