6784 Claxton #487

Portage, MI 49048

$43,499B

3 bd · 2.0 ba · 1,056 sqft · Built 2026 · Manufactured · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,455/mo
• Mortgage (P&I): −$228
• Tax + insurance: −$72
• HOA: −$0
• Vac / Maint / Mgmt: −$306
• Net cashflow: $849/mo
• Annual: $10,189/yr
• Cap rate: 29.72%
• Cash-on-cash: 83.66%
• DSCR: 4.72
• 1% rule: 3.35%
• Cash to close: $12,180

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $43k. Condition is rated good.
• At list price, monthly cash flow is $849 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $43k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $300 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#90 in MI, #2,044 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, amenities D-, commute F.
• Comstock Public Schools (suburban): math 18% / reading 32% proficiency, ranked #428 of 540 in MI (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Comstock Elementary School (math 8% / reading 12%, grade F, #1,277 of 1,397 statewide, top 93%, 577 students, 79% FRL); Comstock Middle School (math 2% / reading 17%, grade F, #476 of 493 statewide, top 97%, 302 students, 80% FRL); Comstock High School (math 12% / reading 42%, grade F, #462 of 713 statewide, top 66%, 378 students, 57% FRL).
• Market conditions: Rents rising fast (+7.9%/yr); 156 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• Kalamazoo County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 29.7% vs local median 3.3% in Portage — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is D 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.