3903 Moonlight Ln

Delhi, MI 48842

$265,000D-

3 bd · 1.5 ba · 1,517 sqft · Built 1983 · SingleFamily · Active · 149 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,183/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$442
• HOA: −$0
• Vac / Maint / Mgmt: −$458
• Net cashflow: $-107/mo
• Annual: $-1,287/yr
• Cap rate: 5.81%
• Cash-on-cash: -1.74%
• DSCR: 0.92
• 1% rule: 0.82%
• Cash to close: $74,200

Investor read

• This is a 3-bed/1.5-bath single-family listed at $265k.
• At list price, monthly cash flow is $-107 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $246k (7.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $218k (17.6% below list).
• It's been on market 149 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $218k (17.6% 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 $8k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Holt Public Schools (suburban): math 28% / reading 46% proficiency, ranked #236 of 540 in MI (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Holt Senior High School (math 47% / reading 77%, grade B-, #58 of 713 statewide, top 9%, 1,626 students, 45% FRL).
• Zoned-school proficiency averages 62% at this address vs 37% district-wide (+25 pts) — the actual schools serving this property are materially stronger than the Holt Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+8.0%/yr); 79 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• Ingham County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts 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.

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 149 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• 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.
• 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.