21625 Trombly St

St. Clair Shores, MI 48080

$229,900F

3 bd · 1.0 ba · 1,141 sqft · Built 1940 · SingleFamily · Active · 70 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,758/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$229
• HOA: −$0
• Vac / Maint / Mgmt: −$369
• Net cashflow: $-46/mo
• Annual: $-552/yr
• Cap rate: 6.05%
• Cash-on-cash: -0.86%
• DSCR: 0.96
• 1% rule: 0.76%
• Cash to close: $64,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $230k.
• At list price, monthly cash flow is $-46 ($-552/yr) — negative.
• To cash-flow at today's rent, offer at most $222k (3.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (23.5% below list).
• It's been on market 70 days — a 6% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (23.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Lakeview Public Schools (Macomb) (suburban): math 32% / reading 51% proficiency, ranked #180 of 540 in MI (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Harmon Elementary School (math 27% / reading 27%, grade F, #923 of 1,397 statewide, top 69%, 348 students, 53% FRL); Jefferson Middle School (math 33% / reading 52%, grade D-, #183 of 493 statewide, top 37%, 956 students, 50% FRL); Lakeview High School (math 30% / reading 64%, grade D-, #187 of 713 statewide, top 29%, 1,465 students, 42% FRL) — zoned schools average 48% FRL vs 31% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 169 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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.
• 15 sale attempts since 21y 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 $130k; list at $230k implies a 77% gain — meaningful room to come down on a strong offer.
• Cap rate 6.1% vs local median 4.0% in St. Clair Shores — 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.
• This rent runs 31% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 70 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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.
• 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.
• 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.