55 E Riling St

Gwinn, MI 49841

$73,750B

3 bd · 2.0 ba · 1,216 sqft · Built 2027 · Manufactured · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,039/mo
• Mortgage (P&I): −$387
• Tax + insurance: −$123
• HOA: −$0
• Vac / Maint / Mgmt: −$218
• Net cashflow: $311/mo
• Annual: $3,736/yr
• Cap rate: 11.36%
• Cash-on-cash: 18.09%
• DSCR: 1.81
• 1% rule: 1.41%
• Cash to close: $20,650

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $74k. Condition is rated fair.
• At list price, monthly cash flow is $311 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $74k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $510 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#322 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools D+, amenities F.
• 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.
• Market conditions: 61 active listings in the ZIP; 91 units permitted in Marquette County in 2024 (0 in 5+ unit buildings).
• Marquette County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 8 sale attempts since 3y ago; this cycle's ask is 168% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant damage
• Major: interior walls — Peeling paint and damage
• Major: kitchen cabinets — Worn and old
• Major: bathroom fixtures — Old and worn