3615 Bernice Dr

Bridgeport, MI 48601

$300,000C+

9 bd · 5.1 ba · 3,850 sqft · Built 1970 · MultiFamily · Active · 177 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,825/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$500
• HOA: −$0
• Vac / Maint / Mgmt: −$803
• Net cashflow: $949/mo
• Annual: $11,382/yr
• Cap rate: 10.09%
• Cash-on-cash: 13.55%
• DSCR: 1.60
• 1% rule: 1.27%
• Cash to close: $84,000

Investor read

• This is a 3 × 3-bed/?-bath units multifamily listed at $300k.
• At list price, monthly cash flow is $949 ($11k/yr) — positive. Per door: $316/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• It's been on market 177 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $264k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#638 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: health & safety C-, crime D, schools F.
• Bridgeport-Spaulding Community School District (suburban): math 7% / reading 17% proficiency, ranked #513 of 540 in MI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 201 active listings in the ZIP; 154 units permitted in Saginaw County in 2024 (0 in 5+ unit buildings).
• Saginaw County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 22 sale attempts since 22y ago; this cycle's ask has dropped $125k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $225k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.1% vs local median 6.2% in Bridgeport — 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 177 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?