4979 21 Mile Rd

Marion, MI 49665

$52,900B+

3 bd · 1.0 ba · 910 sqft · Built 1974 · Manufactured · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $736/mo
• Mortgage (P&I): −$277
• Tax + insurance: −$88
• HOA: −$0
• Vac / Maint / Mgmt: −$154
• Net cashflow: $216/mo
• Annual: $2,586/yr
• Cap rate: 11.18%
• Cash-on-cash: 17.46%
• DSCR: 1.78
• 1% rule: 1.39%
• Cash to close: $14,812

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $53k. Condition is rated good.
• At list price, monthly cash flow is $216 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($736 rent vs $53k).
• It's been on market 37 days — a 3% lower offer ($51k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $51k (3.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($366 loan paydown + $5k appreciation (10.0% local appreciation)).
• Location reads 59/100 on livability (#607 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: crime F, amenities F, commute F.
• Marion Public Schools (rural): math 33% / reading 53% proficiency, ranked #328 of 760 in MI (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Marion Elementary School (math 37% / reading 47%, grade F, #547 of 1,397 statewide, top 41%, 184 students, 80% FRL); Marion High School (math 17% / reading 42%, grade F, #441 of 713 statewide, top 64%, 235 students, 70% FRL) — zoned schools average 75% FRL vs 57% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 38 active listings in the ZIP; 5 units permitted in Osceola County in 2024 (0 in 5+ unit buildings).
• Osceola County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 10 sale attempts since 4y ago 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.
• Current owner paid $21k; list at $53k implies a 152% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 11.2% vs local median 3.0% in Marion — 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.
• This rent is only 17% of the median local income ($51k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.