1983 Maxfield Rd

Hartland, MI 48353

$299,900D

3 bd · 1.0 ba · 1,725 sqft · Built 1940 · Other · Pending · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,238/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$420
• HOA: −$0
• Vac / Maint / Mgmt: −$470
• Net cashflow: $-224/mo
• Annual: $-2,693/yr
• Cap rate: 5.40%
• Cash-on-cash: -3.21%
• DSCR: 0.86
• 1% rule: 0.75%
• Cash to close: $83,972

Investor read

• This is a 3-bed/1.0-bath other listed at $300k.
• At list price, monthly cash flow is $-224 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $260k (13.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (25.4% below list).
• It's been on market 55 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $224k (25.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Hartland Consolidated Schools (suburban): math 52% / reading 62% proficiency, ranked #41 of 540 in MI (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 132 active listings in the ZIP; solid renter incomes; 488 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• Livingston County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 16y ago; this cycle's ask has dropped $100k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $95k; list at $300k implies a 216% gain — meaningful room to come down on a strong offer.
• Cap rate 5.4% vs local median 2.9% in Hartland — 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 do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 55 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?