19071 Toepfer Dr

Eastpointe, MI 48021

$99,900C+

2 bd · 1.0 ba · 1,071 sqft · Built 1937 · SingleFamily · Active · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,511/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$419
• HOA: −$0
• Vac / Maint / Mgmt: −$317
• Net cashflow: $251/mo
• Annual: $3,009/yr
• Cap rate: 9.31%
• Cash-on-cash: 10.76%
• DSCR: 1.48
• 1% rule: 1.51%
• Cash to close: $27,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $100k.
• At list price, monthly cash flow is $251 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 69 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#213 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety D+, amenities D, employment D.
• South Lake Schools (suburban): math 11% / reading 26% proficiency, ranked #470 of 540 in MI (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Avalon Elementary School (313 students, 62% FRL); South Lake Middle School (math 7% / reading 23%, grade F, #451 of 493 statewide, top 92%, 299 students, 66% FRL); South Lake High School (math 2% / reading 27%, grade F, #640 of 713 statewide, top 91%, 516 students, 61% FRL).
• Watch-outs: property tax is 4.5% of price; built in 1937 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.5%/yr); 9 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 25 sale attempts since 21y 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.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $28k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 F-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.