8621 E Sturtevant Ave

Richland, MI 49083

$277,000C-

4 bd · 1.0 ba · 2,064 sqft · Built 2023 · SingleFamily · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,600/mo
• Mortgage (P&I): −$1,453
• Tax + insurance: −$548
• HOA: −$0
• Vac / Maint / Mgmt: −$546
• Net cashflow: $53/mo
• Annual: $636/yr
• Cap rate: 6.52%
• Cash-on-cash: 0.82%
• DSCR: 1.04
• 1% rule: 0.94%
• Cash to close: $77,560

Investor read

• This is a 4-bed/1.0-bath single-family listed at $277k. Condition is rated good.
• At list price, monthly cash flow is $53 ($636/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 $260k (6.1% below list).
• It's been on market 36 days — a 3% lower offer ($269k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $260k (6.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#222 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: amenities F, commute F, health & safety F.
• Gull Lake Community Schools (suburban): math 40% / reading 59% proficiency, ranked #93 of 540 in MI (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 129 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• Kalamazoo County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 3y 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.
• Cap rate 6.5% vs local median 4.1% in Richland — 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

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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: exterior lighting — Some lights appear to be missing or not functioning