2167 N Shore Dr

Mills, MI 48756

$119,000C

3 bd · 1.5 ba · 2,152 sqft · Built 1980 · SingleFamily · Active · 196 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,239/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$123
• HOA: −$0
• Vac / Maint / Mgmt: −$260
• Net cashflow: $232/mo
• Annual: $2,784/yr
• Cap rate: 8.63%
• Cash-on-cash: 8.35%
• DSCR: 1.37
• 1% rule: 1.04%
• Cash to close: $33,320

Investor read

• This is a 3-bed/1.5-bath single-family listed at $119k.
• At list price, monthly cash flow is $232 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• It's been on market 196 days — a 12% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Whittemore-Prescott Area Schools (rural): math 11% / reading 25% proficiency, ranked #488 of 540 in MI (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Whittemoreprescott Area Elementary (math 2% / reading 17%, grade F, #1,277 of 1,397 statewide, top 93%, 368 students, 86% FRL); Whittemoreprescott Jrsr High School (math 17% / reading 42%, grade F, #441 of 713 statewide, top 64%, 321 students, 84% FRL).
• Market conditions: 56 active listings in the ZIP; 57 units permitted in Ogemaw County in 2024 (0 in 5+ unit buildings).
• Ogemaw County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $31k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• It's been on market 196 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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.