360 E Tuttle Rd #121

Ionia, MI 48846

$59,900C+

2 bd · 2.0 ba · 1,200 sqft · Built 2019 · Manufactured · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,429/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$300
• Net cashflow: $715/mo
• Annual: $8,579/yr
• Cap rate: 20.62%
• Cash-on-cash: 51.15%
• DSCR: 3.28
• 1% rule: 2.39%
• Cash to close: $16,772

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $60k. Condition is rated good.
• At list price, monthly cash flow is $715 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 28 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#276 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Ionia Public Schools (town): math 23% / reading 39% proficiency, ranked #353 of 540 in MI (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 87 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 94 units permitted in Ionia County in 2024 (0 in 5+ unit buildings).
• Ionia County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 20.6% vs local median 3.9% in Ionia — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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)

• Minor: Deck — The deck appears to have some minor wear and tear.
• Minor: Carpet — The carpet in the living room and kitchen appears to have some minor wear and tear.
• Minor: Paint — The paint in the living room and kitchen appears to have some minor wear and tear.