7122 Maple Grove Rd

Au Train, MI 49862

$119,000B-

4 bd · 1.0 ba · 1,560 sqft · Built 1984 · SingleFamily · Active · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,293/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$128
• HOA: −$0
• Vac / Maint / Mgmt: −$271
• Net cashflow: $269/mo
• Annual: $3,230/yr
• Cap rate: 9.01%
• Cash-on-cash: 9.69%
• DSCR: 1.43
• 1% rule: 1.09%
• Cash to close: $33,320

Investor read

• This is a 4-bed/1.0-bath single-family listed at $119k.
• At list price, monthly cash flow is $269 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• It's been on market 55 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Munising Public Schools (town): math 28% / reading 49% proficiency, ranked #241 of 540 in MI (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: William G Mather Elementary School (math 37% / reading 47%, grade F, #547 of 1,397 statewide, top 41%, 249 students, 49% FRL); Munising High And Middle School (math 22% / reading 47%, grade F, #372 of 713 statewide, top 56%, 305 students, 48% FRL).
• Market conditions: 57 active listings in the ZIP; 33 units permitted in Alger County in 2024 (0 in 5+ unit buildings).
• Alger County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 10y ago 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.
• Current owner paid $15k; list at $119k implies a 699% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.