13697 Lower Bayside Dr

Grattan, MI 48809

$42,000B+

1 bd · 1.0 ba · 450 sqft · Built 1950 · Condo · Active · 279 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $932/mo
• Mortgage (P&I): −$220
• Tax + insurance: −$70
• HOA: −$117
• Vac / Maint / Mgmt: −$196
• Net cashflow: $329/mo
• Annual: $3,951/yr
• Cap rate: 15.70%
• Cash-on-cash: 33.60%
• DSCR: 2.49
• 1% rule: 2.22%
• Cash to close: $11,760

Investor read

• This is a 1-bed/1.0-bath condo listed at $42k. Condition is rated fair.
• At list price, monthly cash flow is $329 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($932 rent vs $42k).
• It's been on market 279 days — a 12% lower offer ($37k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $37k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($290 loan paydown + $4k 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.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• 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.
• 8 sale attempts; this cycle's ask has dropped $3k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 279 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1950 — 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen appliances — outdated and worn
• Major: kitchen cabinets — worn and outdated
• Major: bathroom fixtures — basic and worn