619 E Morocco Rd

Ida, MI 48182

$137,000C+

2 bd · 1.0 ba · 816 sqft · Built 1928 · SingleFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,592/mo
• Mortgage (P&I): −$718
• Tax + insurance: −$87
• HOA: −$0
• Vac / Maint / Mgmt: −$334
• Net cashflow: $453/mo
• Annual: $5,433/yr
• Cap rate: 10.26%
• Cash-on-cash: 14.16%
• DSCR: 1.63
• 1% rule: 1.16%
• Cash to close: $38,360

Investor read

• This is a 2-bed/1.0-bath single-family listed at $137k.
• At list price, monthly cash flow is $453 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $137k).
• It's been on market 20 days — a 2% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $947 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Ida Public School District (rural): math 39% / reading 55% proficiency, ranked #101 of 540 in MI (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Ida Elementary School (math 57% / reading 57%, grade C+, #236 of 1,397 statewide, top 19%, 562 students, 28% FRL); Ida Middle School (math 29% / reading 53%, grade F, #195 of 493 statewide, top 41%, 494 students, 21% FRL); Ida High School (math 37% / reading 62%, grade D, #154 of 713 statewide, top 25%, 408 students, 21% FRL).
• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 82 active listings in the ZIP; solid renter incomes; 264 units permitted in Monroe County in 2024 (40 in 5+ unit buildings).
• Monroe County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~9 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1928 — 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.
• 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.