207 N Osmun St

Greenville, MI 48838

$159,900C-

2 bd · 1.0 ba · 1,113 sqft · Built 1940 · SingleFamily · Pending · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,510/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$266
• HOA: −$0
• Vac / Maint / Mgmt: −$317
• Net cashflow: $88/mo
• Annual: $1,051/yr
• Cap rate: 6.95%
• Cash-on-cash: 2.35%
• DSCR: 1.10
• 1% rule: 0.94%
• Cash to close: $44,772

Investor read

• This is a 2-bed/1.0-bath single-family listed at $160k.
• At list price, monthly cash flow is $88 ($1k/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 $151k (5.6% below list).
• It's been on market 47 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $151k (5.6% below list) — sets the bar for 1% rule.
• 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 66/100 on livability (#426 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D, crime F, amenities F.
• Greenville Public Schools (town): math 35% / reading 52% proficiency, ranked #167 of 540 in MI (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 192 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 273 units permitted in Montcalm County in 2024 (5 in 5+ unit buildings).
• Montcalm County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 10 sale attempts since 7y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $67k; list at $160k implies a 137% gain — meaningful room to come down on a strong offer.
• Cap rate 7.0% vs local median 4.2% in Greenville — 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 47 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?