5203 Main St #160 · Lexington, MI 48450

$47,900

2 bd · 1.0 ba · 600 sqft · Other · 15 Days on market

Built 1968 4,356 sqft lot $322/mo HOA · 40% of rent

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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 +11.3/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +3.3/10.0
• Schools +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Take a trip down memory lane in this immaculately kept 1968 mobile home. Oozing vintage charm, this beach retreat features a remarkably open layout, classic wood paneling, and a retro green sink. Inside you'll see 2 bedrooms, 1 bath, and a fully furnished home. Offers clever, built-in storage solutions packed into a cozy 600-square-foot footprint. Features a spacious floor plan that was decades ahead of its time. Perfectly located just a half-block from the beach, so grab your beach towel and get ready to relax.

Key facts

• Spacious floor plan
• Open layout
• 4,356 sq ft lot

Tags

• OPEN LAYOUT
• CLASSIC WOOD PANELING
• BUILT-IN STORAGE SOLUTIONS
• SPACIOUS FLOOR PLAN
• HALF-BLOCK FROM THE BEACH

Property features AI

Finance

• Other: Lot approximately 0.1 acres (25 x 70)
• HOA & community: Homeowners association with a monthly fee of $322

Exterior

• Parking: Driveway, no garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; One level; Ground-level entry with steps
• Construction: Aluminum siding; Slab foundation; Built with an above-grade finished area of approximately 600
• Exterior features: Rubber roof; Beach access and lake privileges on Lake Huron; Paved road

Interior

• Kitchen: Free‑standing gas range; Free‑standing refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Window unit cooling
• Interior features: Electric water heater; Washer/dryer stacked; Total of 4 rooms
• Laundry & utility: Stacked washer and dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $48k.

Deal economics

• At list price, monthly cash flow is $-18 ($-215/yr) — negative.
• To cash-flow at today's rent, offer at most $45k (5.4% below list).
• Meets the 1% rule at list price ($804 rent vs $48k).
• Recommended offer: $45k (5.4% below list) — sets the bar for cash-flow.
• Cap rate 5.8% vs local median 2.3% in Lexington — 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.

Location & tenants

• Location reads 64/100 on livability (#494 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment D, amenities F, commute F.
• Croswell-Lexington Community Schools (rural): math 30% / reading 47% proficiency, ranked #239 of 540 in MI (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Meyer Elementary School (math 57% / reading 62%, grade B-, #200 of 1,397 statewide, top 16%, 322 students, 50% FRL); Croswelllexington Middle School (math 21% / reading 45%, grade F, #306 of 493 statewide, top 63%, 553 students, 56% FRL); Croswelllexington High School (math 32% / reading 57%, grade F, #214 of 713 statewide, top 36%, 579 students, 45% FRL).
• Market conditions: 125 active listings in the ZIP; 63 units permitted in Sanilac County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $331 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Sanilac County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: HOA is 40% of rent.

Recommended offer $45,304 (5.4% below list)

Questions for the listing agent

1. 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?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
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: 1.68% ✓
• Cap rate: 5.84%
• Cash-on-cash: -1.60%
• DSCR: 0.93
• GRM: 5.0

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: -18.4%
• Equity multiple: 0.35×
• Total profit: $-8,694
• Equity at exit: $7,142

10-year hold

• IRR: -9.7%
• Equity multiple: 0.39×
• Total profit: $-8,189
• Equity at exit: $4,142

Cash invested: $13,412 (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 48450

• Home prices YoY: -19.8%
• Active inventory: 125
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $804 medium
• Mortgage (P&I): −$251
• Tax est. 1.5%: −$60 /mo · $718/yr
• Insurance: −$20
• HOA: −$322
• Vacancy / Maint / Mgmt: −$169
• Net cashflow: $-18

Break-even live

Break-even rent $827

Max offer price $45,304

Occupancy floor 97%

Sensitivity live

Price	-10% $15	-5% $-1	+0% $-18	+5% $-34	+10% $-51
Rent	-10% $-81	-5% $-50	+0% $-18	+5% $14	+10% $46
Rate	-1.0pp $6	-0.5pp $-6	base $-18	+0.5pp $-30	+1.0pp $-43

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: $11,975
• Closing costs: $1,437
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $322 · $3,864/yr

Listing history 11 events

1. 2026-06-21
   days on market $47,900 Active 15 DOM
2. 2026-06-18
   days on market $47,900 Active 12 DOM
3. 2026-06-17
   days on market $47,900 Active 11 DOM
4. 2026-06-16
   days on market $47,900 Active 10 DOM
5. 2026-06-15
   days on market $47,900 Active 9 DOM
6. 2026-06-13
   days on market $47,900 Active 7 DOM
7. 2026-06-13
   days on market $47,900 Active 6 DOM
8. 2026-06-09
   days on market $47,900 Active 3 DOM
9. 2026-06-08
   days on market $47,900 Active 2 DOM
10. 2026-06-07
    remarks 517-char remark
11. 2026-06-07
    listed $47,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,647
• − Mortgage interest: −$2,683
• − Property taxes: −$718
• − Insurance: −$240
• − Repairs & maintenance: −$772
• − Management: −$772
• − HOA: −$3,864
• − Depreciation: −$1,393
• Taxable loss: −$795
• Est. tax savings @ 24.0%: +$191
• After-tax cash flow: $-24/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.

Schools (NCES district)

• District: Croswell-Lexington Community Schools
• NCES district ID: 2611140
• Math proficiency: 30% ▼ -7.00%
• Reading proficiency: 47% ▼ -6.00%
• Median HH income: $42,784
• Composite: 32.49/100
• National rank: #5707
• State rank: #239 of 540 in MI

Livability — Lexington

• Score: 64/100
• State rank: #494
• US rank: #14509

Category grades

Amenities F Commute F Cost of living A+ Crime B+ Employment D Housing A+ Health & safety F User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lexington, MI
• Population (ZIP): 4,413

Population outlook (Sanilac County) Hauer SSP2

• Today (2025): 37,948 people
• By 2030: 35,772 · -5.7%
• By 2040: 30,996 · -18.3%
• By 2050: 26,280 · -30.7%
• By 2075: 17,471 · -54.0%
• By 2100: 10,572 · -72.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 6%
• Common ancestry: Romanian 15% Lithuanian 6% Slovak 5%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · German/W. Germanic 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Sanilac

• 2024 margin: Solid R (+47.7) · D 25.5% · R 73.2% · Other 1.3%
• 2008→2024 swing: -39.6pp toward R · 2008: -8.1pp · 2024: -47.7pp
• All cycles: 2024: R+47.7 2020: R+45.6 2016: R+44.5 2012: R+20.4 2008: R+8.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -62.43%
• Current HPI: 252.2563
• 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

+0.0% since first listed

2 events — show timeline

• 2026-06-05 Listed $47,900 MiRealSource-MiMLS
• 2026-06-05 Listed $47,900 REALCOMP