983 Tanners Lndg

West Monroe, MI 48161

$59,900C-

3 bd · 2.0 ba · 1,188 sqft · Built 2004 · SingleFamily · Active · 278 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,410/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$100
• HOA: −$650
• Vac / Maint / Mgmt: −$296
• Net cashflow: $50/mo
• Annual: $596/yr
• Cap rate: 7.29%
• Cash-on-cash: 3.56%
• DSCR: 1.16
• 1% rule: 2.35%
• Cash to close: $16,772

Investor read

• This is a 3-bed/2.0-bath single-family listed at $60k. Condition is rated fair.
• At list price, monthly cash flow is $50 ($596/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 278 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#70 in MI, #1,533 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D-, amenities F, employment F.
• Ida Public School District (rural): math 39% / reading 55% proficiency, ranked #101 of 540 in MI (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 46% of rent.
• Market conditions: 142 active listings in the ZIP; 264 units permitted in Monroe County in 2024 (40 in 5+ unit buildings).
• Monroe County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.

Questions for listing agent

• It's been on market 278 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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)

• Major: Paint — Paint appears faded and needs fresh coats in multiple areas.
• Major: Flooring — Carpet in living areas appears worn and may need replacement.
• Moderate: Kitchen cabinets — Cabinets appear dated and may benefit from updating or refinishing.
• Moderate: Bathroom fixtures — Bathroom fixtures may need updating for a more modern look.