1920 Porter St SW

Wyoming, MI 49519

$690,000C-

48 bd · 36.0 ba · 5,112 sqft · Built 1964 · MultiFamily · Active · 116 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,856/mo
• Mortgage (P&I): −$3,618
• Tax + insurance: −$1,150
• HOA: −$0
• Vac / Maint / Mgmt: −$1,650
• Net cashflow: $1,438/mo
• Annual: $17,254/yr
• Cap rate: 8.79%
• Cash-on-cash: 8.93%
• DSCR: 1.40
• 1% rule: 1.14%
• Cash to close: $193,200

Investor read

• This is a 4×1bd/1.0ba + 2×2bd/1.0ba units multifamily listed at $690k. Condition is rated average.
• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $240/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $690k).
• It's been on market 116 days — a 9% lower offer ($628k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $628k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#126 in MI, #3,095 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime D-, amenities F.
• Wyoming Public Schools (urban): math 16% / reading 39% proficiency, ranked #394 of 540 in MI (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+10.5%/yr); 92 active listings in the ZIP; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 2y 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 (-3.0% appreciation + 8.0% rent growth), your $193k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 8.8% vs local median 3.8% in Wyoming — 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.
• At $7,856/mo this rent would consume 128% of the median local household income ($74k/yr) (locally 847% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1964 — 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 D-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 D 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?

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — Older cabinets need updating.
• Moderate: bathroom fixtures — Outdated fixtures need replacement.
• Moderate: HVAC system — May need inspection and possible upgrades.
• Moderate: exterior paint — Paint appears worn and may need repainting.
• Moderate: landscaping — Overgrown areas need trimming and landscaping improvements.