26019 3rd St, #119

Taylor, MI 48180

$15,500D

1 bd · 1.0 ba · 1,100 sqft · Built 2016 · Manufactured · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $927/mo
• Mortgage (P&I): −$81
• Tax + insurance: −$26
• HOA: −$725
• Vac / Maint / Mgmt: −$195
• Net cashflow: $-100/mo
• Annual: $-1,197/yr
• Cap rate: -1.43%
• Cash-on-cash: -27.59%
• DSCR: -0.23
• 1% rule: 5.98%
• Cash to close: $4,340

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $16k.
• At list price, monthly cash flow is $-100 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $1k (93.1% below list).
• Meets the 1% rule at list price ($927 rent vs $16k).
• It's been on market 36 days — a 3% lower offer ($15k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1k (93.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $107 of loan paydown is wiped out by about $465 of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#144 in MI, #3,684 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, crime F.
• Taylor School District (urban): math 14% / reading 27% proficiency, ranked #462 of 540 in MI (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Clarence Randall Elem School (math 10% / reading 10%, grade F, #1,230 of 1,397 statewide, top 91%, 461 students, 81% FRL); Hoover Middle School (math 12% / reading 27%, grade F, #425 of 493 statewide, top 87%, 490 students, 81% FRL); Taylor High School (math 37% / reading 52%, grade F, #214 of 713 statewide, top 36%, 1,394 students, 66% FRL).
• Watch-outs: HOA is 78% of rent.
• Market conditions: Rents rising fast (+4.9%/yr); 291 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts; this cycle's ask has dropped $2k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate -1.4% vs local median 5.4% in Taylor — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 93% concession, seller financing, or rate buy-down credit?
• 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.