24184 Norway Rd Plan · Chelsea, MI 48118

$139,995

3 bd · 2.0 ba · 1,456 sqft · Manufactured · 669 Days on market

Good condition

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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
• Schools +4.9/10.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful 3 bedroom to bath home with covered front porch situated on a corner site. This home has an amazing kitchen with a huge kitchen island, stainless appliances, pendant lights over the island, built in microwave, stainless range hood over a gas stove. 42" cabinets with adjustable shelving. The living room is very spacious with lots of natural lighting and windows. The utility room has a coat closet, shelving, rinse basin, and washer and dryer. The bedrooms are spacious, and the primary bedroom has an ensuite large bath, with dual sinks, a walk-in shower with glass doors, and linen closet. The primary bedroom has a huge walk-in closet as well. This home wont last long as the price was just reduced!

Key facts

• Listed 669 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $140k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $427 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 3.0% in Chelsea — 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 76/100 on livability (#135 in MI, #3,301 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• 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.
• Market conditions: 77 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 $968 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 $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 669 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $314/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,195 (12.0% below list)

Questions for the listing agent

1. It's been on market 669 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Schools are A-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?
6. 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.
7. 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.
8. 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: 1.54% ✓
• Cap rate: 12.64%
• Cash-on-cash: 22.67%
• DSCR: 2.01
• GRM: 5.4

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: 3.1%
• Equity multiple: 1.12×
• Total profit: $4,732
• Equity at exit: $20,874

10-year hold

• IRR: 12.8%
• Equity multiple: 2.02×
• Total profit: $40,049
• Equity at exit: $12,104

Cash invested: $39,199 (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 48118

• Active inventory: 77
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,162 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• Flood insurance flood zone: −$314 /mo · $3,765/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$454
• Net cashflow: $427

Break-even live

Break-even rent $1,622

Max offer price $139,995

Occupancy floor 75%

Sensitivity live

Price	-10% $524	-5% $475	+0% $427	+5% $379	+10% $330
Rent	-10% $256	-5% $342	+0% $427	+5% $512	+10% $598
Rate	-1.0pp $497	-0.5pp $463	base $427	+0.5pp $391	+1.0pp $354

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: $34,999
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $139,995 Active 669 DOM
2. 2026-06-18
   days on market $139,995 Active 666 DOM
3. 2026-06-17
   days on market $139,995 Active 665 DOM
4. 2026-06-16
   days on market $139,995 Active 664 DOM
5. 2026-06-15
   days on market $139,995 Active 663 DOM
6. 2026-06-14
   days on market $139,995 Active 661 DOM
7. 2026-06-13
   days on market $139,995 Active 660 DOM
8. 2026-06-10
   days on market $139,995 Active 658 DOM
9. 2026-06-09
   days on market $139,995 Active 657 DOM
10. 2026-06-08
    days on market $139,995 Active 656 DOM
11. 2026-06-07
    days on market $139,995 Active 655 DOM
12. 2026-06-05
    days on market $139,995 Active 652 DOM
13. 2026-06-03
    days on market $139,995 Active 651 DOM
14. 2026-06-02
    days on market $139,995 Active 650 DOM
15. 2026-06-01
    days on market $139,995 Active 649 DOM
16. 2026-05-31
    days on market $139,995 Active 648 DOM
17. 2026-05-30
    days on market $139,995 Active 647 DOM
18. 2024-08-21
    listed $139,995 Active 718-char remark

    Show marketing remark (718 chars)

    Beautiful 3 bedroom to bath home with covered front porch situated on a corner site. This home has an amazing kitchen with a huge kitchen island, stainless appliances, pendant lights over the island, built in microwave, stainless range hood over a gas stove. 42" cabinets with adjustable shelving. The living room is very spacious with lots of natural lighting and windows. The utility room has a coat closet, shelving, rinse basin, and washer and dryer. The bedrooms are spacious, and the primary bedroom has an ensuite large bath, with dual sinks, a walk-in shower with glass doors, and linen closet. The primary bedroom has a huge walk-in closet as well. This home wont last long as the price was just reduced!

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone A · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,947
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$4,465
• − Repairs & maintenance: −$2,076
• − Management: −$2,076
• − Depreciation: −$4,073
• Taxable income: $3,316
• Est. tax owed @ 24.0%: −$796
• After-tax cash flow: $4,327/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This manufactured home is in good condition with modern finishes and a well-maintained exterior. It has potential for further value increases through minor updates.

Value-add opportunities

• Resale Paint exterior trim — Enhances curb appeal and can increase property value
• Both Replace carpet in bedrooms — Carpet can be outdated and replacing it with hardwood or tile can increase both resale and rental value
• Both Install smart home devices — Smart home devices can increase property value and attract tech-savvy buyers/renters

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior trim — Enhances curb appeal and can increase property value ↑
• Both Replace carpet in bedrooms — Carpet can be outdated and replacing it with hardwood or tile can increase both resale and rental value ↑
• Both Install smart home devices — Smart home devices can increase property value and attract tech-savvy buyers/renters ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Chelsea School District
• NCES district ID: 2608940
• Math proficiency: 53% ▼ -13.00%
• Reading proficiency: 57% ▼ -6.00%
• Median HH income: $75,362
• Composite: 49.34/100
• National rank: #2018
• State rank: #59 of 540 in MI

Livability — Chelsea

• Score: 76/100
• State rank: #135
• US rank: #3301

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 13,088
• Population (ZIP): 13,088

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 (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2% Black 1%
• Common ancestry: Romanian 8% Slovak 4% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 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: ▼ -204.35%
• Current HPI: 174.8761
• 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

1 event — show timeline

• 2024-08-21 Listed $139,995 Zillow