3280 Devonwood Hls NE #6

Northview, MI 49525

$169,900D

2 bd · 2.0 ba · 846 sqft · Built 1986 · Condo · Pending · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,821/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$283
• HOA: −$345
• Vac / Maint / Mgmt: −$382
• Net cashflow: $-80/mo
• Annual: $-965/yr
• Cap rate: 5.73%
• Cash-on-cash: -2.03%
• DSCR: 0.91
• 1% rule: 1.07%
• Cash to close: $47,572

Investor read

• This is a 2-bed/2.0-bath condo listed at $170k. Condition is rated good.
• At list price, monthly cash flow is $-80 ($-965/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (6.8% below list).
• Meets the 1% rule at list price ($2k rent vs $170k).
• It's been on market 50 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (6.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#89 in MI, #2,011 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D-, commute F.
• Northview Public Schools (suburban): math 32% / reading 50% proficiency, ranked #187 of 540 in MI (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.2%/yr); 164 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 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.
• Cap rate 5.7% vs local median 4.2% in Northview — 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

• 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 50 days. Have you received any prior offers? Is the seller open to a 7% 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Carport — The carport appears to be in good condition with no visible signs of damage.
• Minor: Deck — The deck appears to be in good condition with no visible signs of damage.