2673 Mckinley Rd

Mentor, MI 48647

$72,900C

1 bd · 1.0 ba · 605 sqft · Built — · SingleFamily · Pending · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $779/mo
• Mortgage (P&I): −$382
• Tax + insurance: −$56
• HOA: −$0
• Vac / Maint / Mgmt: −$164
• Net cashflow: $177/mo
• Annual: $2,123/yr
• Cap rate: 9.21%
• Cash-on-cash: 10.40%
• DSCR: 1.46
• 1% rule: 1.07%
• Cash to close: $20,412

Investor read

• This is a 1-bed/1.0-bath single-family listed at $73k.
• At list price, monthly cash flow is $177 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($779 rent vs $73k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $504 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Mio-Ausable Schools (rural): math 31% / reading 33% proficiency, ranked #351 of 540 in MI (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 46 active listings in the ZIP; 29 units permitted in Oscoda County in 2024 (0 in 5+ unit buildings).
• Oscoda County population projected at -32% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

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.