5221 N 17 Rd

Antioch, MI 49668

$190,000D

3 bd · 2.0 ba · 1,280 sqft · Built 1997 · SingleFamily · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,219/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$137
• HOA: −$0
• Vac / Maint / Mgmt: −$256
• Net cashflow: $-170/mo
• Annual: $-2,041/yr
• Cap rate: 5.22%
• Cash-on-cash: -3.84%
• DSCR: 0.83
• 1% rule: 0.64%
• Cash to close: $53,200

Investor read

• This is a 3-bed/2.0-bath single-family listed at $190k.
• At list price, monthly cash flow is $-170 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $160k (15.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (35.8% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $122k (35.8% below list) — sets the bar for 1% rule.
• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Mesick Consolidated Schools (rural): math 25% / reading 47% proficiency, ranked #286 of 540 in MI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 20 active listings in the ZIP; 130 units permitted in Wexford County in 2024 (50 in 5+ unit buildings).
• Wexford County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $7k; list at $190k implies a 2614% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• 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.