149 Creekwood Cir

Linden, MI 48451

$259,900D

3 bd · 2.0 ba · 1,402 sqft · Built 1997 · Condo · Pending · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,395/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$433
• HOA: −$250
• Vac / Maint / Mgmt: −$503
• Net cashflow: $-154/mo
• Annual: $-1,849/yr
• Cap rate: 5.58%
• Cash-on-cash: -2.54%
• DSCR: 0.89
• 1% rule: 0.92%
• Cash to close: $72,772

Investor read

• This is a 3-bed/2.0-bath condo listed at $260k. Condition is rated good.
• At list price, monthly cash flow is $-154 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $238k (8.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (7.8% below list).
• It's been on market 35 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $238k (8.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#170 in MI, #4,456 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Linden Community Schools (suburban): math 38% / reading 54% proficiency, ranked #119 of 540 in MI (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hyatt Elementary (math 52% / reading 57%, grade C, #276 of 1,397 statewide, top 22%, 379 students, 35% FRL); Linden Middle School (math 36% / reading 52%, grade D, #173 of 493 statewide, top 36%, 583 students, 31% FRL); Linden High School (math 37% / reading 62%, grade D, #154 of 713 statewide, top 25%, 852 students, 26% FRL).
• Market conditions: 223 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 419 units permitted in Genesee County in 2024 (68 in 5+ unit buildings).
• Genesee County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.6% vs local median 1.8% in Linden — 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?
• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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.
• Schools are B-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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Paint — Neutral paint, no visible damage
• Minor: Landscaping — Well-maintained landscaping