24059 Grange St

Clinton, MI 48036

$109,000D+

2 bd · 1.5 ba · 1,431 sqft · Built 1975 · Townhouse · Active · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,336/mo
• Mortgage (P&I): −$572
• Tax + insurance: −$182
• HOA: −$385
• Vac / Maint / Mgmt: −$281
• Net cashflow: $-83/mo
• Annual: $-994/yr
• Cap rate: 5.38%
• Cash-on-cash: -3.26%
• DSCR: 0.86
• 1% rule: 1.23%
• Cash to close: $30,520

Investor read

• This is a 2-bed/1.5-bath townhouse listed at $109k. Condition is rated fair.
• At list price, monthly cash flow is $-83 ($-994/yr) — negative.
• To cash-flow at today's rent, offer at most $97k (11.0% below list).
• Meets the 1% rule at list price ($1k rent vs $109k).
• It's been on market 78 days — a 6% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (11.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#315 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• L'Anse Creuse Public Schools (suburban): math 31% / reading 51% proficiency, ranked #184 of 540 in MI (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Marie C Graham Elem School (math 22% / reading 37%, grade F, #866 of 1,397 statewide, top 65%, 334 students, 63% FRL); Middle School Central (math 24% / reading 49%, grade F, #264 of 493 statewide, top 54%, 544 students, 47% FRL); High School (math 24% / reading 50%, grade F, #334 of 713 statewide, top 51%, 1,246 students, 41% FRL) — zoned schools average 50% FRL vs 32% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 29% of rent.
• Market conditions: Rents rising (+3.1%/yr); 158 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 29d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts; this cycle's ask has dropped $11k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.4% vs local median 3.5% in Clinton — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 78 days. Have you received any prior offers? Is the seller open to a 11% 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 1975 — 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?
• 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.
• 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?

Repairs flagged (vision-AI assessment)

• Major: exterior siding — The siding is visibly weathered and stained, indicating significant damage.
• Major: roof — The roof shows signs of wear and potential leaks.
• Major: carpet — The carpet in the living room and bedrooms is worn and could be replaced.
• Major: interior walls — The walls and paint show signs of wear and discoloration, indicating a need for repainting.
• Major: bathroom fixtures — The bathrooms have outdated fixtures and lack modern amenities.