9103 N Union St #184 · Tecumseh, MI 49286

$113,000

3 bd · 2.0 ba · 1,624 sqft · Manufactured · 6 Days on market

Built 2024 1,624 sqft lot $735/mo HOA · 37% of rent

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Why this score? — see what drove the D+ 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 +15.0/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.6/10.0
• Livability +3.9/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this beautiful 2024 home offering 3 bedrooms, 2 full bathrooms, and a spacious layout. With modern finishes, thoughtful design, and plenty of room to spread out, this home provides the perfect blend of style and functionality. The bright and inviting living area is filled with an abundance of natural light, creating a warm and welcoming atmosphere. The large kitchen is the heart of the home, featuring abundant cabinet and counter space, a generous center island with additional seating, and an adjoining dining area. The primary suite offers a full bathroom, linen closet and walk-in closet, while two additional bedrooms provide flexibility for guests, a home office, or hobbies. Situated on a large corner lot, you'll enjoy extra outdoor space, a covered front porch, and a 3-car driveway for ample parking. Built in 2024, this move-in-ready home offers modern finishes, functional living spaces, and a desirable community setting. Don't miss your opportunity to make this beautiful home yours! * This is a manufactured home located in Newburg Meadows Manufactured Home Community on a leased lot. Community approval required. *

Key facts

• Covered front porch
• Walk-in closet
• Large kitchen

Tags

• LARGE KITCHEN
• CENTER ISLAND
• COVERED FRONT PORCH
• CORNER LOT
• WALK-IN CLOSET
• ABUNDANT CABINET SPACE

Property features AI

Finance

• Other: Pets allowed with breed restrictions; contact for details
• HOA & community: Homeowners association with a monthly fee of $735; HOA fee includes water and trash

Exterior

• Parking: Driveway with assigned parking (no garage)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One-story (ground level entry with steps); Vinyl siding exterior; Asphalt roof
• Construction: Built with vinyl siding; Pillar/post/pier foundation
• Exterior features: Covered porch; Corner lot; Paved road access; Shed on property

Interior

• Bathrooms: Two full bathrooms
• Heating & cooling: Central air conditioning with ceiling fans; Forced air heating fueled by natural gas
• Interior features: Seven total rooms; Laundry room
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $113k.

Deal economics

• At list price, monthly cash flow is $35 ($418/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $113k).
• Cap rate 6.7% vs local median 3.6% in Tecumseh — 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 78/100 on livability (#103 in MI, #2,459 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Tecumseh Public Schools (town): math 34% / reading 48% proficiency, ranked #181 of 540 in MI (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 96 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 137 units permitted in Lenawee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $781 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lenawee County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 37% of rent.

Recommended offer $113,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 1.74% ✓
• Cap rate: 6.66%
• Cash-on-cash: 1.32%
• DSCR: 1.06
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -13.7%
• Equity multiple: 0.51×
• Total profit: $-15,611
• Equity at exit: $16,849

10-year hold

• IRR: -4.1%
• Equity multiple: 0.72×
• Total profit: $-8,781
• Equity at exit: $9,770

Cash invested: $31,640 (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 49286

• Home prices YoY: -32.9%
• Active inventory: 96
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,963 medium
• Mortgage (P&I): −$593
• Tax est. 1.5%: −$141 /mo · $1,695/yr
• Insurance: −$47
• HOA: −$735
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $35

Break-even live

Break-even rent $1,919

Max offer price $113,000

Occupancy floor 93%

Sensitivity live

Price	-10% $113	-5% $74	+0% $35	+5% $-4	+10% $-43
Rent	-10% $-120	-5% $-43	+0% $35	+5% $112	+10% $190
Rate	-1.0pp $92	-0.5pp $64	base $35	+0.5pp $6	+1.0pp $-24

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: $28,250
• Closing costs: $3,390
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9103 N Union St #174 Tecumseh, MI	3.0	2.0	1344	$1,903	$1.42	15d	1	0.02mi
9103 N Union St #165 Tecumseh, MI	3.0	2.0	1248	$1,848	$1.48	15d	1	0.02mi
9115 N Union St Tecumseh, MI	3.0	2.0	1408	$1,876	$1.33	15d	4	0.06mi
603 Nokomis St Tecumseh, MI	3.0	2.0	1620	$2,500	$1.54	45d	1	0.25mi

HOA detail

• Monthly dues: $735 · $8,820/yr

Listing history 5 events

1. 2026-06-21
   days on market $113,000 Active 6 DOM
2. 2026-06-18
   days on market $113,000 Active 3 DOM
3. 2026-06-17
   days on market $113,000 Active 2 DOM
4. 2026-06-16
   remarks 699-char remark
5. 2026-06-16
   listed $113,000 Active 1 DOM

ⓘ 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: $23,556
• − Mortgage interest: −$6,330
• − Property taxes: −$1,695
• − Insurance: −$565
• − Repairs & maintenance: −$1,884
• − Management: −$1,884
• − HOA: −$8,820
• − Depreciation: −$3,287
• Taxable loss: −$910
• Est. tax savings @ 24.0%: +$218
• After-tax cash flow: $636/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.

Schools (NCES district)

• District: Tecumseh Public Schools
• NCES district ID: 2633720
• Math proficiency: 34% ▼ -5.00%
• Reading proficiency: 48% ▼ -4.00%
• Median HH income: $58,026
• Composite: 36.04/100
• National rank: #4775
• State rank: #181 of 540 in MI

Livability — Tecumseh

• Score: 78/100
• State rank: #103
• US rank: #2459

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tecumseh, MI
• City population: 14,331
• Population (ZIP): 14,331

Population outlook (Lenawee County) Hauer SSP2

• Today (2025): 95,497 people
• By 2030: 92,722 · -2.9%
• By 2040: 85,641 · -10.3%
• By 2050: 77,971 · -18.4%
• By 2075: 60,043 · -37.1%
• By 2100: 41,468 · -56.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 8% Hispanic / Latino 7% Black 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Romanian 5% Lithuanian 4% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Lenawee

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.8% · Other 1.4%
• 2008→2024 swing: -28.1pp toward R · 2008: 5.1pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+19.9 2016: R+21.1 2012: R+1.3 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.90%
• Current HPI: 234.4935
• 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

+0.0% since first listed

2 events — show timeline

• 2026-06-16 Listed $113,000 REALCOMP
• 2026-06-15 Listed $113,000 MiRealSource-MiMLS