8962 Woodland Ave #238

Oshtemo, MI 49009

$64,999B+

3 bd · 2.0 ba · 1,344 sqft · Built 2001 · Manufactured · Active · 90 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,678/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$108
• HOA: −$610
• Vac / Maint / Mgmt: −$352
• Net cashflow: $267/mo
• Annual: $3,202/yr
• Cap rate: 11.22%
• Cash-on-cash: 17.59%
• DSCR: 1.78
• 1% rule: 2.58%
• Cash to close: $18,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $65k. Condition is rated fair.
• 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).
• It's been on market 90 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• 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.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• 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).
• Watch-outs: HOA is 36% of rent.
• 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).
• Kalamazoo County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

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