14670 Church Rd

Addison, MI 49247

$99,900C-

2 bd · 1.0 ba · 884 sqft · Built 1960 · SingleFamily · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $988/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$73
• HOA: −$0
• Vac / Maint / Mgmt: −$208
• Net cashflow: $184/mo
• Annual: $2,210/yr
• Cap rate: 8.51%
• Cash-on-cash: 7.90%
• DSCR: 1.35
• 1% rule: 0.99%
• Cash to close: $27,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $100k.
• At list price, monthly cash flow is $184 ($2k/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 $99k (1.1% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $99k (1.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#580 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D-, amenities F, commute F.
• Hudson Area Schools (rural): math 18% / reading 33% proficiency, ranked #416 of 540 in MI (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Lincoln Elementary School (math 27% / reading 32%, grade F, #866 of 1,397 statewide, top 65%, 435 students, 67% FRL); Hudson Middle School (math 8% / reading 22%, grade F, #453 of 493 statewide, top 93%, 200 students, 59% FRL); Hudson Area Jrsr High School (math 12% / reading 42%, grade F, #462 of 713 statewide, top 66%, 438 students, 52% FRL).
• Market conditions: 31 active listings in the ZIP; 72 units permitted in Hillsdale County in 2024 (0 in 5+ unit buildings).
• Hillsdale County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 19y 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 $55k; list at $100k implies a 82% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Built in 1960 — 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.