208 W Washington St

Coleman, MI 48618

$104,900B-

4 bd · 2.0 ba · 1,548 sqft · Built 1910 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,247/mo
• Mortgage (P&I): −$550
• Tax + insurance: −$165
• HOA: −$0
• Vac / Maint / Mgmt: −$262
• Net cashflow: $270/mo
• Annual: $3,242/yr
• Cap rate: 9.38%
• Cash-on-cash: 11.04%
• DSCR: 1.49
• 1% rule: 1.19%
• Cash to close: $29,372

Investor read

• This is a 4-bed/2.0-bath single-family listed at $105k.
• At list price, monthly cash flow is $270 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $725 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#525 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, crime B; Watch: health & safety C-, amenities F, commute F.
• Coleman Community Schools (rural): math 16% / reading 39% proficiency, ranked #400 of 540 in MI (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Coleman Elementary School (math 12% / reading 27%, grade F, #1,110 of 1,397 statewide, top 81%, 325 students, 66% FRL); Coleman Juniorsenior High School (math 17% / reading 57%, grade F, #334 of 713 statewide, top 51%, 284 students, 55% FRL).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 320 units permitted in Midland County in 2024 (204 in 5+ unit buildings).
• Midland County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $62k; list at $105k implies a 69% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~10 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1910 — 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.
• 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?
• 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.