3408 Aster Ct · Midland, MI 48642

$39,900

3 bd · 2.0 ba · 1,216 sqft · Other · 89 Days on market

Built 1999

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Take advantage of 2 full months of FREE lot rent -- a huge savings for the next owner right from day one. Well-maintained 3-bedroom, 2-bath mobile home located in the desirable Alpine Village community. This home features a functional layout with a spacious living area, private primary suite, and two additional bedrooms perfect for family, guests, or office space. Located in a clean, quiet park with professional management, this home offers affordable, low-maintenance living in a welcoming neighborhood setting. Owner must relocate for work, creating a motivated opportunity for buyers looking for value, space, and comfort in a well-kept community.

Key facts

• Built 1999
• Listed 88 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $40k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $38k (6.0% below list) — sets the bar for market timing.
• Cap rate 40.5% vs local median 4.4% in Midland — 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 85/100 on livability (#28 in MI, #578 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Midland Public Schools (urban): math 49% / reading 64% proficiency, ranked #62 of 540 in MI (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 95 active listings in the ZIP; solid renter incomes; 320 units permitted in Midland County in 2024 (204 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Midland County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 0.6% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• 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.

Recommended offer $37,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 4.49% ✓
• Cap rate: 40.53%
• Cash-on-cash: 122.26%
• DSCR: 6.44
• GRM: 1.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.6% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.54×
• Total profit: $61,838
• Equity at exit: $5,949

10-year hold

• IRR: —
• Equity multiple: 12.71×
• Total profit: $130,801
• Equity at exit: $3,450

Cash invested: $11,172 (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 48642

• Home prices YoY: -31.4%
• Rents YoY: 0.6%
• Active inventory: 95
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $1,790 medium
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $1,138

Break-even live

Break-even rent $349

Max offer price $39,900

Occupancy floor 31%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $39,900 Active 89 DOM
2. 2026-06-18
   days on market $39,900 Active 88 DOM
3. 2026-06-17
   days on market $39,900 Active 87 DOM
4. 2026-06-16
   days on market $39,900 Active 86 DOM
5. 2026-06-15
   days on market $39,900 Active 85 DOM
6. 2026-06-14
   days on market $39,900 Active 83 DOM
7. 2026-06-13
   days on market $39,900 Active 82 DOM
8. 2026-06-10
   days on market $39,900 Active 80 DOM
9. 2026-06-09
   days on market $39,900 Active 79 DOM
10. 2026-06-08
    days on market $39,900 Active 78 DOM
11. 2026-06-07
    days on market $39,900 Active 77 DOM
12. 2026-06-02
    days on market $39,900 Active 72 DOM
13. 2026-06-01
    days on market $39,900 Active 71 DOM
14. 2026-05-31
    days on market $39,900 Active 70 DOM
15. 2026-05-30
    days on market $39,900 Active 69 DOM
16. 2026-03-22
    listed $39,900 Active 654-char remark

    Show marketing remark (655 chars)

    Take advantage of 2 full months of FREE lot rent -- a huge savings for the next owner right from day one. Well-maintained 3-bedroom, 2-bath mobile home located in the desirable Alpine Village community. This home features a functional layout with a spacious living area, private primary suite, and two additional bedrooms perfect for family, guests, or office space. Located in a clean, quiet park with professional management, this home offers affordable, low-maintenance living in a welcoming neighborhood setting. Owner must relocate for work, creating a motivated opportunity for buyers looking for value, space, and comfort in a well-kept community.

17. 2026-03-22
    listed $39,900 Active 655-char remark

    Show marketing remark (655 chars)

    Take advantage of 2 full months of FREE lot rent -- a huge savings for the next owner right from day one. Well-maintained 3-bedroom, 2-bath mobile home located in the desirable Alpine Village community. This home features a functional layout with a spacious living area, private primary suite, and two additional bedrooms perfect for family, guests, or office space. Located in a clean, quiet park with professional management, this home offers affordable, low-maintenance living in a welcoming neighborhood setting. Owner must relocate for work, creating a motivated opportunity for buyers looking for value, space, and comfort in a well-kept community.

18. 2026-03-22
    listed $39,900 Active

    Show marketing remark (655 chars)

    Take advantage of 2 full months of FREE lot rent -- a huge savings for the next owner right from day one. Well-maintained 3-bedroom, 2-bath mobile home located in the desirable Alpine Village community. This home features a functional layout with a spacious living area, private primary suite, and two additional bedrooms perfect for family, guests, or office space. Located in a clean, quiet park with professional management, this home offers affordable, low-maintenance living in a welcoming neighborhood setting. Owner must relocate for work, creating a motivated opportunity for buyers looking for value, space, and comfort in a well-kept community.

ⓘ 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: $21,479
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$200
• − Repairs & maintenance: −$1,718
• − Management: −$1,718
• − Depreciation: −$1,161
• Taxable income: $13,848
• Est. tax owed @ 24.0%: −$3,324
• After-tax cash flow: $10,336/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.

Schools (NCES district)

• District: Midland Public Schools
• NCES district ID: 2623820
• Math proficiency: 49% ▼ -6.00%
• Reading proficiency: 64% ▼ -3.00%
• Median HH income: $55,844
• Composite: 48.67/100
• National rank: #2105
• State rank: #62 of 540 in MI

Livability — Midland

• Score: 85/100
• State rank: #28
• US rank: #578

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, MI
• County: Midland County · 66,531 people
• City population: 66,531
• Metro: Midland, MI
• Population (ZIP): 34,039
• Household income: $77,847
• Rent vs Own: 25.3% rent · 74.7% own
• Severe rent burden: 935.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 83,968 people
• By 2030: 83,368 · -0.7%
• By 2040: 80,713 · -3.9%
• By 2050: 76,698 · -8.7%
• By 2075: 67,617 · -19.5%
• By 2100: 57,529 · -31.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 4% Asian 4% Two or more races 3% Black 2%
• Common ancestry: Romanian 8% Lithuanian 5% Italian 3%
• Foreign-born: 5% · Canada, China, Vietnam
• Languages at home: 95% English-only · Other Indo-European 1% Spanish 1% Chinese 1%

Political lean MEDSL · Midland

• 2024 margin: R (+15.2) · D 41.6% · R 56.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: -3.6pp · 2024: -15.2pp
• All cycles: 2024: R+15.2 2020: R+14.6 2016: R+19.4 2012: R+15.5 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.89%
• Current HPI: 192.0812
• Rent YoY: ▲ 0.60%
• Metro: Midland, MI
• 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

+0.0% since first listed

3 events — show timeline

• 2026-03-22 Listed $39,900 REALCOMP
• 2026-03-22 Listed $39,900 MiRealSource-MiMLS
• 2026-03-22 Listed $39,900 SW Michigan MLS