11047 Secor Rd

Lambertville, MI 48182

$209,900D

2 bd · 1.0 ba · 884 sqft · Built 1958 · SingleFamily · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,607/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$132
• HOA: −$0
• Vac / Maint / Mgmt: −$337
• Net cashflow: $37/mo
• Annual: $443/yr
• Cap rate: 6.50%
• Cash-on-cash: 0.75%
• DSCR: 1.03
• 1% rule: 0.77%
• Cash to close: $58,772

Investor read

• This is a 2-bed/1.0-bath single-family listed at $210k.
• At list price, monthly cash flow is $37 ($443/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (23.5% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $161k (23.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#78 in MI, #1,689 nationally) — a professional / high-income tenant draw. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Bedford Public Schools (suburban): math 33% / reading 53% proficiency, ranked #150 of 540 in MI (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Monroe Road Elementary School (math 29% / reading 54%, grade F, #581 of 1,397 statewide, top 42%, 613 students, 25% FRL); Bedford Junior High School (math 30% / reading 52%, grade F, #195 of 493 statewide, top 41%, 911 students, 29% FRL); Bedford Senior High School (math 38% / reading 64%, grade D+, #142 of 713 statewide, top 20%, 1,294 students, 27% FRL).
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 83 active listings in the ZIP; solid renter incomes; 264 units permitted in Monroe County in 2024 (40 in 5+ unit buildings).
• Monroe County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 11y 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.
• Current owner paid $109k; list at $210k implies a 93% gain — meaningful room to come down on a strong offer.
• Cap rate 6.5% vs local median 4.8% in Lambertville — 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 1958 — 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.
• 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.