260 E Garfield Lot 58 Ave · Coldwater, MI 49036

$56,000

3 bd · 2.0 ba · 1,056 sqft · SingleFamily · 6 Days on market

Built 2019 $555/mo HOA · 50% of rent ↓ 17% since listing

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Why this score? — see what drove the D- 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).

• 1% rule +10.0/10.0
• Cash flow +7.9/30.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this affordable 3 bedroom, 2 bathroom manufactured home located in the desirable Tallgrass Community in Coldwater! This spacious home offers a functional layout with plenty of room to spread out, along with lots of storage throughout. Enjoy the convenience of two full bathrooms, comfortable living spaces, and a shed for additional storage needs. Located in a well-maintained mobile home park, this home offers an affordable lifestyle with lot rent currently at $555 per month, water, sewer, trash & School tax is added separately and averages around $650/month total. A great opportunity for anyone looking for affordable homeownership in a convenient Coldwater location. Sch

Key facts

• Lots of storage
• Functional layout
• Tallgrass community

Tags

• TALLGRASS COMMUNITY
• FUNCTIONAL LAYOUT
• LOTS OF STORAGE
• TWO FULL BATHROOMS
• COMFORTABLE LIVING SPACES
• SHED FOR ADDITIONAL STORAGE

Property features AI

Finance

• HOA & community: Association fee $555 monthly

Exterior

• Home design: Residential property; Built in 2019
• Construction: Vinyl siding; 1,056 total building area
• Exterior features: Public water

Interior

• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Seven total rooms; Basement: Other

🏷️ Possibly a rental listed for sale. The $56,000 price doesn't fit this home's estimated sale value (~$129,888) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $56k.

Deal economics

• At list price, monthly cash flow is $-61 ($-726/yr) — negative.
• To cash-flow at today's rent, offer at most $47k (15.6% below list).
• Meets the 1% rule at list price ($1k rent vs $56k).
• Recommended offer: $47k (15.6% below list) — sets the bar for cash-flow.
• Cap rate 5.0% vs local median 3.3% in Coldwater — 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 71/100 on livability (#270 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment D+, amenities F.
• Coldwater Community Schools (town): math 26% / reading 37% proficiency, ranked #344 of 540 in MI (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 140 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 43 units permitted in Branch County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $387 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Branch County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 50 sale attempts since 30y ago; this cycle's ask is 213% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $19k; list at $56k implies a 196% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 50% of rent.

Recommended offer $47,244 (15.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.99% ✓
• Cap rate: 5.00%
• Cash-on-cash: -4.63%
• DSCR: 0.79
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $129,888
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
58 Sherman St	0.55mi	3/1.0	1,059 (+0%)	2mo	$185,000	$175	68
112 Elm St	0.65mi	2/1.0 (-1)	1,128 (+7%)	0mo	$81,000	$72	49
36 Preston St	0.55mi	3/1.0	1,023 (-3%)	19mo	$90,000	$88	49
284 S Jefferson St	0.41mi	2/1.0 (-1)	1,118 (+6%)	17mo	$92,250	$83	48
269 S Sprague Rd	0.44mi	3/1.0	929 (-12%)	21mo	$174,000	$187	38
46 Stevens St	0.47mi	2/1.0 (-1)	1,188 (+12%)	13mo	$146,000	$123	37

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: -23.2%
• Equity multiple: 0.20×
• Total profit: $-12,571
• Equity at exit: $8,350

10-year hold

• IRR: -15.9%
• Equity multiple: 0.08×
• Total profit: $-14,455
• Equity at exit: $4,842

Cash invested: $15,680 (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 49036

• Active inventory: 140
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,116 medium
• Mortgage (P&I): −$294
• Tax est. 1.5%: −$70 /mo · $840/yr
• Insurance: −$23
• HOA: −$555
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $-61

Break-even live

Break-even rent $1,192

Max offer price $47,244

Occupancy floor —

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: $14,000
• Closing costs: $1,680
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
39 Whispering Pines Dr Coldwater, MI	1.0–3.0	1.0–2.0	1012	$1,040	$1.03	44d	1	0.75mi
313 W Chicago St Coldwater, MI	3.0	1.0	802	$1,300	$1.62	44d	1	1.45mi

HOA detail

• Monthly dues: $555 · $6,660/yr
• Likely covers: watersewertrash

Listing history 6 events

1. 2026-06-18
   days on market $56,000 Active 6 DOM
2. 2026-06-17
   days on market $56,000 Active 5 DOM
3. 2026-06-16
   days on market $56,000 Active 4 DOM
4. 2026-06-15
   days on market $56,000 Active 3 DOM
5. 2026-06-12
   remarks 695-char remark
6. 2026-06-12
   listed $56,000 Active 1 DOM

ⓘ 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: $13,390
• − Mortgage interest: −$3,137
• − Property taxes: −$840
• − Insurance: −$280
• − Repairs & maintenance: −$1,071
• − Management: −$1,071
• − HOA: −$6,660
• − Depreciation: −$1,629
• Taxable loss: −$1,299
• Est. tax savings @ 24.0%: +$312
• After-tax cash flow: $-414/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: Coldwater Community Schools
• NCES district ID: 2610140
• Math proficiency: 26% ▼ -12.00%
• Reading proficiency: 37% ▼ -5.00%
• Median HH income: $44,373
• Composite: 26.87/100
• National rank: #7101
• State rank: #344 of 540 in MI

Livability — Coldwater

• Score: 71/100
• State rank: #270
• US rank: #6664

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Coldwater, MI
• Population (ZIP): 24,697

Population outlook (Branch County) Hauer SSP2

• Today (2025): 41,079 people
• By 2030: 39,622 · -3.5%
• By 2040: 36,584 · -10.9%
• By 2050: 33,462 · -18.5%
• By 2075: 26,612 · -35.2%
• By 2100: 18,580 · -54.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 7% Two or more races 5% Black 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 2%
• Foreign-born: 8% · Canada
• Languages at home: 86% English-only · Arabic 7% Spanish 5% German/W. Germanic 1%

Political lean MEDSL · Branch

• 2024 margin: Solid R (+42.4) · D 28.0% · R 70.4% · Other 1.6%
• 2008→2024 swing: -36.2pp toward R · 2008: -6.1pp · 2024: -42.4pp
• All cycles: 2024: R+42.4 2020: R+38.5 2016: R+38.1 2012: R+18.7 2008: R+6.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -214.60%
• Current HPI: 192.653
• 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

-17.5% since first listed

86 events — show timeline

• 2015-01-13 Listing Removed — SW Michigan MLS
• 2014-12-15 Listing Removed — SW Michigan MLS
• 2014-09-29 Listing Removed — SW Michigan MLS
• 2014-09-15 Listing Removed — SW Michigan MLS
• 2014-09-15 Listing Removed — SW Michigan MLS
• 2014-09-15 Listing Removed — SW Michigan MLS
• 2014-09-15 Listing Removed — SW Michigan MLS
• 2000-06-28 Sold (MLS) $18,900 REALCOMP
• 2000-06-28 Sold (MLS) $18,900 SW Michigan MLS
• 2000-01-28 Sold (MLS) $16,500 REALCOMP
• 2000-01-28 Sold (MLS) $16,500 SW Michigan MLS
• 1999-08-25 Listed $17,900 REALCOMP
• 1999-08-25 Listed $17,900 SW Michigan MLS
• 1999-08-21 Sold (MLS) $30,000 REALCOMP
• 1999-08-21 Sold (MLS) $30,000 SW Michigan MLS
• 1999-07-27 Listed $34,900 REALCOMP
• 1999-07-27 Listed $34,900 SW Michigan MLS
• 1999-06-04 Sold (MLS) $8,500 REALCOMP
• 1999-06-04 Sold (MLS) $8,500 SW Michigan MLS
• 1999-05-21 Sold (MLS) $11,500 REALCOMP
• 1999-05-21 Sold (MLS) $11,500 SW Michigan MLS
• 1999-05-03 Listing Removed — SW Michigan MLS
• 1999-04-26 Listed $18,900 REALCOMP
• 1999-04-26 Listed $18,900 SW Michigan MLS
• 1999-03-05 Listed $15,000 REALCOMP
• 1999-03-05 Listed $15,000 SW Michigan MLS
• 1999-02-14 Listed $9,900 REALCOMP
• 1999-02-14 Listed $9,900 SW Michigan MLS
• 1999-02-12 Listed $10,500 REALCOMP
• 1999-02-12 Listed $10,500 SW Michigan MLS
• 1999-01-22 Listed $14,500 REALCOMP
• 1999-01-22 Listed $14,500 SW Michigan MLS
• 1999-01-14 Listed $31,500 REALCOMP
• 1999-01-14 Listed $31,500 SW Michigan MLS
• 1998-11-11 Listing Removed — MiRealSource-MiMLS
• 1998-08-31 Sold (MLS) $15,500 REALCOMP
• 1998-08-31 Sold (MLS) $15,500 SW Michigan MLS
• 1998-08-11 Listed $16,500 REALCOMP
• 1998-08-11 Listed $16,500 MiRealSource-MiMLS
• 1998-08-11 Listed $16,500 SW Michigan MLS
• 1998-07-23 Listing Removed — MiRealSource-MiMLS
• 1998-07-17 Listed $34,900 REALCOMP
• 1998-07-17 Listed $17,900 REALCOMP
• 1998-07-17 Listed $34,900 SW Michigan MLS
• 1998-07-17 Listed $17,900 SW Michigan MLS
• 1998-07-14 Listing Removed — MiRealSource-MiMLS
• 1998-06-16 Listed $15,000 REALCOMP
• 1998-06-16 Listed $15,000 SW Michigan MLS
• 1998-04-16 Listing Removed — SW Michigan MLS
• 1998-04-16 Listing Removed — MiRealSource-MiMLS
• 1998-02-11 Listed $34,900 REALCOMP
• 1998-02-11 Listed $34,900 SW Michigan MLS
• 1998-01-28 Listed $23,900 REALCOMP
• 1998-01-28 Listed $23,900 MiRealSource-MiMLS
• 1998-01-28 Listed $23,900 SW Michigan MLS
• 1998-01-15 Listing Removed — SW Michigan MLS
• 1998-01-15 Listing Removed — MiRealSource-MiMLS
• 1997-12-10 Listed $13,500 REALCOMP
• 1997-12-10 Listed $13,500 SW Michigan MLS
• 1997-12-10 Listed $13,500 MiRealSource-MiMLS
• 1997-09-13 Sold (MLS) $20,000 REALCOMP
• 1997-09-13 Sold (MLS) $20,000 SW Michigan MLS
• 1997-09-12 Listed $40,900 REALCOMP
• 1997-09-12 Listed $40,900 SW Michigan MLS
• 1997-09-12 Listed $40,900 MiRealSource-MiMLS
• 1997-08-29 Listed $22,500 REALCOMP
• 1997-08-29 Listed $22,500 MiRealSource-MiMLS
• 1997-08-29 Listed $22,500 SW Michigan MLS
• 1997-08-08 Sold (MLS) $7,200 REALCOMP
• 1997-08-08 Sold (MLS) $7,200 SW Michigan MLS
• 1997-07-23 Listed $22,000 REALCOMP
• 1997-07-23 Listed $22,000 SW Michigan MLS
• 1997-05-16 Listing Removed — SW Michigan MLS
• 1997-03-24 Listed $29,900 REALCOMP
• 1997-03-24 Listed $29,900 SW Michigan MLS
• 1997-02-28 Sold (MLS) $14,000 REALCOMP
• 1997-02-28 Sold (MLS) $14,000 SW Michigan MLS
• 1997-02-21 Listed $7,500 REALCOMP
• 1997-02-21 Listed $7,500 SW Michigan MLS
• 1997-01-30 Listed $14,750 REALCOMP
• 1997-01-30 Listed $14,750 SW Michigan MLS
• 1996-09-17 Listed $17,500 REALCOMP
• 1996-08-03 Sold (MLS) $23,500 REALCOMP
• 1996-08-03 Sold (MLS) $23,500 SW Michigan MLS
• 1996-05-28 Listed $22,900 REALCOMP
• 1996-05-28 Listed $22,900 SW Michigan MLS