305 N Eton St

Birmingham, MI 48009

$179,900D

1 bd · 1.0 ba · 660 sqft · Built 1961 · SingleFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,621/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$300
• HOA: −$400
• Vac / Maint / Mgmt: −$340
• Net cashflow: $-363/mo
• Annual: $-4,356/yr
• Cap rate: 3.87%
• Cash-on-cash: -8.65%
• DSCR: 0.62
• 1% rule: 0.90%
• Cash to close: $50,372

Investor read

• This is a 1-bed/1.0-bath single-family listed at $180k. Condition is rated good.
• At list price, monthly cash flow is $-363 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (29.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $162k (9.9% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $127k (29.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#12 in MI, #200 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities A+; Watch: cost of living F.
• Birmingham Public Schools (suburban): math 58% / reading 71% proficiency, ranked #18 of 540 in MI (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 6% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 25% of rent.
• Market conditions: Rents rising (+3.8%/yr); 124 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals lingering (median 85d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 83% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts 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.
• Cap rate 3.9% vs local median 2.5% in Birmingham — 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.
• This rent is only 13% of the median local income ($153k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen countertops — Worn appearance
• Minor: bathroom tile — Worn appearance