24269 Arrowhead Rd #269

Sylvan, MI 48118

$143,995B

3 bd · 2.0 ba · 1,500 sqft · Built 2026 · Manufactured · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,177/mo
• Mortgage (P&I): −$755
• Tax + insurance: −$240
• HOA: −$0
• Vac / Maint / Mgmt: −$457
• Net cashflow: $725/mo
• Annual: $8,697/yr
• Cap rate: 12.33%
• Cash-on-cash: 21.57%
• DSCR: 1.96
• 1% rule: 1.51%
• Cash to close: $40,319

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $144k. Condition is rated excellent.
• At list price, monthly cash flow is $725 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $144k).
• It's been on market 19 days — a 2% lower offer ($142k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $142k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $995 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Chelsea School District (town): math 53% / reading 57% proficiency, ranked #59 of 540 in MI (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: North Creek Elementary School (477 students, 15% FRL); Beach Middle School (math 54% / reading 59%, grade B, #70 of 493 statewide, top 14%, 542 students, 10% FRL); Chelsea High School (math 56% / reading 70%, grade B-, #57 of 713 statewide, top 8%, 783 students, 15% FRL) — zoned schools at 13% FRL track the district average.
• Market conditions: 77 active listings in the ZIP; 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).
• Washtenaw County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $40k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• 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.