5149 Main St

Case, MI 49759

$80,000B+

4 bd · 0.5 ba · 2,784 sqft · Built 1950 · SingleFamily · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,343/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$140
• HOA: −$0
• Vac / Maint / Mgmt: −$282
• Net cashflow: $501/mo
• Annual: $6,016/yr
• Cap rate: 13.81%
• Cash-on-cash: 26.86%
• DSCR: 2.19
• 1% rule: 1.68%
• Cash to close: $22,400

Investor read

• This is a 4-bed/0.5-bath single-family listed at $80k.
• At list price, monthly cash flow is $501 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 52 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Onaway Area Community School District (rural): math 27% / reading 40% proficiency, ranked #328 of 540 in MI (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Onaway Elementary School (math 32% / reading 32%, grade F, #814 of 1,397 statewide, top 61%, 257 students, 62% FRL); Onaway Middle School (math 27% / reading 47%, grade F, #248 of 493 statewide, top 53%, 124 students, 56% FRL); Onaway Senior High School (math 15% / reading 44%, grade F, #428 of 713 statewide, top 62%, 160 students, 48% FRL) — zoned schools at 55% FRL track the district average.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 39 active listings in the ZIP; 46 units permitted in Presque Isle County in 2024 (0 in 5+ unit buildings).
• Presque Isle County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $20k; list at $80k implies a 300% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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.
• 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.