9622 Kewanee Rd

Richfield, MI 48656

$59,900B-

2 bd · 1.0 ba · 744 sqft · Built 1972 · Manufactured · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $832/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$82
• HOA: −$0
• Vac / Maint / Mgmt: −$175
• Net cashflow: $261/mo
• Annual: $3,128/yr
• Cap rate: 11.52%
• Cash-on-cash: 18.65%
• DSCR: 1.83
• 1% rule: 1.39%
• Cash to close: $16,772

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $60k.
• At list price, monthly cash flow is $261 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($832 rent vs $60k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Roscommon Area Public Schools (rural): math 30% / reading 44% proficiency, ranked #270 of 540 in MI (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 73 active listings in the ZIP; 73 units permitted in Roscommon County in 2024 (0 in 5+ unit buildings).
• Roscommon County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $20k; list at $60k implies a 201% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.