45290 Keding St

Utica, MI 48317

$89,900D

1 bd · 1.0 ba · 715 sqft · Built 1973 · Condo · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,098/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$150
• HOA: −$275
• Vac / Maint / Mgmt: −$231
• Net cashflow: $-29/mo
• Annual: $-347/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.38%
• DSCR: 0.94
• 1% rule: 1.22%
• Cash to close: $25,172

Investor read

• This is a 1-bed/1.0-bath condo listed at $90k. Condition is rated fair.
• At list price, monthly cash flow is $-29 ($-347/yr) — negative.
• To cash-flow at today's rent, offer at most $86k (4.7% below list).
• Meets the 1% rule at list price ($1k rent vs $90k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $86k (4.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#106 in MI, #2,586 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, health & safety D+, employment D.
• Utica Community Schools (suburban): math 38% / reading 53% proficiency, ranked #126 of 540 in MI (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 25% of rent.
• Market conditions: Rents rising (+3.4%/yr); 101 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 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.
• 21 sale attempts since 18y ago; this cycle's ask has dropped $14k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 5.9% vs local median 3.6% in Utica — 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.

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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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?
• 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?

Repairs flagged (vision-AI assessment)

• Moderate: Exterior siding — Weathered appearance
• Minor: Landscaping — Some overgrown areas