213 E Oak St

St. Charles, MI 48655 1116

$34,900B+

2 bd · 1.0 ba · 700 sqft · Built 1966 · SingleFamily · Active · 360 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,068/mo
• Mortgage (P&I): −$183
• Tax + insurance: −$485
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $176/mo
• Annual: $2,111/yr
• Cap rate: 27.01%
• Cash-on-cash: 73.99%
• DSCR: 4.29
• 1% rule: 3.06%
• Cash to close: $9,772

Investor read

• This is a 2-bed/1.0-bath single-family listed at $35k. Condition is rated poor.
• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• It's been on market 360 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($241 loan paydown + $1k appreciation (3.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• St. Charles Community Schools (rural): math 35% / reading 47% proficiency, ranked #196 of 540 in MI (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 1 active listings in the ZIP; 154 units permitted in Saginaw County in 2024 (0 in 5+ unit buildings).
• Saginaw County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 27.0% vs local median 4.8% in St. Charles — 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 360 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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 — Dark patches on the satellite image suggest potential leaks.
• Major: exterior siding — Signs of wear and discoloration on the siding.
• Major: interior walls and paint — No visible condition of interior walls or paint.
• Major: bathrooms — No visible condition of bathrooms.
• Major: kitchen — No visible condition of kitchen.
• Major: landscaping — Overgrown and unkempt landscaping.