67663 County Road 388 Lot 9

South Haven, MI 49090

$75,000C+

3 bd · 2.0 ba · 1,515 sqft · Built 2003 · Manufactured · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,423/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$125
• HOA: −$425
• Vac / Maint / Mgmt: −$299
• Net cashflow: $181/mo
• Annual: $2,169/yr
• Cap rate: 9.18%
• Cash-on-cash: 10.33%
• DSCR: 1.46
• 1% rule: 1.90%
• Cash to close: $21,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $75k. Condition is rated fair.
• At list price, monthly cash flow is $181 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#353 in MI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: crime F, commute F.
• South Haven Public Schools (town): math 20% / reading 37% proficiency, ranked #383 of 540 in MI (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Maple Grove Elementary School (math 22% / reading 17%, grade F, #1,110 of 1,397 statewide, top 81%, 302 students, 72% FRL); Baseline Middle School (math 17% / reading 38%, grade F, #363 of 493 statewide, top 75%, 412 students, 71% FRL); South Haven High School (math 22% / reading 52%, grade F, #334 of 713 statewide, top 51%, 569 students, 61% FRL).
• Watch-outs: HOA is 30% of rent.
• Market conditions: 216 active listings in the ZIP; 165 units permitted in Van Buren County in 2024 (0 in 5+ unit buildings).
• Van Buren County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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 $21k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.2% vs local median 0.5% in South Haven — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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)

• Minor: Paint — Paint appears faded in some areas
• Minor: Flooring — Carpeted flooring shows some wear