MHE Sherwood Plan · Tecumseh, MI 49286

$106,550

3 bd · 2.0 ba · 1,568 sqft · Manufactured · 953 Days on market

Excellent condition

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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 +20.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• 1% rule +5.5/10.0
• Condition / age +4.8/5.0
• Livability +3.9/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Waterfront homes - reserve your site today! * Pricing is subject to change and cannot be guaranteed or held. Open floor plan with 3 bedrooms/2 bath Dining area in kitchen Large laundry room with storage Full kitchen appliance package Gigantic Master bathroom and closet 2-panel white arched interior door Central air-conditioning Thermal pane windows & energy efficient 8×10 shed, private concrete driveway, and private lawn. Financing offered through First Choice MH LLC, a licensed mortgage loan originator in the State of Michigan, Ohio, Texas, Indiana and Illinois . Main office 600 W. 22nd Street Suite 101 Oak Brook, IL 60523. NMLS# 1241272. Equal Housing Lender. Estimated monthly payment based on price of $105,999, 10.55 APR, $3999 Down or Down Payment Amount, 360 payments of $1,712, includes Site Rent, insurance or local site taxes. All conditions are subject to credit approval and approval for residency within an authorized community. Contact local Community Manager for details. Amounts rounded to the nearest dollar.

Key facts

• Listed 953 days

🏗️ New construction. The $106,550 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $184,871.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $107k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $257 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $107k).
• Recommended offer: $94k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 3.6% in Tecumseh — 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 78/100 on livability (#103 in MI, #2,459 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Tecumseh Public Schools (town): math 34% / reading 48% proficiency, ranked #181 of 540 in MI (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 95 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 137 units permitted in Lenawee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Lenawee County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 953 days — a 12% lower offer ($94k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price.

Recommended offer $93,764 (12.0% below list)

Questions for the listing agent

1. It's been on market 953 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.05% ✓
• Cap rate: 7.96%
• Cash-on-cash: 5.97%
• DSCR: 1.27
• GRM: 7.9

CMA / ARV

• ARV (median comp): $184,871
• List price: $106,550
• Delta: -42.37%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3820 Kaiser Rd	0.68mi	3/2.0	1,338 (-15%)	9mo	$206,000	$154	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -7.1%
• Equity multiple: 0.74×
• Total profit: $-13,533
• Equity at exit: $27,565

10-year hold

• IRR: 2.5%
• Equity multiple: 1.18×
• Total profit: $9,446
• Equity at exit: $15,984

Cash invested: $51,764 (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 49286

• Home prices YoY: -32.9%
• Active inventory: 95
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,943 medium
• Mortgage (P&I): −$969
• Tax est. 1.5%: −$231 /mo · $2,773/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $257

Break-even live

Break-even rent $1,617

Max offer price $184,871

Occupancy floor 82%

Sensitivity live

Price	-10% $385	-5% $321	+0% $257	+5% $194	+10% $130
Rent	-10% $104	-5% $181	+0% $257	+5% $334	+10% $411
Rate	-1.0pp $351	-0.5pp $304	base $257	+0.5pp $210	+1.0pp $161

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: $46,218
• Closing costs: $5,546
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9115 N Union St Tecumseh, MI	3.0	2.0	1408	$1,876	$1.33	14d	4	0.02mi
9103 N Union St #174 Tecumseh, MI	3.0	2.0	1344	$1,903	$1.42	14d	1	0.07mi
9103 N Union St #165 Tecumseh, MI	3.0	2.0	1248	$1,848	$1.48	14d	1	0.07mi
603 Nokomis St Tecumseh, MI	3.0	2.0	1620	$2,500	$1.54	44d	1	0.32mi

Listing history 18 events

1. 2026-06-18
   days on market $106,550 Active 953 DOM
2. 2026-06-17
   days on market $106,550 Active 952 DOM
3. 2026-06-16
   days on market $106,550 Active 951 DOM
4. 2026-06-15
   days on market $106,550 Active 950 DOM
5. 2026-06-14
   days on market $106,550 Active 948 DOM
6. 2026-06-13
   days on market $106,550 Active 947 DOM
7. 2026-06-10
   days on market $106,550 Active 945 DOM
8. 2026-06-09
   days on market $106,550 Active 944 DOM
9. 2026-06-08
   days on market $106,550 Active 943 DOM
10. 2026-06-07
    days on market $106,550 Active 942 DOM
11. 2026-06-05
    days on market $106,550 Active 939 DOM
12. 2026-06-03
    days on market $106,550 Active 938 DOM
13. 2026-06-02
    days on market $106,550 Active 937 DOM
14. 2026-06-01
    days on market $106,550 Active 936 DOM
15. 2026-05-31
    days on market $106,550 Active 935 DOM
16. 2026-05-30
    days on market $106,550 Active 934 DOM
17. 2024-04-08
    price $106,550 1047-char remark

    Show marketing remark (1047 chars)

    Waterfront homes - reserve your site today! * Pricing is subject to change and cannot be guaranteed or held. Open floor plan with 3 bedrooms/2 bath Dining area in kitchen Large laundry room with storage Full kitchen appliance package Gigantic Master bathroom and closet 2-panel white arched interior door Central air-conditioning Thermal pane windows & energy efficient 8×10 shed, private concrete driveway, and private lawn. Financing offered through First Choice MH LLC, a licensed mortgage loan originator in the State of Michigan, Ohio, Texas, Indiana and Illinois . Main office 600 W. 22nd Street Suite 101 Oak Brook, IL 60523. NMLS# 1241272. Equal Housing Lender. Estimated monthly payment based on price of $105,999, 10.55 APR, $3999 Down or Down Payment Amount, 360 payments of $1,712, includes Site Rent, insurance or local site taxes. All conditions are subject to credit approval and approval for residency within an authorized community. Contact local Community Manager for details. Amounts rounded to the nearest dollar.

18. 2023-11-08
    listed $104,310 Active 1047-char remark

    Show marketing remark (1047 chars)

    Waterfront homes - reserve your site today! * Pricing is subject to change and cannot be guaranteed or held. Open floor plan with 3 bedrooms/2 bath Dining area in kitchen Large laundry room with storage Full kitchen appliance package Gigantic Master bathroom and closet 2-panel white arched interior door Central air-conditioning Thermal pane windows & energy efficient 8×10 shed, private concrete driveway, and private lawn. Financing offered through First Choice MH LLC, a licensed mortgage loan originator in the State of Michigan, Ohio, Texas, Indiana and Illinois . Main office 600 W. 22nd Street Suite 101 Oak Brook, IL 60523. NMLS# 1241272. Equal Housing Lender. Estimated monthly payment based on price of $105,999, 10.55 APR, $3999 Down or Down Payment Amount, 360 payments of $1,712, includes Site Rent, insurance or local site taxes. All conditions are subject to credit approval and approval for residency within an authorized community. Contact local Community Manager for details. Amounts rounded to the nearest dollar.

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,317
• − Mortgage interest: −$10,356
• − Property taxes: −$2,773
• − Insurance: −$924
• − Repairs & maintenance: −$1,865
• − Management: −$1,865
• − Depreciation: −$5,378
• Taxable income: $155
• Est. tax owed @ 24.0%: −$37
• After-tax cash flow: $3,052/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 · 12 photos

Excellent 95/100 None rehab

This manufactured home is in excellent condition with no visible repairs needed. It offers a good investment opportunity with potential for minor updates to enhance its curb appeal and value.

Value-add opportunities

• Resale Paint interior walls — Fresh paint can enhance curb appeal and interior aesthetics
• Resale Replace window treatments — Updated window treatments can improve the home's curb appeal
• Both Install smart home devices — Smart home devices can increase convenience and add value for both buyers and renters

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint interior walls — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Resale Replace window treatments — Updated window treatments can improve the home's curb appeal ↑
• Both Install smart home devices — Smart home devices can increase convenience and add value for both buyers and renters ↑

ⓘ 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: Tecumseh Public Schools
• NCES district ID: 2633720
• Math proficiency: 34% ▼ -5.00%
• Reading proficiency: 48% ▼ -4.00%
• Median HH income: $58,026
• Composite: 36.04/100
• National rank: #4775
• State rank: #181 of 540 in MI

Livability — Tecumseh

• Score: 78/100
• State rank: #103
• US rank: #2459

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tecumseh, MI
• City population: 14,331
• Population (ZIP): 14,331

Population outlook (Lenawee County) Hauer SSP2

• Today (2025): 95,497 people
• By 2030: 92,722 · -2.9%
• By 2040: 85,641 · -10.3%
• By 2050: 77,971 · -18.4%
• By 2075: 60,043 · -37.1%
• By 2100: 41,468 · -56.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 8% Hispanic / Latino 7% Black 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Romanian 5% Lithuanian 4% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Lenawee

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.8% · Other 1.4%
• 2008→2024 swing: -28.1pp toward R · 2008: 5.1pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+19.9 2016: R+21.1 2012: R+1.3 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.90%
• Current HPI: 234.4935
• 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

+2.1% since first listed

2 events — show timeline

• 2024-04-08 Price Changed $106,550 Zillow
• 2023-11-08 Listed $104,310 Zillow