215 E 2nd North St

Laingsburg, MI 48848

$99,900C-

3 bd · 1.0 ba · 905 sqft · Built 1930 · SingleFamily · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $900/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$155
• HOA: −$0
• Vac / Maint / Mgmt: −$189
• Net cashflow: $33/mo
• Annual: $391/yr
• Cap rate: 6.68%
• Cash-on-cash: 1.40%
• DSCR: 1.06
• 1% rule: 0.90%
• Cash to close: $27,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $100k.
• At list price, monthly cash flow is $33 ($391/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $90k (9.9% below list).
• It's been on market 67 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $90k (9.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#198 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Laingsburg Community Schools (rural): math 32% / reading 55% proficiency, ranked #143 of 540 in MI (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Laingsburg Elementary School (math 39% / reading 52%, grade D-, #478 of 1,397 statewide, top 34%, 511 students, 33% FRL); Laingsburg Middle School (math 24% / reading 50%, grade F, #248 of 493 statewide, top 53%, 265 students, 34% FRL); Laingsburg High School (math 37% / reading 77%, grade C, #99 of 713 statewide, top 14%, 363 students, 26% FRL).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 42 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 74 units permitted in Shiawassee County in 2024 (0 in 5+ unit buildings).
• Shiawassee County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts; this cycle's ask has dropped $20k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $79k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Questions for listing agent

• It's been on market 67 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.