6632 Carlisle #282 · Portage, MI 49048

$40,999

3 bd · 2.0 ba · 924 sqft · Manufactured · 31 Days on market

Manufactured home Built 2025

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Why this score? — see what drove the B 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
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Key facts

• Built 2025
• Listed 30 days

Property features AI

Finance

• Financial info: List price $40,999

Exterior

• Home design: Spec inventory in the Pavilion Estates plan; Address: 6632 Carlisle #282, Kalamazoo, MI 49048

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Living area approximately 924

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $41k.

Deal economics

• At list price, monthly cash flow is $619 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $41k).
• Recommended offer: $40k (3.0% below list) — sets the bar for market timing.
• Cap rate 24.4% vs local median 3.0% in Portage — 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 79/100 on livability (#90 in MI, #2,044 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, amenities D-, commute F.
• Comstock Public Schools (suburban): math 18% / reading 32% proficiency, ranked #428 of 540 in MI (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Comstock Elementary School (math 8% / reading 12%, grade F, #1,277 of 1,397 statewide, top 93%, 577 students, 79% FRL); Comstock Middle School (math 2% / reading 17%, grade F, #476 of 493 statewide, top 97%, 302 students, 80% FRL); Comstock High School (math 12% / reading 42%, grade F, #462 of 713 statewide, top 66%, 378 students, 57% FRL).
• Market conditions: Rents rising fast (+7.9%/yr); 158 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $283 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Kalamazoo County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($40k) is reasonable based on typical stale-listing flexibility.

Recommended offer $39,769 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is D 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: 2.79% ✓
• Cap rate: 24.41%
• Cash-on-cash: 64.70%
• DSCR: 3.88
• GRM: 3.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.88% rent growth · sell at horizon

5-year hold

• IRR: 69.3%
• Equity multiple: 4.37×
• Total profit: $38,675
• Equity at exit: $6,113

10-year hold

• IRR: 74.9%
• Equity multiple: 10.69×
• Total profit: $111,217
• Equity at exit: $3,545

Cash invested: $11,480 (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 49048

• Rents YoY: 7.9%
• Active inventory: 158
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,142 medium
• Mortgage (P&I): −$215
• Tax est. 1.5%: −$51 /mo · $615/yr
• Insurance: −$17
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $619

Break-even live

Break-even rent $359

Max offer price $40,999

Occupancy floor 41%

Sensitivity live

Price	-10% $647	-5% $633	+0% $619	+5% $605	+10% $591
Rent	-10% $529	-5% $574	+0% $619	+5% $664	+10% $709
Rate	-1.0pp $640	-0.5pp $629	base $619	+0.5pp $608	+1.0pp $597

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: $10,250
• Closing costs: $1,230
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6830 E N Ave Kalamazoo, MI	3.0–4.0	2.0	1246	$1,179	$0.95	16d	1	0.10mi
5141 S Wagon Trl Kalamazoo, MI	3.0	1.0–2.0	1055	$2,050	$1.94	47d	16	1.46mi

Listing history 10 events

1. 2026-06-10
   days on market $40,999 Active 31 DOM
2. 2026-06-09
   days on market $40,999 Active 30 DOM
3. 2026-06-08
   days on market $40,999 Active 29 DOM
4. 2026-06-07
   days on market $40,999 Active 28 DOM
5. 2026-06-05
   days on market $40,999 Active 25 DOM
6. 2026-06-03
   days on market $40,999 Active 24 DOM
7. 2026-06-02
   days on market $40,999 Active 23 DOM
8. 2026-06-01
   days on market $40,999 Active 22 DOM
9. 2026-05-31
   days on market $40,999 Active 21 DOM
10. 2026-05-30
    days on market $40,999 Active 20 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: $13,705
• − Mortgage interest: −$2,297
• − Property taxes: −$615
• − Insurance: −$205
• − Repairs & maintenance: −$1,096
• − Management: −$1,096
• − Depreciation: −$1,193
• Taxable income: $7,203
• Est. tax owed @ 24.0%: −$1,729
• After-tax cash flow: $5,698/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.

Schools (NCES district)

• District: Comstock Public Schools
• NCES district ID: 2610590
• Math proficiency: 18% ▼ -2.00%
• Reading proficiency: 32% ▼ -1.00%
• Median HH income: $41,293
• Composite: 21.17/100
• National rank: #8423
• State rank: #428 of 540 in MI

Livability — Portage

• Score: 79/100
• State rank: #90
• US rank: #2044

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kalamazoo County · 224,317 people
• City population: 50,560
• Metro: Kalamazoo-Portage, MI
• Population (ZIP): 22,791
• Household income: $60,454
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 835.0

Population outlook (Kalamazoo County) Hauer SSP2

• Today (2025): 280,982 people
• By 2030: 292,068 · +3.9%
• By 2040: 312,191 · +11.1%
• By 2050: 331,196 · +17.9%
• By 2075: 379,021 · +34.9%
• By 2100: 396,579 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 20% Hispanic / Latino 7% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Iranian 6% Romanian 4% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Kalamazoo

• 2024 margin: D (+17.7) · D 58.0% · R 40.3% · Other 1.7%
• 2008→2024 swing: -1.8pp toward R · 2008: 19.5pp · 2024: 17.7pp
• All cycles: 2024: D+17.7 2020: D+18.7 2016: D+12.8 2012: D+13.3 2008: D+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -205.26%
• Current HPI: 180.4766
• Rent YoY: ▲ 7.88%
• Metro: Kalamazoo-Portage, 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