200 N Clark St

Mesick, MI 49668

$69,900A-

2 bd · 1.0 ba · 735 sqft · Built 1972 · SingleFamily · Pending · 178 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $939/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$43
• HOA: −$0
• Vac / Maint / Mgmt: −$197
• Net cashflow: $333/mo
• Annual: $3,990/yr
• Cap rate: 12.00%
• Cash-on-cash: 20.39%
• DSCR: 1.91
• 1% rule: 1.34%
• Cash to close: $19,572

Investor read

• This is a 2-bed/1.0-bath single-family listed at $70k.
• At list price, monthly cash flow is $333 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($939 rent vs $70k).
• It's been on market 178 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($483 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#532 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A, housing A-; Watch: crime F, amenities F, commute F.
• Mesick Consolidated Schools (rural): math 25% / reading 47% proficiency, ranked #286 of 540 in MI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Floyd M Jewett Elem School (math 37% / reading 42%, grade F, #606 of 1,397 statewide, top 48%, 262 students, 75% FRL); Mesick Consolidated Jrsr High School (math 17% / reading 47%, grade F, #405 of 713 statewide, top 59%, 301 students, 70% FRL).
• Market conditions: 20 active listings in the ZIP; 130 units permitted in Wexford County in 2024 (50 in 5+ unit buildings).
• Wexford County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 178 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.