466 Turquoise Dr

Whitmore Lake, MI 48189

$24,000D

3 bd · 1.0 ba · 1,568 sqft · Built 1988 · Manufactured · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,103/mo
• Mortgage (P&I): −$126
• Tax + insurance: −$40
• HOA: −$0
• Vac / Maint / Mgmt: −$442
• Net cashflow: $1,496/mo
• Annual: $17,949/yr
• Cap rate: 81.08%
• Cash-on-cash: 267.09%
• DSCR: 12.88
• 1% rule: 8.76%
• Cash to close: $6,720

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $24k.
• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $24k).
• It's been on market 16 days — a 2% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $24k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $166 of loan paydown is wiped out by about $720 of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#279 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Whitmore Lake Public School District (rural): math 34% / reading 44% proficiency, ranked #213 of 540 in MI (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 87 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).
• Washtenaw County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 81.1% vs local median 2.8% in Whitmore 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.