33051 Heatherwood Lot 244

New Haven, MI 40848

$41,000B-

3 bd · 2.0 ba · 1,248 sqft · Built 1994 · SingleFamily · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,339/mo
• Mortgage (P&I): −$215
• Tax + insurance: −$68
• HOA: −$670
• Vac / Maint / Mgmt: −$281
• Net cashflow: $104/mo
• Annual: $1,254/yr
• Cap rate: 9.35%
• Cash-on-cash: 10.92%
• DSCR: 1.49
• 1% rule: 3.27%
• Cash to close: $11,480

Investor read

• This is a 3-bed/2.0-bath single-family listed at $41k. Condition is rated good.
• At list price, monthly cash flow is $104 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $41k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($283 loan paydown + $1k appreciation (3.0% local appreciation)).
• Location reads 57/100 on livability (#650 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime B; Watch: employment D, amenities F, commute F.
• New Haven Community Schools (suburban): math 25% / reading 39% proficiency, ranked #305 of 540 in MI (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 50% of rent.
• Market conditions: 1 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).
• Macomb County population projected at +9% 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 9.4% vs local median 4.1% in New 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

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.