6595 Scenic Pines Ct

Village of Clarkston, MI 48346

$310,000F

3 bd · 3.5 ba · 3,287 sqft · Built 1998 · Condo · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,519/mo
• Mortgage (P&I): −$1,626
• Tax + insurance: −$555
• HOA: −$495
• Vac / Maint / Mgmt: −$529
• Net cashflow: $-686/mo
• Annual: $-8,232/yr
• Cap rate: 3.64%
• Cash-on-cash: -9.48%
• DSCR: 0.58
• 1% rule: 0.81%
• Cash to close: $86,800

Investor read

• This is a 3-bed/3.5-bath condo listed at $310k.
• At list price, monthly cash flow is $-686 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $189k (39.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $252k (18.8% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $189k (39.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#98 in MI, #2,255 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• Waterford School District (suburban): math 26% / reading 42% proficiency, ranked #285 of 540 in MI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 146 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 6y ago; this cycle's ask is 7% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.