14549 Shady Holw

Grand Haven, MI 49460

$94,900F

3 bd · 2.0 ba · 1,216 sqft · Built 2021 · Manufactured · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,667/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$158
• HOA: −$755
• Vac / Maint / Mgmt: −$350
• Net cashflow: $-94/mo
• Annual: $-1,123/yr
• Cap rate: 5.11%
• Cash-on-cash: -4.22%
• DSCR: 0.81
• 1% rule: 1.76%
• Cash to close: $26,572

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $95k. Condition is rated good.
• At list price, monthly cash flow is $-94 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $81k (14.3% below list).
• Meets the 1% rule at list price ($2k rent vs $95k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $81k (14.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $656 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#69 in MI, #1,467 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, commute F.
• West Ottawa Public School District (suburban): math 37% / reading 52% proficiency, ranked #140 of 540 in MI (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sheldon Woods Elementary School (math 42% / reading 47%, grade F, #484 of 1,397 statewide, top 38%, 150 students, 65% FRL); Harbor Lights Middle School (math 38% / reading 53%, grade D+, #161 of 493 statewide, top 33%, 817 students, 52% FRL); West Ottawa High School Campus (math 39% / reading 62%, grade D+, #146 of 713 statewide, top 21%, 2,196 students, 51% FRL).
• Watch-outs: HOA is 45% of rent.
• Market conditions: 64 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,237 units permitted in Ottawa County in 2024 (443 in 5+ unit buildings).
• Ottawa County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• Cap rate 5.1% vs local median 1.8% in Grand Haven — 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.