5435 Edgewood Dr

Greenwood, MI 49756

$144,900D-

4 bd · 1.0 ba · 1,056 sqft · Built — · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,144/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$90
• HOA: −$0
• Vac / Maint / Mgmt: −$240
• Net cashflow: $55/mo
• Annual: $656/yr
• Cap rate: 6.75%
• Cash-on-cash: 1.62%
• DSCR: 1.07
• 1% rule: 0.79%
• Cash to close: $40,572

Investor read

• This is a 4-bed/1.0-bath single-family listed at $145k.
• At list price, monthly cash flow is $55 ($656/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 $114k (21.0% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $114k (21.0% 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Johannesburg-Lewiston Area Schools (rural): math 33% / reading 42% proficiency, ranked #257 of 540 in MI (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Johannesburglewiston High School (math 34% / reading 54%, grade F, #214 of 713 statewide, top 36%, 218 students, 59% FRL).
• Market conditions: 101 active listings in the ZIP; 29 units permitted in Oscoda County in 2024 (0 in 5+ unit buildings).
• Oscoda County population projected at -32% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• 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.