7700 Nicole Dr

Plainfield, MI 48761

$129,000D

2 bd · 1.0 ba · 948 sqft · Built 1955 · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $887/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$123
• HOA: −$0
• Vac / Maint / Mgmt: −$186
• Net cashflow: $-99/mo
• Annual: $-1,189/yr
• Cap rate: 5.37%
• Cash-on-cash: -3.29%
• DSCR: 0.85
• 1% rule: 0.69%
• Cash to close: $36,120

Investor read

• This is a 2-bed/1.0-bath single-family listed at $129k.
• At list price, monthly cash flow is $-99 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $111k (13.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $89k (31.3% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $89k (31.3% below list) — sets the bar for 1% rule.
• In year one you build about $2k of equity ($892 loan paydown + $698 appreciation (0.5% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Hale Area Schools (rural): math 35% / reading 45% proficiency, ranked #402 of 760 in MI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; 58 units permitted in Iosco County in 2024 (0 in 5+ unit buildings).
• Iosco County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 10y 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 $67k; list at $129k implies a 92% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

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?
• Built in 1955 — 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.
• 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.