8962 Woodland Ave #238 · Mattawan, MI 49009

$64,999

3 bd · 2.0 ba · 1,344 sqft · Manufactured · 90 Days on market

Built 2001 Fair condition $48/sqft · 26% below area Est $88k · 26% under $610/mo HOA · 36% of rent ↓ 13% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.1/10.0
• Livability +3.6/5.0
• Condition / age +2.2/5.0
• Rent growth +1.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this 3-bedroom, 2-bathroom home offering 1,344 sq. ft. of comfortable living space in the quiet, well-kept Woodland Estates community. This home features a spacious layout, two sheds, a gazebo, and a power loveseat and recliner--all included. Buyers must be approved by the park office prior to closing. Don't miss this opportunity to own an affordable home in a friendly, welcoming neighborhood!

Key facts

• Gazebo
• Two sheds
• Built 2001

Tags

• WOODLAND ESTATES COMMUNITY
• TWO SHEDS
• GAZEBO

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $65k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $267 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.2% vs local median 2.4% in Mattawan — 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 72/100 on livability (#235 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime D, amenities F, commute F.
• Mattawan Consolidated School (suburban): math 51% / reading 62% proficiency, ranked #50 of 540 in MI (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Mattawan Later Elem School (math 60% / reading 62%, grade B, #190 of 1,397 statewide, top 14%, 782 students, 27% FRL); Mattawan Middle School (math 45% / reading 59%, grade C+, #95 of 493 statewide, top 20%, 817 students, 28% FRL); Mattawan High School (math 45% / reading 73%, grade C+, #87 of 713 statewide, top 12%, 1,171 students, 19% FRL).
• Market conditions: Rents falling (-5.0%/yr); 382 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Kalamazoo County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($61k) 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.

Risks & watch-outs

• Watch-outs: HOA is 36% of rent.

Recommended offer $61,099 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% 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 B-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?
7. 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?
8. 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.
9. 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.
10. 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: 2.58% ✓
• Cap rate: 11.22%
• Cash-on-cash: 17.59%
• DSCR: 1.78
• GRM: 3.2

CMA / ARV

• ARV (median comp): $88,000
• List price: $64,999
• Delta: -26.14%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8959 Meadowview Dr	0.26mi	3/2.0	1,500 (+12%)	2mo	$88,000	$59	67

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 3.0%
• Equity multiple: 1.11×
• Total profit: $1,942
• Equity at exit: $9,692

10-year hold

• IRR: 6.1%
• Equity multiple: 1.34×
• Total profit: $6,189
• Equity at exit: $5,620

Cash invested: $18,200 (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 49009

• Rents YoY: -5.0%
• Active inventory: 382
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,678 medium
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$610
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $267

Break-even live

Break-even rent $1,341

Max offer price $64,999

Occupancy floor 79%

Sensitivity live

Price	-10% $312	-5% $289	+0% $267	+5% $244	+10% $222
Rent	-10% $134	-5% $201	+0% $267	+5% $333	+10% $399
Rate	-1.0pp $300	-0.5pp $283	base $267	+0.5pp $250	+1.0pp $233

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4797 S 4th St Kalamazoo, MI	2.0–3.0	1.0–2.0	1064	$1,669	$1.57	15d	1	0.11mi

HOA detail

• Monthly dues: $610 · $7,320/yr

Listing history 34 events

1. 2026-06-22
   days on market $64,999 Active 90 DOM
2. 2026-06-18
   days on market $64,999 Active 87 DOM
3. 2026-06-17
   days on market $64,999 Active 86 DOM
4. 2026-06-16
   days on market $64,999 Active 85 DOM
5. 2026-06-15
   days on market $64,999 Active 84 DOM
6. 2026-06-14
   days on market $64,999 Active 82 DOM
7. 2026-06-13
   days on market $64,999 Active 81 DOM
8. 2026-06-10
   days on market $64,999 Active 79 DOM
9. 2026-06-09
   days on market $64,999 Active 78 DOM
10. 2026-06-08
    days on market $64,999 Active 77 DOM
11. 2026-06-07
    days on market $64,999 Active 76 DOM
12. 2026-06-05
    days on market $64,999 Active 73 DOM
13. 2026-06-03
    days on market $64,999 Active 72 DOM
14. 2026-06-02
    days on market $64,999 Active 71 DOM
15. 2026-06-01
    days on market $64,999 Active 70 DOM
16. 2026-05-31
    days on market $64,999 Active 69 DOM
17. 2026-05-30
    days on market $64,999 Active 68 DOM
18. 2026-03-23
    listed $64,999 Active 407-char remark

    Show marketing remark (407 chars)

    Welcome to this 3-bedroom, 2-bathroom home offering 1,344 sq. ft. of comfortable living space in the quiet, well-kept Woodland Estates community. This home features a spacious layout, two sheds, a gazebo, and a power loveseat and recliner--all included. Buyers must be approved by the park office prior to closing. Don't miss this opportunity to own an affordable home in a friendly, welcoming neighborhood!

19. 2026-03-23
    listed $64,999 Active 407-char remark

    Show marketing remark (407 chars)

    Welcome to this 3-bedroom, 2-bathroom home offering 1,344 sq. ft. of comfortable living space in the quiet, well-kept Woodland Estates community. This home features a spacious layout, two sheds, a gazebo, and a power loveseat and recliner--all included. Buyers must be approved by the park office prior to closing. Don't miss this opportunity to own an affordable home in a friendly, welcoming neighborhood!

20. 2026-03-23
    listed $64,999 Active

    Show marketing remark (407 chars)

    Welcome to this 3-bedroom, 2-bathroom home offering 1,344 sq. ft. of comfortable living space in the quiet, well-kept Woodland Estates community. This home features a spacious layout, two sheds, a gazebo, and a power loveseat and recliner--all included. Buyers must be approved by the park office prior to closing. Don't miss this opportunity to own an affordable home in a friendly, welcoming neighborhood!

21. 2026-03-19
    historical
22. 2026-03-18
    historical
23. 2025-09-24
    listed $65,000 Active
24. 2025-09-24
    listed $65,000 Active
25. 2025-09-16
    historical
26. 2025-09-15
    historical
27. 2025-08-09
    listed $65,000 Active
28. 2025-08-09
    listed $65,000 Active
29. 2025-08-09
    historical
30. 2025-07-27
    price $71,000
31. 2025-07-26
    price $71,000
32. 2025-07-26
    price $71,000
33. 2025-07-18
    listed $74,900 Active
34. 2025-07-18
    listed $74,900 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: $20,142
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$1,611
• − Management: −$1,611
• − HOA: −$7,320
• − Depreciation: −$1,891
• Taxable income: $2,767
• Est. tax owed @ 24.0%: −$664
• After-tax cash flow: $2,538/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 · 12 photos

Fair 45/100 Moderate rehab

This 3-bedroom, 2-bathroom home in Woodland Estates requires moderate renovations to update the kitchen and bathrooms, and improve the landscaping. The home is currently in fair condition and has potential for significant value increase with these updates.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate bathroom cabinets — dated and in need of replacement
• Unknown HVAC system — no visible damage

Value-add opportunities

• Resale update kitchen cabinets and countertops — modernizing the kitchen would attract more buyers
• Resale update bathroom fixtures and cabinetry — modernizing the bathrooms would attract more buyers
• Both landscape the front yard — improving curb appeal would attract more buyers and renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
bathroom cabinets · dated and in need of replacement	Moderate	$3,000–15,000
HVAC system · no visible damage	Unknown	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Resale update kitchen cabinets and countertops — modernizing the kitchen would attract more buyers ↑
• Resale update bathroom fixtures and cabinetry — modernizing the bathrooms would attract more buyers ↑
• Both landscape the front yard — improving curb appeal would attract more 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: Mattawan Consolidated School
• NCES district ID: 2623250
• Math proficiency: 51% ▼ -8.00%
• Reading proficiency: 62% ▼ -5.00%
• Median HH income: $76,525
• Composite: 50.67/100
• National rank: #1825
• State rank: #50 of 540 in MI

Livability — Mattawan

• Score: 72/100
• State rank: #235
• US rank: #5936

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kalamazoo County · 224,317 people
• City population: 11,839
• Metro: Kalamazoo-Portage, MI
• Population (ZIP): 47,971
• Household income: $80,930
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 1579.0

Population outlook (Kalamazoo County) Hauer SSP2

• Today (2025): 280,982 people
• By 2030: 292,068 · +3.9%
• By 2040: 312,191 · +11.1%
• By 2050: 331,196 · +17.9%
• By 2075: 379,021 · +34.9%
• By 2100: 396,579 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Two or more races 9% Black 8% Asian 5% Hispanic / Latino 4%
• Common ancestry: Iranian 9% Romanian 6% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 3% Arabic 2% Spanish 2%

Political lean MEDSL · Kalamazoo

• 2024 margin: D (+17.7) · D 58.0% · R 40.3% · Other 1.7%
• 2008→2024 swing: -1.8pp toward R · 2008: 19.5pp · 2024: 17.7pp
• All cycles: 2024: D+17.7 2020: D+18.7 2016: D+12.8 2012: D+13.3 2008: D+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -207.34%
• Current HPI: 209.5649
• Rent YoY: ▼ -4.96%
• Metro: Kalamazoo-Portage, 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

-13.2% since first listed

17 events — show timeline

• 2026-03-23 Listed $64,999 REALCOMP
• 2026-03-23 Listed $64,999 SW Michigan MLS
• 2026-03-23 Listed $64,999 MiRealSource-MiMLS
• 2026-03-19 Listing Removed — MiRealSource-MiMLS
• 2026-03-18 Listing Removed — REALCOMP
• 2025-09-24 Listed $65,000 REALCOMP
• 2025-09-24 Listed $65,000 MiRealSource-MiMLS
• 2025-09-16 Listing Removed — MiRealSource-MiMLS
• 2025-09-15 Listing Removed — REALCOMP
• 2025-08-09 Listed $65,000 REALCOMP
• 2025-08-09 Listing Removed — MiRealSource-MiMLS
• 2025-08-09 Listed $65,000 MiRealSource-MiMLS
• 2025-07-27 Price Changed $71,000 MiRealSource-MiMLS
• 2025-07-26 Price Changed $71,000 REALCOMP
• 2025-07-26 Price Changed $71,000 SW Michigan MLS
• 2025-07-18 Listed $74,900 REALCOMP
• 2025-07-18 Listed $74,900 MiRealSource-MiMLS