216 W Pine St

Bloomingdale, MI 49026

$67,500B+

2 bd · 1.0 ba · 1,200 sqft · Built 1925 · SingleFamily · Pending · 122 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,030/mo
• Mortgage (P&I): −$354
• Tax + insurance: −$72
• HOA: −$0
• Vac / Maint / Mgmt: −$216
• Net cashflow: $387/mo
• Annual: $4,646/yr
• Cap rate: 13.18%
• Cash-on-cash: 24.58%
• DSCR: 2.09
• 1% rule: 1.53%
• Cash to close: $18,900

Investor read

• This is a 2-bed/1.0-bath single-family listed at $68k.
• At list price, monthly cash flow is $387 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $68k).
• It's been on market 122 days — a 12% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (12.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($467 loan paydown + $4k appreciation (6.5% local appreciation)).
• Location reads 59/100 on livability (#613 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D, schools F, crime F.
• Bloomingdale Public School District (rural): math 13% / reading 25% proficiency, ranked #475 of 540 in MI (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; 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.
• 27 sale attempts since 29y ago; this cycle's ask has dropped $12k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (6.5% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 13.2% vs local median 3.3% in Bloomingdale — 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 122 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1925 — 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.
• 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?
• 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.