8138 Conover Dr · Belleville, MI 48191

$119,000

3 bd · 1.0 ba · 2,128 sqft · SingleFamily public records · 31 Days on market

Built 2001 4,356 sqft lot $56/sqft · 31% below area Est $171k · 31% under

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Why this score? — see what drove the B 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 +28.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious Manufactured Home in Prestigious August Woods Community Welcome to this beautiful large manufactured home in the highly sought-after August Woods community. Offering an exceptional blend of comfort, style, and low-maintenance living, this home is move-in ready and sure to impress. Step inside to the dramatic sunken living room featuring a cozy gas fireplace and seamless flow into the formal dining room - perfect for entertaining family and friends. The bright island kitchen offers abundant cabinetry, generous counter space, and a gas range, side-by-side refrigerator, over-the-range microwave, and dishwasher. A sunny breakfast nook completes the space, making it ideal for casual meals and morning coffee. French doors open into the expansive family room, where new French doors lead out to the deck overlooking the serene duck pond. This is the perfect spot for relaxing or enjoying the peaceful water views. The conveniently located laundry room is just off the family room for effortless daily living. The primary suite is dramatic with a step-down into a massive bedroom offering over 300 square feet of space. Double closets provide ample storage, while the primary bath features a large shower stall, double vanity, and a relaxing sunken soaker tub. Additional highlights include a long carport (no more carrying groceries in the rain or snow!), a large storage shed, and a deck. Best of all, the community handles all lawn care - so you'll never have to mow again. Lot rent is only $663 a month! August Woods residents enjoy exclusive access to a large clubhouse, a heated swimming pool, and a playground. The location is incredibly convenient - just minutes from I-94 and a short drive to Ann Arbor, offering easy access to shopping, dining, entertainment, and employment centers. This home truly exceeds expectations. Don't miss your opportunity to call this exceptional property your own in the desirable August Woods community. Schedule your private showing today!

Key facts

• Breakfast nook
• Island kitchen
• Sunken living room

Tags

• SUNKEN LIVING ROOM
• GAS FIREPLACE
• ISLAND KITCHEN
• ABUNDANT CABINETRY
• GAS RANGE
• BREAKFAST NOOK

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $384 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Recommended offer: $115k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 3.1% in Belleville — 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 75/100 on livability (#164 in MI, #4,360 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Lincoln Consolidated School District (rural): math 17% / reading 33% proficiency, ranked #393 of 540 in MI (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Lincoln Middle School (math 18% / reading 34%, grade F, #383 of 493 statewide, top 78%, 734 students, 56% FRL); Lincoln Senior High School (math 17% / reading 42%, grade F, #441 of 713 statewide, top 64%, 927 students, 45% FRL).
• Market conditions: 15 active listings in the ZIP; 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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 $33k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• 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.

Recommended offer $115,430 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.28% ✓
• Cap rate: 10.16%
• Cash-on-cash: 13.82%
• DSCR: 1.61
• GRM: 6.5

CMA / ARV

• ARV (median comp): $171,434
• List price: $119,000
• Delta: -30.59%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8099 Conover Dr	0.06mi	4/3.0 (+1)	2,280 (+7%)	9mo	$100,000	$44	65
10747 S Brookston Dr	0.39mi	3/2.0	2,176 (+2%)	13mo	$160,900	$74	64
10819 S Brookston Dr	0.42mi	3/2.0	2,184 (+3%)	14mo	$169,000	$77	60
8464 S Brookston Dr	0.28mi	3/2.0	2,432 (+14%)	6mo	$203,000	$83	54
8441 S Brookston Dr	0.26mi	3/2.0	2,280 (+7%)	23mo	$205,000	$90	53
10748 Edwards Ln	0.37mi	3/2.0	1,818 (-15%)	13mo	$175,000	$96	44

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.0%
• Equity multiple: 1.16×
• Total profit: $5,172
• Equity at exit: $17,743

10-year hold

• IRR: 13.5%
• Equity multiple: 2.08×
• Total profit: $36,057
• Equity at exit: $10,289

Cash invested: $33,320 (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 48191

• Active inventory: 15
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,527 medium
• Mortgage (P&I): −$624
• Tax est. 1.5%: −$149 /mo · $1,785/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $384

Break-even live

Break-even rent $1,041

Max offer price $119,000

Occupancy floor 70%

Sensitivity live

Price	-10% $466	-5% $425	+0% $384	+5% $342	+10% $301
Rent	-10% $263	-5% $323	+0% $384	+5% $444	+10% $504
Rate	-1.0pp $444	-0.5pp $414	base $384	+0.5pp $353	+1.0pp $321

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-12
   status Pending 1991-char remark

   Show marketing remark (2019 chars)

   Spacious Manufactured Home in Prestigious August Woods Community Welcome to this beautiful large manufactured home in the highly sought-after August Woods community. Offering an exceptional blend of comfort, style, and low-maintenance living, this home is move-in ready and sure to impress. Step inside to the dramatic sunken living room featuring a cozy gas fireplace and seamless flow into the formal dining room—perfect for entertaining family and friends. The bright island kitchen offers abundant cabinetry, generous counter space, and a gas range, side-by-side refrigerator, over-the-range microwave, and dishwasher. A sunny breakfast nook completes the space, making it ideal for casual meals and morning coffee. French doors open into the expansive family room, where new French doors lead out to the deck overlooking the serene duck pond. This is the perfect spot for relaxing or enjoying the peaceful water views. The conveniently located laundry room is just off the family room for effortless daily living. The primary suite is dramatic with a step-down into a massive bedroom offering over 300 square feet of space. Double closets provide ample storage, while the primary bath features a large shower stall, double vanity, and a relaxing sunken soaker tub. Additional highlights include a long carport (no more carrying groceries in the rain or snow!), a large storage shed, and a deck. Best of all, the community handles all lawn care—so you’ll never have to mow again. Lot rent is only $663 a month! August Woods residents enjoy exclusive access to a large clubhouse, a heated swimming pool, and a playground. The location is incredibly convenient—just minutes from I-94 and a short drive to Ann Arbor, offering easy access to shopping, dining, entertainment, and employment centers. This home truly exceeds expectations. Don’t miss your opportunity to call this exceptional property your own in the desirable August Woods community. Schedule your private showing today!

2. 2026-05-12
   status Pending 2019-char remark

   Show marketing remark (2019 chars)

   Spacious Manufactured Home in Prestigious August Woods Community Welcome to this beautiful large manufactured home in the highly sought-after August Woods community. Offering an exceptional blend of comfort, style, and low-maintenance living, this home is move-in ready and sure to impress. Step inside to the dramatic sunken living room featuring a cozy gas fireplace and seamless flow into the formal dining room—perfect for entertaining family and friends. The bright island kitchen offers abundant cabinetry, generous counter space, and a gas range, side-by-side refrigerator, over-the-range microwave, and dishwasher. A sunny breakfast nook completes the space, making it ideal for casual meals and morning coffee. French doors open into the expansive family room, where new French doors lead out to the deck overlooking the serene duck pond. This is the perfect spot for relaxing or enjoying the peaceful water views. The conveniently located laundry room is just off the family room for effortless daily living. The primary suite is dramatic with a step-down into a massive bedroom offering over 300 square feet of space. Double closets provide ample storage, while the primary bath features a large shower stall, double vanity, and a relaxing sunken soaker tub. Additional highlights include a long carport (no more carrying groceries in the rain or snow!), a large storage shed, and a deck. Best of all, the community handles all lawn care—so you’ll never have to mow again. Lot rent is only $663 a month! August Woods residents enjoy exclusive access to a large clubhouse, a heated swimming pool, and a playground. The location is incredibly convenient—just minutes from I-94 and a short drive to Ann Arbor, offering easy access to shopping, dining, entertainment, and employment centers. This home truly exceeds expectations. Don’t miss your opportunity to call this exceptional property your own in the desirable August Woods community. Schedule your private showing today!

3. 2026-04-11
   listed $119,000 Active 2019-char remark

   Show marketing remark (1991 chars)

   Spacious Manufactured Home in Prestigious August Woods Community Welcome to this beautiful large manufactured home in the highly sought-after August Woods community. Offering an exceptional blend of comfort, style, and low-maintenance living, this home is move-in ready and sure to impress. Step inside to the dramatic sunken living room featuring a cozy gas fireplace and seamless flow into the formal dining room - perfect for entertaining family and friends. The bright island kitchen offers abundant cabinetry, generous counter space, and a gas range, side-by-side refrigerator, over-the-range microwave, and dishwasher. A sunny breakfast nook completes the space, making it ideal for casual meals and morning coffee. French doors open into the expansive family room, where new French doors lead out to the deck overlooking the serene duck pond. This is the perfect spot for relaxing or enjoying the peaceful water views. The conveniently located laundry room is just off the family room for effortless daily living. The primary suite is dramatic with a step-down into a massive bedroom offering over 300 square feet of space. Double closets provide ample storage, while the primary bath features a large shower stall, double vanity, and a relaxing sunken soaker tub. Additional highlights include a long carport (no more carrying groceries in the rain or snow!), a large storage shed, and a deck. Best of all, the community handles all lawn care - so you'll never have to mow again. Lot rent is only $663 a month! August Woods residents enjoy exclusive access to a large clubhouse, a heated swimming pool, and a playground. The location is incredibly convenient - just minutes from I-94 and a short drive to Ann Arbor, offering easy access to shopping, dining, entertainment, and employment centers. This home truly exceeds expectations. Don't miss your opportunity to call this exceptional property your own in the desirable August Woods community. Schedule your private showing today!

4. 2026-04-11
   listed $119,000 Active 1991-char remark

   Show marketing remark (1991 chars)

   Spacious Manufactured Home in Prestigious August Woods Community Welcome to this beautiful large manufactured home in the highly sought-after August Woods community. Offering an exceptional blend of comfort, style, and low-maintenance living, this home is move-in ready and sure to impress. Step inside to the dramatic sunken living room featuring a cozy gas fireplace and seamless flow into the formal dining room - perfect for entertaining family and friends. The bright island kitchen offers abundant cabinetry, generous counter space, and a gas range, side-by-side refrigerator, over-the-range microwave, and dishwasher. A sunny breakfast nook completes the space, making it ideal for casual meals and morning coffee. French doors open into the expansive family room, where new French doors lead out to the deck overlooking the serene duck pond. This is the perfect spot for relaxing or enjoying the peaceful water views. The conveniently located laundry room is just off the family room for effortless daily living. The primary suite is dramatic with a step-down into a massive bedroom offering over 300 square feet of space. Double closets provide ample storage, while the primary bath features a large shower stall, double vanity, and a relaxing sunken soaker tub. Additional highlights include a long carport (no more carrying groceries in the rain or snow!), a large storage shed, and a deck. Best of all, the community handles all lawn care - so you'll never have to mow again. Lot rent is only $663 a month! August Woods residents enjoy exclusive access to a large clubhouse, a heated swimming pool, and a playground. The location is incredibly convenient - just minutes from I-94 and a short drive to Ann Arbor, offering easy access to shopping, dining, entertainment, and employment centers. This home truly exceeds expectations. Don't miss your opportunity to call this exceptional property your own in the desirable August Woods community. Schedule your private showing today!

ⓘ 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: $18,319
• − Mortgage interest: −$6,666
• − Property taxes: −$1,785
• − Insurance: −$595
• − Repairs & maintenance: −$1,465
• − Management: −$1,465
• − Depreciation: −$3,462
• Taxable income: $2,880
• Est. tax owed @ 24.0%: −$691
• After-tax cash flow: $3,912/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: Lincoln Consolidated School District
• NCES district ID: 2621570
• Math proficiency: 17% ▼ -7.00%
• Reading proficiency: 33% ▼ -3.00%
• Median HH income: $68,001
• Composite: 23.72/100
• National rank: #7827
• State rank: #393 of 540 in MI

Livability — Belleville

• Score: 75/100
• State rank: #164
• US rank: #4360

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 44,709
• Population (ZIP): 4,253

Population outlook (Washtenaw County) Hauer SSP2

• Today (2025): 402,878 people
• By 2030: 424,104 · +5.3%
• By 2040: 464,633 · +15.3%
• By 2050: 504,728 · +25.3%
• By 2075: 614,463 · +52.5%
• By 2100: 676,181 · +67.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Two or more races 12% Black 9%
• Common ancestry: Romanian 7% Slovak 4% Portuguese 4%
• Foreign-born: 3% · Canada
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Washtenaw

• 2024 margin: Solid D (+44.4) · D 71.0% · R 26.6% · Other 2.4%
• 2008→2024 swing: +3.5pp toward D · 2008: 41.0pp · 2024: 44.4pp
• All cycles: 2024: D+44.4 2020: D+46.6 2016: D+41.5 2012: D+36.0 2008: D+41.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -102.34%
• Current HPI: 175.5446
• 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

4 events — show timeline

• 2026-05-12 Pending — MiRealSource-MiMLS
• 2026-05-12 Pending — REALCOMP
• 2026-04-11 Listed $119,000 REALCOMP
• 2026-04-11 Listed $119,000 MiRealSource-MiMLS

Property tax history

+5.9%/yr

Latest (2025): $24 · -12.6% YoY. Source: county tax records.