6593 Cobbler Ct SE · Gaines, MI 49316

$65,500

3 bd · 2.0 ba · 1,056 sqft · Manufactured · 17 Days on market

Built 2015 Good condition Est $49k · 35% over $735/mo HOA · 36% of rent

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.6/10.0
• Condition / age +3.8/5.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to Dutton Mill Village! This 3 bed, 2 bath manufactured home in Caledonia features central air conditioning and sits within the highly regarded Caledonia Community Schools district. Residents enjoy fantastic community amenities including a clubhouse, fitness center, playground, basketball court, and on-site boat storage -- plus it's pet-friendly! Quick access to the M-6 Freeway puts restaurants, shopping, and everyday conveniences just minutes away. Affordable living in a vibrant community -- schedule your showing today!

Key facts

• Fitness center
• Clubhouse
• On-site boat storage

Tags

• CENTRAL AIR CONDITIONING
• CLUBHOUSE
• FITNESS CENTER
• PLAYGROUND
• BASKETBALL COURT
• ON-SITE BOAT STORAGE

Property features AI

Finance

• Other: Directions: S. on Kalamazoo Ave SE, East on 68th St SE, Enter at E Mill Run SE or W Mill Run SE.
• HOA & community: Association fee of $735 (includes trash); Has association

Exterior

• Utilities: Public water
• Home design: Ranch style; Built in 2015
• Construction: Vinyl siding
• Exterior features: Leased land

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Has central cooling
• Interior features: 8 total rooms; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $66k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $404 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $66k).
• Recommended offer: $65k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.7% vs local median 2.7% in Gaines — 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 60/100 on livability (#583 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, employment D, crime F.
• Caledonia Community Schools (suburban): math 58% / reading 68% proficiency, ranked #26 of 540 in MI (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: 253 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $453 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: HOA is 36% of rent.

Recommended offer $64,517 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
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: 3.08% ✓
• Cap rate: 13.69%
• Cash-on-cash: 26.40%
• DSCR: 2.17
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $48,576
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6580 Cobbler Ct SE	0.02mi	3/2.0	1,056 (0%)	8mo	$45,000	$43	93
3593 Millrace Ct SE	0.21mi	2/2.0 (-1)	900 (-15%)	1mo	$41,000	$46	60

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: 20.7%
• Equity multiple: 1.85×
• Total profit: $15,568
• Equity at exit: $9,766

10-year hold

• IRR: 29.2%
• Equity multiple: 3.65×
• Total profit: $48,607
• Equity at exit: $5,663

Cash invested: $18,340 (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 49316

• Home prices YoY: -33.4%
• Active inventory: 253
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $2,014 medium
• Mortgage (P&I): −$343
• Tax est. 1.5%: −$82 /mo · $982/yr
• Insurance: −$27
• HOA: −$735
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $404

Break-even live

Break-even rent $1,503

Max offer price $65,500

Occupancy floor 75%

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: $16,375
• Closing costs: $1,965
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6901 Hammond Ave SE Unit C Caledonia, MI	4.0	1.0	1355	$1,795	$1.32	43d	1	0.40mi
6026 E Fieldstone Hills Dr SE #2 Caledonia, MI	2.0	2.0	1300	$1,800	$1.38	2d	1	0.72mi
5425 E Paris Ave SE Grand Rapids, MI	1.0–3.0	1.0–2.5	1307	$2,335	$1.79	2d	11	1.48mi

HOA detail

• Monthly dues: $735 · $8,820/yr
• Likely covers: gym

Listing history 14 events

1. 2026-06-18
   days on market $65,500 Active 17 DOM
2. 2026-06-17
   price $65,500 Active 16 DOM
3. 2026-06-17
   days on market $68,000 Active 16 DOM
4. 2026-06-16
   days on market $68,000 Active 15 DOM
5. 2026-06-15
   days on market $68,000 Active 14 DOM
6. 2026-06-14
   days on market $68,000 Active 12 DOM
7. 2026-06-13
   days on market $68,000 Active 11 DOM
8. 2026-06-10
   days on market $68,000 Active 9 DOM
9. 2026-06-09
   days on market $68,000 Active 8 DOM
10. 2026-06-08
    days on market $68,000 Active 7 DOM
11. 2026-06-07
    days on market $68,000 Active 6 DOM
12. 2026-06-03
    days on market $68,000 Active 2 DOM
13. 2026-06-02
    remarks 539-char remark
14. 2026-06-02
    listed $68,000 Active 1 DOM

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

Taxation est. · year 1

• Rental income: $24,170
• − Mortgage interest: −$3,669
• − Property taxes: −$982
• − Insurance: −$328
• − Repairs & maintenance: −$1,934
• − Management: −$1,934
• − HOA: −$8,820
• − Depreciation: −$1,905
• Taxable income: $4,598
• Est. tax owed @ 24.0%: −$1,104
• After-tax cash flow: $3,739/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

Good 75/100 Cosmetic rehab

This 3-bedroom, 2-bathroom manufactured home in Dutton Mill Village is in good condition with cosmetic updates needed to enhance its curb appeal and interior aesthetics.

Repairs flagged

• Minor Kitchen cabinets — Some wear and tear
• Minor Kitchen backsplash — Dated color scheme

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace kitchen cabinets and backsplash — Modernizing the kitchen will attract more buyers/renters
• Both Landscaping improvements — Enhances curb appeal and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Some wear and tear	Minor	$500–3,000
Kitchen backsplash · Dated color scheme	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace kitchen cabinets and backsplash — Modernizing the kitchen will attract more buyers/renters ↑
• Both Landscaping improvements — Enhances curb appeal and adds 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: Caledonia Community Schools
• NCES district ID: 2607620
• Math proficiency: 58% ▲ 2.00%
• Reading proficiency: 68% ▲ 1.00%
• Median HH income: $75,649
• Composite: 55.98/100
• National rank: #1196
• State rank: #26 of 540 in MI

Livability — Gaines

• Score: 60/100
• State rank: #583
• US rank: #18809

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kent County · 533,805 people
• City population: 26,427
• Metro: Grand Rapids-Kentwood, MI
• Population (ZIP): 26,427
• Household income: $103,238
• Rent vs Own: 10.1% rent · 89.9% own
• Severe rent burden: 96.0

Population outlook (Kent County) Hauer SSP2

• Today (2025): 712,484 people
• By 2030: 748,618 · +5.1%
• By 2040: 814,777 · +14.4%
• By 2050: 868,556 · +21.9%
• By 2075: 966,487 · +35.7%
• By 2100: 967,975 · +35.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 8% Hispanic / Latino 7% Asian 5% Black 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Iranian 21% Romanian 7% Slovak 2%
• Foreign-born: 7% · Canada, Vietnam, China
• Languages at home: 92% English-only · Spanish 2% Vietnamese 2% Chinese 1%

Political lean MEDSL · Kent

• 2024 margin: Lean D (+5.4) · D 51.8% · R 46.5% · Other 1.7%
• 2008→2024 swing: +4.8pp toward D · 2008: 0.5pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+6.1 2016: R+3.1 2012: R+7.9 2008: D+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -117.75%
• Current HPI: 235.3555
• Rent YoY: —
• Metro: Grand Rapids-Kentwood, MI
• 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

+0.0% since first listed

3 events — show timeline

• 2026-06-01 Listed $68,000 MiRealSource-MiMLS
• 2026-06-01 Listed $68,000 REALCOMP
• 2026-06-01 Listed $68,000 SW Michigan MLS