1980 4th Oak St

Mills, MI 48756

$59,500C+

1 bd · 0.5 ba · 225 sqft · Built 2019 · SingleFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $818/mo
• Mortgage (P&I): −$312
• Tax + insurance: −$66
• HOA: −$0
• Vac / Maint / Mgmt: −$172
• Net cashflow: $268/mo
• Annual: $3,219/yr
• Cap rate: 11.70%
• Cash-on-cash: 19.32%
• DSCR: 1.86
• 1% rule: 1.37%
• Cash to close: $16,660

Investor read

• This is a 1-bed/0.5-bath single-family listed at $60k. Condition is rated poor.
• At list price, monthly cash flow is $268 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($818 rent vs $60k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $411 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Whittemore-Prescott Area Schools (rural): math 11% / reading 25% proficiency, ranked #488 of 540 in MI (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Whittemoreprescott Area Elementary (math 2% / reading 17%, grade F, #1,277 of 1,397 statewide, top 93%, 368 students, 86% FRL); Whittemoreprescott Jrsr High School (math 17% / reading 42%, grade F, #441 of 713 statewide, top 64%, 321 students, 84% FRL).
• Market conditions: 56 active listings in the ZIP; 57 units permitted in Ogemaw County in 2024 (0 in 5+ unit buildings).
• Ogemaw County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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 $21k; list at $60k implies a 190% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — Worn and outdated
• Major: Bathroom fixtures — No heat source, no running water
• Major: Roof — No heat source, no running water
• Major: Exterior siding — No heat source, no running water
• Major: Flooring — No heat source, no running water
• Major: Interior walls/paint — No heat source, no running water