17417 Greenspire Dr

Spring Lake, MI 49456

$19,900D+

2 bd · 1.0 ba · 900 sqft · Built 1985 · Manufactured · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,563/mo
• Mortgage (P&I): −$104
• Tax + insurance: −$33
• HOA: −$535
• Vac / Maint / Mgmt: −$328
• Net cashflow: $562/mo
• Annual: $6,749/yr
• Cap rate: 40.21%
• Cash-on-cash: 121.13%
• DSCR: 6.39
• 1% rule: 7.86%
• Cash to close: $5,572

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $20k.
• At list price, monthly cash flow is $562 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $20k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $597 of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#87 in MI, #2,003 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F.
• Fruitport Community Schools (suburban): math 29% / reading 44% proficiency, ranked #248 of 540 in MI (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 34% of rent.
• Market conditions: 214 active listings in the ZIP; solid renter incomes; 1,237 units permitted in Ottawa County in 2024 (443 in 5+ unit buildings).
• Ottawa County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 40.2% vs local median 1.7% in Spring Lake — 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.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.