4931 Calvert Dr

Troy, MI 48085

$429,900D-

4 bd · 1.5 ba · 1,813 sqft · Built 1971 · SingleFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,207/mo
• Mortgage (P&I): −$2,254
• Tax + insurance: −$512
• HOA: −$2
• Vac / Maint / Mgmt: −$674
• Net cashflow: $-234/mo
• Annual: $-2,810/yr
• Cap rate: 5.64%
• Cash-on-cash: -2.33%
• DSCR: 0.90
• 1% rule: 0.75%
• Cash to close: $120,372

Investor read

• This is a 4-bed/1.5-bath single-family listed at $430k.
• At list price, monthly cash flow is $-234 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $389k (9.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $321k (25.4% below list).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $321k (25.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#113 in MI, #2,684 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Troy School District (urban): math 68% / reading 75% proficiency, ranked #8 of 540 in MI (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Costello Elementary School (math 62% / reading 62%, grade B, #160 of 1,397 statewide, top 13%, 431 students, 15% FRL); Larson Middle School (math 68% / reading 77%, grade A, #18 of 493 statewide, top 4%, 762 students, 15% FRL); Athens High School (math 60% / reading 79%, grade B, #36 of 713 statewide, top 5%, 1,545 students, 20% FRL).
• Market conditions: 120 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 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.
• 10 sale attempts since 27y 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 $230k; list at $430k implies a 87% gain — meaningful room to come down on a strong offer.
• Cap rate 5.6% vs local median 3.6% in Troy — 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

• 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?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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.