41275 Old Michigan Ave #922

Canton, MI 48188

$47,200B-

3 bd · 2.0 ba · 1,056 sqft · Built 2026 · Manufactured · Active · 127 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,245/mo
• Mortgage (P&I): −$248
• Tax + insurance: −$79
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $657/mo
• Annual: $7,887/yr
• Cap rate: 23.00%
• Cash-on-cash: 59.68%
• DSCR: 3.66
• 1% rule: 2.64%
• Cash to close: $13,216

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $47k. Condition is rated good.
• At list price, monthly cash flow is $657 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $47k).
• It's been on market 127 days — a 12% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $42k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $326 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Wayne-Westland Community School District (suburban): math 11% / reading 27% proficiency, ranked #474 of 540 in MI (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Walkerwinter Elementary School (math 32% / reading 52%, grade F, #547 of 1,397 statewide, top 41%, 405 students, 66% FRL); Wayne Memorial High School (math 12% / reading 37%, grade F, #481 of 713 statewide, top 81%, 1,361 students, 63% FRL).
• Zoned-school proficiency averages 33% at this address vs 19% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Wayne-Westland Community School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents flat; 262 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 0.5% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 23.0% vs local median 3.4% in Canton — 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.
• This rent is only 12% of the median local income ($123k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.