435 E Grand River Ave

Fowlerville, MI 48836

$209,000D

4 bd · 1.5 ba · 2,208 sqft · Built 1900 · SingleFamily · Active · 141 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,821/mo
• Mortgage (P&I): −$1,096
• Tax + insurance: −$447
• HOA: −$0
• Vac / Maint / Mgmt: −$382
• Net cashflow: $-105/mo
• Annual: $-1,257/yr
• Cap rate: 5.69%
• Cash-on-cash: -2.15%
• DSCR: 0.90
• 1% rule: 0.87%
• Cash to close: $58,520

Investor read

• This is a 4-bed/1.5-bath single-family listed at $209k.
• At list price, monthly cash flow is $-105 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $190k (8.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (12.9% below list).
• It's been on market 141 days — a 12% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (12.9% 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 $6k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#440 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, employment D, amenities F.
• Fowlerville Community Schools (town): math 30% / reading 42% proficiency, ranked #240 of 540 in MI (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Natalie Kreeger Elementary School (math 28% / reading 35%, grade F, #850 of 1,397 statewide, top 61%, 554 students, 43% FRL); Fowlerville Junior High School (math 30% / reading 47%, grade F, #228 of 493 statewide, top 47%, 578 students, 42% FRL); Fowlerville High School (math 32% / reading 47%, grade F, #304 of 713 statewide, top 46%, 847 students, 34% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 117 active listings in the ZIP; 488 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• Livingston County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 15y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $125k; list at $209k implies a 67% gain — meaningful room to come down on a strong offer.
• Cap rate 5.7% vs local median 2.6% in Fowlerville — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 141 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Crime grade is D 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.