20956 Fewins Rd

Bendon, MI 49643

$106,000C+

3 bd · 2.0 ba · 1,080 sqft · Built 1996 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,195/mo
• Mortgage (P&I): −$556
• Tax + insurance: −$86
• HOA: −$0
• Vac / Maint / Mgmt: −$251
• Net cashflow: $302/mo
• Annual: $3,626/yr
• Cap rate: 9.71%
• Cash-on-cash: 12.22%
• DSCR: 1.54
• 1% rule: 1.13%
• Cash to close: $29,680

Investor read

• This is a 3-bed/2.0-bath single-family listed at $106k.
• At list price, monthly cash flow is $302 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $106k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $733 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 53/100 on livability (#680 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: housing C-, schools F, crime F.
• Benzie County Central Schools (rural): math 33% / reading 44% proficiency, ranked #234 of 540 in MI (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 53 active listings in the ZIP; 110 units permitted in Benzie County in 2024 (0 in 5+ unit buildings).
• Benzie County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 9 sale attempts since 20y 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 $90k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $30k cash investment doubles in ~10 years — after that, you're playing with house money.

Questions for listing agent

• 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 F 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?
• 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.