19585 Masonic Blvd #21

Roseville, MI 48066

$67,000B-

1 bd · 1.0 ba · 650 sqft · Built 1967 · Condo · Active · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,100/mo
• Mortgage (P&I): −$351
• Tax + insurance: −$81
• HOA: −$225
• Vac / Maint / Mgmt: −$231
• Net cashflow: $211/mo
• Annual: $2,538/yr
• Cap rate: 10.08%
• Cash-on-cash: 13.53%
• DSCR: 1.60
• 1% rule: 1.64%
• Cash to close: $18,760

Investor read

• This is a 1-bed/1.0-bath condo listed at $67k.
• At list price, monthly cash flow is $211 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $67k).
• It's been on market 83 days — a 6% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $63k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $463 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#258 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety D+, employment D, schools F.
• Roseville Community Schools (suburban): math 11% / reading 24% proficiency, ranked #483 of 540 in MI (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: HOA is 20% of rent.
• Market conditions: Rents flat; 270 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts; this cycle's ask has dropped $8k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $56k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 10.1% vs local median 5.9% in Roseville — 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 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1967 — 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?
• 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?
• 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 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?
• 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?