24570 Quad Park Ln

Clinton, MI 48035

$152,900D

2 bd · 1.5 ba · 1,532 sqft · Built 1975 · Condo · Active · 149 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,592/mo
• Mortgage (P&I): −$802
• Tax + insurance: −$255
• HOA: −$266
• Vac / Maint / Mgmt: −$334
• Net cashflow: $-65/mo
• Annual: $-779/yr
• Cap rate: 5.78%
• Cash-on-cash: -1.82%
• DSCR: 0.92
• 1% rule: 1.04%
• Cash to close: $42,812

Investor read

• This is a 2-bed/1.5-bath condo listed at $153k. Condition is rated good.
• At list price, monthly cash flow is $-65 ($-779/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (6.1% below list).
• Meets the 1% rule at list price ($2k rent vs $153k).
• It's been on market 149 days — a 12% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#315 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• L'Anse Creuse Public Schools (suburban): math 31% / reading 51% proficiency, ranked #184 of 540 in MI (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.2%/yr); 169 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 11y ago; this cycle's ask has dropped $17k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.8% vs local median 3.3% in Clinton — 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 do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 149 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 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?