46 W Chicago St

Quincy, MI 49082

$265,000B-

30 bd · 25.0 ba · 3,000 sqft · Built 1910 · MultiFamily · Pending · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,750/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$442
• HOA: −$0
• Vac / Maint / Mgmt: −$998
• Net cashflow: $1,921/mo
• Annual: $23,054/yr
• Cap rate: 14.99%
• Cash-on-cash: 31.07%
• DSCR: 2.38
• 1% rule: 1.79%
• Cash to close: $74,200

Investor read

• This is a 5 × 6-bed/5.0-bath units multifamily listed at $265k.
• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $384/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $265k).
• It's been on market 83 days — a 6% lower offer ($249k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $249k (6.0% below list) — sets the bar for market timing.
• 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 64/100 on livability (#489 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools C-, amenities F, commute F.
• Quincy Community Schools (town): math 27% / reading 43% proficiency, ranked #288 of 540 in MI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 43 units permitted in Branch County in 2024 (0 in 5+ unit buildings).
• Branch County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 10 sale attempts since 29y 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $74k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1910 — 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.
• 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.