9460 N LAPEER Rd · Metamora, MI 48744 9306

$94,900

2 bd · 1.0 ba · 1,077 sqft · SingleFamily · 40 Days on market

Built 1930 5.25 ac lot ↓ 5% since listing

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +26.4/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Appreciation +5.0/10.0
• Schools +4.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

FINANCING AVAILABLE! Discover endless possibilities with this fixer-upper nestled on 5.25 acres, a spacious pole barn and the property backs up to the Greenbrier Golf Course. Unleash your creativity and transform this property in to the home of your dreams! Embrace the charm of rural living while enjoying the convenience of nearby amenities. This is your chance to reimagine and revitalize a unique slice of real estate.

Key facts

• 5.25 acre lot
• Built 1930
• Listed 40 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $247 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 2.4% in Metamora — 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.

Location & tenants

• Location reads 65/100 on livability (#447 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Oxford Community Schools (suburban): math 42% / reading 58% proficiency, ranked #82 of 540 in MI (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 1 active listings in the ZIP; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($656 loan paydown + $3k appreciation (3.0% local appreciation)).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $92,053 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.20% ✓
• Cap rate: 9.41%
• Cash-on-cash: 11.15%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $240,171
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
655 W Davison Lake Rd	0.13mi	2/1.0	1,200 (+11%)	9mo	$267,500	$223	67
504 2nd St	0.42mi	3/1.0 (+1)	1,170 (+9%)	17mo	$75,000	$64	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.9%
• Equity multiple: 2.02×
• Total profit: $27,172
• Equity at exit: $42,671

10-year hold

• IRR: 19.4%
• Equity multiple: 3.81×
• Total profit: $74,734
• Equity at exit: $65,761

Cash invested: $26,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 48744 9306

• Active inventory: 1
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,143 medium
• Mortgage (P&I): −$498
• Tax est. 1.5%: −$119 /mo · $1,424/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $247

Break-even live

Break-even rent $830

Max offer price $94,900

Occupancy floor 73%

Sensitivity live

Price	-10% $312	-5% $280	+0% $247	+5% $214	+10% $181
Rent	-10% $157	-5% $202	+0% $247	+5% $292	+10% $337
Rate	-1.0pp $295	-0.5pp $271	base $247	+0.5pp $222	+1.0pp $197

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2024-01-31
   status Pending
2. 2024-01-15
   price $94,900
3. 2023-12-21
   listed $100,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $13,712
• − Mortgage interest: −$5,316
• − Property taxes: −$1,424
• − Insurance: −$474
• − Repairs & maintenance: −$1,097
• − Management: −$1,097
• − Depreciation: −$2,761
• Taxable income: $1,543
• Est. tax owed @ 24.0%: −$370
• After-tax cash flow: $2,592/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Oxford Community Schools
• NCES district ID: 2627240
• Math proficiency: 42% ▼ -9.00%
• Reading proficiency: 58% ▼ -5.00%
• Median HH income: $77,057
• Composite: 45.31/100
• National rank: #2645
• State rank: #82 of 540 in MI

Livability — Metamora

• Score: 65/100
• State rank: #447
• US rank: #12557

Category grades

Amenities F Commute F Cost of living A+ Crime C Employment C Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

No demographic data for this ZIP.

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

-5.1% since first listed

3 events — show timeline

• 2024-01-31 Pending — MiRealSource-MiMLS
• 2024-01-15 Price Changed $94,900 MiRealSource-MiMLS
• 2023-12-21 Listed $100,000 MiRealSource-MiMLS