4055 Velma Dr · Fort Gratiot, MI 48059

$60,000

2 bd · 1.0 ba · 800 sqft · SingleFamily · 82 Days on market

Built 1968 10,019 sqft lot $75/sqft · 65% below area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Manufactured home on land with an addition. This is a 1968 single home with a living addition and deck added. Live close to shopping and all the modern conveniences. Tenant occupied please do not disturb tenant, 48 hour notice required to show.

Key facts

• Manufactured home
• Deck
• Living addition

Tags

• MANUFACTURED HOME
• LIVING ADDITION
• DECK
• CLOSE TO SHOPPING

🏷️ Possibly a rental listed for sale. The $60,000 price doesn't fit this home's estimated sale value (~$169,755) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $688 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Port Huron Area School District (suburban): math 23% / reading 37% proficiency, ranked #368 of 540 in MI (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 101 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 232 units permitted in St. Clair County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• St. Clair County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y ago 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 $56,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 2.29% ✓
• Cap rate: 20.06%
• Cash-on-cash: 49.17%
• DSCR: 3.19
• GRM: 3.6

CMA / ARV

• ARV (median comp): $169,755
• List price: $60,000
• Delta: -64.65%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4120 Velma Dr	0.12mi	2/1.0	880 (+10%)	3mo	$75,000	$85	75

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: 46.8%
• Equity multiple: 3.03×
• Total profit: $34,128
• Equity at exit: $8,946

10-year hold

• IRR: 52.5%
• Equity multiple: 6.13×
• Total profit: $86,210
• Equity at exit: $5,188

Cash invested: $16,800 (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 48059

• Active inventory: 101
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,374 medium
• Mortgage (P&I): −$315
• Tax from tax record: −$58 /mo · $692/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $688

Break-even live

Break-even rent $503

Max offer price $60,000

Occupancy floor 45%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3900 Aspen Dr Port Huron, MI	1.0–2.0	1.0	638	$1,720	$2.69	16d	1	0.39mi
4117 Gratiot Ave Fort Gratiot Township, MI	2.0	1.0	850	$995	$1.17	1d	1	0.51mi

Listing history 25 events

1. 2026-06-18
   days on market $60,000 Active 82 DOM
2. 2026-06-17
   days on market $60,000 Active 81 DOM
3. 2026-06-16
   days on market $60,000 Active 80 DOM
4. 2026-06-15
   days on market $60,000 Active 79 DOM
5. 2026-06-13
   days on market $60,000 Active 77 DOM
6. 2026-06-13
   days on market $60,000 Active 76 DOM
7. 2026-06-09
   days on market $60,000 Active 73 DOM
8. 2026-06-08
   days on market $60,000 Active 72 DOM
9. 2026-06-07
   days on market $60,000 Active 71 DOM
10. 2026-06-04
    days on market $60,000 Active 68 DOM
11. 2026-06-03
    days on market $60,000 Active 67 DOM
12. 2026-06-02
    days on market $60,000 Active 66 DOM
13. 2026-06-01
    days on market $60,000 Active 65 DOM
14. 2026-05-31
    days on market $60,000 Active 64 DOM
15. 2026-03-28
    listed $60,000 Active 244-char remark

    Show marketing remark (244 chars)

    Manufactured home on land with an addition. This is a 1968 single home with a living addition and deck added. Live close to shopping and all the modern conveniences. Tenant occupied please do not disturb tenant, 48 hour notice required to show.

16. 2026-03-28
    listed $60,000 Active 244-char remark

    Show marketing remark (244 chars)

    Manufactured home on land with an addition. This is a 1968 single home with a living addition and deck added. Live close to shopping and all the modern conveniences. Tenant occupied please do not disturb tenant, 48 hour notice required to show.

17. 2021-12-28
    historical
18. 2021-12-28
    historical
19. 2021-03-27
    listed $55,000 Active
20. 2021-03-27
    listed $55,000 Active
21. 2019-10-19
    historical
22. 2019-10-19
    historical
23. 2019-08-15
    price $49,800
24. 2019-04-15
    listed $49,800
25. 2019-04-15
    listed $49,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $692 · $58/mo
• Projected year-2 tax: $808 · $67/mo
• Expected delta: +$116/yr (+$10/mo · 16.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,491
• − Mortgage interest: −$3,361
• − Property taxes: −$692
• − Insurance: −$300
• − Repairs & maintenance: −$1,319
• − Management: −$1,319
• − Depreciation: −$1,745
• Taxable income: $7,754
• Est. tax owed @ 24.0%: −$1,861
• After-tax cash flow: $6,399/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: Port Huron Area School District
• NCES district ID: 2628830
• Math proficiency: 23% ▼ -5.00%
• Reading proficiency: 37% ▼ -2.00%
• Median HH income: $42,093
• Composite: 25.4/100
• National rank: #7462
• State rank: #368 of 540 in MI

Livability — Fort Gratiot

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 15,371

Population outlook (St. Clair County) Hauer SSP2

• Today (2025): 154,587 people
• By 2030: 150,031 · -2.9%
• By 2040: 138,177 · -10.6%
• By 2050: 124,390 · -19.5%
• By 2075: 95,825 · -38.0%
• By 2100: 68,672 · -55.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 5% Two or more races 3% Black 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 11% Lithuanian 5% Slovak 4%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · St. Clair

• 2024 margin: Solid R (+34.6) · D 32.0% · R 66.6% · Other 1.4%
• 2008→2024 swing: -37.3pp toward R · 2008: 2.6pp · 2024: -34.6pp
• All cycles: 2024: R+34.6 2020: R+30.2 2016: R+31.4 2012: R+7.1 2008: D+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -133.89%
• Current HPI: 151.0184
• 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

+20.5% since first listed

11 events — show timeline

• 2026-03-28 Listed $60,000 REALCOMP
• 2026-03-28 Listed $60,000 MiRealSource-MiMLS
• 2021-12-28 Listing Removed — MiRealSource-MiMLS
• 2021-12-28 Listing Removed — REALCOMP
• 2021-03-27 Listed $55,000 MiRealSource-MiMLS
• 2021-03-27 Listed $55,000 REALCOMP
• 2019-10-19 Listing Removed — MiRealSource-MiMLS
• 2019-10-19 Listing Removed — REALCOMP
• 2019-08-15 Price Changed $49,800 MiRealSource-MiMLS
• 2019-04-15 Listed $49,900 MiRealSource-MiMLS
• 2019-04-15 Listed $49,800 REALCOMP

Property tax history

-5.9%/yr

Latest (2025): $692 · -52.3% YoY. Source: county tax records.