67 County GGA Rd

Ishpeming, MI 49849

$99,900D

2 bd · None ba · 509 sqft · Built 1989 · SingleFamily · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $809/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$90
• HOA: −$0
• Vac / Maint / Mgmt: −$170
• Net cashflow: $25/mo
• Annual: $296/yr
• Cap rate: 6.59%
• Cash-on-cash: 1.06%
• DSCR: 1.05
• 1% rule: 0.81%
• Cash to close: $27,972

Investor read

• This is a 2-bed/?-bath single-family listed at $100k.
• At list price, monthly cash flow is $25 ($296/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 $81k (19.0% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $81k (19.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#448 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Nice Community School District (rural): math 35% / reading 53% proficiency, ranked #151 of 540 in MI (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Aspen Ridge Elementary School (math 36% / reading 55%, grade D-, #478 of 1,397 statewide, top 34%, 747 students, 39% FRL); Westwood High School (math 32% / reading 42%, grade F, #334 of 713 statewide, top 51%, 391 students, 30% FRL).
• Market conditions: 65 active listings in the ZIP; 91 units permitted in Marquette County in 2024 (0 in 5+ unit buildings).
• Marquette County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 6.6% vs local median 3.8% in Ishpeming — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.