22140 Dante St #209

Oak Park, MI 48237

$79,900B-

2 bd · 1.0 ba · 916 sqft · Built 1963 · Condo · Active · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,406/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$177
• HOA: −$0
• Vac / Maint / Mgmt: −$295
• Net cashflow: $514/mo
• Annual: $6,172/yr
• Cap rate: 14.02%
• Cash-on-cash: 27.59%
• DSCR: 2.23
• 1% rule: 1.76%
• Cash to close: $22,372

Investor read

• This is a 2-bed/1.0-bath condo listed at $80k.
• At list price, monthly cash flow is $514 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 55 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#41 in MI, #888 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+, crime D.
• Oak Park School District (suburban): math 5% / reading 15% proficiency, ranked #521 of 540 in MI (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Key Elementary School (math 10% / reading 15%, grade F, #1,202 of 1,397 statewide, top 86%, 541 students, 87% FRL); Oak Park Preparatory Academy (math 7% / reading 20%, grade F, #462 of 493 statewide, top 94%, 694 students, 84% FRL); Oak Park High School (math 2% / reading 12%, grade F, #699 of 713 statewide, top 99%, 993 students, 80% FRL).
• Market conditions: Rents rising (+2.7%/yr); 87 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 9 sale attempts since 5y ago; this cycle's ask has dropped $10k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $80k implies a 128% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 14.0% vs local median 4.9% in Oak Park — 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 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.