124 School St

Williamston, MI 48895

$235,000D

None bd · None ba · — sqft · Built 1900 · SingleFamily · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,143/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$442
• HOA: −$0
• Vac / Maint / Mgmt: −$450
• Net cashflow: $19/mo
• Annual: $230/yr
• Cap rate: 6.39%
• Cash-on-cash: 0.35%
• DSCR: 1.02
• 1% rule: 0.91%
• Cash to close: $65,800

Investor read

• This is a single-family listed at $235k.
• At list price, monthly cash flow is $19 ($230/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 $214k (8.8% below list).
• It's been on market 37 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $214k (8.8% 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 86/100 on livability (#19 in MI, #359 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities D-, health & safety D-.
• Williamston Community Schools (town): math 49% / reading 62% proficiency, ranked #55 of 540 in MI (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Williamston Discovery Elementary School (425 students, 24% FRL); Williamston Middle School (math 42% / reading 62%, grade C+, #95 of 493 statewide, top 20%, 405 students, 23% FRL); Williamston High School (math 52% / reading 77%, grade B-, #46 of 713 statewide, top 7%, 593 students, 19% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 58 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• Ingham County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 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 $70k; list at $235k implies a 236% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.