8207 Florida Unit A

Oscoda, MI 48750

$104,000C

3 bd · 1.5 ba · 1,255 sqft · Built 1960 · SingleFamily · Pending · 104 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,219/mo
• Mortgage (P&I): −$545
• Tax + insurance: −$93
• HOA: −$72
• Vac / Maint / Mgmt: −$256
• Net cashflow: $252/mo
• Annual: $3,025/yr
• Cap rate: 9.20%
• Cash-on-cash: 10.39%
• DSCR: 1.46
• 1% rule: 1.17%
• Cash to close: $29,120

Investor read

• This is a 3-bed/1.5-bath single-family listed at $104k.
• At list price, monthly cash flow is $252 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $104k).
• It's been on market 104 days — a 9% lower offer ($95k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $95k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $719 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#641 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: crime F, amenities F, commute F.
• Oscoda Area Schools (rural): math 31% / reading 38% proficiency, ranked #313 of 540 in MI (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Richardson Elementary School (math 37% / reading 35%, grade F, #725 of 1,397 statewide, top 52%, 672 students, 68% FRL); Oscoda Area High School (math 22% / reading 42%, grade F, #405 of 713 statewide, top 59%, 477 students, 64% FRL).
• Market conditions: 134 active listings in the ZIP; 58 units permitted in Iosco County in 2024 (0 in 5+ unit buildings).
• Iosco County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y 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.
• Cap rate 9.2% vs local median 2.8% in Oscoda — 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 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.