5177 Fishing Site Rd

Harrison, MI 48625

$74,451C+

2 bd · 1.0 ba · 600 sqft · Built 1962 · SingleFamily · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $804/mo
• Mortgage (P&I): −$390
• Tax + insurance: −$118
• HOA: −$0
• Vac / Maint / Mgmt: −$169
• Net cashflow: $127/mo
• Annual: $1,520/yr
• Cap rate: 8.33%
• Cash-on-cash: 7.29%
• DSCR: 1.32
• 1% rule: 1.08%
• Cash to close: $20,846

Investor read

• This is a 2-bed/1.0-bath single-family listed at $74k.
• At list price, monthly cash flow is $127 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($804 rent vs $74k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $514 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#471 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A, crime A-; Watch: schools D, amenities F, commute F.
• Harrison Community Schools (town): math 17% / reading 28% proficiency, ranked #457 of 540 in MI (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 246 active listings in the ZIP; 77 units permitted in Clare County in 2024 (0 in 5+ unit buildings).
• Clare County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 8.3% vs local median 3.5% in Harrison — 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

• Built in 1962 — 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.