24234 Norway Rd #234 · Sylvan, MI 48118

$136,995

3 bd · 2.0 ba · 1,286 sqft · Manufactured · 119 Days on market

Built 2026 Good condition

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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
• Schools +4.9/10.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This spectacular home offers a warm, inviting feel with an open floor plan and abundant natural light throughout. Situated on a large lot backing to the woods, it provides both privacy and beautiful views of nature. The beautifully designed kitchen features 42-inch cabinets, a spacious island, and ample counter and cupboard space. Two transom windows fill the space with natural light, while the ceramic tile backsplash and all-black Whirlpool appliances add a modern touch. Just off the kitchen is a convenient laundry room equipped with a washer and dryer, which also leads to a rear door facing the wooded backdrop perfect for adding a future deck to enjoy the abundant wildlife. The second and third bedrooms are generously sized with roomy closets. The primary suite includes a ceiling fan, walk-in closet, and an ensuite bath featuring dual vanity sinks, a step-in shower with glass barn doors, a private water closet, and a linen closet. Throughout the home, all-black door handles, hinges, and faucets enhance the modern aesthetic. The exterior showcases sleek linear windows with black frames, giving the home a rich, contemporary feel. Additional features include full drywall, canned LED lighting, and energy-efficient construction.

Key facts

• Spacious island
• Open floor plan
• Designed kitchen

Tags

• OPEN FLOOR PLAN
• LARGE LOT
• BACKS TO THE WOODS
• DESIGNED KITCHEN
• SPACIOUS ISLAND
• AMPLE COUNTER SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $137k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $718 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $137k).
• Recommended offer: $125k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Chelsea School District (town): math 53% / reading 57% proficiency, ranked #59 of 540 in MI (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: 77 active listings in the ZIP; 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $947 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Washtenaw County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($125k) is reasonable based on typical stale-listing flexibility.

Recommended offer $124,665 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.54% ✓
• Cap rate: 12.59%
• Cash-on-cash: 22.48%
• DSCR: 2.00
• GRM: 5.4

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: 15.3%
• Equity multiple: 1.61×
• Total profit: $23,590
• Equity at exit: $20,426

10-year hold

• IRR: 24.0%
• Equity multiple: 3.07×
• Total profit: $79,590
• Equity at exit: $11,845

Cash invested: $38,359 (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 48118

• Active inventory: 77
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,108 medium
• Mortgage (P&I): −$718
• Tax est. 1.5%: −$171 /mo · $2,055/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$443
• Net cashflow: $718

Break-even live

Break-even rent $1,198

Max offer price $136,995

Occupancy floor 61%

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: $34,249
• Closing costs: $4,110
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-30
   days on market $136,995 Active 119 DOM
2. 2026-01-31
   listed $136,995 Active 1245-char remark

   Show marketing remark (1245 chars)

   This spectacular home offers a warm, inviting feel with an open floor plan and abundant natural light throughout. Situated on a large lot backing to the woods, it provides both privacy and beautiful views of nature. The beautifully designed kitchen features 42-inch cabinets, a spacious island, and ample counter and cupboard space. Two transom windows fill the space with natural light, while the ceramic tile backsplash and all-black Whirlpool appliances add a modern touch. Just off the kitchen is a convenient laundry room equipped with a washer and dryer, which also leads to a rear door facing the wooded backdrop perfect for adding a future deck to enjoy the abundant wildlife. The second and third bedrooms are generously sized with roomy closets. The primary suite includes a ceiling fan, walk-in closet, and an ensuite bath featuring dual vanity sinks, a step-in shower with glass barn doors, a private water closet, and a linen closet. Throughout the home, all-black door handles, hinges, and faucets enhance the modern aesthetic. The exterior showcases sleek linear windows with black frames, giving the home a rich, contemporary feel. Additional features include full drywall, canned LED lighting, and energy-efficient construction.

ⓘ 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: $25,294
• − Mortgage interest: −$7,674
• − Property taxes: −$2,055
• − Insurance: −$685
• − Repairs & maintenance: −$2,023
• − Management: −$2,023
• − Depreciation: −$3,985
• Taxable income: $6,848
• Est. tax owed @ 24.0%: −$1,643
• After-tax cash flow: $6,978/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 · 12 photos

Good 80/100 Cosmetic rehab

This home is in good condition with a good condition score of 80. It has a good kitchen, bathrooms, flooring, and exterior. The home is move-in ready with minor maintenance items to address.

Value-add opportunities

• Both Paint interior walls — Fresh paint can enhance curb appeal and interior aesthetics
• Both Replace ceiling fans — Ceiling fans can improve air circulation and reduce energy costs
• Both Install new flooring in bathrooms — New flooring can improve the look and feel of the bathrooms

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Both Replace ceiling fans — Ceiling fans can improve air circulation and reduce energy costs ↑
• Both Install new flooring in bathrooms — New flooring can improve the look and feel of the bathrooms ↑

ⓘ 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: Chelsea School District
• NCES district ID: 2608940
• Math proficiency: 53% ▼ -13.00%
• Reading proficiency: 57% ▼ -6.00%
• Median HH income: $75,362
• Composite: 49.34/100
• National rank: #2018
• State rank: #59 of 540 in MI

Livability — Sylvan

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

Census & demographics

• Population (ZIP): 13,088

Population outlook (Washtenaw County) Hauer SSP2

• Today (2025): 402,878 people
• By 2030: 424,104 · +5.3%
• By 2040: 464,633 · +15.3%
• By 2050: 504,728 · +25.3%
• By 2075: 614,463 · +52.5%
• By 2100: 676,181 · +67.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2% Black 1%
• Common ancestry: Romanian 8% Slovak 4% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Washtenaw

• 2024 margin: Solid D (+44.4) · D 71.0% · R 26.6% · Other 2.4%
• 2008→2024 swing: +3.5pp toward D · 2008: 41.0pp · 2024: 44.4pp
• All cycles: 2024: D+44.4 2020: D+46.6 2016: D+41.5 2012: D+36.0 2008: D+41.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -204.35%
• Current HPI: 174.8761
• 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

1 event — show timeline

• 2026-01-31 Listed $136,995 Zillow