4333 24th Ave #2

Port Huron, MI 48059

$73,500C+

2 bd · 2.0 ba · 1,080 sqft · Built 1989 · Other · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,355/mo
• Mortgage (P&I): −$385
• Tax + insurance: −$122
• HOA: −$410
• Vac / Maint / Mgmt: −$285
• Net cashflow: $153/mo
• Annual: $1,831/yr
• Cap rate: 8.78%
• Cash-on-cash: 8.90%
• DSCR: 1.40
• 1% rule: 1.84%
• Cash to close: $20,580

Investor read

• This is a 2-bed/2.0-bath other listed at $74k.
• At list price, monthly cash flow is $153 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $74k).
• It's been on market 38 days — a 3% lower offer ($71k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $71k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $508 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#445 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities C-, health & safety D, crime F.
• Port Huron Area School District (suburban): math 23% / reading 37% proficiency, ranked #368 of 540 in MI (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Keewahdin Elementary School (math 27% / reading 37%, grade F, #814 of 1,397 statewide, top 61%, 487 students, 56% FRL); Fort Gratiot Middle School (math 29% / reading 47%, grade F, #235 of 493 statewide, top 49%, 584 students, 39% FRL); Port Huron Northern High School (math 37% / reading 77%, grade C, #99 of 713 statewide, top 14%, 1,169 students, 42% FRL) — zoned schools at 46% FRL track the district average.
• Zoned-school proficiency averages 42% at this address vs 30% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Port Huron Area School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: HOA is 30% of rent.
• Market conditions: 101 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 232 units permitted in St. Clair County in 2024 (0 in 5+ unit buildings).
• St. Clair County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $6k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 8.8% vs local median 4.3% in Port Huron — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F 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.