141 W Union City Rd

Union, MI 49094

$82,400B-

3 bd · 1.0 ba · 1,248 sqft · Built 1978 · SingleFamily · Active · 269 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,888/mo
• Mortgage (P&I): −$432
• Tax + insurance: −$84
• HOA: −$0
• Vac / Maint / Mgmt: −$396
• Net cashflow: $975/mo
• Annual: $11,700/yr
• Cap rate: 20.49%
• Cash-on-cash: 50.71%
• DSCR: 3.26
• 1% rule: 2.29%
• Cash to close: $23,072

Investor read

• This is a 3-bed/1.0-bath single-family listed at $82k.
• At list price, monthly cash flow is $975 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $82k).
• It's been on market 269 days — a 12% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $570 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Coldwater Community Schools (town): math 26% / reading 37% proficiency, ranked #344 of 540 in MI (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Legg Middle School (math 25% / reading 42%, grade F, #303 of 493 statewide, top 62%, 653 students, 61% FRL); Coldwater High School (math 26% / reading 47%, grade F, #364 of 713 statewide, top 51%, 944 students, 52% FRL).
• Market conditions: 35 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.
• 11 sale attempts since 27y ago; this cycle's ask has dropped $22k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $82k implies a 83% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 269 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1978 — 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.
• 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.