810 3 Mile Rd

Wilcox, MI 49349

$106,900C

2 bd · 1.0 ba · 530 sqft · Built 1950 · SingleFamily · Pending · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,032/mo
• Mortgage (P&I): −$561
• Tax + insurance: −$67
• HOA: −$0
• Vac / Maint / Mgmt: −$217
• Net cashflow: $188/mo
• Annual: $2,258/yr
• Cap rate: 8.41%
• Cash-on-cash: 7.55%
• DSCR: 1.34
• 1% rule: 0.97%
• Cash to close: $29,932

Investor read

• This is a 2-bed/1.0-bath single-family listed at $107k.
• At list price, monthly cash flow is $188 ($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 $103k (3.4% below list).
• It's been on market 60 days — a 3% lower offer ($104k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (3.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $739 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• White Cloud Public Schools (rural): math 17% / reading 32% proficiency, ranked #436 of 540 in MI (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 82 active listings in the ZIP; 155 units permitted in Newaygo County in 2024 (0 in 5+ unit buildings).
• Newaygo County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts; this cycle's ask has dropped $13k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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.
• 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.