5980 Irene Way Dr

Courtland, MI 49341

$227,000D-

3 bd · 1.0 ba · 1,917 sqft · Built 2023 · Manufactured · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,652/mo
• Mortgage (P&I): −$1,190
• Tax + insurance: −$169
• HOA: −$725
• Vac / Maint / Mgmt: −$347
• Net cashflow: $-779/mo
• Annual: $-9,350/yr
• Cap rate: 2.17%
• Cash-on-cash: -14.71%
• DSCR: 0.35
• 1% rule: 0.73%
• Cash to close: $63,560

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $227k. Condition is rated good.
• At list price, monthly cash flow is $-779 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $89k (60.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (27.2% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $89k (60.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Cedar Springs Public Schools (town): math 35% / reading 48% proficiency, ranked #175 of 540 in MI (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cedar Trails Elementary School (495 students, 49% FRL); Cedar Springs Middle School (math 33% / reading 48%, grade F, #202 of 493 statewide, top 42%, 489 students, 48% FRL); Cedar Springs High School (math 42% / reading 65%, grade C-, #125 of 713 statewide, top 18%, 1,049 students, 40% FRL).
• Watch-outs: HOA is 44% of rent.
• Market conditions: 494 active listings in the ZIP; high-income renter base; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 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.
• This rent is only 17% of the median local income ($114k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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?
• 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.
• 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.