7031 N Raymond Rd

Dover, MI 49688

$94,900B+

3 bd · 1.0 ba · 900 sqft · Built 1950 · Other · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,090/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$104
• HOA: −$0
• Vac / Maint / Mgmt: −$229
• Net cashflow: $260/mo
• Annual: $3,117/yr
• Cap rate: 9.58%
• Cash-on-cash: 11.73%
• DSCR: 1.52
• 1% rule: 1.15%
• Cash to close: $26,572

Investor read

• This is a 3-bed/1.0-bath other listed at $95k.
• At list price, monthly cash flow is $260 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• It's been on market 39 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($656 loan paydown + $9k appreciation (10.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Pine River Area Schools (rural): math 22% / reading 38% proficiency, ranked #369 of 540 in MI (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 active listings in the ZIP; 30 units permitted in Lake County in 2024 (0 in 5+ unit buildings).
• Lake County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 13 sale attempts since 19y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 39 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.