556 Santa Fe · Bellevue, MI 49021

$39,000

3 bd · 1.0 ba · 1,024 sqft · Manufactured · 227 Days on market

Built 2025 Fair condition $550/mo HOA · 47% of rent

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.9/30.0
• 1% rule +10.0/10.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Year: 2014 Make: Harmony * * * * * Land is leased, not owned * * * * * *

Key facts

• Built 2025
• Listed 226 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $39k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $96 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $39k).
• Recommended offer: $34k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 3.3% in Bellevue — 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.

Location & tenants

• Location reads 69/100 on livability (#355 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools D+, amenities F, commute F.
• Bellevue Community Schools (rural): math 14% / reading 30% proficiency, ranked #445 of 540 in MI (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 56 active listings in the ZIP; 98 units permitted in Eaton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $270 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Eaton County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 227 days — a 12% lower offer ($34k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 47% of rent.

Recommended offer $34,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 227 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 2.97% ✓
• Cap rate: 9.26%
• Cash-on-cash: 10.58%
• DSCR: 1.47
• GRM: 2.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.4%
• Equity multiple: 1.02×
• Total profit: $168
• Equity at exit: $5,815

10-year hold

• IRR: 10.8%
• Equity multiple: 1.87×
• Total profit: $9,486
• Equity at exit: $3,372

Cash invested: $10,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 49021

• Home prices YoY: -10.1%
• Active inventory: 56
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,159 medium
• Mortgage (P&I): −$205
• Tax est. 1.5%: −$49 /mo · $585/yr
• Insurance: −$16
• HOA: −$550
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $96

Break-even live

Break-even rent $1,037

Max offer price $39,000

Occupancy floor 87%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $9,750
• Closing costs: $1,170
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $550 · $6,600/yr

Listing history 18 events

1. 2026-06-19
   days on market $39,000 Active 227 DOM
2. 2026-06-18
   days on market $39,000 Active 226 DOM
3. 2026-06-17
   days on market $39,000 Active 225 DOM
4. 2026-06-16
   days on market $39,000 Active 224 DOM
5. 2026-06-15
   days on market $39,000 Active 223 DOM
6. 2026-06-14
   days on market $39,000 Active 221 DOM
7. 2026-06-13
   days on market $39,000 Active 220 DOM
8. 2026-06-10
   days on market $39,000 Active 218 DOM
9. 2026-06-09
   days on market $39,000 Active 217 DOM
10. 2026-06-08
    days on market $39,000 Active 216 DOM
11. 2026-06-07
    days on market $39,000 Active 215 DOM
12. 2026-06-05
    days on market $39,000 Active 212 DOM
13. 2026-06-03
    days on market $39,000 Active 211 DOM
14. 2026-06-02
    days on market $39,000 Active 210 DOM
15. 2026-06-01
    days on market $39,000 Active 209 DOM
16. 2026-05-31
    days on market $39,000 Active 208 DOM
17. 2026-05-30
    days on market $39,000 Active 207 DOM
18. 2025-11-04
    listed $39,000 Active 83-char remark

    Show marketing remark (83 chars)

    Year: 2014 Make: Harmony * * * * * Land is leased, not owned * * * * * *

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $13,911
• − Mortgage interest: −$2,185
• − Property taxes: −$585
• − Insurance: −$195
• − Repairs & maintenance: −$1,113
• − Management: −$1,113
• − HOA: −$6,600
• − Depreciation: −$1,135
• Taxable income: $986
• Est. tax owed @ 24.0%: −$237
• After-tax cash flow: $919/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 2 photos

Fair 45/100 Cosmetic rehab

A manufactured home with cosmetic updates needed, offering a good starting point for a potential investor.

Repairs flagged

• Minor Paint — Light wear on walls
• Minor Siding — Light wear

Value-add opportunities

• Both Paint exterior and interior — Enhances curb appeal and interior aesthetics
• Both Replace carpet with hardwood or tile — Improves durability and adds value
• Both Install new windows — Enhances energy efficiency and curb appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Light wear on walls	Minor	$500–3,000
Siding · Light wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint exterior and interior — Enhances curb appeal and interior aesthetics ↑
• Both Replace carpet with hardwood or tile — Improves durability and adds value ↑
• Both Install new windows — Enhances energy efficiency and curb appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Bellevue Community Schools
• NCES district ID: 2604650
• Math proficiency: 14% ▼ -5.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $50,826
• Composite: 19.59/100
• National rank: #8757
• State rank: #445 of 540 in MI

Livability — Bellevue

• Score: 69/100
• State rank: #355
• US rank: #9043

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment C+ Housing A+ Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellevue, MI
• Population (ZIP): 6,467

Population outlook (Eaton County) Hauer SSP2

• Today (2025): 110,811 people
• By 2030: 110,598 · -0.2%
• By 2040: 108,304 · -2.3%
• By 2050: 104,961 · -5.3%
• By 2075: 97,197 · -12.3%
• By 2100: 85,150 · -23.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 4% Black 2%
• Common ancestry: Iranian 4% Romanian 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Eaton

• 2024 margin: Toss-up / Even · D 47.6% · R 50.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: 8.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: R+0.8 2016: R+5.5 2012: D+3.1 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.20%
• Current HPI: 267.6519
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

1 event — show timeline

• 2025-11-04 Listed $39,000 Zillow