9620 Main St

Burlington, MI 48727

$34,900B+

4 bd · 1.0 ba · 1,152 sqft · Built 1900 · SingleFamily · Active · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,107/mo
• Mortgage (P&I): −$183
• Tax + insurance: −$28
• HOA: −$0
• Vac / Maint / Mgmt: −$232
• Net cashflow: $663/mo
• Annual: $7,960/yr
• Cap rate: 29.10%
• Cash-on-cash: 81.46%
• DSCR: 4.62
• 1% rule: 3.17%
• Cash to close: $9,772

Investor read

• This is a 4-bed/1.0-bath single-family listed at $35k.
• At list price, monthly cash flow is $663 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• It's been on market 77 days — a 6% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $33k (6.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($241 loan paydown + $2k appreciation (4.9% local appreciation)).
• Location reads 59/100 on livability (#602 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, schools F, crime F.
• Marlette Community Schools (rural): math 38% / reading 55% proficiency, ranked #142 of 540 in MI (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 152 units permitted in Lapeer County in 2024 (0 in 5+ unit buildings).
• Lapeer County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $5k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F 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.