88 Clover Trl

Wayland, MI 49348

$149,900C

4 bd · 2.5 ba · 1,976 sqft · Built 1998 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,638/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$250
• HOA: −$23
• Vac / Maint / Mgmt: −$344
• Net cashflow: $235/mo
• Annual: $2,825/yr
• Cap rate: 8.18%
• Cash-on-cash: 6.73%
• DSCR: 1.30
• 1% rule: 1.09%
• Cash to close: $41,972

Investor read

• This is a 4-bed/2.5-bath single-family listed at $150k.
• At list price, monthly cash flow is $235 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• 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 $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#117 in MI, #2,796 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Wayland Union Schools (town): math 45% / reading 51% proficiency, ranked #110 of 540 in MI (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 94 active listings in the ZIP; 419 units permitted in Allegan County in 2024 (0 in 5+ unit buildings).
• 13 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 $82k; list at $150k implies a 83% gain — meaningful room to come down on a strong offer.
• Cap rate 8.2% vs local median 1.7% in Wayland — 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 does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.