11457 Circle Dr #44

Schoolcraft, MI 49087

$27,999D+

2 bd · 1.5 ba · 948 sqft · Built 1988 · Manufactured · Active · 147 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,528/mo
• Mortgage (P&I): −$147
• Tax + insurance: −$47
• HOA: −$400
• Vac / Maint / Mgmt: −$321
• Net cashflow: $613/mo
• Annual: $7,360/yr
• Cap rate: 32.58%
• Cash-on-cash: 93.89%
• DSCR: 5.18
• 1% rule: 5.46%
• Cash to close: $7,840

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $28k. Condition is rated fair.
• At list price, monthly cash flow is $613 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $28k).
• It's been on market 147 days — a 12% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $25k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $193 of loan paydown is wiped out by about $840 of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#61 in MI, #1,323 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Schoolcraft Community Schools (suburban): math 55% / reading 56% proficiency, ranked #61 of 540 in MI (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Schoolcraft Elementary School (math 67% / reading 57%, grade B, #160 of 1,397 statewide, top 13%, 335 students, 27% FRL); Schoolcraft Middle School (math 52% / reading 54%, grade C+, #90 of 493 statewide, top 19%, 237 students, 27% FRL); Schoolcraft High School (math 44% / reading 64%, grade C-, #109 of 713 statewide, top 17%, 499 students, 30% FRL).
• Watch-outs: HOA is 26% of rent.
• Market conditions: 56 active listings in the ZIP; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• Kalamazoo County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts; this cycle's ask has dropped $7k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 32.6% vs local median 2.8% in Schoolcraft — 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.

Questions for listing agent

• It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — Old and worn
• Major: kitchen appliances — Outdated and worn
• Major: kitchen flooring — Worn and damaged
• Major: bathroom fixtures — Old and worn
• Major: exterior siding — Weathered and missing trim
• Major: interior walls — Worn paint and exposed wood