6000 Greenman St

Haslett, MI 48840

$229,900F

3 bd · 2.0 ba · 1,296 sqft · Built 1950 · SingleFamily · Pending · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,676/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$428
• HOA: −$0
• Vac / Maint / Mgmt: −$352
• Net cashflow: $-309/mo
• Annual: $-3,712/yr
• Cap rate: 4.68%
• Cash-on-cash: -5.77%
• DSCR: 0.74
• 1% rule: 0.73%
• Cash to close: $64,372

Investor read

• This is a 3-bed/2.0-bath single-family listed at $230k.
• At list price, monthly cash flow is $-309 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (23.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (27.1% below list).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $168k (27.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#60 in MI, #1,316 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F.
• Haslett Public Schools (suburban): math 55% / reading 63% proficiency, ranked #44 of 540 in MI (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Murphy Elementary School (math 52% / reading 57%, grade C, #276 of 1,397 statewide, top 22%, 388 students, 30% FRL); Haslett Middle School (math 55% / reading 63%, grade B, #59 of 493 statewide, top 12%, 563 students, 30% FRL); Haslett High School (math 62% / reading 82%, grade B+, #29 of 713 statewide, top 4%, 806 students, 25% FRL).
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 74 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• Ingham County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 9 sale attempts since 15y 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 $132k; list at $230k implies a 74% gain — meaningful room to come down on a strong offer.
• Cap rate 4.7% vs local median 2.1% in Haslett — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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 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.
• Schools are A-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.