1660 River Rd #53

Marysville, MI 48040

$205,900D-

2 bd · 2.0 ba · 1,054 sqft · Built 1986 · Condo · Active · 128 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,091/mo
• Mortgage (P&I): −$1,080
• Tax + insurance: −$209
• HOA: −$350
• Vac / Maint / Mgmt: −$439
• Net cashflow: $14/mo
• Annual: $167/yr
• Cap rate: 6.37%
• Cash-on-cash: 0.29%
• DSCR: 1.01
• 1% rule: 1.02%
• Cash to close: $57,652

Investor read

• This is a 2-bed/2.0-bath condo listed at $206k.
• At list price, monthly cash flow is $14 ($167/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $206k).
• It's been on market 128 days — a 12% lower offer ($181k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $181k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#114 in MI, #2,700 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities C-, employment D+, health & safety D.
• Marysville Public Schools (suburban): math 42% / reading 53% proficiency, ranked #115 of 540 in MI (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 84 active listings in the ZIP; 232 units permitted in St. Clair County in 2024 (0 in 5+ unit buildings).
• St. Clair County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 15y ago 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 $85k; list at $206k implies a 142% gain — meaningful room to come down on a strong offer.
• Cap rate 6.4% vs local median 4.8% in Marysville — 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

• It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.