Winfield Plan

Lenox, MI 48048

$72,900B-

3 bd · 56.0 ba · 1 sqft · Built — · Manufactured · Active · 553 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,500/mo
• Mortgage (P&I): −$382
• Tax + insurance: −$122
• HOA: −$0
• Vac / Maint / Mgmt: −$315
• Net cashflow: $681/mo
• Annual: $8,171/yr
• Cap rate: 17.50%
• Cash-on-cash: 40.03%
• DSCR: 2.78
• 1% rule: 2.06%
• Cash to close: $20,412

Investor read

• This is a 3-bed/56.0-bath manufactured listed at $73k. Condition is rated poor.
• At list price, monthly cash flow is $681 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $73k).
• It's been on market 553 days — a 12% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $64k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $504 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• New Haven Community Schools (suburban): math 25% / reading 39% proficiency, ranked #305 of 540 in MI (top 56%) — 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; 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 553 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen — No kitchen photos provided, but the property is a manufactured home, which often requires significant kitchen renovations.
• Major: Bathrooms — No bathroom photos provided, but the property is a manufactured home, which often requires significant bathroom renovations.
• Major: Roof — No roof photos provided, but the property is a manufactured home, which often requires significant roof renovations.
• Major: Exterior — No exterior photos provided, but the property is a manufactured home, which often requires significant exterior renovations.
• Major: Flooring — No flooring photos provided, but the property is a manufactured home, which often requires significant flooring renovations.
• Major: Interior walls/paint — No interior wall/paint photos provided, but the property is a manufactured home, which often requires significant interior wall/paint renovations.