1832 Pepperwood Trl W · Wolf Lake, MI 49442

$74,900

4 bd · 2.0 ba · 1,568 sqft · Manufactured · 238 Days on market

Built 2014 Good condition $48/sqft · 23% above area Est $61k · 23% over $647/mo HOA · 40% of rent ↓ 14% since listing

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Why this score? — see what drove the C- 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 +20.6/30.0
• 1% rule +10.0/10.0
• DSCR +6.5/10.0
• Rent growth +4.6/5.0
• Condition / age +3.8/5.0
• Livability +3.0/5.0
• Schools +2.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This well-maintained 4-bedroom, 2-bathroom home offers plenty of space for the whole family. The kitchen and dining area feature durable vinyl flooring, while the large living room boasts new laminate flooring. Situated on a nice sized lot, the property includes a storage shed and washer/dryer located near the rear entrance. A newer furnace (just 1 year old) ensures year-round comfort. Don't miss your chance to see this move-in ready home -- schedule your private showing today! Park approval required and Lot rent is $647 month. License No. 1102500

Key facts

• Community pool
• Built 2014
• Listed 238 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $75k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $100 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 3.6% in Wolf Lake — 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 60/100 on livability (#594 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools F, amenities F, commute F.
• Oakridge Public Schools (suburban): math 17% / reading 40% proficiency, ranked #389 of 540 in MI (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+8.2%/yr); 289 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 438 units permitted in Muskegon County in 2024 (115 in 5+ unit buildings).
• This rent runs 40% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Muskegon County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $21k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 238 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $12k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 40% of rent.

Recommended offer $65,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 238 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 2.14% ✓
• Cap rate: 7.89%
• Cash-on-cash: 5.69%
• DSCR: 1.25
• GRM: 3.9

CMA / ARV

• ARV (median comp): $61,000
• List price: $74,900
• Delta: 22.79%
• Verdict: OVERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4243 Squaw Creek Trl	0.15mi	4/2.0	1,680 (+7%)	1mo	$60,000	$36	80
4210 Pepperwood Trl	0.08mi	3/2.0 (-1)	1,680 (+7%)	7mo	$70,000	$42	74
4115 Sawgrass Trl	0.20mi	3/2.0 (-1)	1,680 (+7%)	4mo	$60,000	$36	71
4242 Doral Dr	0.15mi	3/2.0 (-1)	1,680 (+7%)	6mo	$62,000	$37	71
4164 Squaw Creek Trl	0.12mi	3/2.0 (-1)	1,673 (+7%)	13mo	$84,000	$50	67
4212 Sundrop Cir E #349	0.05mi	3/2.0 (-1)	1,755 (+12%)	9mo	$48,300	$28	66
1866 Muirfield Way	0.18mi	3/2.0 (-1)	1,608 (+3%)	24mo	$84,900	$53	63
4120 Deerrun Ln	0.44mi	3/2.0 (-1)	1,792 (+14%)	10mo	$55,000	$31	42
3977 Commodore Ln	0.75mi	3/2.0 (-1)	1,404 (-10%)	2mo	$80,000	$57	41

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 3.4%
• Equity multiple: 1.15×
• Total profit: $3,080
• Equity at exit: $11,168

10-year hold

• IRR: 20.1%
• Equity multiple: 3.43×
• Total profit: $51,046
• Equity at exit: $6,476

Cash invested: $20,972 (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 49442

• Rents YoY: 8.2%
• Active inventory: 289
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,600 medium
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,124/yr
• Insurance: −$31
• HOA: −$647
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $100

Break-even live

Break-even rent $1,474

Max offer price $74,900

Occupancy floor 89%

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2129 Arrowhead Dr Muskegon, MI	3.0	2.0	1216	$1,299	$1.07	10d	1	0.35mi
4505 E Apple Ave Muskegon, MI	3.0	1.0	1410	$1,550	$1.10	43d	1	1.14mi

HOA detail

• Monthly dues: $647 · $7,764/yr

Listing history 12 events

1. 2026-05-18
   status Pending 553-char remark

   Show marketing remark (553 chars)

   This well-maintained 4-bedroom, 2-bathroom home offers plenty of space for the whole family. The kitchen and dining area feature durable vinyl flooring, while the large living room boasts new laminate flooring. Situated on a nice sized lot, the property includes a storage shed and washer/dryer located near the rear entrance. A newer furnace (just 1 year old) ensures year-round comfort. Don't miss your chance to see this move-in ready home -- schedule your private showing today! Park approval required and Lot rent is $647 month. License No. 1102500

2. 2026-05-18
   status Pending 553-char remark

   Show marketing remark (553 chars)

   This well-maintained 4-bedroom, 2-bathroom home offers plenty of space for the whole family. The kitchen and dining area feature durable vinyl flooring, while the large living room boasts new laminate flooring. Situated on a nice sized lot, the property includes a storage shed and washer/dryer located near the rear entrance. A newer furnace (just 1 year old) ensures year-round comfort. Don't miss your chance to see this move-in ready home -- schedule your private showing today! Park approval required and Lot rent is $647 month. License No. 1102500

3. 2026-05-18
   status Pending

   Show marketing remark (553 chars)

   This well-maintained 4-bedroom, 2-bathroom home offers plenty of space for the whole family. The kitchen and dining area feature durable vinyl flooring, while the large living room boasts new laminate flooring. Situated on a nice sized lot, the property includes a storage shed and washer/dryer located near the rear entrance. A newer furnace (just 1 year old) ensures year-round comfort. Don't miss your chance to see this move-in ready home -- schedule your private showing today! Park approval required and Lot rent is $647 month. License No. 1102500

4. 2026-05-09
   price $74,900 553-char remark

   Show marketing remark (553 chars)

   This well-maintained 4-bedroom, 2-bathroom home offers plenty of space for the whole family. The kitchen and dining area feature durable vinyl flooring, while the large living room boasts new laminate flooring. Situated on a nice sized lot, the property includes a storage shed and washer/dryer located near the rear entrance. A newer furnace (just 1 year old) ensures year-round comfort. Don't miss your chance to see this move-in ready home -- schedule your private showing today! Park approval required and Lot rent is $647 month. License No. 1102500

5. 2026-05-08
   price $74,900 553-char remark

   Show marketing remark (553 chars)

   This well-maintained 4-bedroom, 2-bathroom home offers plenty of space for the whole family. The kitchen and dining area feature durable vinyl flooring, while the large living room boasts new laminate flooring. Situated on a nice sized lot, the property includes a storage shed and washer/dryer located near the rear entrance. A newer furnace (just 1 year old) ensures year-round comfort. Don't miss your chance to see this move-in ready home -- schedule your private showing today! Park approval required and Lot rent is $647 month. License No. 1102500

6. 2026-05-08
   price $74,900

   Show marketing remark (553 chars)

   This well-maintained 4-bedroom, 2-bathroom home offers plenty of space for the whole family. The kitchen and dining area feature durable vinyl flooring, while the large living room boasts new laminate flooring. Situated on a nice sized lot, the property includes a storage shed and washer/dryer located near the rear entrance. A newer furnace (just 1 year old) ensures year-round comfort. Don't miss your chance to see this move-in ready home -- schedule your private showing today! Park approval required and Lot rent is $647 month. License No. 1102500

7. 2025-11-11
   price $79,900 553-char remark

   Show marketing remark (553 chars)

   This well-maintained 4-bedroom, 2-bathroom home offers plenty of space for the whole family. The kitchen and dining area feature durable vinyl flooring, while the large living room boasts new laminate flooring. Situated on a nice sized lot, the property includes a storage shed and washer/dryer located near the rear entrance. A newer furnace (just 1 year old) ensures year-round comfort. Don't miss your chance to see this move-in ready home -- schedule your private showing today! Park approval required and Lot rent is $647 month. License No. 1102500

8. 2025-11-10
   price $79,900 553-char remark

   Show marketing remark (553 chars)

   This well-maintained 4-bedroom, 2-bathroom home offers plenty of space for the whole family. The kitchen and dining area feature durable vinyl flooring, while the large living room boasts new laminate flooring. Situated on a nice sized lot, the property includes a storage shed and washer/dryer located near the rear entrance. A newer furnace (just 1 year old) ensures year-round comfort. Don't miss your chance to see this move-in ready home -- schedule your private showing today! Park approval required and Lot rent is $647 month. License No. 1102500

9. 2025-11-10
   price $79,900

   Show marketing remark (553 chars)

   This well-maintained 4-bedroom, 2-bathroom home offers plenty of space for the whole family. The kitchen and dining area feature durable vinyl flooring, while the large living room boasts new laminate flooring. Situated on a nice sized lot, the property includes a storage shed and washer/dryer located near the rear entrance. A newer furnace (just 1 year old) ensures year-round comfort. Don't miss your chance to see this move-in ready home -- schedule your private showing today! Park approval required and Lot rent is $647 month. License No. 1102500

10. 2025-09-22
    listed $87,000 Active 553-char remark

    Show marketing remark (553 chars)

    This well-maintained 4-bedroom, 2-bathroom home offers plenty of space for the whole family. The kitchen and dining area feature durable vinyl flooring, while the large living room boasts new laminate flooring. Situated on a nice sized lot, the property includes a storage shed and washer/dryer located near the rear entrance. A newer furnace (just 1 year old) ensures year-round comfort. Don't miss your chance to see this move-in ready home -- schedule your private showing today! Park approval required and Lot rent is $647 month. License No. 1102500

11. 2025-09-22
    listed $87,000 Active 553-char remark

    Show marketing remark (553 chars)

    This well-maintained 4-bedroom, 2-bathroom home offers plenty of space for the whole family. The kitchen and dining area feature durable vinyl flooring, while the large living room boasts new laminate flooring. Situated on a nice sized lot, the property includes a storage shed and washer/dryer located near the rear entrance. A newer furnace (just 1 year old) ensures year-round comfort. Don't miss your chance to see this move-in ready home -- schedule your private showing today! Park approval required and Lot rent is $647 month. License No. 1102500

12. 2025-09-22
    listed $87,000 Active

    Show marketing remark (553 chars)

    This well-maintained 4-bedroom, 2-bathroom home offers plenty of space for the whole family. The kitchen and dining area feature durable vinyl flooring, while the large living room boasts new laminate flooring. Situated on a nice sized lot, the property includes a storage shed and washer/dryer located near the rear entrance. A newer furnace (just 1 year old) ensures year-round comfort. Don't miss your chance to see this move-in ready home -- schedule your private showing today! Park approval required and Lot rent is $647 month. License No. 1102500

ⓘ 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: $19,202
• − Mortgage interest: −$4,196
• − Property taxes: −$1,124
• − Insurance: −$374
• − Repairs & maintenance: −$1,536
• − Management: −$1,536
• − HOA: −$7,764
• − Depreciation: −$2,179
• Taxable income: $493
• Est. tax owed @ 24.0%: −$118
• After-tax cash flow: $1,076/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

Good 75/100 Cosmetic rehab

This move-in ready home offers a good condition with some minor repairs and maintenance needed. Upgrades to the interior and exterior can significantly increase its value.

Repairs flagged

• Minor Kitchen cabinets — Some clutter
• Minor Bathroom fixtures — Some clutter
• Minor Landscaping — Overgrown areas

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace kitchen cabinets — Modernizing the kitchen can significantly increase both resale and rental value
• Both Landscaping and curb appeal — A well-maintained exterior can attract more buyers and renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Some clutter	Minor	$500–3,000
Bathroom fixtures · Some clutter	Minor	$500–3,000
Landscaping · Overgrown areas	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace kitchen cabinets — Modernizing the kitchen can significantly increase both resale and rental value ↑
• Both Landscaping and curb appeal — A well-maintained exterior can 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: Oakridge Public Schools
• NCES district ID: 2626220
• Math proficiency: 17% ▼ -8.00%
• Reading proficiency: 40% ▼ -4.00%
• Median HH income: $41,553
• Composite: 24.06/100
• National rank: #7762
• State rank: #389 of 540 in MI

Livability — Wolf Lake

• Score: 60/100
• State rank: #594
• US rank: #19391

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Muskegon County · 107,917 people
• Metro: Muskegon, MI
• Population (ZIP): 44,766
• Household income: $48,563
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 1598.0

Population outlook (Muskegon County) Hauer SSP2

• Today (2025): 174,032 people
• By 2030: 173,365 · -0.4%
• By 2040: 168,877 · -3.0%
• By 2050: 160,306 · -7.9%
• By 2075: 134,426 · -22.8%
• By 2100: 98,836 · -43.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 63% Black 22% Two or more races 10% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Iranian 5% Romanian 4% Lithuanian 3%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Muskegon

• 2024 margin: Toss-up / Even · D 48.4% · R 50.2% · Other 1.5%
• 2008→2024 swing: -31.1pp toward R · 2008: 29.3pp · 2024: -1.8pp
• All cycles: 2024: R+1.8 2020: D+0.6 2016: D+0.9 2012: D+17.8 2008: D+29.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -174.87%
• Current HPI: 287.0558
• Rent YoY: ▲ 8.21%
• Metro: Muskegon, 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

-13.9% since first listed

12 events — show timeline

• 2026-05-18 Pending — REALCOMP
• 2026-05-18 Pending — MiRealSource-MiMLS
• 2026-05-18 Pending — SW Michigan MLS
• 2026-05-09 Price Changed $74,900 MiRealSource-MiMLS
• 2026-05-08 Price Changed $74,900 REALCOMP
• 2026-05-08 Price Changed $74,900 SW Michigan MLS
• 2025-11-11 Price Changed $79,900 MiRealSource-MiMLS
• 2025-11-10 Price Changed $79,900 REALCOMP
• 2025-11-10 Price Changed $79,900 SW Michigan MLS
• 2025-09-22 Listed $87,000 REALCOMP
• 2025-09-22 Listed $87,000 SW Michigan MLS
• 2025-09-22 Listed $87,000 MiRealSource-MiMLS