6894 12th Ave

Jenison, MI 49428

$250,000D

2 bd · 1.0 ba · 924 sqft · Built 1948 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,960/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$232
• HOA: −$0
• Vac / Maint / Mgmt: −$412
• Net cashflow: $6/mo
• Annual: $66/yr
• Cap rate: 6.32%
• Cash-on-cash: 0.09%
• DSCR: 1.00
• 1% rule: 0.78%
• Cash to close: $70,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $250k.
• At list price, monthly cash flow is $6 ($66/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (21.6% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $196k (21.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#178 in MI, #4,596 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: amenities F, commute F, health & safety F.
• Jenison Public Schools (suburban): math 57% / reading 66% proficiency, ranked #36 of 540 in MI (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Rosewood School (math 62% / reading 69%, grade B+, #129 of 1,397 statewide, top 9%, 505 students, 24% FRL); Jenison Junior High School (math 55% / reading 66%, grade B+, #51 of 493 statewide, top 11%, 752 students, 28% FRL); Jenison High School (math 54% / reading 68%, grade C+, #68 of 713 statewide, top 10%, 1,495 students, 25% FRL).
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 143 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,237 units permitted in Ottawa County in 2024 (443 in 5+ unit buildings).
• Ottawa County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 9 sale attempts since 32y 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 $48k; list at $250k implies a 415% gain — meaningful room to come down on a strong offer.
• Cap rate 6.3% vs local median 2.8% in Jenison — 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

• Built in 1948 — 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.
• Schools are B-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.
• 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.