319 Visser St

Spring Lake, MI 49456

$239,900C-

3 bd · 1.0 ba · 963 sqft · Built 1910 · SingleFamily · Active · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,083/mo
• Mortgage (P&I): −$1,258
• Tax + insurance: −$221
• HOA: −$0
• Vac / Maint / Mgmt: −$437
• Net cashflow: $167/mo
• Annual: $1,998/yr
• Cap rate: 7.13%
• Cash-on-cash: 2.98%
• DSCR: 1.13
• 1% rule: 0.87%
• Cash to close: $67,172

Investor read

• This is a 3-bed/1.0-bath single-family listed at $240k.
• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (13.2% below list).
• It's been on market 77 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $208k (13.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#87 in MI, #2,003 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F.
• Spring Lake Public Schools (suburban): math 72% / reading 77% proficiency, ranked #9 of 540 in MI (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 14% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 214 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,237 units permitted in Ottawa County in 2024 (443 in 5+ unit buildings).
• Ottawa County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask has dropped $35k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $121k; list at $240k implies a 98% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.1% vs local median 1.7% in Spring Lake — 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

• It's been on market 77 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• 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.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.