3244 Tuttle Rd

Leslie, MI 49251

$149,900C

4 bd · 1.0 ba · 1,344 sqft · Built 1965 · SingleFamily · Active · 70 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,384/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$134
• HOA: −$0
• Vac / Maint / Mgmt: −$291
• Net cashflow: $173/mo
• Annual: $2,080/yr
• Cap rate: 7.68%
• Cash-on-cash: 4.96%
• DSCR: 1.22
• 1% rule: 0.92%
• Cash to close: $41,972

Investor read

• This is a 4-bed/1.0-bath single-family listed at $150k.
• At list price, monthly cash flow is $173 ($2k/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 $138k (7.7% below list).
• It's been on market 70 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (7.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#159 in MI, #4,066 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Leslie Public Schools (rural): math 23% / reading 39% proficiency, ranked #329 of 540 in MI (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Woodworth Elementary School (math 27% / reading 32%, grade F, #866 of 1,397 statewide, top 65%, 439 students, 56% FRL); Leslie Middle School (math 22% / reading 40%, grade F, #329 of 493 statewide, top 67%, 303 students, 47% FRL); Leslie High School (math 24% / reading 44%, grade F, #372 of 713 statewide, top 56%, 342 students, 44% FRL).
• Market conditions: 38 active listings in the ZIP; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• Ingham County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts 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 7.7% vs local median 4.0% in Leslie — 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 70 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.