2394 Yankee St

Howard, MI 49120

$329,900C

9 bd · 5.1 ba · — sqft · Built 1970 · MultiFamily · Active · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,718/mo
• Mortgage (P&I): −$1,730
• Tax + insurance: −$550
• HOA: −$0
• Vac / Maint / Mgmt: −$781
• Net cashflow: $657/mo
• Annual: $7,888/yr
• Cap rate: 8.68%
• Cash-on-cash: 8.54%
• DSCR: 1.38
• 1% rule: 1.13%
• Cash to close: $92,372

Investor read

• This is a 3 × 3-bed/?-bath units multifamily listed at $330k. Condition is rated fair.
• At list price, monthly cash flow is $657 ($8k/yr) — positive. Per door: $219/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $330k).
• It's been on market 60 days — a 3% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $320k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Niles Community Schools (urban): math 33% / reading 43% proficiency, ranked #248 of 540 in MI (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 210 active listings in the ZIP; 128 units permitted in Cass County in 2024 (0 in 5+ unit buildings).
• Cass County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 9 sale attempts since 3y ago; this cycle's ask has dropped $29k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At $3,718/mo this rent would consume 68% of the median local household income ($65k/yr) (locally 782% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1970 — 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant moss and algae growth
• Major: exterior siding — Weathered and in poor condition
• Major: landscaping — Overgrown vegetation and lack of landscaping