6539 Mattis Dr

Glennie, MI 48737

$52,900B

2 bd · 1.0 ba · 525 sqft · Built — · SingleFamily · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $832/mo
• Mortgage (P&I): −$277
• Tax + insurance: −$51
• HOA: −$0
• Vac / Maint / Mgmt: −$175
• Net cashflow: $328/mo
• Annual: $3,942/yr
• Cap rate: 13.74%
• Cash-on-cash: 26.61%
• DSCR: 2.18
• 1% rule: 1.57%
• 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 $328 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($832 rent vs $53k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $747 of equity ($366 loan paydown + $381 appreciation (0.7% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Oscoda Area Schools (rural): math 31% / reading 38% proficiency, ranked #313 of 540 in MI (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Richardson Elementary School (math 37% / reading 35%, grade F, #725 of 1,397 statewide, top 52%, 672 students, 68% FRL); Oscoda Area High School (math 22% / reading 42%, grade F, #405 of 713 statewide, top 59%, 477 students, 64% FRL).
• Market conditions: 16 active listings in the ZIP; 38 units permitted in Alcona County in 2024 (0 in 5+ unit buildings).
• Alcona County population projected at -37% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts 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.
• Current owner paid $35k; list at $53k implies a 51% gain — meaningful room to come down on a strong offer.
• At projected returns (0.7% 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

• 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.