10020 N Musson Rd #155

Edmore, MI 48886

$52,900B

2 bd · 1.0 ba · 600 sqft · Built 2000 · Condo · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $949/mo
• Mortgage (P&I): −$277
• Tax + insurance: −$88
• HOA: −$129
• Vac / Maint / Mgmt: −$199
• Net cashflow: $255/mo
• Annual: $3,063/yr
• Cap rate: 12.08%
• Cash-on-cash: 20.68%
• DSCR: 1.92
• 1% rule: 1.79%
• Cash to close: $14,812

Investor read

• This is a 2-bed/1.0-bath condo listed at $53k. Condition is rated fair.
• At list price, monthly cash flow is $255 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($949 rent vs $53k).
• It's been on market 27 days — a 2% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $52k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $366 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#380 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D, schools F, amenities F.
• Montabella Community Schools (rural): math 20% / reading 36% proficiency, ranked #396 of 540 in MI (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 19 active listings in the ZIP; 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.
• 3 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Moderate: Kitchen cabinets — Worn condition
• Moderate: Bathroom fixtures — Dirty and worn condition
• Moderate: Flooring — Worn and dirty condition
• Moderate: Interior walls/paint — Faded and dirty condition
• Moderate: Exterior siding — Worn condition
• Moderate: Windows — Dirty condition