55 E Riling St #48 · Forsyth, MI 49841

$18,500

2 bd · 1.0 ba · 808 sqft · Manufactured · 65 Days on market

Built 1973 Fair condition ↓ 18% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable move-in ready home in need of TLC to make it your own! This home has a brand-new furnace, water heater, updated plumbing and a new bathroom. While the expensive projects have been handled, the home needs that final touch to make it your own. One floor living with a nice open concept from the living room to the kitchen. There are washer and dryer hook-ups right next to the bathroom for convenient access. Why pay rent when you can OWN for a fraction of the cost. Build yourself some sweat equity or turn this into your forever home. Sale is a manufactured home only, no land included. Lot rent is $325 per month and includes water, sewer and trash removal. Park approval is required. Financing is available. Shed in the yard will be removed and is not included in the sale.

Key facts

• 3 parking spots
• Built 1973
• Listed 64 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $18k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $554 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($863 rent vs $18k).
• Recommended offer: $17k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Gwinn Area Community Schools (rural): math 16% / reading 30% proficiency, ranked #439 of 540 in MI (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Gwinn Middlehigh School (math 16% / reading 35%, grade F, #475 of 713 statewide, top 67%, 498 students, 58% FRL) — zoned schools at 58% FRL track the district average.
• Market conditions: 61 active listings in the ZIP; 91 units permitted in Marquette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $128 of loan paydown is wiped out by about $555 of value loss. Plan a longer hold.
• Marquette County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($17k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $9k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $17,390 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 4.66% ✓
• Cap rate: 42.22%
• Cash-on-cash: 128.32%
• DSCR: 6.71
• GRM: 1.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 7.23×
• Total profit: $32,295
• Equity at exit: $2,758

10-year hold

• IRR: —
• Equity multiple: 15.21×
• Total profit: $73,604
• Equity at exit: $1,600

Cash invested: $5,180 (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 49841

• Home prices YoY: -29.0%
• Active inventory: 61
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $863 medium
• Mortgage (P&I): −$97
• Tax est. 1.5%: −$23 /mo · $278/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$181
• Net cashflow: $554

Break-even live

Break-even rent $162

Max offer price $18,500

Occupancy floor 31%

Sensitivity live

Price	-10% $567	-5% $560	+0% $554	+5% $548	+10% $541
Rent	-10% $486	-5% $520	+0% $554	+5% $588	+10% $622
Rate	-1.0pp $563	-0.5pp $559	base $554	+0.5pp $549	+1.0pp $544

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: $4,625
• Closing costs: $555
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $18,500 Active 65 DOM
2. 2026-06-19
   days on market $18,500 Active 63 DOM
3. 2026-06-18
   days on market $18,500 Active 62 DOM
4. 2026-06-17
   days on market $18,500 Active 61 DOM
5. 2026-06-16
   days on market $18,500 Active 60 DOM
6. 2026-06-15
   days on market $18,500 Active 59 DOM
7. 2026-06-14
   days on market $18,500 Active 57 DOM
8. 2026-06-12
   pricedays on market $18,500 Active 56 DOM
9. 2026-06-09
   days on market $22,500 Active 53 DOM
10. 2026-06-08
    days on market $22,500 Active 52 DOM
11. 2026-06-07
    days on market $22,500 Active 51 DOM
12. 2026-06-05
    days on market $22,500 Active 48 DOM
13. 2026-06-02
    days on market $22,500 Active 46 DOM
14. 2026-06-01
    days on market $22,500 Active 45 DOM
15. 2026-05-31
    days on market $22,500 Active 44 DOM
16. 2026-05-30
    days on market $22,500 Active 43 DOM
17. 2026-05-17
    price $22,500 786-char remark

    Show marketing remark (786 chars)

    Affordable move-in ready home in need of TLC to make it your own! This home has a brand-new furnace, water heater, updated plumbing and a new bathroom. While the expensive projects have been handled, the home needs that final touch to make it your own. One floor living with a nice open concept from the living room to the kitchen. There are washer and dryer hook-ups right next to the bathroom for convenient access. Why pay rent when you can OWN for a fraction of the cost. Build yourself some sweat equity or turn this into your forever home. Sale is a manufactured home only, no land included. Lot rent is $325 per month and includes water, sewer and trash removal. Park approval is required. Financing is available. Shed in the yard will be removed and is not included in the sale.

18. 2026-05-07
    price $24,500 786-char remark

    Show marketing remark (786 chars)

    Affordable move-in ready home in need of TLC to make it your own! This home has a brand-new furnace, water heater, updated plumbing and a new bathroom. While the expensive projects have been handled, the home needs that final touch to make it your own. One floor living with a nice open concept from the living room to the kitchen. There are washer and dryer hook-ups right next to the bathroom for convenient access. Why pay rent when you can OWN for a fraction of the cost. Build yourself some sweat equity or turn this into your forever home. Sale is a manufactured home only, no land included. Lot rent is $325 per month and includes water, sewer and trash removal. Park approval is required. Financing is available. Shed in the yard will be removed and is not included in the sale.

19. 2026-04-26
    status Active 786-char remark

    Show marketing remark (786 chars)

    Affordable move-in ready home in need of TLC to make it your own! This home has a brand-new furnace, water heater, updated plumbing and a new bathroom. While the expensive projects have been handled, the home needs that final touch to make it your own. One floor living with a nice open concept from the living room to the kitchen. There are washer and dryer hook-ups right next to the bathroom for convenient access. Why pay rent when you can OWN for a fraction of the cost. Build yourself some sweat equity or turn this into your forever home. Sale is a manufactured home only, no land included. Lot rent is $325 per month and includes water, sewer and trash removal. Park approval is required. Financing is available. Shed in the yard will be removed and is not included in the sale.

20. 2026-04-17
    status Pending 786-char remark

    Show marketing remark (786 chars)

    Affordable move-in ready home in need of TLC to make it your own! This home has a brand-new furnace, water heater, updated plumbing and a new bathroom. While the expensive projects have been handled, the home needs that final touch to make it your own. One floor living with a nice open concept from the living room to the kitchen. There are washer and dryer hook-ups right next to the bathroom for convenient access. Why pay rent when you can OWN for a fraction of the cost. Build yourself some sweat equity or turn this into your forever home. Sale is a manufactured home only, no land included. Lot rent is $325 per month and includes water, sewer and trash removal. Park approval is required. Financing is available. Shed in the yard will be removed and is not included in the sale.

21. 2026-04-08
    listed $27,500 Active 786-char remark

    Show marketing remark (786 chars)

    Affordable move-in ready home in need of TLC to make it your own! This home has a brand-new furnace, water heater, updated plumbing and a new bathroom. While the expensive projects have been handled, the home needs that final touch to make it your own. One floor living with a nice open concept from the living room to the kitchen. There are washer and dryer hook-ups right next to the bathroom for convenient access. Why pay rent when you can OWN for a fraction of the cost. Build yourself some sweat equity or turn this into your forever home. Sale is a manufactured home only, no land included. Lot rent is $325 per month and includes water, sewer and trash removal. Park approval is required. Financing is available. Shed in the yard will be removed and is not included in the sale.

ⓘ 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: $10,356
• − Mortgage interest: −$1,036
• − Property taxes: −$278
• − Insurance: −$92
• − Repairs & maintenance: −$828
• − Management: −$828
• − Depreciation: −$538
• Taxable income: $6,755
• Est. tax owed @ 24.0%: −$1,621
• After-tax cash flow: $5,026/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 · 13 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate renovations to improve its condition and increase its resale value.

Repairs flagged

• Major kitchen cabinets — severely worn and outdated
• Major bathroom fixtures — dated and worn
• Major exterior siding — weathered and exposed
• Major interior walls — peeling paint

Value-add opportunities

• Resale new kitchen cabinets — modernizes the space and adds value
• Resale new bathroom fixtures — modernizes the space and adds value
• Resale new exterior siding — enhances curb appeal and adds value
• Resale new flooring — modernizes the space and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely worn and outdated	Major	$15,000–50,000
bathroom fixtures · dated and worn	Major	$15,000–50,000
exterior siding · weathered and exposed	Major	$15,000–50,000
interior walls · peeling paint	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Resale new kitchen cabinets — modernizes the space and adds value ↑
• Resale new bathroom fixtures — modernizes the space and adds value ↑
• Resale new exterior siding — enhances curb appeal and adds value ↑
• Resale new flooring — modernizes the space 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: Gwinn Area Community Schools
• NCES district ID: 2614690
• Math proficiency: 16% ▼ -9.00%
• Reading proficiency: 30% ▼ -4.00%
• Median HH income: $46,152
• Composite: 19.98/100
• National rank: #8670
• State rank: #439 of 540 in MI

Livability — Forsyth

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Gwinn, MI
• Population (ZIP): 7,359

Population outlook (Marquette County) Hauer SSP2

• Today (2025): 67,278 people
• By 2030: 67,249 · +-0.0%
• By 2040: 66,297 · -1.5%
• By 2050: 65,241 · -3.0%
• By 2075: 64,365 · -4.3%
• By 2100: 60,707 · -9.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 6% Native American 3% Hispanic / Latino 2% Black 1%
• Common ancestry: Lithuanian 6% Slovak 3% Romanian 2%
• Foreign-born: 1%
• Languages at home: 98% English-only · German/W. Germanic 1% Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Marquette

• 2024 margin: Lean D (+8.7) · D 53.5% · R 44.8% · Other 1.7%
• 2008→2024 swing: -11.6pp toward R · 2008: 20.3pp · 2024: 8.7pp
• All cycles: 2024: D+8.7 2020: D+11.2 2016: D+4.2 2012: D+14.1 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.41%
• Current HPI: 214.0389
• Rent YoY: —
• Metro: —
• 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

-18.2% since first listed

5 events — show timeline

• 2026-05-17 Price Changed $22,500 MiRealSource-MiMLS
• 2026-05-07 Price Changed $24,500 MiRealSource-MiMLS
• 2026-04-26 Relisted — MiRealSource-MiMLS
• 2026-04-17 Pending — MiRealSource-MiMLS
• 2026-04-08 Listed $27,500 MiRealSource-MiMLS