1241 Manistee River Rd #34 · Three Rivers, MI 49093

$110,000

3 bd · 2.0 ba · 1,400 sqft · SingleFamily · 69 Days on market

Built 2024 Excellent condition $79/sqft · 48% below area Est $213k · 48% under ↓ 6% since listing

---

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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +5.0/5.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Brand New 2024 Fairmont home. This 3 bedroom, 2 full bath home is ready to move in. Nice open concept with spacious living room with a built in entertainment shelf. The kitchen features a large bar, corner pantry, and is open to the dining room. The laundry room/mudroom is convenient for coming in with boots & backpacks. The primary suite features a private bathroom & walk-in closet. The additional 2 bedrooms have double closets & share a full bathroom. The home is only being sold-no real estate being sold. Lot lease $425.00 per month. Lease includes: weekly garbage collection mailbox, maintenance of streets, street lights & sidewalks. Buyer pays for utilities. Buyer pays all after sale taxes & transfer fees. All info & figures are approximate/deemed accurate & should be verified. 1. proof of ability to purchase with cash & /or a lender's pre-approval for manufactured home IN A PARK WITH NO LAND INCLUDED & 2. fill out application for lot lease and gain owner approval prior to offer.

Key facts

• Open concept
• Large bar
• Walk-in closet

Tags

• OPEN CONCEPT
• BUILT IN ENTERTAINMENT SHELF
• LARGE BAR
• CORNER PANTRY
• PRIVATE BATHROOM
• WALK-IN CLOSET

🏷️ Possibly a rental listed for sale. The $110,000 price doesn't fit this home's estimated sale value (~$212,868) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $110k. Condition is rated excellent.

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 $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.6% vs local median 5.2% in Three Rivers — 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 70/100 on livability (#306 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime D, amenities F.
• Three Rivers Community Schools (town): math 37% / reading 45% proficiency, ranked #200 of 540 in MI (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 178 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 125 units permitted in St. Joseph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• St. Joseph County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 9 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 $103,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 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 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?
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 2.18% ✓
• Cap rate: 18.64%
• Cash-on-cash: 44.10%
• DSCR: 2.96
• GRM: 3.8

CMA / ARV

• ARV (median comp): $212,868
• List price: $110,000
• Delta: -48.32%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1133 Blossom Dr	0.41mi	3/2.0	1,300 (-7%)	12mo	$260,000	$200	59
701 E Hoffman St	0.37mi	3/1.0	1,250 (-11%)	18mo	$130,000	$104	46
57470 Buckhorn Rd	0.48mi	3/2.0	1,580 (+13%)	23mo	$339,000	$215	37
623 E Hoffman St	0.61mi	3/2.0	1,596 (+14%)	15mo	$261,000	$164	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 41.1%
• Equity multiple: 2.76×
• Total profit: $54,300
• Equity at exit: $16,401

10-year hold

• IRR: 47.3%
• Equity multiple: 5.55×
• Total profit: $140,257
• Equity at exit: $9,511

Cash invested: $30,800 (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 49093

• Active inventory: 178
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $2,395 medium
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$503
• Net cashflow: $1,132

Break-even live

Break-even rent $962

Max offer price $110,000

Occupancy floor 48%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1645 Garfield Three Rivers, MI	4.0	2.5	1810	$2,395	$1.32	21d	1	0.98mi

Listing history 39 events

1. 2026-06-18
   days on market $110,000 Active 69 DOM
2. 2026-06-17
   days on market $110,000 Active 68 DOM
3. 2026-06-16
   days on market $110,000 Active 67 DOM
4. 2026-06-15
   days on market $110,000 Active 66 DOM
5. 2026-06-14
   days on market $110,000 Active 64 DOM
6. 2026-06-13
   days on market $110,000 Active 63 DOM
7. 2026-06-10
   days on market $110,000 Active 61 DOM
8. 2026-06-09
   days on market $110,000 Active 60 DOM
9. 2026-06-08
   days on market $110,000 Active 59 DOM
10. 2026-06-07
    days on market $110,000 Active 58 DOM
11. 2026-06-05
    days on market $110,000 Active 55 DOM
12. 2026-06-03
    days on market $110,000 Active 54 DOM
13. 2026-06-02
    pricedays on market $110,000 Active 53 DOM
14. 2026-06-01
    days on market $115,000 Active 52 DOM
15. 2026-05-31
    days on market $115,000 Active 51 DOM
16. 2026-05-30
    days on market $115,000 Active 50 DOM
17. 2026-04-10
    listed $115,000 Active 1050-char remark

    Show marketing remark (1050 chars)

    Brand New 2024 Fairmont home. This 3 bedroom, 2 full bath home is ready to move in. Nice open concept with spacious living room with a built in entertainment shelf. The kitchen features a large bar, corner pantry, and is open to the dining room. The laundry room/mudroom is convenient for coming in with boots & backpacks. The primary suite features a private bathroom & walk-in closet. The additional 2 bedrooms have double closets & share a full bathroom. The home is only being sold-no real estate being sold. Lot lease $425.00 per month. Lease includes: weekly garbage collection mailbox, maintenance of streets, street lights & sidewalks. Buyer pays for utilities. Buyer pays all after sale taxes & transfer fees. All info & figures are approximate/deemed accurate & should be verified. 1. proof of ability to purchase with cash & /or a lender's pre-approval for manufactured home IN A PARK WITH NO LAND INCLUDED & 2. fill out application for lot lease and gain owner approval prior to offer.

18. 2026-04-10
    historical

    Show marketing remark (1050 chars)

    Brand New 2024 Fairmont home. This 3 bedroom, 2 full bath home is ready to move in. Nice open concept with spacious living room with a built in entertainment shelf. The kitchen features a large bar, corner pantry, and is open to the dining room. The laundry room/mudroom is convenient for coming in with boots & backpacks. The primary suite features a private bathroom & walk-in closet. The additional 2 bedrooms have double closets & share a full bathroom. The home is only being sold-no real estate being sold. Lot lease $425.00 per month. Lease includes: weekly garbage collection mailbox, maintenance of streets, street lights & sidewalks. Buyer pays for utilities. Buyer pays all after sale taxes & transfer fees. All info & figures are approximate/deemed accurate & should be verified. 1. proof of ability to purchase with cash & /or a lender's pre-approval for manufactured home IN A PARK WITH NO LAND INCLUDED & 2. fill out application for lot lease and gain owner approval prior to offer.

19. 2026-04-10
    listed $115,000 Active

    Show marketing remark (1050 chars)

    Brand New 2024 Fairmont home. This 3 bedroom, 2 full bath home is ready to move in. Nice open concept with spacious living room with a built in entertainment shelf. The kitchen features a large bar, corner pantry, and is open to the dining room. The laundry room/mudroom is convenient for coming in with boots & backpacks. The primary suite features a private bathroom & walk-in closet. The additional 2 bedrooms have double closets & share a full bathroom. The home is only being sold-no real estate being sold. Lot lease $425.00 per month. Lease includes: weekly garbage collection mailbox, maintenance of streets, street lights & sidewalks. Buyer pays for utilities. Buyer pays all after sale taxes & transfer fees. All info & figures are approximate/deemed accurate & should be verified. 1. proof of ability to purchase with cash & /or a lender's pre-approval for manufactured home IN A PARK WITH NO LAND INCLUDED & 2. fill out application for lot lease and gain owner approval prior to offer.

20. 2026-04-10
    listed $115,000 Active

    Show marketing remark (1050 chars)

    Brand New 2024 Fairmont home. This 3 bedroom, 2 full bath home is ready to move in. Nice open concept with spacious living room with a built in entertainment shelf. The kitchen features a large bar, corner pantry, and is open to the dining room. The laundry room/mudroom is convenient for coming in with boots & backpacks. The primary suite features a private bathroom & walk-in closet. The additional 2 bedrooms have double closets & share a full bathroom. The home is only being sold-no real estate being sold. Lot lease $425.00 per month. Lease includes: weekly garbage collection mailbox, maintenance of streets, street lights & sidewalks. Buyer pays for utilities. Buyer pays all after sale taxes & transfer fees. All info & figures are approximate/deemed accurate & should be verified. 1. proof of ability to purchase with cash & /or a lender's pre-approval for manufactured home IN A PARK WITH NO LAND INCLUDED & 2. fill out application for lot lease and gain owner approval prior to offer.

21. 2026-02-10
    status Active
22. 2026-02-10
    status Active
23. 2025-12-31
    historical Active Under Contract
24. 2025-12-31
    historical Keep Showing-Contgcy Appl
25. 2025-12-11
    status Pending
26. 2025-12-11
    status Pending
27. 2025-12-11
    historical
28. 2025-11-05
    price $115,000
29. 2025-11-05
    price $115,000
30. 2025-11-05
    price $115,000
31. 2025-09-05
    listed $119,000 Active
32. 2025-09-05
    listed $119,000 Active
33. 2025-07-16
    historical
34. 2025-07-15
    historical
35. 2025-05-20
    price $119,900
36. 2025-05-19
    price $119,900
37. 2025-05-19
    price $119,900
38. 2025-01-15
    listed $122,000 Active
39. 2025-01-15
    listed $122,000 Active

ⓘ 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: $28,740
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$2,299
• − Management: −$2,299
• − Depreciation: −$3,200
• Taxable income: $12,580
• Est. tax owed @ 24.0%: −$3,019
• After-tax cash flow: $10,563/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 · 13 photos

Excellent 100/100 None rehab

This 2024 Fairmont home is move-in ready with modern finishes and a well-maintained exterior. Painting and landscaping can further enhance its appeal.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics, attracting more buyers and renters.
• Both Landscaping the front yard — A well-maintained front yard can improve curb appeal and attract more potential buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics, attracting more buyers and renters. ↑
• Both Landscaping the front yard — A well-maintained front yard can improve curb appeal and attract more potential buyers and renters. ↑

ⓘ 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: Three Rivers Community Schools
• NCES district ID: 2633840
• Math proficiency: 37% ▲ 1.00%
• Reading proficiency: 45% ▼ -3.00%
• Median HH income: $46,576
• Composite: 34.97/100
• National rank: #5058
• State rank: #200 of 540 in MI

Livability — Three Rivers

• Score: 70/100
• State rank: #306
• US rank: #7604

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Three Rivers, MI
• Population (ZIP): 18,439

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 58,726 people
• By 2030: 57,030 · -2.9%
• By 2040: 53,266 · -9.3%
• By 2050: 49,343 · -16.0%
• By 2075: 40,441 · -31.1%
• By 2100: 31,981 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 5% Black 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 11% Iranian 5% Romanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · St. Joseph

• 2024 margin: Solid R (+34.0) · D 32.2% · R 66.2% · Other 1.5%
• 2008→2024 swing: -31.8pp toward R · 2008: -2.2pp · 2024: -34.0pp
• All cycles: 2024: R+34.0 2020: R+31.7 2016: R+31.0 2012: R+12.3 2008: R+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -159.07%
• Current HPI: 226.5079
• 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

-5.7% since first listed

23 events — show timeline

• 2026-04-10 Listed $115,000 REALCOMP
• 2026-04-10 Listed $115,000 MiRealSource-MiMLS
• 2026-04-10 Listed $115,000 SW Michigan MLS
• 2026-04-10 Listing Removed — MiRealSource-MiMLS
• 2026-02-10 Relisted — REALCOMP
• 2026-02-10 Relisted — MiRealSource-MiMLS
• 2025-12-31 Contingent — REALCOMP
• 2025-12-31 Contingent — MiRealSource-MiMLS
• 2025-12-11 Pending — REALCOMP
• 2025-12-11 Pending — MiRealSource-MiMLS
• 2025-12-11 Listing Removed — REALCOMP
• 2025-11-05 Price Changed $115,000 MiRealSource-MiMLS
• 2025-11-05 Price Changed $115,000 REALCOMP
• 2025-11-05 Price Changed $115,000 SW Michigan MLS
• 2025-09-05 Listed $119,000 REALCOMP
• 2025-09-05 Listed $119,000 MiRealSource-MiMLS
• 2025-07-16 Listing Removed — MiRealSource-MiMLS
• 2025-07-15 Listing Removed — REALCOMP
• 2025-05-20 Price Changed $119,900 MiRealSource-MiMLS
• 2025-05-19 Price Changed $119,900 REALCOMP
• 2025-05-19 Price Changed $119,900 SW Michigan MLS
• 2025-01-15 Listed $122,000 REALCOMP
• 2025-01-15 Listed $122,000 MiRealSource-MiMLS