23840 Geneva Trl

Montmorency, MI 49709

$224,900D-

4 bd · 2.0 ba · 2,523 sqft · Built 1970 · SingleFamily · Active · 210 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,323/mo
• Mortgage (P&I): −$1,179
• Tax + insurance: −$273
• HOA: −$100
• Vac / Maint / Mgmt: −$278
• Net cashflow: $-507/mo
• Annual: $-6,086/yr
• Cap rate: 3.59%
• Cash-on-cash: -9.66%
• DSCR: 0.57
• 1% rule: 0.59%
• Cash to close: $62,972

Investor read

• This is a 4-bed/2.0-bath single-family listed at $225k.
• At list price, monthly cash flow is $-507 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (39.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $132k (41.2% below list).
• It's been on market 210 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (41.2% below list) — sets the bar for 1% rule.
• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Atlanta Community Schools (rural): math 25% / reading 35% proficiency, ranked #546 of 760 in MI (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 59 active listings in the ZIP.
• Montmorency County population projected at -38% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $34k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• It's been on market 210 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.