Riverwood Lot #111 Plan · Bellevue, MI 49021

$39,000

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 210 Days on market

Fair condition $550/mo HOA · 46% of rent

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +29.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nestled in the heart of Eaton County, Riverwood in Bellevue offers the perfect balance of peaceful living and convenient access to nearby cities. Bellevue is known for its warm, small-town atmosphere, friendly neighbors, and scenic surroundings. Residents enjoy easy access to local parks, the Battle Creek River, and outdoor recreation areas, making it a wonderful place for families and nature lovers alike. Riverwood combines the comfort of modern living with the charm of Bellevue's small-town lifestyle. It's more than a place to live-it's a place to belong.

Key facts

• Local parks
• Scenic surroundings
• Battle creek river

Tags

• LOCAL PARKS
• BATTLE CREEK RIVER
• OUTDOOR RECREATION AREAS
• SCENIC SURROUNDINGS

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $39k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $133 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $39k).
• Recommended offer: $34k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 3.3% in Bellevue — 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.

Location & tenants

• Location reads 69/100 on livability (#355 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools D+, amenities F, commute F.
• Bellevue Community Schools (rural): math 14% / reading 30% proficiency, ranked #445 of 540 in MI (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 56 active listings in the ZIP; 98 units permitted in Eaton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $270 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Eaton County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 210 days — a 12% lower offer ($34k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 46% of rent.

Recommended offer $34,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 210 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 3.09% ✓
• Cap rate: 10.39%
• Cash-on-cash: 14.62%
• DSCR: 1.65
• GRM: 2.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.9%
• Equity multiple: 1.23×
• Total profit: $2,509
• Equity at exit: $5,815

10-year hold

• IRR: 15.9%
• Equity multiple: 2.33×
• Total profit: $14,542
• Equity at exit: $3,372

Cash invested: $10,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 49021

• Home prices YoY: -10.1%
• Active inventory: 56
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,206 medium
• Mortgage (P&I): −$205
• Tax est. 1.5%: −$49 /mo · $585/yr
• Insurance: −$16
• HOA: −$550
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $133

Break-even live

Break-even rent $1,037

Max offer price $39,000

Occupancy floor 84%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $9,750
• Closing costs: $1,170
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $550 · $6,600/yr

Listing history 18 events

1. 2026-06-19
   days on market $39,000 Active 210 DOM
2. 2026-06-18
   days on market $39,000 Active 209 DOM
3. 2026-06-17
   days on market $39,000 Active 208 DOM
4. 2026-06-16
   days on market $39,000 Active 207 DOM
5. 2026-06-15
   days on market $39,000 Active 206 DOM
6. 2026-06-14
   days on market $39,000 Active 204 DOM
7. 2026-06-13
   days on market $39,000 Active 203 DOM
8. 2026-06-10
   days on market $39,000 Active 201 DOM
9. 2026-06-09
   days on market $39,000 Active 200 DOM
10. 2026-06-08
    days on market $39,000 Active 199 DOM
11. 2026-06-07
    days on market $39,000 Active 198 DOM
12. 2026-06-05
    days on market $39,000 Active 195 DOM
13. 2026-06-03
    days on market $39,000 Active 194 DOM
14. 2026-06-02
    days on market $39,000 Active 193 DOM
15. 2026-06-01
    days on market $39,000 Active 192 DOM
16. 2026-05-31
    days on market $39,000 Active 191 DOM
17. 2026-05-30
    days on market $39,000 Active 190 DOM
18. 2025-11-22
    listed $39,000 Active 563-char remark

    Show marketing remark (563 chars)

    Nestled in the heart of Eaton County, Riverwood in Bellevue offers the perfect balance of peaceful living and convenient access to nearby cities. Bellevue is known for its warm, small-town atmosphere, friendly neighbors, and scenic surroundings. Residents enjoy easy access to local parks, the Battle Creek River, and outdoor recreation areas, making it a wonderful place for families and nature lovers alike. Riverwood combines the comfort of modern living with the charm of Bellevue's small-town lifestyle. It's more than a place to live-it's a place to belong.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $14,469
• − Mortgage interest: −$2,185
• − Property taxes: −$585
• − Insurance: −$195
• − Repairs & maintenance: −$1,158
• − Management: −$1,158
• − HOA: −$6,600
• − Depreciation: −$1,135
• Taxable income: $1,455
• Est. tax owed @ 24.0%: −$349
• After-tax cash flow: $1,247/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

Mobile home in fair condition with significant exterior and roof repairs needed. Paint and HVAC upgrades would significantly increase its value.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major roof — No visible damage

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value
• Both replace roof — Critical for long-term value
• Both HVAC upgrade — Improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
roof · No visible damage	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and value ↑
• Both replace roof — Critical for long-term value ↑
• Both HVAC upgrade — Improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Bellevue Community Schools
• NCES district ID: 2604650
• Math proficiency: 14% ▼ -5.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $50,826
• Composite: 19.59/100
• National rank: #8757
• State rank: #445 of 540 in MI

Livability — Bellevue

• Score: 69/100
• State rank: #355
• US rank: #9043

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment C+ Housing A+ Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellevue, MI
• Population (ZIP): 6,467

Population outlook (Eaton County) Hauer SSP2

• Today (2025): 110,811 people
• By 2030: 110,598 · -0.2%
• By 2040: 108,304 · -2.3%
• By 2050: 104,961 · -5.3%
• By 2075: 97,197 · -12.3%
• By 2100: 85,150 · -23.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 4% Black 2%
• Common ancestry: Iranian 4% Romanian 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Eaton

• 2024 margin: Toss-up / Even · D 47.6% · R 50.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: 8.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: R+0.8 2016: R+5.5 2012: D+3.1 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.20%
• Current HPI: 267.6519
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

1 event — show timeline

• 2025-11-22 Listed $39,000 Zillow