15 Backache Bnd

Seville, MI 48832

$68,000B+

3 bd · 2.0 ba · 1,480 sqft · Built 1997 · SingleFamily · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,184/mo
• Mortgage (P&I): −$357
• Tax + insurance: −$113
• HOA: −$0
• Vac / Maint / Mgmt: −$249
• Net cashflow: $466/mo
• Annual: $5,588/yr
• Cap rate: 14.51%
• Cash-on-cash: 29.35%
• DSCR: 2.31
• 1% rule: 1.74%
• Cash to close: $19,040

Investor read

• This is a 3-bed/2.0-bath single-family listed at $68k. Condition is rated fair.
• At list price, monthly cash flow is $466 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $68k).
• It's been on market 22 days — a 2% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $67k (1.5% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($470 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Alma Public Schools (town): math 28% / reading 44% proficiency, ranked #288 of 540 in MI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 5 active listings in the ZIP; 47 units permitted in Gratiot County in 2024 (0 in 5+ unit buildings).
• Gratiot County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 7y 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen countertops — Cluttered with items
• Minor: Bathroom countertops — Cluttered with items
• Minor: Living room carpet — Appears worn