115 W North St

Hastings, MI 49058

$272,900D-

3 bd · 1.0 ba · 1,365 sqft · Built 1970 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,495/mo
• Mortgage (P&I): −$1,431
• Tax + insurance: −$455
• HOA: −$0
• Vac / Maint / Mgmt: −$524
• Net cashflow: $85/mo
• Annual: $1,021/yr
• Cap rate: 6.67%
• Cash-on-cash: 1.34%
• DSCR: 1.06
• 1% rule: 0.91%
• Cash to close: $76,412

Investor read

• This is a 3-bed/1.0-bath single-family listed at $273k.
• At list price, monthly cash flow is $85 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $250k (8.6% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $250k (8.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#95 in MI, #2,201 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment D, commute F.
• Hastings Area School District (town): math 33% / reading 48% proficiency, ranked #203 of 540 in MI (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Northeastern Elementary School (math 42% / reading 47%, grade F, #484 of 1,397 statewide, top 38%, 302 students, 56% FRL); Hastings Middle School (math 32% / reading 48%, grade F, #211 of 493 statewide, top 43%, 574 students, 56% FRL); Hastings High School (math 27% / reading 52%, grade F, #304 of 713 statewide, top 46%, 801 students, 48% FRL).
• Market conditions: 141 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 171 units permitted in Barry County in 2024 (0 in 5+ unit buildings).
• Barry County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 11 sale attempts since 25y ago; this cycle's ask is 19% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $230k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.7% vs local median 4.2% in Hastings — 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

• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.