449 S Iron Pin Trl

Forsyth, MI 49841

$59,900B-

1 bd · 1.0 ba · 720 sqft · Built 1960 · SingleFamily · Active · 154 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $817/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$41
• HOA: −$0
• Vac / Maint / Mgmt: −$172
• Net cashflow: $290/mo
• Annual: $3,479/yr
• Cap rate: 12.10%
• Cash-on-cash: 20.74%
• DSCR: 1.92
• 1% rule: 1.36%
• Cash to close: $16,772

Investor read

• This is a 1-bed/1.0-bath single-family listed at $60k.
• At list price, monthly cash flow is $290 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($817 rent vs $60k).
• It's been on market 154 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Gwinn Area Community Schools (rural): math 16% / reading 30% proficiency, ranked #439 of 540 in MI (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Gwinn Middlehigh School (math 16% / reading 35%, grade F, #475 of 713 statewide, top 67%, 498 students, 58% FRL) — zoned schools at 58% FRL track the district average.
• Market conditions: 61 active listings in the ZIP; 91 units permitted in Marquette County in 2024 (0 in 5+ unit buildings).
• Marquette County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $6k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.