4721 Center St

Millington, MI 48746

$148,900D+

3 bd · 1.0 ba · 1,352 sqft · Built 1916 · SingleFamily · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,212/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$145
• HOA: −$0
• Vac / Maint / Mgmt: −$254
• Net cashflow: $31/mo
• Annual: $374/yr
• Cap rate: 6.54%
• Cash-on-cash: 0.90%
• DSCR: 1.04
• 1% rule: 0.81%
• Cash to close: $41,692

Investor read

• This is a 3-bed/1.0-bath single-family listed at $149k.
• At list price, monthly cash flow is $31 ($374/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 $121k (18.6% below list).
• It's been on market 29 days — a 2% lower offer ($147k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $121k (18.6% below list) — sets the bar for 1% rule.
• 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 65/100 on livability (#467 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, employment D-.
• Millington Community Schools (rural): math 23% / reading 37% proficiency, ranked #355 of 540 in MI (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Meachum Elementary (math 17% / reading 27%, grade F, #1,035 of 1,397 statewide, top 77%, 472 students, 58% FRL); Millington Junior High School (math 17% / reading 42%, grade F, #343 of 493 statewide, top 72%, 222 students, 54% FRL); Millington High School (math 54% / reading 74%, grade B-, #46 of 713 statewide, top 7%, 384 students, 54% FRL).
• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 42 active listings in the ZIP; 56 units permitted in Tuscola County in 2024 (0 in 5+ unit buildings).
• Tuscola County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 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 $78k; list at $149k implies a 91% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Built in 1916 — 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.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.