66 Grey Fox Ct

Grand Blanc, MI 48439

$62,000D

3 bd · 2.0 ba · 1,237 sqft · Built 2016 · Manufactured · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,449/mo
• Mortgage (P&I): −$325
• Tax + insurance: −$103
• HOA: −$800
• Vac / Maint / Mgmt: −$304
• Net cashflow: $-84/mo
• Annual: $-1,007/yr
• Cap rate: 4.67%
• Cash-on-cash: -5.80%
• DSCR: 0.74
• 1% rule: 2.34%
• Cash to close: $17,360

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $62k. Condition is rated good.
• At list price, monthly cash flow is $-84 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $50k (19.6% below list).
• Meets the 1% rule at list price ($1k rent vs $62k).
• It's been on market 64 days — a 6% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $50k (19.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $429 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#56 in MI, #1,077 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Grand Blanc Community Schools (suburban): math 33% / reading 54% proficiency, ranked #149 of 540 in MI (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 55% of rent.
• Market conditions: Rents rising fast (+6.8%/yr); 435 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 419 units permitted in Genesee County in 2024 (68 in 5+ unit buildings).
• Genesee County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 6y ago; this cycle's ask has dropped $6k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 4.7% vs local median 2.2% in Grand Blanc — 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

• 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 64 days. Have you received any prior offers? Is the seller open to a 20% 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?
• 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 B-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.