49 Theo St #49 · Boyne City, MI 49712

$139,995

3 bd · 2.0 ba · 1,404 sqft · Manufactured · 31 Days on market

Manufactured home Built 2026 Good condition

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Why this score? — see what drove the D 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 +13.5/30.0
• ARV discount +7.5/15.0
• DSCR +4.1/10.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• 1% rule +3.8/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Check out this brand-new home located in Boyne City s newest community! It includes an open floor plan with a fantastic kitchen and with an island. It is a full drywall home and has three bedrooms and two bathrooms. It includes all appliances, including washer and dryer, and central air.

Key facts

• Open floor plan
• Fantastic kitchen
• Central air

Tags

• OPEN FLOOR PLAN
• FANTASTIC KITCHEN
• FULL DRYWALL HOME
• INCLUDES ALL APPLIANCES
• CENTRAL AIR

Property features AI

Finance

• Financial info: List price $139,995

Exterior

• Home design: Single-family style unit at 49 Theo St #49, Boyne City, MI
• Construction: Living area approximately 1,404; Built/listed in 2026 (spec/plan named "49 Theo St")

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Spec home (new construction)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $140k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $5 ($62/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (12.1% below list).
• Recommended offer: $123k (12.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 79/100 on livability (#93 in MI, #2,175 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Boyne City Public Schools (town): math 39% / reading 54% proficiency, ranked #128 of 540 in MI (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Boyne City Elementary School (math 57% / reading 57%, grade C+, #236 of 1,397 statewide, top 19%, 407 students, 56% FRL); Boyne City Middle School (math 31% / reading 50%, grade F, #202 of 493 statewide, top 42%, 388 students, 50% FRL); Boyne City High School (math 42% / reading 62%, grade D+, #128 of 713 statewide, top 19%, 450 students, 38% FRL).
• Market conditions: 32 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 113 units permitted in Charlevoix County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Charlevoix County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Recommended offer $123,123 (12.1% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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?
4. 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?
5. 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.
6. 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.
7. 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: 0.88% ✗
• Cap rate: 6.34%
• Cash-on-cash: 0.16%
• DSCR: 1.01
• GRM: 9.5

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: -16.0%
• Equity multiple: 0.43×
• Total profit: $-22,336
• Equity at exit: $20,874

10-year hold

• IRR: -7.7%
• Equity multiple: 0.52×
• Total profit: $-18,948
• Equity at exit: $12,104

Cash invested: $39,199 (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 49712

• Active inventory: 32
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,231 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $5

Break-even live

Break-even rent $1,225

Max offer price $139,995

Occupancy floor 95%

Sensitivity live

Price	-10% $102	-5% $54	+0% $5	+5% $-43	+10% $-92
Rent	-10% $-92	-5% $-43	+0% $5	+5% $54	+10% $102
Rate	-1.0pp $76	-0.5pp $41	base $5	+0.5pp $-31	+1.0pp $-68

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: $34,999
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
141 Fox Run St Boyne City, MI	3.0	2.0	1296	$1,599	$1.23	46d	1	0.24mi

Listing history 18 events

1. 2026-06-22
   days on market $139,995 Active 31 DOM
2. 2026-06-21
   days on market $139,995 Active 30 DOM
3. 2026-06-21
   days on market $139,995 Active 29 DOM
4. 2026-06-18
   days on market $139,995 Active 27 DOM
5. 2026-06-17
   days on market $139,995 Active 26 DOM
6. 2026-06-16
   days on market $139,995 Active 25 DOM
7. 2026-06-15
   days on market $139,995 Active 24 DOM
8. 2026-06-13
   days on market $139,995 Active 22 DOM
9. 2026-06-12
   days on market $139,995 Active 21 DOM
10. 2026-06-09
    days on market $139,995 Active 18 DOM
11. 2026-06-08
    days on market $139,995 Active 17 DOM
12. 2026-06-07
    days on market $139,995 Active 16 DOM
13. 2026-06-07
    days on market $139,995 Active 15 DOM
14. 2026-06-04
    days on market $139,995 Active 12 DOM
15. 2026-06-02
    days on market $139,995 Active 11 DOM
16. 2026-06-01
    days on market $139,995 Active 10 DOM
17. 2026-05-31
    days on market $139,995 Active 9 DOM
18. 2026-05-31
    days on market $139,995 Active 8 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,775
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$1,182
• − Management: −$1,182
• − Depreciation: −$4,073
• Taxable loss: −$2,304
• Est. tax savings @ 24.0%: +$553
• After-tax cash flow: $615/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 · 8 photos

Good 80/100 None rehab

This brand-new manufactured home in Boyne City offers a modern open floor plan with a well-equipped kitchen and two bathrooms. It is move-in ready with minimal maintenance required.

Value-add opportunities

• Both Painting the exterior siding — Enhances curb appeal and can increase both resale and rental value.
• Both Upgrading the flooring to hardwood or tile — Improves the aesthetic and durability of the living spaces.
• Both Adding smart home features — Enhances convenience and can attract tech-savvy buyers/renters.
• Both Landscaping the front yard — Improves curb appeal and can increase both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior siding — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Upgrading the flooring to hardwood or tile — Improves the aesthetic and durability of the living spaces. ↑
• Both Adding smart home features — Enhances convenience and can attract tech-savvy buyers/renters. ↑
• Both Landscaping the front yard — Improves curb appeal and can increase both resale and rental value. ↑

ⓘ 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: Boyne City Public Schools
• NCES district ID: 2606500
• Math proficiency: 39% ▼ -6.00%
• Reading proficiency: 54% ▼ -1.00%
• Median HH income: $50,238
• Composite: 39.85/100
• National rank: #3869
• State rank: #128 of 540 in MI

Livability — Boyne City

• Score: 79/100
• State rank: #93
• US rank: #2175

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boyne City, MI
• City population: 8,177
• Population (ZIP): 8,177

Population outlook (Charlevoix County) Hauer SSP2

• Today (2025): 26,625 people
• By 2030: 26,629 · +0.0%
• By 2040: 26,037 · -2.2%
• By 2050: 24,648 · -7.4%
• By 2075: 21,275 · -20.1%
• By 2100: 16,263 · -38.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 8% Iranian 5% Lithuanian 4%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Charlevoix

• 2024 margin: R (+16.9) · D 40.8% · R 57.7% · Other 1.6%
• 2008→2024 swing: -13.5pp toward R · 2008: -3.4pp · 2024: -16.9pp
• All cycles: 2024: R+16.9 2020: R+17.1 2016: R+24.3 2012: R+14.7 2008: R+3.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -226.32%
• Current HPI: 281.0628
• 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