141 Irving Rd

Middleville, MI 49333

$169,000B+

3 bd · 2.5 ba · 2,032 sqft · Built 1984 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,284/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$282
• HOA: −$0
• Vac / Maint / Mgmt: −$480
• Net cashflow: $637/mo
• Annual: $7,642/yr
• Cap rate: 10.81%
• Cash-on-cash: 16.15%
• DSCR: 1.72
• 1% rule: 1.35%
• Cash to close: $47,320

Investor read

• This is a 3-bed/2.5-bath single-family listed at $169k.
• At list price, monthly cash flow is $637 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $169k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 77/100 on livability (#128 in MI, #3,180 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F.
• Thornapple Kellogg School District (rural): math 40% / reading 51% proficiency, ranked #127 of 540 in MI (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 52 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 171 units permitted in Barry County in 2024 (0 in 5+ unit buildings).
• Barry County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $47k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.8% vs local median 2.1% in Middleville — 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

• 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.
• 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.