49 Theo St #49

Boyne City, MI 49712

$139,995D

3 bd · 2.0 ba · 1,404 sqft · Built 2026 · Manufactured · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,231/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$233
• HOA: −$0
• Vac / Maint / Mgmt: −$259
• Net cashflow: $5/mo
• Annual: $62/yr
• Cap rate: 6.34%
• Cash-on-cash: 0.16%
• DSCR: 1.01
• 1% rule: 0.88%
• Cash to close: $39,199

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $140k. Condition is rated good.
• 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).
• It's been on market 31 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (12.1% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Charlevoix County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Questions for listing agent

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