7353 Bagpipe Dr

Pine River, MI 48801

$59,900D

3 bd · 2.0 ba · 1,298 sqft · Built 2001 · Other · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,275/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$100
• HOA: −$596
• Vac / Maint / Mgmt: −$268
• Net cashflow: $-3/mo
• Annual: $-32/yr
• Cap rate: 6.24%
• Cash-on-cash: -0.19%
• DSCR: 0.99
• 1% rule: 2.13%
• Cash to close: $16,772

Investor read

• This is a 3-bed/2.0-bath other listed at $60k.
• At list price, monthly cash flow is $-3 ($-32/yr) — negative.
• To cash-flow at today's rent, offer at most $60k (0.7% below list).
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 51 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Alma Public Schools (town): math 28% / reading 44% proficiency, ranked #288 of 540 in MI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 47% of rent.
• Market conditions: 89 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 47 units permitted in Gratiot County in 2024 (0 in 5+ unit buildings).
• Gratiot County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 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.

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?
• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% 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?
• 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.