52 Senter St

Allouez, MI 49901

$52,900A-

2 bd · 1.0 ba · 1,019 sqft · Built 1900 · SingleFamily · Active · 638 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $938/mo
• Mortgage (P&I): −$277
• Tax + insurance: −$88
• HOA: −$0
• Vac / Maint / Mgmt: −$197
• Net cashflow: $376/mo
• Annual: $4,507/yr
• Cap rate: 14.81%
• Cash-on-cash: 30.43%
• DSCR: 2.35
• 1% rule: 1.77%
• Cash to close: $14,812

Investor read

• This is a 2-bed/1.0-bath single-family listed at $53k.
• At list price, monthly cash flow is $376 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($938 rent vs $53k).
• It's been on market 638 days — a 12% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $47k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($366 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads: area grade A — affects rentability + tenant quality, not the cash-flow math above.
• Public Schools Of Calumet Laurium & Keweenaw (town): math 37% / reading 54% proficiency, ranked #160 of 540 in MI (top 30%) — 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: 3 active listings in the ZIP; 25 units permitted in Keweenaw County in 2024 (0 in 5+ unit buildings).
• Keweenaw County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $7k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 638 days. Have you received any prior offers? Is the seller open to a 12% 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.
• 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.