1124 W Eddy School Rd

Kearney, MI 49615

$120,000D

3 bd · 2.0 ba · 1,061 sqft · Built 1977 · SingleFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $982/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$71
• HOA: −$0
• Vac / Maint / Mgmt: −$206
• Net cashflow: $75/mo
• Annual: $898/yr
• Cap rate: 7.04%
• Cash-on-cash: 2.67%
• DSCR: 1.12
• 1% rule: 0.82%
• Cash to close: $33,600

Investor read

• This is a 3-bed/2.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $75 ($898/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 $98k (18.2% below list).
• It's been on market 16 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (18.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Bellaire Public Schools (rural): math 40% / reading 55% proficiency, ranked #217 of 760 in MI (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 203 active listings in the ZIP; 101 units permitted in Antrim County in 2024 (0 in 5+ unit buildings).
• Antrim County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $45k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $7k; list at $120k implies a 1614% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Built in 1977 — 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.