2212 Auburn Ave

Delhi, MI 48842

$209,000C-

4 bd · 2.0 ba · 1,874 sqft · Built 1955 · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,159/mo
• Mortgage (P&I): −$1,096
• Tax + insurance: −$472
• HOA: −$0
• Vac / Maint / Mgmt: −$453
• Net cashflow: $137/mo
• Annual: $1,648/yr
• Cap rate: 7.08%
• Cash-on-cash: 2.82%
• DSCR: 1.13
• 1% rule: 1.03%
• Cash to close: $58,520

Investor read

• This is a 4-bed/2.0-bath single-family listed at $209k.
• At list price, monthly cash flow is $137 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $209k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Holt Public Schools (suburban): math 28% / reading 46% proficiency, ranked #236 of 540 in MI (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Holt Senior High School (math 47% / reading 77%, grade B-, #58 of 713 statewide, top 9%, 1,626 students, 45% FRL).
• Zoned-school proficiency averages 62% at this address vs 37% district-wide (+25 pts) — the actual schools serving this property are materially stronger than the Holt Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.0%/yr); 79 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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 since 15y ago 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 $37k; list at $209k implies a 465% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $59k cash investment doubles in ~10 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1955 — 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.
• 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.