208 Brittain Dr

Orion, MI 48362

$269,900F

2 bd · 1.0 ba · 396 sqft · Built 1935 · SingleFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,462/mo
• Mortgage (P&I): −$1,415
• Tax + insurance: −$391
• HOA: −$0
• Vac / Maint / Mgmt: −$307
• Net cashflow: $-652/mo
• Annual: $-7,821/yr
• Cap rate: 3.40%
• Cash-on-cash: -10.35%
• DSCR: 0.54
• 1% rule: 0.54%
• Cash to close: $75,572

Investor read

• This is a 2-bed/1.0-bath single-family listed at $270k.
• At list price, monthly cash flow is $-652 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (42.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (45.8% below list).
• It's been on market 15 days — a 2% lower offer ($266k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $146k (45.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Lake Orion Community Schools (suburban): math 49% / reading 64% proficiency, ranked #45 of 540 in MI (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 88 active listings in the ZIP; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 29y ago; this cycle's ask is 146% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $130k; list at $270k implies a 108% gain — meaningful room to come down on a strong offer.

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?
• Built in 1935 — 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.
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.