1414 Nardeer St

Novi, MI 48374

$66,250B+

3 bd · 2.0 ba · 1,344 sqft · Built 2015 · SingleFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,620/mo
• Mortgage (P&I): −$347
• Tax + insurance: −$110
• HOA: −$0
• Vac / Maint / Mgmt: −$340
• Net cashflow: $822/mo
• Annual: $9,864/yr
• Cap rate: 21.18%
• Cash-on-cash: 53.17%
• DSCR: 3.37
• 1% rule: 2.45%
• Cash to close: $18,550

Investor read

• This is a 3-bed/2.0-bath single-family listed at $66k. Condition is rated average.
• At list price, monthly cash flow is $822 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $66k).
• It's been on market 41 days — a 3% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $64k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $458 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#20 in MI, #377 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: commute F.
• South Lyon Community Schools (suburban): math 46% / reading 59% proficiency, ranked #74 of 540 in MI (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: 74 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 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 $19k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 21.2% vs local median 2.8% in Novi — 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

• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: exterior siding — visible wear
• Minor: interior paint — light discoloration