13737 Lower Bayside Dr

Grattan, MI 48809

$70,000B+

2 bd · 1.0 ba · 600 sqft · Built 1972 · Condo · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,082/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$117
• HOA: −$125
• Vac / Maint / Mgmt: −$227
• Net cashflow: $246/mo
• Annual: $2,957/yr
• Cap rate: 10.52%
• Cash-on-cash: 15.08%
• DSCR: 1.67
• 1% rule: 1.55%
• Cash to close: $19,600

Investor read

• This is a 2-bed/1.0-bath condo listed at $70k.
• At list price, monthly cash flow is $246 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $7k of equity ($484 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Belding Area School District (town): math 23% / reading 31% proficiency, ranked #398 of 540 in MI (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 72 active listings in the ZIP; 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.
• 5 sale attempts since 9y 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 (10.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.